Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf...

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g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k cfly{s j[l4sf nflu …y|L cfO{Ú OGe]i6d]06, OGk|mf:6«Sr/ / OGSn'hg Investment Infrastructure Inclusion Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

Transcript of Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf...

Page 1: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

g]kfnsf nflu Ps b"/b[li6gLlt–;f/ ;+If]k

cfly{s j[l4sf nflu …y|L cfO{ÚOGe]i6d]06, OGk|mf:6«Sr/ / OGSn'hg

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wb350881
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90270 v1
Page 2: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r
Page 3: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

Investment

Infrastructure

Inclusion

g]kfnsf nflu Ps b"/b[li6gLlt–;f/ ;+If]k

cfly{s j[l4sf nflu …y|L cfO{ÚOGe]i6d]06, OGk|mf:6«Sr/ / OGSn'hg

Page 4: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

pkfWoIflkmlnk ln xf]?

g]kfnsf lgb]{zshf]xfG; h6

If]qut lgb]{zscg]{i6f] d]

If]qut Joj:yfksljgo :j?k

sfo{6f]nL g]tfc/]lnog qm'hdfs{;{ ls6\Hd'n/hf]xfG; lj8Dofg

© The World Bank Group, Nepal

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher.

Published by: The World Bank GroupNepal OfficeP.O. Box 798Yak and Yeti Hotel ComplexDurbar Marg, Kathmandu, NepalTel.: 4226792Fax: 4225112www.worldbank.org/npwww.facebook.com/WorldBankNepal

Design and Printed by: Print Communication, 4241355

Printed and bound in Nepal

Page 5: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

v g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

ljifo;"rL

;f/–;+If]k r

kl/ro !g]kfnsf] tfhf ljsf; cg'ej #

cfly{s j[l4 / ;+/rgfut ?kfGt/0f $u/LaL Go"gLs/0f / dfgj ljsf;sf pknlAw Pjd\ afFsL r'gf}tL *

…y|L cfO{Ú -nk";_sf] kl/ro !!nufgL !#k"jf{wf/ !%;dfj]lztf !(

;f/ / lgZsif{ @%d'Vo gLltut k|fyldstfx? @^

lrq ! M jt{dfg cfly{s j[l4sf] cj;/ d"No $lrq @ M g]kfnsf] cfly{s j[l4sf] ;dpRr ljGb' %lrq # M hg;+Vof j[l4 sd x'Fbf klg k|ltJolQm cfo j[l4sf] ;':t ult %lrq $ M cfly{s j[l4sf abln+bf sf/sx? / ;]jf IF]qsf] pbo ^lrq % M cfwf/e"t ;]jfx?sf] afx'Notf ^lrq ^ M ultdfg\ cfly{s j[l4nfO{ ;3fpg] s"n nufgLsf] clt Go"g ult &lrq & M nufgLsf cK7\of/fx? &lrq * M u/LaLsf] /]vfdfly y'lk|Psf] g]kfnL hg;+Vof (lrq ( M cfly{s j[l4sf nflu …y|L cfO{Ú -nk";_ !!lrq !) M lrlgof cg'ej M nufgLk|]l/t cfly{s j[l4 !#lrq !! M g]kfndf Joj;fo ;~rfngsf ;aeGbf 7"nf afws !#lrq !@ M cfDbfgLsf] vf8n / k|;f/0f–ljt/0f 3f6f !^lrq !# M u|fdL0f If]qsf] ljBdfg r'gf}tLsf ?kdf u/LaL lgjf/0f !(lrq !$ M :ofp pTkfbgsf If]q -dfly_ / cf]v/ pTkfbgsf If]q -tn_ . ;g\ @)!)÷!! @)lrq !% M g]kfnsf] ;fdflhs ;'/If0f k|0ffnL M u/LaL / c;dfgtfdf c;/ @#

tflnsf !M s'n u/LaL b/ u0fgfsf] ljefhg *tflnsf @M k|To]s jif{sf nflu nufgLsf] If]qut cfjZostf, @)!!–@)@) !%

Page 6: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

vi g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

g]kfnnfO{ b|'t Pjd\ bLuf] cfly{s j[l4 xfl;n ug'{sf ;fy} dfgj ljsf; / u/LaL Go'gLs/0f kl/0ffddf ce}m ;'wf/ ug{ Pp6f gof“ cfly{s df]8]nsf] cfjZostf 5 . cfly{s j[l4 ;g\ @))% otf jflif{s rf/ k|ltztsf] cf};tdf r':t g} 5, tyflk ;/sf/sf dxTjfsf“IfL nIox? xfl;n ug{ cfjZos txeGbf lgs} tn 5 . ljk|]if0fdf pRr lge{/tf /x]sf] cy{tGqdf cfjZos ultzLntfsf] cefj 5 . u/LaL 36fpg / ;]jf kx'“rnfO{ lj:tf/ ug{ pNN]Vo pGglt ePsf] 5, / yk k|ult xfl;n ug{ /fHosf] ce}m b[9 / nlIft x:tIf]k cfjZos kg]{5 .

g]kfnsf] cfly{s ljsf;sf] df]8]nnfO{ k'gM kl/eflift ug{ ;/sf/L gLltx? …y|L cfO{Ú M OGe]i6d]06, OGk|mf:6«Sr/ / OGSn'hg cyjf nufgL, k"jf{wf/ / ;dfj]lztf -…nk";Ú_ df s]lGb|t x'g'k5{ . lbuf] cfly{s ljsf; df]8]nsf] cfwf/:tDe nufgL g} xf], t/ g]kfndf /fHo, Joj;fo / kl/jf/x?n] cToGt} cNk nufgL u5{g\ . o;}n], ljutsf] bzsdf s'n l:y/ k"“hL lgdf{0f s'n ufx{:y pTkfbg -s'ufp_sf] !( bzdnj ( k|ltzt / @@ bzdnj @ k|ltztaLr dfq /≈Øf] -b|'t cfly{s j[l4 eO/x]sf k"jL{ Pl;ofsf d'n'x?sf] #) k|ltzt jf Tof]eGbf

nufgL

;dfj]lztf

k"jf{wf/

a9L ;dfj]zL ;dfhn] åGåsf] hf]lvdnfO{ 36fp“5 / nufgLsf] jftfj/0fnfO{ ;an agfp“5

u'0ffTds rqmsf] ;DefJotf, nufgL / k"jf{wf/aLrdf ljBdfg x'G5

cfly{s j[l4sf nflu …y|L cfO{Ú

;f/ ;+If]k

r g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

Page 7: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

vii g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r / cj;/x?sf] lj:tf/ ug{ ;fj{hlgs k"jf{wf/ lg0ff{os x'G5, t/ g]kfn cNk–;Dks{ / cNk–pmhf{ pknAwtfsf] cj:yfdf 5 . cGTodf, ha;Dd cfly{s j[l4sf] df]8]nnfO{ ;dfj]zLs/0fsf nflu ;dfof]lht ul/+b}g ta;Dd cfly{s j[l4n] dfq} c;dfgtf / u/LaL Go'gLs/0fdf lg/Gt/ / l56f] k|ult lbnfp“b}g . o:tf] ;dfof]hgn] ultdfg\ cfly{s j[l4nfO{ bLuf] agfpg ;S5 .

;/sf/L / lghL nufgL df}nfpgsf nflu yk ;xh jftfj/0f cfjZos 5 . g]kfndf, nufgLsf] jftfj/0f ;'wf/ ug{sf d'Vo cf}lrTo lgDgnufot /x]sf 5g\ M—

s_ ljQLo If]qsf] ;anLs/0f M o; If]qnfO{ cfly{s em6\sf vKg ;Sg]u/L a9L ;xgzLn / artnfO{ pTkfbgzLn k|of]usf nflu yk k|efjsf/L dWo:ystf{ agfpg Pjd\ clxn] ;]jf gkfPsf jf sd ;]jf kfO/x]sf Joj;fo / kl/jf/x?;DDf k'Ug a9L ;Ifd kfg{ .

v_ nufgLsf] jftfj/0fdf ;'wf/ M g]kfndf Joj;fo :yfkgf / lj:tf/df Joj;fox? -cfGtl/s / ljb]zL_n] ;fdgf ug'{kg]{ c8\rgx? x6fpg . of] sfo{;"rLn] Joj;fox?dfly lgofdssf] af]em sd u/fpg / >dsf] u}/ Hofnf nfut 36fP/ lgof{tsf nflu x'g] pTkfbgnfO{ k|efjL ;sf/fTds pT;fx lbg Pjd\ j}b]lzs nufgLstf{x?nfO{ g]kfndf yk ;lhnf] kx'“r lbg Wofg s]lGb|t ug]{5 .

u_ ;fj{hlgs ljQ Joj:yfkgsf] d"nk|jfxLs/0f M g]kfnn] ah]6 Joj:yfkgf agfPsf]] pNn]Vo …v]Ng] 7fp“Úaf6 nfe lng / ;fj{hlgs vr{ Joj:yfkgnfO{ cem /fd|/L sfd ug{;Sg] agfpg . o;sf nflu ah]6nfO{ gLltut k|fyldstfx?;“u ldnfg ug'{, k|To]s vr{ x'g] ?k}of“sf] pkof]lutf clej[l4 / yk nfe ;'lglZrt ug'{ cfjZos k5{ .

k"jf{wf/ k|j4{gsf nflu /fHon] dxTjk"0f{ e"ldsf lgjf{x ug'{kg]{ 5—/ o;sfnflu ah]6df kof{Kt v]Ng] 7fp“ klg 5 . cfly{s j[l4sf nflu nufgL / ;dfj]zLs/0fsf b'j} r'gf}tLx? ;fdgf ug{ k"jf{wf/ lg0ff{os xf] . /fd|f] ;fj{hlgs k"jf{wf/ lghL nufgL leœofpgsf nflu klxnf] cfjZostf xf] . o;sf

cltl/Qm, ;'wfl/Psf] pmhf{ cfk"lt{ / oftfoft ;Dks{ ;~hfnn] ;fgf pTkfbsx?nfO{—ahf/;Dd /fd|f] kx'“r lbP/—cfk\mgf Joj;fo k}mnfpg d2t u5{ / kl/jf/x?nfO{ ;fdflhs ;]jfsf] yk k|efjL pkof]u ug{;Sg] agfp“5 . t/ g]kfnsf k"jf{wf/hGo r'gf}tLx? b'e]{B 5g\ . ljZj a}+ssf] cg'dfgdf g]kfnn] ;g\ @)@) ;Dd k|To]s jif{ s'ufpsf] * b]lv !@ k|ltzt -;g\ @)!) nfO{ cfwf/ dfGbf_ k"jf{wf/sf ;a} If]qdf nufgL ug'{ cfjZos 5 . cfjZos nufgLn] kl/df0f / u'0f:t/ b'j} kIfsf sdLnfO{ ;Djf]wg ug'{ h?/L 5, vf;u/L 7"nf / ljz]if dx-Tjsf b'Oj6f k"jf{wf/sf If]q—oftfoft / pmhf{df . ;'wf/sf] Go'gtd sfo{;"rLdf lgDg nufotsf ljifo k5{g\ M–

s_ g]kfnsf] hn–;DefJotfnfO{ phfu/ ug'{ M lqrfln; xhf/ d]ufjf6 cfly{s?kn] lgsfNg ;Dej hnljB't IfdtfdWo] hl8t Ifdtf & ;o $^ d]ufjf6 5 / To;dWo] & ;o $ d]ufjf6 dfq /fli6«o k|zf/0fdf hf]l8Psf] 5 . hjls pRr vktsf a]nf of] dfu ! xhf/ (% d]ufjf6 k'U5 / bljPsf] dfu of]eGbf w]/} a9L x'g;S5 . o;}n] clxn] ;/s/L / lghL nufgLnfO{ c8\sfO /fv]sf c8\rgx?df Wofg s]lGb|t ug'{ cfjZos 5 . o;df g]kfn ljB't k|flws/0fnfO{ cfly{s?kn] bl/nf];“u v'§f 6]sfpg], gLltut ;+/rgf ;'b[9 agfP/ lghL nufgLstf{x?nfO{ plrt pTk|]/0ff lbg], / k|efljt dflg;x? -k|;f/0f nfOg n}hfg] af6f]sf] clwsf/ lbg]x?;d]t_nfO{ d'cfAhf lbgsf nflu gLltx? ;'b[9 agfpg] nufotsf ljifo k5{g\ .

If]q s'ufpsf] cf};t c+z, k|ltztdf

ljB't 3=3 – 4=5

oftfoft 2=3 – 3=5

vfg]kfgL / ;/;kmfO{ 1=1 – 1=6

l;+rfO{ 1=1 – 1=6

b"/;~rf/ 0=3 – 0=4

kmf]xf]/d}nf 0=2 – 0=3

hDdf 8=2 – 11.8

k|To]s jif{sf nflu nufgLsf] If]qut cfjZostf, @)!!–@)@)

;|f]t M ljZj a}+s, @)!$

% g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

Page 8: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

v_ g]kfnleq} / l5d]sLx?;“u ;Dks{ lj:tf/ M o;sf nflu, ;Def/df yk Wofg lbg'sf ;fy} sfof{Gjog lgsfox?aLr ;dGjo a9fP/ oftfoft k"jf{wf/df x'g] vr{sf] k|efjsf/LtfnfO{ ;'wf/ ug'{ cfjZos 5 . ;fy}, kmfi6 6«Øfs -sf7df8f}+–t/fO{_ h:tf ?kfGt/sf/L x:tIf]kx?df Wofg a9L s]lGb|t x'g'k5{ .

u_ vfg]kfgL cfk"lt{ / ;/;kmfO{ ;]jfdf ;'wf/ M o;df u|fdL0f vfg]kfgL cfk"lt{ of]hgfx?sf] l6sfpkgfdf ;'wf/ ug]{ / zx/L If]qsf ;]jf k|bfosx?nfO{ cem /fd|f] ;]jf lbg pTk|]l/t ug]{, bf]xf]/f] cjwf/0ff ;dflji6 5 .

u/LaL / c;dfgtfnfO{ b|'t ultdf 36fpgsf nflu pRr cfly{s j[l4 cfjZos zt{ xf], t/ olQ g} dfq kof{Kt xf]Og . ljutsf] pknAwLnfO{ w]/} xb;Dd g]kfnL k|jf;L sfdbf/x?sf] lghL of]ubfg / ;d'bfox?sf] pRr ;xgIfdtfn] ;Ifd agfPsf] xf] . yk ofqf cufl8 a9fpg] qmddf, ulx/f] / h8jt\ ul/aL af“sL ePsf If]q;Dd k'Ug, ;a} g]kfnLsf nflu cj;/x?—cfDbfgL dfq} xf]Og—k|efjsf/L ?kn] pknAw ePsf] ;'lglZrt ug{ / cfly{s em6\sfx?lj?4 lgl/xx?nfO{ kof{Kt ;'/If0f lbgsf nflu ;dfj]zL ;fj{hlgs gLltx?dfk{mt\ ;lqmo k|j4{g cfjZos 5 . o:tf] kl/efiffdf kg]{ ;dfj]zL ;dfh ;dflhs :yfloTjsf nflu ;xhdfq x'g] 5}g, clkt' ;a} g]kfnLnfO{ eljiod'vL aGg / k}mn“bf] cy{tGqdf, dfgj / ef}lts ;DklQdf ul/g] yk nufglsf;fy, k|efjsf/L?kn] ;xefuL x'g klg pgLx?nfO{ ;Ifd agfpg] 5 . o:tf] lj:tfl/t ;dfj]zL sfo{;"rLsf d'Vo cjojx?df lgDgnufot x'g]5g\M–

s_ s[lif pTkfbsTj / ljljwtf k|j4{g M s[lif If]qn] s'ufpsf] PsltxfO eGbf a9L lx:;f cf]u6\5 / g]kfnsf] hg;+Vofsf] tLg rf}yfO dflg;nfO{ /f]huf/L lbPsf] 5 . To;}n] o;df x'g] s'g}klg pknAwL ttsfn} / :jtM u/La;Dd k'U5 . ;xof]u

cfbfgk|bfg / s[lif k|ljlwdf cg';GwfgnfO{ a9fpg] ;/sf/L k|of;åf/f / s[lif Joj;fo tyf lgof{t ;DefJotf ePsf a:t'sf] d"No -clej[l4_ >[ª\vnf ljsf;sf nflu nlIft sfo{qmdx? nfu" u/]/ of] p2]Zo xfl;n ug{ ;lsG5 .

v_ ;a} g]kfnLsf] cj;/sf If]qsf] lj:tf/ M :jf:Yo / lzIff If]qdf ul/g] x:tIf]kdfk{mt\ ;]jf kx'“‘rdf ce}m af“sL /x]sf ;fdflhs / cfly{s c8\rgx?nfO{ x6fpg / To:tf] kx“‘'rnfO{ nfebfoL agfpg ;]jfsf] u'0f:t/nfO{ ;'b[9 kfg{sf nflu .

u_ ;fdflhs ;'/If0f sfo{qmdsf] u/LaL -Go'gLs/0f_df kg]{ k|efj ;'b[9 agfpg M sfo{qmdx?sf] yk lj:tf/nfO{ ;Lldt u/]/, sfof{Gjog jf k|zf;lgs k|0ffnLnfO{ ;an agfP/ / u/LaL Pj+ hf]lvd k|fyldstf / lg/xtfnfO{ ;Djf]wg ug]{ k|i6?kn] l8hfOg ul/Psf sfo{qmdåf/f .

3_ ljs]Gb|Ls/0fsf] tof/L M ;+3Lo /fHotk{msf] kbfk{0fsf] cy{ df}lns k|zf;lgs k'gM;+/rgf xf] . To;}n], cufl8 a9\g] qmddf k|zf;lgs k|0ffnLx?n] ;]jf k|bfosf nflu cfk\mgf] 7fp“af6 sfd ul//xg] / k|To]s txsf ;/sf/sf e"ldsfx? k|i6 / cfly{s ;|f]to'Qm ePsf] s'/f ;'lglZrt ug'{ dxTjk"0f{ 5 . slDtdf klg, ;/sf/n] ;+qmd0fsf] k|lqmofnfO{ cufl8 a9fpg] lhDd]jf/L ePsf ;+:yfx? :yflkt ug'{k5{ / cGt/–;/sf/L ljQLo k|jfxnfO{ lgwf{l/t ug'{k5{ . ;fy}, ;/sf/sf ljleGg txsf aLrdf sfo{ut lhDd]jf/L / sd{rf/L x:tfGt/0fsf] ;+/rgf ljsf; ug'{k5{ .

g]kfn;“u eljiosf] ;Dj[l4sf nflu alnof] hu xfNg] zfgbf/ cj;/ 5 . dfly k|:t't vfsf 5nkmnsf] ljifoj:t'sf ?kdf k|:tfljt ul/Psf] xf] . o;nfO{ gLlt–;f/x?sf] lj:t[t ljZn]if0f / k|ltj]bg ;+If]kx?n] k[i7kf]if0f u/]sf 5g\ .

h g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

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1 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

!= Pp6f g]kfnL pvfg 5, …df}sf cfp“5 kv{b}gÚ, / g]kfndf Tof] df}sf 5f]Kg] ;do clxn] g} xf] . jf:tjdf u'd]sf cj;/x?n] ;tfO/xG5g\ M ultdfg\ cfly{s j[l4sf] jftfj/0f l;h{gf ug{ / To;nfO{ kNnljt ug{ g;Sbf bL3{sfnLg gsf/fTds c;/ k5{ . o;}nfO{ ;Dj[l4 / ljsf;sf] cj;/ d"No elgPsf] xf] . xfnsf jif{x?df g]kfnn] blIf0f Pl;ofsf d'n's / cfkm\gf l5d]sLx?;/x k|ult ug{ ;s]sf] 5}g . tyflk, a9\bf] /fhgLlts l:y/tf;“u}, d'n'ssf] pkof]u x'g g;s]sf] ;DefJotfaf6 k"/f nfe p7fP/ ljsf;df pgLx?nfO{ e]§fpg] cj;/ cfPsf] 5 .

@= g]kfnn] ljutdf dxTjk"0f{ k|ult xfl;n u/]sf] 5 . t/ yk / b|'t ;'wf/x?nfO{ d"t{?k lbg xfnsf] ljsf; df]8nnfO{ k'gM;+/rgf -l/–Ol~hlgol/ª_ ug'{ cfjZos 5 . clxn] g]kfnsf] ljsf;sf] h; ;f/df ljk|]if0f cfosf] andf a9]sf] pkef]u Pjd\ ;]jf If]qsf] pNn]Vo lj:tf/sf] k|j[lQnfO{ lbg ;lsG5 . of] k|j[lQ ;d:ofk"0f{ 5, lsgeg] d'n'ssf] pTkfbsTj ;DefJotfnfO{ cufl8 a9fpg pkef]u xf]Og nufgLsf] cfjZostf k5{ . clg dfq cf}Bf]lus If]qn] pTkfbsTjsf] yk nfe xfl;n ug]{ / ljZjJofkL d"No ;~hfn cyjf …Eofn' r]gÚdf cfkm"nfO{ Psfsf/ u/fpg] ug]{ yk ;DefJotf /xG5 . ;fy}, pa|]sf] >dzlQmnfO{ k|zf]rg ug{ ;S5 . g]kfnsf] ckof{Kt nufgLsf] pbf+uf] cj:yf d'n'ssf] k"jf{wf/df /x]sf] b'e]{B sdhf]/Ln] k|s6 u/]sf] 5 . o;sf ;fy}, pa|]sf] >dzlQm cgGt sfn;Dd

ljb]zd} vkt eO/xG5 eGg] dfGotf /fVg' ljj]sk"0f{ t x'“b}g g}, ;fdflhs b[li6sf]0faf6 klg of] pQd ljsNk xf]Og . csf]{ zAbdf, g]kfnsf o'jfsf nflu d'n'sleq} /f]huf/L l;h{gfsf nflu …3/leq}Ú b'|tQ/ cfly{s ljsf; cfjZos 5 . o;f] eGg'sf] cy{ xf], cfkm\gf ;fj{hlgs / lghL ;|f]tx? nufgLsf nflu v'Nnf ug'{ g} g]kfnsf nflu dWodsfnLg Pp6f k|d'v r'gf}tL xf] . ultdfg\ nufgL jftfj/0fsf] s]Gb|laGb'df k|efjsf/L k"jf{wf/x? /xg] ePsfn], pmhf{sf] cK7\of/f] ;dfwfg ug{ / ef/t Pjd\ cGo l5d]sL d'n'sx?nfO{ ljh'nL ljqmL u/]/ ;/sf/L cfDbfgL a9fpg, g]kfnn] tTsfn ug'{kg]{ sfo{ hnljB't\sf] ;DefJotfnfO{ pkof]u ug'{ xf] . csf]{ tTsfnsf] k|fyldstf eg]sf] d'n'se/ ljZj;gLo ;Dks{ ;~hfn agfpg / ljb]z;Ddsf] ahf/df kx'“r ;'lglZrt ug{ oftfoft k"jf{wf/sf] ljsf; ug'{ xf] .

#= ;dfj]zL gLltx? cfly{s ljsf; /0fgLltsf nflu pRr:t/sf kl/k"/s / jf:tjd} cljefHo kIf x'g\ . Psftkm{ cfly{s j[l4n] dfq ToxLcg'?ksf] dfgj ljsf;df ;'wf/ jf j[l4sf] nfenfO{ Gofof]lrt ljt/0f ;'lglZrt ub}{g eg] csf]{tkm{ a[xQ/ ;dfj]zLs/0fn] b"|t cfly{s ljsf;nfO{ klg k|j4{g u5{ . klxnf], clxn];Dd xfl;n ePsf k|efjzfnL pknlAwx?n] u/LaL / c;dfgtf Go"gLs/0fdf :jtM lg/Gt/tf kfpg]5g\ / oL b'O{{{ :jtM Pscsf{sf sf/s x'g]5g\ eg]/ dfGg' unt a'emfO x'g]5 . lsgeg], cfly{s j[l4n] u/LaL lgjf/0fnfO{ yk36 u/fpg] Ifdtf

kl/ro

Page 10: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

2 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

;xof]uL gLltx?sf] cefjdf Go"g x'“b} hfG5 . jf:tjdf, cfly{s ljsf;df lgs} cl3Nnf] :t/df k'lu;s]sf w]/} d'n'sx? g]kfnn] clxn] g} xfl;n ul/;s]sf] hg;+Vofsf] @% k|ltzt u/LaL b/eGbf tn emfg{ ;+3if{ ul//x]sf 5g\ . o;sf cltl/Qm, ljutdf Go"g laGb'af6 z'? ubf{ klg b'|t k|ult xfl;n x'g ;Sof] . t/, cj;/x?df jf:tjdf g} ;dfgtf k|j4{g ug{sf nflu ;fdflhs ;rntf clej[l4 / ;]jfx?sf] u'0f:t/df ;'wf/ NofP/ ltgsf] kx'“r lj:tf/af6 pNn]Vo nfe lbnfpg g]kfnn] cem w]/} sfd ug{ af“sL 5 . bf];|f] s'/f, k|f/lDes cfly{s / ;fdflhs cj:yf h] eP klg -clxn]_ ;dfg k|s[ltsf cj;/x?df ;a}sf] plQs} kx'“r lbOPsf a9L ;dfj]zL ;dfhx?sf] pGglt l56f] x'g]u/]sf] 5 . lsgeg] JolQm / kl/jf/x?nfO{ dfgj ljsf; / eljiosf nflu nufgL ug]{ pTk|]/0ff ;dfj]zL ;dfhdf g} x'G5 .

$= of] gLlt–;f/n] g]kfndf b|'t, lbuf] / ;dfj]zL cfly{s j[l4 k|j4{gsf] vfsf k|:tfljt u/]sf] 5 . clxn] g]kfn nufgL jftfj/0f / k"jf{wf/df lg/Gt/ sdhf]/L ePsf] d'n'ssf] ?kdf lrlgPsf] 5 . oL b'j} hf]l8P/ ;Dk"0f{ d'n'ssf cfly{s ;DefJotfx?nfO{ bf]xg ug{df pNn]Vo c8\rg l;h{gf u/]sf 5g\ . oL c8\rgx? x'“bfx'“b} / åGåsf] ;dodf ;d]t klg g]kfn dfgj ljsf;df 7f]; ;'wf/ ug{ ;kmn eof] . tyflk, eljiosf] ljsf;, u/LaLsf] yk pGd"ng / g]kfnL ;dfhsf] ;dfj]lztftkm{sf] k|ult d'Vo?kn] b'|t cfly{s lj:tf/ xfl;n ug]{ s'/fdf lge{/ /xg]5 . nufgLsf nflu cfsif{s Jofj;flos jftfj/0fsf] l;h{gf / k"jf{wf/sf c8\rgx?nfO{ anzfnL 9+un] ;dfwfg u/]/ o:tf] cfly{s lj:tf/ ug{ ;lsG5 . To;kl5, pRr cfly{s j[l4nfO{ ;dfj]zLs/0f;“u ;dfof]lht ul/g' cfjZos 5, h;n] ubf{ yk ;DkGgtfdf kof{Kt?kn] ;fem]bf/L ;'lglZrt x'g ;S5 . ;fy}, pRr cfly{s j[l4n] v'nf ug]{ cj;/x?sf] bf]xg ug{ jf To;df kx'“r kfpg c;Ifd jf sdhf]/x? klg kl5 gk?g\ eGgsf nflu yk ;'/If0fsf pkfox? cfjZos x'g]5g\ . ;+If]kdf, g]kfnsf nflu ;du| ljsf;sf r'gf}tL eg]s} b'|t, lbuf] / ;dfj]zL cfly{s j[l4sf] k|j4{g ug'{ xf] . ;/sf/;“u eljiosf nflu alnof] hu lgdf{0fsf] 7"nf] cj;/ / lhDd]jf/L 5 . o:tf] cj;/ gof“ ;+ljwfgdfkm{t dfq xf]Og nIo–s]lGb|t / /0fgLts

ljsf;sf] b"/b[li6 sfof{Gjogaf6 klg k|fKt x'G5 .

%= k|i6 b[li6sf]0f lgdf{0f klxnf] cfjZos sbd xf], h;nfO{ sfof{Gjogn] clgjfo{ ;fy lbg'k5{ . g]kfnn] r'gf}tLx?sf] y'k|f] ;fdgf ul//x]sf]n] tLdWo] ;aeGbf afWofTds / cToGt h?/L r'gf}tLx?sf] klxrfg ug'{ sfo{;Dej, k|fyldsLs[t / k|efjsf/L ?kn] cg'udg ug{ ;lsg] of]hgfx? ljsl;t ug{sf nflu k"j{zt{ xf] . g]kfnL hgtfsf cfsf+Iffx? k|ltljlDat x'g] o:tf b"/b[li6 d'vl/t ug]{ If]qflwsf/ ;/sf/sf] xf] . of] k|ltj]bgdfkm{t\, ljZj a}+sn] cfly{s j[l4sf] Go"gtd sfo{;"rLsf ?kdf …y|L cfO{Ú– nufgL, k"jf{wf/ / ;dfj]lztf -nk";_–s]lGb|t ;Defljt If]qx? /]vf+lst u/]/ 5nkmnnfO{ ;xhLs/0f ug{ dfq} vf]h]sf] xf] . o; qmddf, of] gLlt ;+If]kn] ;a} If]qdf sfof{Gjogsf -/ ;DalGwt ;+:yfut_ r'gf}tLx? dxTjk"0f{ 5g\ eGg] :jtM dfg]sf] 5 . To;}n] o;sf] k|:tfljt ;'wf/ sfo{;"rLnfO{ sfo{;Dej gLltx? Pjd\ 5f]6f] cjlwdf oyfy{k/s?kn] xfl;n ug{ ;lsg] vfnsf, tTsfn nfedf s]lGb|t ul/Psf]] 5 . tL gLltx?sf] sfof{Gjogn] u'0ffTds gLlt rqmnfO{ em\jf§} z'? ug{ ;S5 / ;Defljt nufgLx?stf{nfO{ g]kfnsf k|flwsf/jfnfx? ;'wf/sf af/]df uDeL/ / nIos]lGb|t 5g\ eGg] ;+s]t o;n] lbG5 .

^= k|ltj]bgsf] of] ;f/ ;+If]kn] …y|L cfO{Ú -nk";_df cfwfl/t g]kfnsf] ljsf;sf /0fgLlts b"/b[li6 k|:t't u/]sf] 5 . o;kl5sf b'O{{{ v08n] g]kfnsf] tfhf Pjd\ jt{dfgsf] cfly{s j[l4sf] df]8]n / sfo{k|bz{gLdfly 5f]6f] ljZn]if0f k|:t't u/]sf 5g\ . of] ljZn]if0fn] dfgj ljsf; / u/LaL Go"gLs/0fsf] ;anLs[t df]8]naf6 ePsf pNn]Vo pknlAwx?nfO{ ;–;Gbe{ /fVg]5 eg] b'|t cfly{s j[l4, d'n'ssf] dWo cfosf] bhf{ / ;d'Ggltdfly ;fem]bf/L lbnfpgdf of] d]8]nsf ;Ldfx? klg pNn]v ug]{5 . To;kl5 …y|L cfO{Úsf] cjwf/0ffnfO{ yk lj:t[t?kdf k|:t't ub}{ oL 5gf]6 ePsf sfo{lbzfx? cNk / dWosfndf lsg olt w]/} dxTjsf 5g\ eGg] ljZn]if0f ul/Psf] 5 . clGtd v08n] d'Vo gLltut ;'emfjx?sf] ;f/;+If]k / lgisif{x? lgsfn]sf] 5, h;nfO{ ;f/ 6]a'ndf klg lbOPsf] 5 . of] k|ltj]bg ;f/ ;+If]kdf 5nkmn ul/Psf k|To]s ljifonfO{ ltgsf] lj:t[t ljZn]if0f / gLltut ;'emfj;lxt– To;} ljifo;“u ;DjlGwt gLlt l6Kk0fLdf yk ulx/fOsf;fy lbOPsf] 5 .

Page 11: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

3 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

g]kfnsf] tfhf ljsf; cg'ej

&= g]kfnsf] ljsf;sf] tfhf k|If]k0f c;fdfGo vfnsf] /x]sf] 5 . o;n] d'n'ssf] ;antfsf clåtLo ;|f]t, vKg] Ifdtfsf ;fy} gfh'skgfnfO{ k|ltljlDat u5{ . åGåaf6 pDs]sf w]/}h;f] d'n'sx? -k'gM;+/rgf;“u hf]l8Psf]_ cfly{s j[l4sf] ult a9]sf] cg'ej u5{g\, hals tL d'n'sx? u/LaL / dfgj ljsf; kl/0fltx? -k|0ffnLut ;'wf/df a9L lge{/ eP/_df kl5 kg]{ u/]sf 5g\ . g]kfnn] eg] of] dfgs k|j[lQsf] k|lt5fof“ ag]sf] 5 . g]kfnsf] cy{tGq 7Ls} ultdf j[l4 eO/x]sf] 5 . tyflk, of] j[l4 t'ngfTds ?kn] ljutsf] eGbf / cGo blIf0f Pl;ofnL d'n's / l5d]sLx?sf] eGbf sd ultdf ePsf] 5 . ;fy}, xNsf j:t' pTkfbg If]q -nfO6 Dofg'k\mØfSrl/ª_sf] a9\bf] of]ubfg / cGt/f{li6«o d"No ;~hfndf cfa4tfsf nflu k|bz{g ug'{kg]{ ;+:yfut ?kfGt/0fn] rflx+ pN6f] ult kqm]sf] 5 . o;n] eljiosf] cfly{s lj:tf/sf] ultdfg\ ;DefJotfnfO{ k|Zgsf] 3]/fdf kf/]sf] 5 . o;sf] 7Lsljk/Lt, u/LaL tLj|?kn] 36]sf] 5, dfgj ljsf; / ;]jfdf kx'“rsf clws ;"rsx?df ;'wf/ ePsf] 5 . tyflk, tL cem} cfwf/e"t txdf 5g\ / ;]jfsf] u'0f:t/sf] uDeL/ lrGtf 5“b}5 .

*= o;y{, cufl8 a9\g] qmddf cfly{s j[l4nfO{ k'gMhfu[t ug'{ / cy{tGqnfO{ lbuf]?kn] pRr lj:tf/ kydf /fVg' d'Vo r'gf}tL /xg]5 . o;sf] u'9fy{ xf]– pkef]udf eGbf nufgLk|]l/t cfly{s j[l4sf] nIodf s]lGb|t /xg' xf], h'g j[l4 cfly{s ljljwLs/0f xfl;n ug{-/, pTkfbgzLn If]qnfO{ jf:tljs cj;/ lbg_sf nflu cfjZos 5 . ljBdfg If]qx?df pTkfbsTj clej[l4sf] k|ltkmn lng] ;DefJotfnfO{ a9fpg' klg cfjZos 5 .

(= ;fy;fy}, u/LaLlj?4sf] n8fO{+ cem} 6'+luPsf] 5}g . b'O{{{j6f r'gf}tLx? a9L k|i6 5g\ . klxnf], xfn}sf jif{x?df u/LaL pNn]Vo?kn] 36]sf] 5, tfklg g]kfnsf a9L b'u{d If]q / ;LdfGts[t ;d'bfonufotdf uDeL/ ljkGgtf ePsf :yfg -ks]6_x? cem} af“sL 5g\ . oL ks]6x?;Dd k'Ug'– / u/LaL Go"gLs/0fsf nflu cem yk k|of; ug'{– pNn]Vo ?kn] sl7g 5 . bf];|f], w]/} g]kfnLx? clxn] u/LaLsf] /]vfdfly pSn]sf t 5g\, t/ tLdWo] ax';+Vos cem} klg 8/nfUbf] 9+un] of] /]vf glhs} g} 5g\ . -cyjf, vf;} dfly pSng ;s]sf 5}gg\ ._ o;sf] cy{ xf], w]/} dflg; km]l/ u/LaLd} cf]ln{g] hf]lvd cem} pRr 5 . /, lbuf] ;DkGgtfsf nflu cfjZos kg]{, kl/jf/x?n] k"“hL -dfgj k"“hL;lxt_ ;l~rtL ug]{ u'~hfO; ;Lldt dfq /x]sf] 5 .

!)= d'Vo cj;/x?df kx'“rsf] c;dfgtf klg pRr /x]sf] 5 . cfodf ;dfgtf ;dfj]zL ;dfhsf] Pp6f dfq} kIf xf], h;n] cfbz{ cj:yfdf, cj;/x?sf] ;dfgtf -k|f/lDes cj:yf h] eP klg ;a}n] cfkm\gf] ;Dk"0f{ ;DefJotf xfl;n ug]{ Ifdtf_ klg lbg'k5{ . g]kfndf ;fdflhs ;]jfx? k'¥ofpg] sfo{ lj:tf/ ug{df b]lvg] u/L k|ult ePsf] 5 tfklg ;aeGbf cfwf/e"t txsf ;]jf;Ddsf] kx'“rdf klg pNn]Vo c;dfgtf ljBdfg 5 . o;sf cltl/Qm, cfwf/e"t lzIff / :jf:Yo ;]jfsf] u'0f:t/ clt g} Go"g 5 . o;n] ubf{ oL ;]jfsf nfeu|fxLx? eljiosf] >dahf/df a9L pTkfbgzLn / k|lt:kwL{ ;xefuL aGg] ;DefjgfnfO{ ;fy{s?kn] a9fpg] df}sf sd} 5 .

Page 12: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

4 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

!!= dWo cfosf] d'n's aGg]tkm{ ljsf;sf] d'Vo 5nfª nufpgsf nflu g]kfnn] dWodsfnLg jf:tljs s'n ufx{:y pTkfbg -s'ufp_ j[l4b/ & k|ltzt agfpg] k|of; ug'{k5{ . l;4fGttM of] ;Dej 5 . t/, cf};t jflif{s j[l4b/ $ bzdnj @ k|ltzt -;g\ @))%–@)!#_ af6 j[l4b/ o;/L a9fpg d'n'ssf] cfly{s j[l4sf] df]8]nnfO{ nufgLd'vL agfpg ;f/e"t?kn] k'gM;dfof]lht u/L, g]kfnsf] cfly{s j[l4sf] ;DefJotfnfO{ k"0f{?kn] pkof]u ug'{ cfjZos 5 . ;an ;fj{hlgs ljQ, lbuf] / ;an rfn" vftf ;Gt'ng -lgof{tdf 7f]; sfo{k|bz{gL / ljk|]if0f / cfk|jfxdf k|i6 j[l4dfkm{t_, a9\bf] s[lif / ;]jfIf]qsf] pTkfbsTjh:tf cg's"n cj:yf /x] eg] klg bL3{sfnLg cfly{s j[l4sf] k|If]k0f $ b]lv % k|ltztsf] ;Ldfleq} /xg] b]lvG5 . o;y{ g]kfnsf] cfly{s j[l4sf] r'gf}tL s'g} b'e]{B lsNnfeGbf sd 5}g . /, ;a} k|d'v gLltut If]qdf clwstd /fhgLlts k|lta4tf cfjZos kg]{5 .

!@= ;g\ !((^ b]lv @))^ ;Ddsf] Ps bzs nfdf] u[xo'4 / o;cl3 psfnf] nfu]sf] g]kfnsf]

cfly{s j[l4 / ;+/rgfut ?kfGt/0f cfly{s j[l4sf] k|If]k0f lrq PSsfl; ef“lrg] ;+of]u Ps}k6s k/]sf] 5 . ;g\ !(^) sf] bzssf] cGTo÷!(&) sf] bzssf] k|f/Deb]lv otf cfly{s j[l4 -cf};tdf_ pNn]Vo / qmlds?kn] t/ plQs} k|i6 ptf/r9fj;lxt a9\g yfNof] . ;g\ !(^%–!(&$ sf aLr of] Go"g cf};tsf] dfq @ k|ltzt b/df a9\of] . t/, o;kl5sf b'O{{{ bzsdf qmdzM # bzdnj @ / % bzdnj @ k|ltztn] a9\of] . of] cjlwdf cfly{s j[l4 pNn]Vo 9+un] sd ptf/r9fjk"0f{ klg eof] . !(*) sf] bzssf] dWo;Dd cfOk'Ubf cfly{s ultljlwx?df tLj| p5fn cfof] . ;g\ !(*! df * bzdnj # / !(*$ df ( bzdnj & k|ltztsf] pRr j[l4 eof] . t/, To;kl5 tLj|?kn] 36\of] . o;kl5sf] bzsdf of] …Aof08Ú ;f“3'/f] eof], j[l4b/ Ps k6s Go"g ! bzdnj & k|ltzt / pRr * bzdnj @ k|ltzt k'Uof] . åGåsf jif{x? -!((^–@))^_ df ;fk]If :yfloTj /x]sf] eP tfklg cfly{s j[l4b/ gf6sLo?kn] t 36]g, t/ pNn]Vo ?kn] ;':t eof]– bzssf] cf};tdf k"/} ! k|ltzt sd x'g] u/L . cfp“bf lbgdf yk lbuf]kg / pRr cfly{s j[l4 xfl;n u/]/ b'j}nfO{ ;xjtL{ 9+un] n}hfg] d'Vo r'gf}tL /xg]5 .

!#= åGå lsgf/f nfu]kl5 klg cfly{s ultljlwx? kms]{/ cfPgg\ . zflGtsf] k|i6nfesf] cefjnfO{ ljleGg tl/sfn] JofVof ug{ ;lsG5 . klxnf], of] u[xo'4 nfdf] / lx+;|s lyof] tfklg o;n] g t ef}lts k"jf{wf/sf] pNn]Vo Iflt u¥of], g t of] cGTo x'g]lalQs} 7"nf] dfqfdf cfly{s ;xof]u / nufgL cfk|jfxsf] sf/s jf pTk|]/s aGg ;Sof] . bf];|f], ;lqmo åGå k|efjsf/L?kn] lsgf/f nfu]klg åGåsf] lj/f;tsf] ?kdf /fhgLlts cl:y/tf -PstGqLo zf;gaf6 ax'bnLo nf]stGqsf] hl6n ?kfGt/0f;lxt_ cfhko{Gt sfod} 5 .

!$= åGåkl5, g]kfnsf] xfn;fnsf] cfly{s sfo{k|bz{gLsf] a9L lrGtfhgs kIfrflx+ Pp6f tLj|, ;kf6 cfly{s c+s'/0fsf] cefjeGbf klg cfly{s j[l4b/sf] lg/Gt/ cf/f]xnfO{ sfod /fVg g;Sg' /x]sf] 5 . ;f“Rr}, ;g\ @))% b]lv cfly{s j[l4sf] cf};t b/ $ k|ltztsf] glhs /x]sf] 5 . u[xo'4 6'+luPkl5 klg cfly{s j[l4nfO{ k'gMhfu[t ug{ g;Sg'sf] kl/0ffd

;|f]t M n]vsx?sf] u0fgf

lrq != jt{dfg cfly{s j[l4sf] cj;/ d"No

cfly{s j[l4sf ljleGg dfGotfcg'?k k|ltJolQm /fli6«o cfo

With 4.5 percent With 7 percent

1800

1600

1400

1200

1000

800

600

400

200

02013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Page 13: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

5 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

g]kfn / af“sL blIF0f Pl;ofaLrsf] ;DaGw la:tf/} cnuynu x'g yfn]sf] 5 . g]kfnsf] k|ltJolQm s'n ufx{:y pTkfbg a+unfb]z, ef/t / kfls:tfgsf]eGbf nuftf/ tn /x]sf] / oL b]zx?n] ;an / lbuf] cfly{s ljsf;sf] ult a9fPsf sf/0f km/sdf tLj| j[l4 ePsf] 5 . ;g\ !((% df g]kfndf u[xo'4 z'? x'“bf g]kfn / a+unfb]zsf] k|ltJolQm s'ufp km/s #% cd]l/sL 8n/ lyof] . ;g\ @))% df åGå cGo x'“bf km/s !)) 8n/ k'u]sf] lyof] . To;otfsf ;ft jif{df of] km/s @)) 8n/df k'u]sf] 5 . g]kfnn] cfkm\gf tLj| cfly{s ljsf; ul//x]sf l5d]sLx?;“usf] of] km/snfO{ sd ug{ t k/} hfcf];\ klxn]s} km/snfO{ sfod /fVg klg g;s]sf] ;+s]t o;n] u5{ .

!%= g]kfn cfly{s j[l4sf] ;dpRr laGb'df k'u]sf]– / ;DejtM Toxf“ 6Ss} cl8Psf]– k|i6?kn] b]lvg'sf ;Da4 sf/0fx? 5g\– !_ cfly{s j[l4sf/s tTjx?df cfPsf] kl/jt{g /, @_ Go"g :t/sf] nufgL . g]kfnn] b'|t ultdf cfly{s j[l4 eO/x]sf pbLodfg cy{tGqx?n] cg'ej u/]h:tf] ;+/rgfut ?kfGt/0fsf] dfu{nfO{ cg';/0f u/]sf] 5}g . g]kfn Jofks?kn] u|fdL0f cy{tGq /x]sf] ePklg s'n d"No clej[l4df s[lifsf] of]ubfg lg/Gt/ 36\bf] ?kdf 5 . ;g\ !(&) sf] bzsdf s'n ufx{:y pTkfbgsf] tLg rf}yfO{ lx:;f cf]u6\g] s[lifsf] of]ubfg clxn] #% k|ltzteGbf sddf cf]n]{sf] 5 . ;g\ !(() sf] bzssf] dWo / åGåsf] z'?jfttfsf;Dd ;fk]If?kn] 36\bf] s[lifsfo{sf] nfe pBf]u / ;]jf b'j} If]qn] lnPsf lyP . b'j} If]qn] em08} ;dfg cg'kftdf dxTj kfPsf lyP . To;kl5 eg] pBf]usf] lx:;f ;g\ !((^ df @# k|ltztsf] pRr ljGb'af6 36]/ clxn] kmut !% k|ltztdf cfPsf] 5 . o;sf] 7Lsljk/Lt u[xo'4sf] z'?sf a]nf s'ufpdf #^ k|ltzt of]ubfg /x]sf] ;]jf If]qsf] lx:;f a9]/ clxn] %) k|ltzteGbf dfly k'u]sf] 5 . ;g\ @))% / clxn]sf] cjlwdf ;du| cfly{s j[l4 / cf}Bf]lus ljsf;sf] cGt/;DaGw gsf/fTds -lgu]l6enL sf]l/n]6]8_ b]lvPsf] 5 . o;n] cfly{s j[l4df cf}Bf]lus If]qsf] 36\bf] of]ubfgnfO{ O+lut u5{ .

!^= ;]jf If]qn] eljiosf] cfly{s lj:tf/sf nflu 7f]; hu a;fN5 t < eGg] cfk}+mdf Pp6f dxTjk"0f{ k|Zg xf] . g]kfnsf] ;]jf If]qn] eljiodf b'|t clfy{s

;|f]t M ljZj a}+s, ljZj ljsf; ;"rsf+s

lrq @ M g]kfnsf] cfly{s j[l4sf] ;dpRr ljGb'

10

8

6

4

2

0

–2

–4

s'ufp j[l4 -jflif{s k|ltzt_

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010

Avg. Growth annual %

1=98 3=22 5=16 4=10 4=18

1965–74 1975–84 1985–94 1995–04 2005–13

;|f]t M ljZj a}+s, ljZj ljsf; ;"rsf+s

lrq # M hg;+Vof j[l4 sd x'Fbf klg k|ltJolQm cfo j[l4sf] ;':t ult

g]kfn afª\nfb]z kfls:tfgef/t

1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012

1200

1000

800

600

400

200

0

k|ltJolQm s'ufp -cd]l/sL 8n/ @))% df_

Page 14: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

6 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

j[l4nfO{ s'g xb;Dd pTk|]l/t ug{ ;Snf eGg] ljifo sDtLdf b'O{{{ sf/0fn] ;Gb]xf:kb 5 . klxnf], g]kfnsf] ;]jf If]q ef/tsf] h:tf] 5}g . of] cem} Jofks?kn] cgf}krfl/s / ckl/:s[t 5 . To;}n] pTkfbsTj j[l4 cyjf km}nfj6sf/L k|efj l;h{gf ug]{ sd} ;DefJotf 5 . ;]jf If]q– s'ufpdf of]ubfgsf b[li6n]– yf]s / v'b|f Jofkf/ If]qn] cf]u6]sf] 5 . To;kl5, ;fd'bflos / ;fdflhs ;]jfx?, 3/hUuf / lzIff ;]jf cfpF5g\ . cfly{s j[l4sf b[li6df ;aeGbf ultzLn ;]jf–pkIf]qx?df ;fd'bflos / ;fdflhs ;]jfx?, :jf:Yo / ;dfh;]jf Pjd\ lzIff 5g\ . bf];|f], ;]jfIf]qsf] lj:tf/ gf6sLo ?kn] a9]sf] ljk|]if0f cfk|jfx;“u lgs6 ?kn] ;DalGwt 5, h;sf] eljiosf] cfly{s j[l4nfO{ ;3fpg] ;DefJotf, clxn] g} of] clwstd txdf k'lu;s]sf]n], ;Lldt b]lvG5 .

!&= l;+uf] cy{tGqsf] cfly{s j[l4sf] ;DefJotfnfO{ Go"g txsf] ;fj{hlgs / lghL nufgLn] v'DRofPsf] 5 . nufgLsf nflu cfly{s ;|f]t pknAw x'“bfx'“b} o:tf] ePsf] 5 . s'ufpsf] c+zsf ?kdf s'n l:y/ k"“hL lgdf{0f ;g\ @))% / @)!) sf aLrdf ;fdfGo?kn], s'ufpsf] @) af6 ;aeGbf a9L @@ k|ltzt dfq x'g]u/L a9f]Q/L eof] . km]l/ @)!# df cf]n]{/ @! k|ltztdf cfof] . kfls:tfgsf] ckjfbnfO{ 5f8]/ s'ufpdf o:tf] k"“hL lgdf{0fsf] c+z c? blIf0f Pl;ofnL d'n'sx?df b]lvPsf] eGbf of] pNn]Vo?kn] tn xf] . of] cjlwdf ;/sf/L s'n l:y/ k"“hL lgdf{0fsf] ljr/0f @ bzdnj & / $ bzdnj & k|ltztsf] ;f“3'/f] cGt/df dfq eof] . ;g\ @)!# df of] s'ufpsf] lgdf{0f kmut # bzdnj % k|ltztdf em¥of] . cgf}7f] s] eg], o:tf] sd nufgL s7f]/ ljQLo ;Gt'ng /÷cyjf rfn" vr{ cTolws x'g'sf nIf0fx? lyPgg\ . ;g\ @)!) / @)!# sf aLrdf ah]6 ;Gt'ng tn s'ufpsf] ! k|ltzt -3f6f_ / dfly ;g\ @)!# df s'ufpsf] @ k|ltzt -art_aLr tndfly eO/x\of] . ;g\ @)!# df g]kfn blIf0f Pl;ofdf ah]6 -3f6f gePsf]_ Pp6} dfq d'n's lyof] . To:t}u/L, ;Defljt j}b]lzs nufgLstf{x?sf] cleJoQm rf;f], -/ g]kfnsf] bf]xg x'g g;s]sf] hnljB't Ifdtf_ / s'ufpsf] @% k|ltzt k'Ug] u/L ePsf] pRr dfqfsf] lghL afx\o ;|f]tsf] cfk|jfx x'“bfx'“b} klg lghL nufgL dGb cj:yfdf g} 5 . xfnsf jif{df ljk|]if0fsf] cfk|jfxdf ePsf] 7"nf] j[l4 ljQLo k|0ffnLsf] t/ntfsf] y'k|f]df ?kfGtl/t ePsf] 5, t/

;du| cfly{s j[l4sf] ;x–;DjGw u'0fs -sf]l/n]zg sf]lkml;oG6_d"No clej[l4 ;lxtsf] j[l4 s[lif pBf]u ;]jfx?!(&$–!(*$ )=*! )=#( )=&*!(*%–!(($ )=^* )=#^ )=##!((%–@))$ )=$( )=&$ )=*!@))%–@)!@ )=^% –)=$* )=*$

s'ufpsf] k|ltztdf s'n d"No clej[l480

70

60

50

40

30

20

10

01975 1980 1985 1990 1995 2000 2005 2010

;f]tM g]kfn /fi6« a}s

lrq %M cfwf/e"t ;]jfx?sf] afx'Notf

yf]s / v'b|f Jofkf/

xf]6]n / /]i6'/]G6

oftfoft, e08f/0f / ;~rf/

ljQLo dWo:ytf

3/hUuf, axfn / Joj;fo

;fj{hlgs k|zf;g / /Iff

lzIff

:jf:Yo / ;fdflhs sfo{

cGo ;fd'bflos, ;fdflhs / JolQmut ;]jf

yf]s / v'b|f Jofkf/

cGo ;fd'bflos, ;fdflhs / JolQmut ;]jf

:jf:Yo / ;fdflhs sfo{

lzIff

;fj{hlgs k|zf;g / /Iff

3/hUuf, axfn / Joj;fo

ljQLo dWo:ytf

oftfoft, e08f/0f / ;~rf/

xf]6]n / /]i6'/]G6

yf]s / v'b|f Jofkf/

0=0 1=0 2=0 3=0 4=0 5=0 6=0 7=0 8=0 9=0

8=7

7=3

5=9

4=7

2=4

3=7

6=1

5=6

5=2

lrq $M cfly{s j[l4sf abln+bf sf/sx? / ;]jf If]qsf] pbo

;|f]t M ljZj a}+s, ljZj ljsf; ;"rsf+s -/ n]vsx?sf] u0ffgf_

s'ufpdf ;]jf pkIf]qx?sf] of]ubfg @)!@–!#

;]jf pkIf]qx?sf] cf};t j[l4b/, 2008÷09”2012÷13 -l:y/ d"Nodf_

pBf]u s[lif ;]jfx?

Page 15: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

7 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

;f]tM ljZj a}+s, ljZj ljsf; ;"rsf+s / g]kfn /fi6« a}s

lrq ^ M ultdfg\ cfly{s j[l4nfO{ ;3fpg] s"n nufgLsf] clt Go"g ult

lrq & M nufgLsf cK7\of/fx?

;f|]tM cfly{s j[l4 lgbfg ljzn]if0fdf cfwfl/t n]vsx?sf] u0fgf

Tof] t/ntfnfO{ lghLIf]qn] C0fsf] ?kdf p7fpg] qmd rflx+ ;fk]IftM sd 5 . ;fy}, j}b]lzs k|ToIf nufgLdf j[l4 t ePsf] 5, t/ To;sf] cfwf/ g} ;fgf] -cfj @)!) df # s/f]8 *) nfv cd]l/sL 8n/af6 cfj @)!# df !) s/f]8 @) nfv 8n/_ 5 . /, o;sf] s'ufpdf ;Lldt -cfj @)!# df z"Go bzdnj % k|ltzt_ c+z dfq of]ubfg /x]sf] 5 .

!*= tTsfnsf nflu ;fj{hlgs / lghL b'j} k|sf/sf nufgLdf b]lvPsf afwfx?nfO{ a'em\g] / ltgaf6 kf/ kfpg] ljifo g]kfnsf nflu Psdfq ;aeGbf dxTjk"0f{ ljsf; r'gf}tL xf] . /fhgLlts cl:y/tf cyjf jf:tljs d'b|fsf] clwd"Nof+sgsf sf/0f cfPsf] t'ngfTds nfexLgtfsf] cj:yfsf] ;dfwfg tTsfnsf nflu /fhgLlts?kn] ;Dej jf cfly{s ?kn] ck]lIft gx'g ;S5 . -d'b|fsf] clwd"Nof+sg ef/t;“usf] l:y/ ljlgod k|0ffnL / 7"nf] dfqfsf] lghL ljk|]if0f cfk|jfxsf] ;+o'Qm k|efjsf ?kdf b]lvPsf] 5_ . oBlk nufgL clej[l4 u/]/ g]kfnnfO{ pRr cfly{s j[l4sf] dfu{df kmsf{pgsf nflu eg] w]/} sfd ug{ ;lsG5 . sDtLdf klg, gLltx? lghL nufgLsf vf;vf; c8\rgx?, sdhf]/ nufgL jftfj/0f / k"jf{wf/sf] 7"nf] cefjnufotnfO{ x6fpg]tkm{ nlIft x'g} k5{ .

2011 2012 2013

25

20

15

10

5

0

45

40

35

30

25

20

15

10

5

01975 1979 1983 1987 1991 1995 1999 2003 2007 2011

Total GFCF Gross domestic savings Gross national savings

Go"g nufgL

ljQLo ;]jfsf] pRr nfut

ljQLo pknAwtf M 5}g–Go"g jf:tljs Aofh b/–a}+lsª k|0ffnLdf pRr t/ntf–af≈Ø ;|f]taf6 ePsf]

nufgLof]Uo sf]if j[l4df nufgLsf] sdhf]/ rf;f]

–Go"g jf:tljs Aofh b/

ljQLo dWo:ytf M 5–ljQLo ;]jfdf jf:tljs kx'“r

Go"g

Go"g cfly{s -;fdflhs_ k|ltkmn

-;fdflhs_ k|ltkmnsf] Go"g lghL ljlgof]hg

sdhf]/ dfgj k"“hL < xf]OglzIff ÷zLksf] yk nfe 7Ls} dfqfsf] dfq

ck'u k"jf{wf/ < xf] –pmhf{sf] lghL

cfk"lt{–k"jf{wf/

;3gtffOt/ ultljlwsf] afx'Notf

v/fa e"uf]n < xf] / xf]Og

–c;lhnf] e"–agf]6–rlDs+bf] ahf/sf]

lgs6tf

sdhf]/ gLltut aftfj/0f < xf]

–/fhgLlts cl:y/tf

–gLltut clglZrttf

–e|i6frf/–>lds–/f]huf/

bftf åGå

sdhf]/ 9+un] rn]sf ahf/ < xf] / xf]Og

–af≈Ø k|lt:kwf{Tds Ifdtfsf] Ifo

–pTkfbg ljljwtf

cfly{s ultljlwsf] Go"g k|ltkmn

;/sf/L s'n l:y/ k"“hL lgdf{0f -s'ufpsf] k|ltzt_

g]kfnM art / nufgL -s'ufpsf] k|ltzt_

ckmuflg:tfg afª\nfb]z e'6fg ef/t dfnlbE; g]kfn kfls:tfg >Ln+sf

Page 16: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

8 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

!(= ;fk]IftM ;fdfGo ultsf] cfly{s j[l4 x'“bfx'“b} klg g]kfnn] u/LaL Go"gLs/0f / dfgj ljsf;df pknlAwsf] 7"nf] km8\sf] df/]sf] 5 . ljut !% jif{df k|ltJolQm pkef]u x/]s jif{ cf};tdf # bzdnj % k|ltztn] a9]sf] 5 . /, ;g\ !(*) / @)!) sf aLrdf dfgj ljsf; ;"rsf+s k|ltjif{ cf};t @ bzdnj ̂ k|ltztsf b/n] j[l4 ePsf] 5 . u/LaLsf xsdf, ;g\ @)!)–!! df cfOk'Ubf @% k|ltzt hlt g]kfnL hgtf dfq} u/LaLsf] /]vfd'lg 5g\ . of] ;g\ !((%–(^ sf] t'ngfdf pNn]Vo, sl/a #) k|ltztn] sdL xf] . qmozlQm ;dfgtf jf kr]{lhª kfj/ Kofl/6L -kLkLkL_df cfwfl/t cd]l/sL 8n/ ! bzdnj @% k|ltJolQm k|ltlbg cfosf] cGt/f{li6«o u/LaL/]vf k|of]u u/]/ x]bf{ u/La hg;+Vofsf] cg'kft cfwf 36]/ ;f] cjlwdf @$ bzdnj * k|ltzt ePsf]

5 / ljBdfg u/LaL b/ sd ug{df g]kfnn] a+unfb]z / ef/t b'j}nfO{ pl5g]sf] 5 .

@)= g]kfnsf] u/LaL Go"gLs/0f, Go"g txsf] zx/Ls/0fnfO{ k|ltljlDat ub}{, d'Vo u/L u|fdL0f If]qdf g} ePsf] 5 . u/LaL lgjf/0fsf] em08} (@ k|ltzt sfd d'n'ssf] u|fdL0f If]qdf ePsf] 5 . s[lifsf] :j/f]huf/af6 a9]sf] cfo, u}/s[lif IF]qsf] Hofnf cfpg] -u|fdL0f_ /f]huf/L / ljk|]if0f cfon] of] u/LaL 36]sf] xf] . ljk|]if0fn] lk+wsf b'O{{{ k~rf+z hgtfsf] cfodf tLg rf}yfO{ j[l4 u/]sf] 5 . s[lifdf lge{/ hg;+Vofsf] c+z ! s/f]8 %) nfvsf] cf“s8fdf -kl/jf/sf] 36\bf] cfsf/ / dflg;x? s[lif kf]zfaf6 aflxl/g] sf/0f_ l:y/ /x]sf] 5 .

;|f]tM ljZj a}+s sd{rf/Lx?sf] g]kfn hLjg:t/ ;j]{If0f ;g\ @)!)–!! df cfwfl/t cg'dfg

tflnsf !M s'n u/LaL b/ u0fgfsf] ljefhg

u/LaL Go"gLs/0f / dfgj ljsf;df ePsf pknlAw / af“sL r'gf}tLx?

;g\ @)!)–!! sf] u/LaL cg'dfg If]q cjl:ylt ljt/0f

s'n u/LaLb/ u/LaL km/s -!)) u'0ff_ u/LaL km/s juL{s[t -!)) u'0ff_ u/La hg;+Vof s'n hg;+Vofzx/L 15=5 3.2 1.0 11.7 19.0

u|fdL0f 27=4 6.0 2.0 88.3 81.0

k"jf{~rfn 21=4 3.8 1.0 19.8 23.3

dWodf~rn 21=7 5.0 1.8 30.8 35.7

klZdf~rn 22=2 4.3 1.4 16.9 19.2

dWoklZrdf~rn 31=7 7.7 2.7 16.4 13.0

;'b"/ klZrdf~rn 45=6 10.7 3.8 16.0 8.8

lxdfn 42=3 10.1 3.5 11.8 7.0

kxf8 24=3 5.7 2.1 42.8 44.2

t/fO{ 23=4 4.5 1.3 45.4 48.7

lxdfn 42=3 10.1 3.5 11.8 7.0

zx/L–sf7df8f}+ 11=5 2.8 1.0 2.6 5.7

zx/L–kxf8 8=7 1.7 0.5 1.5 4.4

zx/L–t/fO{ 22=0 4.3 1.3 7.5 8.6

u|fdL0f kxf8–k"jf{~rfn 15=9 2.9 0.8 4.0 6.3

u|fdL0f kxf8–dWodf~rn 29.4 8.5 3.7 10.8 9.3

u|fdL0f kxf8–dWodf~rn 28.0 5.3 1.8 10.5 9.5

u|fdL0f kxf8–dWo / ;'b"/ klZrdf~rn 36.8 8.9 3.1 13.3 9.1

u|fdL0f–t/fO{ k"jf{~rfn 21.0 3.7 0.9 9.6 11.6

u|fdL0f–t/fO{ –dWodf~rn 23.1 4.1 1.1 13.9 15.1

u|fdL0f–t/fO{–klZrdf~rn 22.3 4.4 1.4 5.9 6.6

u|fdL0f–t/fO{ –dWo / ;'b"/ klZrdf~rn 31.1 7.2 2.5 8.5 6.9

g]kfn 25.2 5.4 1.8 100.0 100.0

Page 17: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

9 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

k|ltz

t

lrq * M u/LaLsf] /]vfdfly y'lk|Psf] g]kfnL hg;+Vof

;|f]tM n]vsx?sf]] g]kfn hLjg:t/ ;j]{If0f ;g\ @)!)–!! df cfwfl/t cg'dfg

6

4

2

00 1 2 3 4 5

o:t}, s[lif cfosf] j[l4 -k|ltjif{ # k|ltzt_ 7\ofSs} k|ltJolQm cfo j[l4sf] b/ ;dfg 5, h;nfO{ k[i7e"lddf s[lifdf ePsf nufgLaf6 k|fKt x'g yfn]sf] pRr k|ltkmn / u|fdL0f cy{tGqdf a9\bf] Hofnfb/n] ;3fPsf] 5 .

@!=hLjg:t/df ePsf] ;'wf/ d'n'ssf ;a} efu -e"v08x?– lxdfn, kxf8, t/fO{, If]qx? / hflt÷hghflt ;d"xx?_df ljtl/t ePsf] 5 / jf:tjdf sd vr{ ug{ ;Sg] ju{df of] ;'wf/ emg\ l56f]l56f] ePsf] 5 . tyflk, ljBdfg u/LaLsf] cj:yfdf e"efu, If]q / ;d"xx?aLr km/flsnf] cGt/ /xL g} /x]sf] 5, / u/LaL u|fdL0f cy{tGqsf] vf; rl/qsf ?kdf /x]sf]5 . ;g\ @))$–)% b]lv ;g\ @)!)–!! sf] cjlwdf k|To]s vr{–Ifdtf ju{sf] k|ltJolQm pkef]udf j[l4 eof] . a9L u/La ju{n] cem} w]/} j[l4sf] cg'ej u/], h;af6 ;du| c;dfgtf sd u¥of] . t}klg, km/s kl/b[Zox? cem} klg pNn]vgLo?kn] af“sL 5g\ . @& bzdnj $ k|ltztdf /x]sf] u|fdL0f If]qsf] u/LaL zx/L If]qsf] -!% bzdnj % k|ltzt_t'ngfdf pNn]Vo ?kn] a9L 5 . To;df klg ;'b"/klZrdsf ufp“ -$% bzdnj ^ k|ltzt_ / lxdfnL If]qdf -$@ bzdnj # k|ltzt_ pRrtd /x]sf] 5 . u/LadWo] sl/a () k|ltzt hgtf u|fdL0f IF]qdf a;f]af; u5{g\ . t/, u/LaLsf] ljBdfg b/ / o;df s'n hg;+Vofsf] c+zsf] eg] ljk/Lt ;DaGw b]lvG5 . g]kfnsf clt u/Lax? dWoIf]q -;fk]IftM sd u/LaL b/ ePsf If]q_ / t/fO{ tyf kxf8df e]l6Psf 5g\ .

@@= pkef]udf ;du| c;dfgtf sd 5 . t/, c;dfgtfsf] u}/df}lb|s cfofd -h:t} :jf:Yo Pjd\ lzIffdf k|ult_n] eg] km/s lrq k|:t't u5{ . ;g\ @)!! df #) k|ltztdf /x]sf] lhgL nAwf+s -sf]lkml;oG6_ cg';f/ k|ltJolQm pkef]usf lx;fadf g]kfn blIF0f Pl;ofsf ;aeGbf ;dfgdWo]sf] Ps /fi6« xf] . o;sf u|fdL0f If]qeGbf zx/L If]q clnslt a9L c;dfg 5g\ . a9L ;dfg -k"jf{~rn_ / sd ;dfg -klZrdf~rn_ If]qx?aLr klg If]qut ;dfgtfdf ;fdfGo dfq} km/s 5 . ;fy;fy}, If]qLo pkef]u / ljifout u/LaLsf] txdf eg] 7"nf] cGt/ 5 . pbfx/0fsf nflu sd u/La zx/L IF]qdf a;f]af; ug]{ / u/Latd lxdfnL If]qdf a;f]af; ug]{ b'j} ;d"xsf dflg;x? ljBfno lzIff / :jf:Yo ;]jfdf c;'ljwf ePsf] dx;'; u5{g\ . ef}uf]lns

ljefhgsf IF]qdWo] ;fj{hlgs ;]jf pknAwtfsf] lxdfnL If]qdf tLj| cefj cg'e"t x'G5 . oxf“sf @% k|ltzt dflg; ljBfno lzIffsf] ;]jf ckof{Kt ePsf] atfp“5g\, hals of] k|ltzt t/fO{df !^ k|ltzt dfq 5 .

@#= ;fj{hlgs ;]jfsf] kx'“rdf pNn]vgLo j[l4 ePsf] 5 . t/, ;fydf ljleGg cfo ;d"xaLr kx'“rsf] cGt/ km/flsnf] x'“b} 5 / To;sf] kl/0ffd:j?k cj;/ / ;fdflhs ;rntf -ultzLntf_df klg of] km/s a9\bf] 5 . u/Lasf] ax'cfoflds ;"rsx?dWo] ljut kGw| jif{df w]/}j6f tLj|?kn] 36]sf 5g\ . g]kfnh:tf] ljsf;zLn d'n'ssf nflu lzIff / :jf:Yo ;DjGwL k"jf{wf/ Pjd\ ;]jf ;/sf/L ;]jfdWo] ;aeGbf tTsfnLg k|fyldstfdf /x]sf 5g\ . ltgsf ;fj{hlgs Joj:yfx?nfO{ ;'wf/ ug{, a9\bf] ljk|]if0f cfon] dflg;x?sf] vr{Ifdtfdf ePsf] j[l4;“u}, lghL ;]jf k|bfosx?n] klg kl/k"/ssf] sfd u/] . …ljBfno 5f]8\g] s]6fs]6LÚ, …k|fylds ljBfno k'Ug nfUg] ;doÚ / …;'/lIft ;'Ts]/L ;]jfÚdf ;aeGbf 7"nf pknlAwx? eP eg] s'kf]if0fdf ;'wf/, ;/;kmfO{ / ksfpg–plrt OGwgdflysf] kx'“rdf ;fdfGo nfe xfl;n eof] . ckof{Kt pkef]usf] df/df k/]sf hg;+Vofsf] klg ax'cfoflds u/LaL ;"rsx? sd eP, t/ klg pgLx?n] ;du| hg;+Vofsf] bf“hf]df lgs} sd ultdf dfq} o;nfO{ 36fpg

qmozlQm ;dfgtf -kLkLkL_df cfwfl/t cd]l/sL 8n/ !=@% k|ltJolQm

Page 18: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

10 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

;s]sf 5g\ . o;sf cltl/Qm, lbOPsf ;]jfsf] u'0f:t/ Go"g 5 / ljleGg k|sf/sf nfeu|fxLx?aLr of] c;dfg 5 eGg] cg'dfg nufpg ;lsG5 . kl/0ffd:j?k JolQmsf] 5gf]6 ;DefJotf w]/} xb;Dd hftLo–cfly{s–;fdflhs, ef}uf]lnssf ;fy} n}+lus sf/0fx?n] hGd“bfsf] cj:yfd} k"j{lgwf{l/t x'g] x'“bf cj;/x?sf] c;dfgtfsf] cj:yf ljBdfg 5 .

@$= cGTodf, clxn];Dds} Oltxf;df ;aeGbf sd ;+Vofsf 3/kl/jf/ u/LaLsf] /]vfd'lg af“sL 5g\ . tyflk, cem} klg ax';+Vos hg;+Vof of] /]vfsf] l7Ss dflykl§ g} y'lk|Psfn] s'g} em6\sf vKg g;Sg] ljBdfg lgl/xtfsf] cj:yf 68\sf/f] d'2fs} ?kdf /x]sf] 5 . g]kfnL hg;+Vofsf] 7"nf] ax'dt u/LaLsf] ;LdfnfO{ kl/eflift ug]{ clt Go"gtd cfjZostfsf] b'O{{{ u'0ffeGbf sd g} pkef]u u5{g\ . a9L ;dfj]zL / ;xg Ifdtfo'Qm ;dfh lgdf{0ftkm{ cl3 a9\g] eGg'sf] cy{ To:tf] cfly{s j[l4sf] dfu{ klxNofpg' xf], h;n] cem};Dd bf?0f ljkGgtfdf af“lr/x]sfx?sf nflu nfesf] clwsLs/0f ug]{ dfq xf]Og, ax';+Vos hgtfnfO{ cfly{s Pjd\ ;fdflhs?kn] pTyfg ug'{ klg xf] . o;/L cufl8 a9\g] qmddf kof{Kt ;xof]u / ;fdflhs ;+/If0f k|bfg ul/g'k5{, h;n] ubf{ kl/jf/x?n] -k'gM_ u/LaLdf cf]n{g] hf]lvd ;fdgf

ug'{ kb}{g / pgLx? eljiosf nufgL ug{ ;Ifd x'gsf nflu k|lts"n em6\sfx?lj?4 k|efjsf/L ;'/If0f ckgfpg ;S5g\ .

@%= ;f/df, yk ;dfj]zLs/0f k|j4{gsf nflu b'|t cfly{s j[l4 / b[9 gLltx?, b'j}sf] cfjZostf k5{ . klxnf], u/LaL Go"gLs/0fsf] sfo{ s[lif pTkfbsTjsf] nfe lbnfpg] ;xfos ;|f]tsf ?kdf lg/Gt/ /lx/xg] 5 . o;y{, cfly{s k|efjsfl/tf / ;fdflhs Gofo b'j} w/ftndf s[lifsf] ljsf; / ljljwLs/0fnfO{ ;3fpg' cfjZos 5 . bf];|f], ;fdflhs gLltx?n] :jf:Yo / lzIffaf6 z'? u/]/ cfwf/e"t cj;/x?nfO{ ;dfgLs/0f ug]{ k|of; ug'{k5{ . Tof] lsgeg], ;rntf / dfgj k"“hLsf] k|ltkmn j[l4sf] ;Defjgf a9f]Q/L x'“bf kl/jf/x?nfO{ eljiosf nflu nufgL ug]{ pTk|]/0ff a9\5 . t];|f], JolQm / kl/jf/x?nfO{ cfly{s em6\sfx? k|efjsf/L 9+un] ;DxfNg ;Sg] aGg lbgsf nflu g]kfnn] ;fdflhs ;'/If0f ;~hfnnfO{ ;anLs[t ug{ ;S5, h;n] nufgL / Jofj;flostf -cfGt|k|]Go'/zLk_nfO{ klg k|j4{g u5{ . ljBdfg sfo{qmdx?nfO{ d"n k|jfxLs/0f u/]/ cyjf ltgnfO{ ;aeGbf a9L cfjZos ePsf hgtftkm{ cem /fd|/L nlIft u/]/ o:tf] ;anLs/0fsf] sfo{ Go"g nfutdf g} ug{ ;lsG5 .

Page 19: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

11 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

…y|L cfO{Úsf] kl/ro

@^= g]kfnsf nflu k|:tfljt ljsf;sf] b"/b[li6sf :tDex?nfO{ …y|L cfO{Ú cyjf …nk";Úsf ?kdf ;f/ lvRg ;lsG5 M OGe]i6d]06 -nufgL_, OGk|mfi6«Sr/ -k"jf{wf/_ / OGSn'hg -;dfj]lztf_ . …y|L cfO{Ún] ultjfg\ / ;kmn cfly{s j[l4sf] bL3{sfnLg jftfj/0fsf] hunfO{ ;d]6\5 . cyjf, csf]{ zAbdf o;n] bL3{sfnsf] k"0f{ lj:tfl/t dfu{lrqeGbf klg cNksfndf ;Daf]wg ug'{kg]{ cfjZos gLltut r'gf}tLx?sf] Ps ;d"x -;]6_nfO{ ;d]6]sf] 5 . cfbz{ ck]Iffdf, oL …y|L cfO{Ún] k|:tfljt u/]sf cfwf/e"t kIfx?nfO{ 7Ls 7fp“df NofOof] eg] g]kfnsf] cfly{s j[l4sf] ;Dk"0f{ ;DefJotf phfu/ x'g z'? x'g]5 . -!_ ahf/sf zlQmx? / gLlt lgdf{tfx?nfO{ ;+o'Qm?kdf ;|F]tx?sf] k|efjsf/L ljlgof]hg ug]{ cj;/ lbnfP/ -pbfx/0fsf nflu k"jf{wf/sf nflu ;fj{hlgs / lghL nufgLdfkm{t_ /, -@_ ultjfg\ If]qx?sf nflu k|ult ug{ / ;dfg cj;/x? l;h{gf ug{ cTofjZos kg]{ ;fj{hlgs Pjd\ lghL ;]jfx?, k"jf{wf/ Pjd\ a[xt\ cfly{s jftfj/0f k|bfg u/]/ o:tf] ;DefJotf phfu/ ug{ ;lsG5 .

@&= nufgL / k"jf{wf/ cljefHo ?kn] Pscsf{df ;DalGwt 5g\ . o:tf] ;DaGw cy{tGqsf nflu hlt u'0fsf/L xf], Tolt g} clgi6sf/L klg aGg ;S5 . Psftkm{ g]kfnsf] clxn]sf] oyfy{ h:t}, k"jf{wf/sf] cefj cfGtl/s / j}b]lzs b'j} k|sf/sf lghL nufgLsf nflu cpTk|]/s jf -afws_sf ?kdf sfd ug{ ;S5 . t/, 7"nf] nfutsf, cfjZos t/ dx“uf k"jf{wf/ cfof]hgfx?sf nflu cfly{s ;|f]t h'6fpg lghL nufgL ckl/xfo{ 5 . csf]{tkm{, ha k"jf{wf/df ePsf] nufgLn] k|ltkmn lbg yfN5,

clgi6sf] rqm -lel;o; ;fOsn_ u'0ffTds rqm -er'{c; ;fOsn_df ?kfGtl/t x'g;S5 . o;n] Joj;fo÷Jofkf/sf] jftfj/0fnfO{ cfsif{s agfpg of]ubfg ug]{ lglZrt k|foM 5, h;n] ubf{ ;a} If]qdf ;du| nufgL a9\g / cfly{s j[l4 em\jf§} z'? x'g ;S5 . csf]{ zAbdf, clgi6 rqmnfO{ tf]8\g' / pmhf{ Pjd\ oftfoft k"jf{wf/x?sf] lgdf{0f Pjd\ ;'wf/ ug'{ k|d'v r'gf}tL /x]sf] 5 . o; sfo{sf nflu bftfx?sf] sf]if, C0f / pTk|]/s lghL nufgLdfkm{t /0fgLlts 9+un] pNn]Vo dfqfdf ;an agfOPsf] / p2]Zos]lGb|t ;fj{hlgs nufgL ;dflji6 x'g'k5{ .

@*= ;dfj]zL gLltx? cfjZos 5g\, lsgeg] pRr cfly{s j[l4af6 k|fKt x'g] nfe km/s cfo ePsf cyjf km/skm/s ef}uf]lns If]qsf hgtfdfem ;dfg ?kn] ljtl/t x'G5 g} eGg] 5}g . /, lsg klg eg] ;dfgLs[t ul/Psf cj;/x?n] kl/jf/x?nfO{ nufgL ug]{ pTk|]/0ff klg lbG5g\ . ;fem]bf/Lk"0f{

nufgL

;dfj]lztf

k"jf{wf/

a9L ;dfj]zL ;dfhn] åGåsf] hf]lvdnfO{ 36fp“5 / nufgLsf] jftfj/0fnfO{ ;an agfp“5

u'0ffTds rqmsf] ;DefJotf, nufgL / k"jf{wf/aLrdf ljBdfg x'G5

lrq ( M cfly{s j[l4sf nflu …y|L cfO{Ú

Page 20: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

12 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

;DkGgtf clej[l4 ug{sf nflu cfly{s j[l4sf] df]8]nnfO{ ;dffj]zLs/0ftkm{ ;dfof]lht ul/g'k5{ . o;f] ubf{, ;dfj]zLs/0fnfO{ clwsLs/0f ug{sf nflu g]kfnsf] cfly{s / ;fdflhssf ;fy} e"uf]nsf ;d]t ;fGble{s kIfx?nfO{ Wofg lbOg'k5{ . tLgj6f d'Vo /0fgLlts / kl/k"/s If]qx? cufl8 cfp“5g\ . klxnf], rf/ hgfdWo] tLg hgf, / To;df klg cTolws dfqfdf u/La Pjd\ ;LdfGtLs[t ;d"xx? kg]{, g]kfnL s[lifdf sfd ug]{ x'gfn] o; If]qdf x'g] pTkfbsTj j[l4 / ljljwLs/0faf6 k|fKt x'g] nfedfly hg;+Vofsf] 7"nf] lx:;fn] tTsfn / k|ToIf :jfldTj kfp“5, k'glj{t/0fdf lge{/ ug{ yk cfjZostf kb}{g . bf];|f], a9L ;dfj]zL ;dfh ta dfq aGg ;S5, ha cfwf/e"t cj;/x?nfO{ cfo:t/, ;d'bfo÷kl/ro jf e"uf]n gx]/Lsg ;dfgLs[t ul/G5 -;dfg ljt/0f ul/G5_ . g]kfnn] cfosf] c;dfgtf 36fpg /fd|f] ;kmntf kfPsf] 5, t/

ax'bf cj;/x? k|f/ldEs cj:yfn] g} k"j{lgwf{l/t x'g] cj:yf ljBdfg 5 . ;fy}, ax';+Vos hgtf u/LaLsf] /]vfeGbf dfly, t/ o;sf] glhs} y'lk|Psf] oyfy{sf] cy{ xf]– oL kl/jf/x?sf] hf]lvd pRr 5, h;n] ubf{ eljiosf nflu nufgL ug]{ pgLx?sf] IfdtfnfO{ w"ldn agfPsf] 5 . ;dfj]zLs/0fsf csf]{ k+lQmsf r'gf}tLx? ;fdgf ug{sf nflu ;a}nfO{ cj;/sf] ;dfg w/ftn lbnfpg' / ;a} g]kfnLnfO{ ef]lnsf] >dahf/df plrt df}sf ;'lglZrt xf];\ eGgsf nflu nlIft :jf:Yo / lzIffsf k|of;x? cfjZos k5{ . ;'b[9 ;fdflhs ;'/If0fn] sdhf]/x?sf] /Iff u/f];\ / of] ;'/If0faf6 sf]xL g]kfnL g5'6f];\ eGg] ;'lglZrt ug{ ;Sg'k5{ . t];|f], g]kfn ;+3Lo ;+/rgf sfof{Gjog ug]{ ;+3f/}df 5 . t/, klg ljs]Gb|Ls/0fnfO{ c;dfgtf a9fpg] sdhf]/L aGg glbg o;nfO{ …;dfj]zLs/0fsf nflu Jojl:yt ul/g'Ú cfjZos 5 .

Page 21: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

13 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

@(= cfly{s ljsf;nfO{ lbuf]?kn] b'|t agfpg] dxTjk"0f{ kIf nufgL g} xf] . rLgh:tf cfly{s j[l4df /fd|f] sfo{k|bz{gL u/]sf d'n'sn] nufgLk|]l/t cfly{s j[l4sf] u'0fjQfnfO{ k|i6} b]vfPsf 5g\ . -lrq !) x]g'{xf];\_ . k"jf{wf/ ljsf;, k|ljlwsf] :t/f]Gglt, 1fgsf] lj:tf/ / ;+/rgfut kl/jt{gdf nufgLsf] lg0ff{os e"ldsfsf] dxTj o;n] bzf{p“5 .

#)= g]kfnsf] nufgL b/ p;sf IF]qLo ;dsIfLx?sf] t'ngfdf ;fk]IftM Go"g /x]sf] 5, h;n] nufgLsf] cfk"lt{ kIfsf t]x]/f] r'gf}tLnfO{ k|ltljlDat u5{ . ljutsf] bzsdf s'n l:y/ k"“hL lgdf{0f s'ufpsf] !( bzdnj ( k|ltzt / @@ bzdnj @ k|ltztaLrsf] ;f“3'/f] 3]/fleq /x\of] . cem}, j}b]lzs k|ToIf nufgL k|ltjif{ sl/a !) s/f]8 cd]l/sL 8n/sf] xf/fxf/Ldf /x\of], h'g c+s g]kfnsf] cy{tGq / hg;+Vofsf] cfsf/sf cfwf/df cf};teGbf lgs} sd xf] .

#!= ;a}eGbf klxnf] s'/f, lghL nufgLsf nflu pNn]vgLo Jojwfgx? ljBdfg 5g\ . ;aeGbf kl5Nnf] Joj;fo ;j]{If0f -ljZj a}+s, @)!#_df g]kfnL Joj;fox?n] ;aeGbf 7"nf] Jojwfgsf ?kdf klxrfg u/]sf] /fhgLlts cl:y/tf oyfy{ xf] . t/, o;sf cltl/Qm e/kbf]{ ljB't cfk"lt{sf] cefj, ljQLo ;]jfdf cS;/ ;Lldt kx'“rsf ;fy} >ldssf d'2fsf sf/0f nfut a9\g] kl/l:ylt nufgLsf nflu cg'Tk|]/s x'g] cj:yf lg/Gt/ 5 . /fhgLlts cl:y/tfsf] lrGtf jf pmhf{hGo cK7\of/fx?nfO{ tTsfn ;Daf]wg ug{ cNksfndf s]xL ug{ ;lsg] ;Defjgf sd} 5 . tyflk, ;'wf/sf dfWodaf6 ;lhn} l6Kg ;lsg] kmn klg 5g\, h;n] lghL If]qsf] nufgL cfslif{t ug]{ ;/sf/L k|lta4tfnfO{ ;+s]t ug{ ;S5 . h:t}, kl/jf/ / Joj;fox?sf nflu ljQLo ;]jf kx'“rdf ;'wf/ug'{, lgofdssf] af]em sd ug'{ / >dahf/nfO{ yk nrsk"0f{ x'g lbg', cflb . ;fydf, j}b]lzs k|ToIf nufgL / lgof{t pGd'v ultljlwx?nfO{ klg ;sf/fTds pT;fx lbg ;lsG5 . yk lj:t[t ljZn]if0f / 7f]; gLltut ;'efjx? …yk k|efjsf/L nufgL jftfj/0ftkm{Ú zLif{ssf] gLlt–;f/df ;dfj]z ul/Psf] 5 .

#@= bf];|f], ;fdfGotM j[xt\ cfly{s -Dofqmf]Osf]gf]lds_ jftfj/0fdf ePsf sdhf]/Lx? / vf;u/L ljQLo

nufgL

lrq !) M lrlgof cg'ej M nufgLk|]l/t cfly{s j[l4

;f]tM ljZj a}+s, ljZj ljsf; ;"rsf+s

If]qsf] :yfloTjsf hf]lvdx?n] yk c8\rgx? k}bf u/]sf 5g\ . d'Vou/L nuftf/ al9/xsf] v/fa -lglZqmo_ shf{sf sf/0f / clxn] ePsf] k"“hL kof{Kttf cg'kftdf klg ;Defljt d'b|fl:kmltn] kfg]{ k|efjn] g]kfnsf] a}lsª If]qsf] zf]wg Ifdtf -;f]Ne]G;L_ hf]lvd pNn]Vo dfqfdf a9fPsf] 5 . ;/sf/;“u ljQLo If]qsf sdhf]/Lx?sf] klxrfg / ltgnfO{ ;Djf]wg ug]{ kof{Kt lgofds /

60

50

40

30

20

10

0

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

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2009

2010

2011

2012

3E+11

2.5+11

2E+11

1.5E+11

1E+11

.5E+11

0

s'ufp j[l4 -jflif{s k|ltzt_

s'n k"“hL lgdf{0f -s'ufpsf] k|ltzt_

s'n art -s'ufpsf] k|ltzt_

j}b]lzs k|ToIf nufgL, v'b cfk|jfx

-zf]wgfGt/, jt{dfg cd]l/sL 8n/df_ bfof“ tk{m

z]o/ nufgL, v'b cfk|jfx -zf]wgfGt/, jt{dfg

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Page 22: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

14 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

;'k/Lj]IfsLo cf}hf/x? cyjf rflxPhlt ;~rfng Ifdtf 5}g . g t ;/sf/n] ;DefJo ljQLo ;+s6sf] 7"nf] cfly{s nfut nfO{ k|efjsf/L?kn] Jojl:yt / ;Lldt ug{ g} ;Sg]5 . o;y{, Pp6f dxTjk"0f{ gLltut k|fyldstf ;+s6 Joj:yfkg pks/0fx? -6'nls6_ :yfkgf ug'{ x'g'k5{, h;df ;+s6sf a]nf a}+sx?;“u sfo{ ug{;d:of ;dfwfgsf] Pp6f r':t vfsfb]lv ;'b[9 lgIf]k aLdf of]hgfx?;Dd k5{g\ .

##= hxf“;Dd ljQLo ;]jfsf] cfk"lt{df kx'“rsf] k|Zg 5, To;df ljljw vfnsf c8\rgx?sf] pkl:ylt 5 . klxnf], ;g\ @)!! sf] ljQLo If]qsf] t/ntf ;+s6kl5 nlDaPsf] hf]lvd glng] /0fgLltsf] ;Defljt kl/0ffd:j?k / nufgLsf cj;/x?sf] slyt cefjsf sf/0f a}+sx?s} kxndf ePsf] …:j]lR5sÚ C0f ;+s'rg -h:t}, cfk"lt{eGbf dfu lgs} sd /x]sf] cfj:yfdf klg ;fk]IftM C0fdf pRr Jofhb/ sfod /fVg] lg0f{o_n] ubf{ ljQLo k|0ffnLdf clws t/ntfsf] cj:yf l;h{gf u/]sf] 5 . bf];|f], g]kfnsf] a}+lsª If]qsf] ahf/ ;+/rgf yk ;d:ofsf] sf/s ePsf] 5 . kl/b[Zosf] Pp6f r/ddf, /fHosf] :jldTjsf rf/j6f 7"nf a}+sx?sf] k'gM;+r/gf ul/g' cfjZos 5 . d"ntM pgLx?sf] bfloTjsf k5fl8 /x]sf] /fHosf] ck|ToIf Uof/]06LnfO{, h;n] lghL k|lt:kwL{x?sf] t'ngfdf pgLx?nfO{ c:jR5 nfe lbO/x]sf] 5, x6fpg o:tf] k'gM;+/rgf cfjZos 5 . csf]{tk{m, ahf/ cfk}+m ;fgf C0f lbg] / lgIf]k lng] ;+:yfx? -…uÚ / …3Ú ju{sf a}+s / lgodg gul/Psf ;xsf/Lx?_df vl08t x'g] qmd a9bf] ?kdf b]lvPsf] 5 . 5'§} ;fgf cfsf/sf -ljQLo_ Joj;fo ;kmn x'g] s'/fdf blj{nf] r'gf}tL /xG5 . lsgls, Joj;fosf] -sd_ k}mnfj6sf sf/0f nfut a9L x'G5, sd ;'/If0fdf hf]lvd lng] k|j[lQ a9\5 cyjf nufgL ljljwLs/0f x'g ;Q}mg . …sÚ ju{sf a}+sx?sf] ;xsf/Lx?df nufgL ;fk]IftM ;fgf] -# b]lv % k|ltzt_ 5, t/ klg a}sx?sf] k"“hLsf] cfwf/ ;Lldt÷yf]/} ePsf] tYox?sf] k|sfzdf of] klg Pp6f d'2f rflx“ xf] . cGttM n3'ljQ ;+:yfx? C0f k|ltj]bg agfpg÷cfbfgk|bfg ug{ ldx]gt;fy ;+nUg x'“b}gg\ / tNnf] txsf C0fu|fxLx? w]/}j6f ;+:yfaf6 C0f ;'ljwfsf] kmfObf lnG5g\ . C0fsf] ef/ pgLx?n] y]Ug ;Sg]eGbf 7"nf] x'G5 / o;n] …n3'ljQLo :yfloTjÚdfly 7"nf] hf]lvd k}b ug{;S5 . /, Tof] uDeL/ gsf/fTds

;fdflhs c;/sf] sf/s aGg ;S5 . o; ;Gbe{df, / dfly elgP e}m+ ;+s6 Joj:yfkg Ifdtf cefjsf ;Gbe{df klg, ;a} ;DjlGwt pkIf]qx?sf] lgodg / ;'k/Lj]If0f klg 7f]; sfg"gL cfwf/df cl8Psf] x'g'k5{ / k|i6 sfof{b]z ePsf ;Ifd ;+:yfx?dfk{mt\ sfof{Gjog ul/g'k5{ . /, vf; If]qsf] k|j4{g / ;'k/Lj]If0f aLrsf] -…3Ú ju{sf a}+sx?df h:t}_ :jfy{ aflemg' x'“b}g . oL ljifox? …ljQLo If]q :yfloTj ;'b[9Ls/0fÚ zLif{ssf] gLlt–;f/df a9L lj:t[t?kdf ;dfj]z ul/Psf] 5 .

#$= t];|f], k|efjsf/L / nIo s]lGb|t ;fj{hlgs nufgLsf] 9f]sf vf]Ng' ;fj{hlgs If]qsf nflu d'Vo r'gf}tL /xg] 5 . lghL If]qsf] nufgLsf] cj:yf h:t}, ;fj{hlgs If]qn] klg /sd pknAw gePsf]n] nufgL ug{ c;lhnf]df k/]]sf]h:tf] b]lv+b}g . /fHon] oyfy{df lsg cfk\mgf] Ifdtfsf] t'ngfdf Go"g nufgL ul//x]sf] 5 < clxn] ;dfwfg vf]Hg' kg]{ d'Vo k|Zg oxL xf] . o:fsf] pQ/ g]kfnsf] cf}krfl/s ;fj{hlgs ljQ Joj:yfkg k|0ffnL / k|lqmofx?leq} 5 . oL k|0ffnL / k|lqmofx? P]g / lgodx?dfk{mt\ ;'kl/eflift 5g\, t/ /0fgLlts / nlIft ah]6 lgdf{0f, sfof{Gjog / lgu/fgLdf uDeL/ sdLx? k|blz{t ePsf 5g\ . o:tf sdLx?sf] kl/0ffd:j?k ah]6sf] k|efjsf/L pkof]u lgDg:t/df 5, vr{x? Ps}vfn] ;fgf sfdsf nflu y'lk|g] u/]sf 5g -vr{sf] u'0f:t/sf] lrGtf klg ;fy} cfp“5_ / pRr lhDd]j/L hf]lvd -lhDd]jf/ txaf6 x]nr]q\mØOk"0f{ 9+un] sfd x'g] cj:yf_ k}bfx'G5 . cToGt h?/L gLltut x:tIf]ksf] If]qsf ?kdf ;fj{hlgs ljQ Joj:yfkgsf] ;Dk"0f{ k}mnfj6 g} /x]sf]5 — ah]6 lgdf{0f / tof/LnfO{ ;an agfpg] cfjZostfb]lv kf/blz{tfdf ;'wf/ / lgu/fgL x'“b}, k|efjsf/L / ;'zf;go'Qm 9+un] k“"hLut vr{ a9fpg];Ddsf ljifo o;df k5{g\ . yk s'/f, clxn] hf/L /x]sf ;'wf/x?nfO{ ;fj{hlgs ljQ Joj:yfkgsf] bL3{sfnLg /0fgLltcg'?k o;}sf] cË agfpg' k5{ / To;} cg';f/sf cg'qmdx? tof/ ug'{k5{ . o;n] ubf{, ;'wf/s} qmddf cfjZos ;+:yfut d]?b08 l;h{gf ug{ / sfof{Gjog Ifdtf a9fP/ cGttf]uTjf ;'wf/sf nfex?nfO{ bLuf] agfpg d2t u5{ . o;;“u ;DjlGwt k[i7e"ld / gLltut ;'emfjx? …yk / c;n vr{sf nflu ;fj{hlgs ljQ Joj:yfkg k|0ffnLsf] lgdf{0fÚ zLif{ssf] gLlt–;f/df kfpg ;lsg]5 .

Page 23: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

15 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

#%= g]kfnsf] ljsf; / cfly{s j[l4sf] b"/b[li6df k"jf{wf/n] s]Gb|Lo e"ldsf v]N5 . lghL nufgLnfO{ pTk|]l/t ug{ / s'g} klg ;DefJo ;ld>0fsf] bla{nf] cflys{ j[l4nfO{ ;3fpgsf nflu of] k"jf{wf/ r'gf}tLsf] r'/f]df dfq 5}g, clkt' of] cfly{s ljsf;af6 ;dfj]zLtf k|j4{g Pjd\ ljsf;n] u/La / ;LdfGtLs[tsf] hLjgdf kfg]{ k|ToIf k|efjdfk{mt\ ;DkGgtfsf] ;fe]mbf/L ug]{ k'n lgdf{0fsf] Pp6f cfwf/:tDe klg xf] .

#^= k"jf{wf/df x'g] nufgL / cfly{s j[l4aLrsf k|ToIf / ck|ToIf cGt/;DjGwx? 1ft g} 5g\ . b'u{d -;Dks{ laxLg t/ cfjfbL ePsf_ If]qx?;Dd ;8s / k'nx?dfk{mt\ kx'“r k'¥ofpg] xf] eg] tL If]qdf lghL nufgL ;Dej x'G5 . To:t}u/L, pBdL Joj;foLx?nfO{ ljB't / 6]lnkmf]gh:tf ;]jfdf kx'“r lbg] p2]Zon] k"jf{wf/ ;~hfnsf dxTjk"0f{ If]qx?df ul/g] ;fj{hlgs nufgLn] To;} cg'kftdf lghL nufgL ;an agfp“5 . ce}m, k"jf{wf/df x'g] nufgL k|efjsfl/tfn] s'ufp lj:tf/sf ck|ToIf tTjx?nfO{ k|f]T;flxt u5{, h;n] lghL k"“hLsf] bLuf]kg, >dsf] pTkfbsTj, cfly{s lj:tf/, / :jf:Yo Pjd\ lzIfsf dfWodaf6 dfgj k"“hL j[l4 u/fp“5 . o:tf] nufgLn] lghL k"“hLsf] ;dfof]hg nfutnfO{ klg ;Gt'ngdf Nofp“5 . of] jftfj/0fn] Joj;fodf cfpg] c8\rgx?sf nflu ;'/If0f ug'{kg]{ cfjZostfnfO{ 36fP/ k'gMnufgLsf nflu a9L dfqfsf] lghL k"“hL 5f]8\g ;S5 / To;n] ;sf/fTds k[i7kf]if0f ;lxtsf] cfly{s rqm lgdf{0f u5{ . cGttM k"jf{wf/n] pTkfbg k|lqmofdf dWojtL{ ;fwgsf ?kdf sfo{ u5{ / kl/0fdtM s'n cfDbfgL, pTkfbsTj / /f]huf/Lsf] :t/nfO{ k|efljt u5{ .

#&= t/, g]kfnn] cTofjZosLo k"jf{wf/ cfof]hgfx?sf nflu nufgLsf] dfqdf pNn]Vo sdL a]xf]l//x]sf] 5 . ljZj a}+ssf] cg'dfgdf g]kfnn] ;g\ @)@) ;Dd k|To]s jif{ s'ufpsf] * b]lv !@ k|ltzt -;g\ @)!) nfO{ cfwf/ dfGbf_ k"jf{wf/sf ;a} If]qdf nufgL ug'{ cfjZos 5 . cfjZos nufgLn] kl/df0f / u'0f:t/ b'j} kIfsf sdLnfO{ ;Djf]wg ug'{ h?/L 5, vf;u/L 7"nf / dxTjsf b'O{{j6f k"jf{wf/sf If]q—oftfoft /

pmhf{df . nufgL–k"jf{wf/sf] clgi6 rqm cNksfndf tf]8\g d'l:sn x'g] tYonfO{ b[li6ut u/L pknAw b'n{e ;|f]tx?nfO{ clt k|efjsf/L 9+un] pkof]u ug'{sf] dxTjnfO{ hf]8 lbg}k5{ . To;}n], ;DklQsf] k'g?Tyfg / ;Dxf/df yk Wofg lbg' klxnf] dxTjk"0f{ sbddWo] k5{ . o;sf] cy{ ljlu|g' cl3 g} Wofg k'¥ofpg] dfgl;stf / Joj:yfkg k|0ffnL cg'?ksf] …lgdf{0f–;Dxf/Ú cjwf/0ff, jt{dfg cEof;df /x]sf] dx+uf] ljsNk …lgdf{0f–a]jf:tf–k'gMlgdf{0fÚ eGbf, w]/} lxts/ x'G5 . o;sf ;fy}, dfly pNn]v e};s]sf nufgL jftfj/0fsf] lgodgdf km/flsnf, cTofjZosLo ;'wf/sf cltl/Qm ;fj{hlgs nufgLn] o;sf] /0fgLlts nIonfO{ a9fpg' k5{ . o:tf] a9f]Q/L ;fdGotM ;j} kIfdf -dfly ;fj{hlgs vr{ Joj:yfkgfdf pNn]v ePe}+m_ cfjZos t 5“b}5, k"jf{wf/sf ;Gbe{df vf; h?/L 5 . Ps–Ps g]kfnL ?k}of“sf] vr{nfO{ c;/bf/ agfpgsf nflu k"jf{wf/ nufgL of]hgfx?sf] k|i6 k|fyldstf x'g'k5{ / To;} cg'?k lznzLnfj4 ul/g' k5{ . ltgnfO{ cfly{s / laQLo ;DefJotf ljZn]if0fsf] ljifo agfOg' k5{ / k|ljlws?kn] ;Ifd ;/sf/L lgsfo, of] dfldnfdf /fli6«o of]hgf cfof]udfk{mt\, sfof{Gjog ul/g' k5{ .

#*= krxQ/ k|ltzt g]kfnLsf] ljB't cfk"lt{df kx'“r k\'u]sf] 5 tfklg u'0f:t/ / ljB't cfk"lt{÷pkef]u b'j}sf] ;du| :t/ cToGt} Go"g 5 . hnljB'tsf] 7"nf] ;DefJotf x'“bfx'“b} klg g]kfnsf] pmhf{ If]qdf rL/sfnb]lv p:t} /x]sf] Go"g nufgLsf sf/0f cfk"lt{df uDeL/ ck'usf] cj:yf NofPsf] 5 . g]kfnsf] *$ xhf/ d]ufjf6 hnljB't pTkfbgsf]

tflnsf @M k|To]s jif{sf nflu nufgLsf] If]qut cfjZostf, @)!!–@)@)If]q s'ufpsf] cf};t c+z, k|ltztdfljB't 3=3 – 4=5

oftfoft 2=3 – 3=5

vfg]kfgL / ;/;kmfO{ 1=1 – 1=6

l;+rfO{ 1=0 – 1=5

b"/;~rf/ 0=3 – 0=4

kmf]xf]/d}nf 0=2 – 0=3

hDdf 8.2 - 11.8

-;|f]t M ljZj a}+s, @)!$_

k"jf{wf/

Page 24: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

16 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

;}4flGts ;DefJotf 5 / o;dWo] $# xhf/ d]ufjf6 cfly{s?kn] lgsfNg ;Dej 5 . h'nfO{ @)!# ;Dd hl8t Ifdtf & ;o $^ d]ufjf6 5 . To;dWo] & ;o $ d]ufjf6 /fli6«o k|zf/0fdf hf]l8Psf] 5, hjls pRr vktsf a]nf of] dfu ! xhf/ (% d]ufjf6 k'U5 . o;dfly, clwstd hnljB't ;+oGq hnk|jfxdf cfwfl/t ePsfn] ;'Vvf ofddf jf:tljs pTkfbg Ifdtf cem Go"g x'G5 -gf]e]Da/ @)!@ df $ ;o &@ d]ufjf6 lyof]_ . hjls, ljB't k|0ffnLdf hl8t dfu pRr 5 . -gf]e]Da/ @)!@ df of] ! xhf/ (% d]ufjf6 lyof]_ . ;g\ @)!@ df dfu / cfk"lt{sf] km/s ! xhf/ @ ;o @* luufjf6 cfj/ /]s8{ ul/Psf] lyof], h;sf] …;dfwfgÚ nf]8z]l8ª u/]/ lgsflnof] . g]kfn :jtGq pmhf{ pTkfbs ;+3sf cg';f/, nf]8z]l8ªsf sf/0f u'dfPsf] cfonfO{ lx;fa ubf{ d'n'sn] jflif{s em08} Ps ca{ cd]l/sL 8n/ a/fa/sf] d"No r'sfO/x]sf] 5 .

#(= ljB't ;]jf k|bfossf] bogLo cfly{s sfo{k|bz{gLn] lghL nufgLstf{x?nfO{ xtf]T;fxL ul//x]sf] 5 . o;n] ubf{ dfu k"/f ug]{ u/L ljB't pTkfbg ug{ cfjZos nufgL /f]lsPsf] 5 . g]kfn ljB't k|flws/0f -g]ljk|f_n] p7fpg] dxz'n ;]jfsf] nfuteGbf @% k|ltzt sd ePsf]n] ;+:yfn] ef/L cfly{s 3f6f a]xf]l//x]sf] 5 . cfk"lt{ k|0ffnLsf] r'xfj6sf sf/0f -clxn] sl/a @^ bznj % k|ltzt 5_ klg nfut a9\5 . ;]jfsf] u'0f:t/ sdhf]/ ePsfn] dxz'n j[l4sf] k|lt/f]w ul/xfNg cfd hgtfnfO{ ank'Ug] u/]sf]5 . o;sf ;fy}, pmhf{ If]qsf gLltx? ckof{Kt ePsf]n] klg nufgL / lgdf{0f /f]lsg] u/]sf] 5 . ljB't pTkfbg rflx“ k|lt:kwL{ ePsf] 5 -em08} #$ k|ltzt ljB't :jtGq pmhf{ pTkfbsx?af6 cfp“5_ . t/ of] ;a} ljB'tsf] v/Lb stf{ eg] cGttM g]ljk|f Pp6f dfq} 5 . g]ljk|fsf]

;Defljt e'QmfgL cIfdtfsf ;fy} d'n'sdf ljBdfg ck|Tofl;t /fhgLlts 36gf x'g;Sg] vt/f cyjf ljb]zL ljlgdo b/ jf ;~rfng hf]lvd h:tf hf]lvdx? 7"nf hnljB't cfof]hgfsf nflu pNn]v dfqfsf] lghL nufgL cfpgdf d'Vo afws ag]sf 5g\ . To;}n], ;]jfsf] nfut 36fpg' / dxz'naf6 nfut wfGg ;Sg] cj:yf agfpg' g]ljk|f / pmhf{ If]qsf] ljQLo bLuf]kgf xfl;n ug]{tkm{ klxnf] sbd x'g]5 . ;fdflhs k|efjx? ;fdgf ug{ / dxz'n ;dfof]hg x'g lbgsf nflu ljB't dxz'n ;'wf/ sfo{nfO{ txut cjwf/0ffdf ljrf/ ul/g' k5{ . o:tf] ;dfof]hgsf nflu d'b|l:kmltsf] ;"rs, ljb]zL ljlgdo b/, dxz'nsf leGg b/x?sf] k'gM;+/rgfsf ;fy} u/LanfO{ kg]{ c;/ ;Djf]wg ug{ ljleGg pkef]Qmf ju{sfnflu km/s b/ sfod u/]/ u/LanfO{ lbOg] dxz'n cg'bfg -qm; ;lA;8L_ af/] Ps;fy ljrf/ ul/g'k5{ . ;dfgfGt/ ?kdf, g]ljk|sf nflu Pp6f ;+:yfut ljsf; of]hgf -clxn] g} tof/ /x]sf] ljQLo k'gM;+/rgf of]gfdf cfwfl/t_n] k|ljlws / ljQLo ;'wf/ / 3f6f Go"gLs/0f u'?of]hgfsf] sfof{GjognfO{ lj:t[t?kdf k|:t't ug'{k5{ . yk s'/f, dfly pNn]v ul/Psf hf]]lvdx?sf] Go"gls/0fsf nflu ;/sf/L ;'/If0f lbg] pko'Qm gLltx?sf] cefj lghL nufgLsf] csf]{ Pp6f k|d'v c8\rgsf ?kdf /x]sf] 5 . g]ljk|fn] ;dod} e'QmfgL lbg g;Sg]h:tf k|d'v hf]lvdx? ;/sf/n] grfx]/} klg a]xf]g'{ k5{ . lsgls, g]kfnsf] pmhf{ If]q ;/sf/L ;xof]u lagf g} o:tf hf]lvdx?nfO{ cfGtl/s ?kd} krfpg -;dfwfg ug{_ ;Sg] u/L ljQLo / k|fljlws?kn] r':t eO;s]sf] 5}g . of] kl/l:yltn] klg lghL nufgL ug]{ rfxgfnfO{ sd u5{ / o;nfO{ ;Djf]wg ul/g' cfjZos 5 .

$)= o; cltl/Qm, k|;f/0f Ifdtfsf] cefjn] pmhf{sf] yk pTkfbgsf] cf}lrTonfO{ pNn]Vo ?kn] 36fPsf] 5 . k|;f/0f nfOgdf kg]{ hdLgsf] d'cfjhf ljjfbsf sf/0f k|;f/0f nfOg cfof]hgfx?n] nlDabf] l9nfO v]lk/x]sf 5g\ . cfof]hgf k|efljt ;d'bfo;“usf] ljjfbn] c:jLsfo{ txsf] l9nfO ePsf] 5 . ljZj a}+s nufgLsf] bzjif{b]lv sfof{Gjogdf /x]sf] Pp6f cof]hgf ;fgf] v08, # bzdnj * lsdL, eP/ k|;f/0f nfOg n}hfg] clwsf/ ljjfbsf sf/0f k"/f ug{ ;lsPg . Ps cGt/f{li6«o bftfn] nufgL u/]sf] csf]{ o:t} cfof]hgf o:t} ;dfwfg x'g g;s]sf] ljjfbsf sf/0f k"/f x'g ;s]g / clxn] of]

;|f]tM g]kfn ljB't k|flws/0f

3000

0

-3000_

-6000_

-9000_

-12000_

28=60∞

USD 51.73 bz nfv

FY09

Revenue gap (NRs Million) T&D loss levels (%)

FY10 FY11 FY12**

USD 75.79 bz nfv

USD 66.29 bz nfv

USD 93.08 bz nfvdf

28=91∞ 28=55∞ 25=43∞30=00∞

15=00∞

0=00∞

”15=00∞

”30=00∞

NR

Mill

ion

(5027) (6962) (6089) (8550)

lrq !@ M cfDbfgLsf] vf8n / k|;f/0f–ljt/0f 3f6f

Page 25: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

17 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

…c8\lsPsf] ;DklQÚdf kl/0ft ePsf] 5 . ;/sf/L sfg"g / ljlgodx?n] k|;f/0f nfOg cfof]hgfx?sf nflu kof{Kt d'cfjhfsf] cg'dlt lbPsf 5g\ . tyflk g]ljk|fsf] d'cfjhf lbg] k|i6 ;+:yfut gLlt 5}g / k|;f/0f nfOg nu]afkt cS;/ hdLgsf] d"Nosf] bz k|ltzt dfq d'cfjhf lbg] ul/Psf] 5 . o;sf/0f, k|;f/0f nfOg n}hfg] clwsf/ lbP jfktsf] d'cfjhf;DjGwL 5'§} gLltsf] cfjZostf 5 h;n] g]kfnsf] k|rlnt sfg"gcg';f/, k|of]u ug{ jGb]h nfUg] hdLgsf] cjl:ylt / pkof]u x]/]/ Gofof]lrt Ifltk"lt{ k|bfg u/f];\ . o:tf d"n c8\rgx? x6fpg cfjZos 7f]; gLltut sbdx? …g]kfnsf] hnljB't ;DefJotf phfu/0fÚ zLif{ssf] gLlt–;f/df pNn]v ul/Psf] 5 .

$!= cfly{s j[l4n] ult lnof];\ / of] ;dfj]zL klg xf];\ eGgsf nflu g]kfn el/s} ;Dks{ ;~hfn ;'wf/ ug]{ lrGtf ca d'Vo x'g'k5{ . ahf/;Ddsf] kx'“r -h:t}, u|dL0f s[lifdf_, lghL If]qsf ultljlw, ;fdflhs ;]jf, cyjf cfkt\sflng cj:yfdf ;xof]u, ;a} g} oftfoft ;]jfsf] u'0f:t/df lge{/ /xG5g\ . oBlk, g]kfndf oftfoftsf] ;Dks{ ;~hfn agfpg cToGt} c;lhnf] 5 . oftfoft If]qsf w]/}, vf;u/L zx/Ls/0f;“u ;DjlGwt r'gf}tLx? gof“ / ce"tk"j{ 5g\ . t/ klg, ljBdfg k"jf{wf/x?sf] k|efjsf/L dd{t–;Def/ oftfoft ;]jf ;'wf/sf lbzfdf k|d'v r'gf}tLsf ?kdf /x]sf] 5 . gof“ lgdf{0f eGbf dd{t–;Def/ cToGt} nfut–k|efjsf/L x'g] ePsfn] dd{t–;Def/ sfo{ oyfy{df g} sfof{Gjog u/fpg] s'/f ;'lglZrt ug'{ g]kfn ;/sf/sf nflu ;aeGbf dxTjk"0f{ r'gf}tL x'g]5 . clxn] dd{t–;Def/sf nflu lbOg] cg'bfgsf] cg'udg ;+oGq vr{ ug]{ tx;Dd uP/ c8\lsG5, h'g -;+oGq_ dd{t–;Def/df x'g] nufgLn] jf:tjdf g} o;n] rfx]sf] p2]Zo xfl;n ug]{ s'/f ;'lglZrt ug{ ckof{Kt 5 . g]kfnsf] oftfoft k"jf{wf/nfO{ ;'wf/ ug{ cfjZos kg]{ nufgLsf] :t/ lrQa'e\\mbf] agfpg] s'g} cNksfnLg ;dfwfg gePsfn] klg of] nfut–k|efjsf/Ltfn] cem a9L dxTj kfpg] b]lvG5 . g t g]kfn ;/sf/ g t ljsf; ;d'bfon] g} g]kfnsf] ljsf;nfO{ cufl8 a9fpg cfjZos kg]{ ;Dk"0f{ oftfoft k"jf{wf/sf] nufgLdf vr{ ug{ ;S5g\ . /, lghL nufgLnfO{ pTk|]l/t ug]{ ;fj{hlgs

lghL ;fe]mbf/L -kLkLkL_ klg /sd cefjsf] vf8n k'g{sf nflu /fdjf0f x'g ;Sb}g, lsgeg] lghL If]qsf nufgLstf{x?n] cfly{s k|ltkmn cfpg] ePdfq} k"jf{wf/ ljsf;df nufgL u5{g\ . k]ml/ pglx?n] nufgLsf nflu k|of]u ug]{ C0f / z]o/sf] -cfly{s_ cf}hf/ lkmtf{ -Jofh / k|ltkmnsf ;fy_ ug'{kg]{ x'G5 . To;}n], sfof{Gjog cf}hf/sf b[li6df kLkLkLnfO{ d'Vou/L k|efjsfl/tf a9fpg] / hf]lvd af“8\g] ;+oGqsf ?kdf dfq x]l/g' k5{ .

$@= oftfoft If]qn] ;'zf;gsf] r'gf}tL klg ;fdgf ul//x]sf] 5 . x/]s cfly{s jif{sf] clGtd rf}dfl;sdf dfq oftfoft ah]6sf] ;Q/L k|ltzt vr{ x'g] oyfy{n] s] b]vfp“5 eg] ah]6 5'§Øfpg], of]hgf agfpg], v/Lb ug]{ / 7]Ssf Joj:yfkgnufot ;Dk"0f{ oftfoft If]qel/ ckgfOg] k|lqmofx? c? ;'rf? x'g' cfjZos 5 . :yfgLo ;/sf/L lgsfosf] Ifdtf / ltgLx?n] oftfoft If]qdf ug]{ nufgLsf ultljlwdf clxn] nfu" hjfkmb]lxtf ;+/rgfdf klg pNn]v ;'wf/sf] cfjZostf 5 . /fli6«o txsf ;+:yfx?sf] e"ldsf / sfo{If]qsf] bf]xf]/f] kgn] o; If]qsf] lqmofzLntfdf h6Lntf yk]sf] 5 . vf;u/L zx/L oftfoftsf ;Gbe{df ef}lts k"jf{wf/, oftfoft Joj:yfkg / gLltx? ;'wf/sf nflu ;d]t Ps};fy x'g] x:tIf]kx?n] o:tf] c;lhnf] lgDTofpg] u/]sf] 5 . o;sf cltl/Qm, :yfgLo -u|fdL0f_ ;8ssf] lhDd]jf/L ePsf] ;+3Lo dfldnf tyf :yfgLo ljsf; dGqfno / /0fgLlts -/fli6«o_ ;8ssf] lhDd]jf/L ePsf] ef}lts k"jf{wf/ / oftfoft dGqfnosf] cfGtl/s Ifdtf clej[l4sf nflu ul/g] cfjZos k|of;x?n], sfof{Gjog -sf]if_ / k|fljlws k|0ffnLx?dfk{mt\ ljsf; ;fe]mbf/x?sf] lg/Gt/ cfO/x]sf] ;xfotfsf] 7"nf] c+zaf6 nfe lng ;Sg]5g\ .

$#= /0fgLlts nufgLsf] b[li6sf]0faf6, sf7df8f}+sf] ljsf;sf nflu b'O{{j6f lg0ff{os k|of;x?dfly ljrf/ ul/g' k5{ . klxnf], x]6f}+8f / sf7df8f}+aLrsf] j}slNks …kmfi6 6«ØfsÚ ;Dks{n] k|To]s ef/L 6«ssf] PstkmL{ ofqfdf cg'dflgt rf/–kf“r 306fsf] ;do tyf tLg xhf/ ?k}of“ -tL; cd]l/sL 8n/_sf] xf/fxf/Ldf x'g] OGwg vr{ art x'G5 . ;g\ @))* ul/Psf] of] …kmfi6 6«ØfsÚsf] k|f/lDes cfly{s ljZn]if0fn]

Page 26: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

18 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

o;sf] cfly{s k|ltkmn b/ tL; k|ltzt eGbf a9L x'g] / nfut vr{ sl/a Ps ca{ 8n/ x'g] cg'dfg u/]sf] lyof] . bf];|f], sf7df8f}+ leq}, ;jf/L ;fwgsf] l56f] cfjfudgnfO{ a9L k|efjsf/L 9+un] Jojl:yt ug{;s] oftfoft / zx/L jftfj/0fdf ;'wf/sf ;fy} sf7df8f}+ pkTofsfsf] ;du| sNof0fsf nflu lg0ff{os sbd x'G5 . vf;u/L, ;fj{hlgs oftfoft ;]jf, a; ;]jf / k}bn ofqLsf nflu k"jf{wf/x?df ;'wf/ ug{ x'g] nufgLn] oxf“sf jfl;Gbfsf] cfjfudg, ;'/Iff / cGttf]uTjf pgLx?sf] :jf:Yodf b"/ufdL k|efj kfg]{ 5 . -;g\ @))# / @))^ sf] aLrdf sf7df8f}+ pkTofsfsf] xfjfdf v;|f s0fx?sf] cf};t ;3gtfsf] dfqf -kLPd–6]g–l;S;_ ljZj :jf:Yo ;+u7gsf] dfb08eGbf 5 u'0ff a9L kfOPsf] lyof] ._ oftfoft ;]jfsf] ;'wf/sf nflu cfjZos gLltut sbdx?af/] lj:t[t hfgsf/L …g]kfnnfO{ hf]8\bfÚ zLif{sf] gLlt–;f/df lbOPsf] 5 .

$$= To;}u/L, pmhf{ / oftfoftdf h:t} vfg]kfgL / ;/;kmfO{ ;]jfdf klg bLuf]kgf / u'0f:t/sf k|d'v d'2fx? 5g\ . vfg]kfgL / ;/;kmfO{ ;]jf kx'“sf ;"rsf+sx? If]qLo cf};tx?s} xf/fxf/Ldf 5g\ tfklg ;]jfsf] u'0f:t/ Psgf;sf] 5}g . ljz]ifu/L sf7df8f}+ pkTofsfleq of] ;du|df lju|bf] cj:yfdf 5 . u|fdL0f If]q, hxf“ cfof]hgfx? ;fk]IftM ;fwf/0f k|s[ltsf 5g\, t/ tLdWo] w]/} sfd gug]{ cj:yfdf 5g\ . zx/L / u|fdL0f b'j} If]qx?df nufgL cfjZos 5 . ;g\ @)!! / @)@)sf alrdf o:tf] cg'dflgt jflif{s nufgL s'ufpsf] ! bzdnj @ / !

bzdnj ^ k|ltztaLr x'g'kg]{ cfjZostf 5 . t/ ;fj{hlgs gLltx?n] bL3{sfnLg ;DklQ Joj:yfkg / ;]jf k|bfodf eGbf ;DklQ l;h{gf -gof“ cfof]hgf lgdf{0f_ tk{m a9L hf]8 lbg rfx]sf]h:tf] b]lvG5 . oxL a]nf, lghL nufgLaf/]sf] Joj:yf pT;fxljxLg /x]sf] 5 .

$%= vfg]kfgLsf] If]q ;'zf;g, cfly{s ;DefJotf / /0fgLlts Pjd\ bLuf] of]hgfsf] cefjn] u|:t 5 . klxnf], clxn] ePsf] ;DklQsf] l6sfpkgfdf ;'wf/ Nofpg / nufgLsf] k|ltkmn cfhLjg kfpg] agfpg ltgsf]] /fd|/L ;Def/ ug'{k5{ . k|i6 ;/sf/L ;+/rgfsf] cefjn] ;]jf k|bfosx?sf] hjfkmb]lxtf 36fp“5 . ToxL sf/0fn] vf;u/L zx/L If]qsf] ;]jfsf] u'0f:t/ klg vl:sg] u/]sf] 5 . bf];|f], pmhf{ If]qdf h:t} vfg]kfgL / ;/;kmfOdf klg ;]jf k|bfosx?n] k|of]usftf{af6 cfpg] z'Nsaf6 vr{ p7fpg ;s]sf 5}gg\ . o;n] ubf{ bL3{sfnLg lxt eGbf cNksfnLg ;f]rn] sfd ug]{ /f]u -OG;]lG6e ld;cnfOGd]6_ / u'0f:t/ v:sg] qmdnfO{ rsf{Psf] 5 . of] kl/l:yltn] jftfj0fLo sfo{k|bz{gLdf ;'wf/ Nofpg klg cem ufx|f] agfPsf] 5 . d"ntM If]qut of]hgf ckof{Kt 5g\ / oxL a]nf k|i6 /0fgLlt klg gx'g'n] cTofjZosLo vfg]kfgL tyf ;/;kmfO{ ;]jfsf] bLuf]kgfnfO{ ;+s6df kf/]sf] 5 . u|fdL0f of]hgfx?sf] l6sfpkgf clej[l4 ug]{ / zx/L ;]jfsf] u'0f:t/ ;'wf/ ug]{ pkfox? …vfg]kfgL tyf ;/;kmfO{ ;]jfsf] bLuf]kg, ;]jfIf]q / u'0f:t/ clej[l4Ú zLif{ssf] gLlt–;f/df k|:tljt ul/Psf] 5 .

Page 27: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

19 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

$^= u/LaL ce}m 36fpg / cfly{s j[l4 b'j}sf nflu ;dfj]zLs/0f cfjZos zt{ xf] . /, u/LaL Go"gLs/0fdf pNn]Vo k|ult u/]sf] ePklg u/LaLnfO{ Oltxf;sf] ljifo agfpg / ;a}sf nflu ;dfg cj;/x? k|efjsf/L?kn] k|j4{g ug{ g]kfnn] ce}m nfdf] ofqf ug{ af“sL 5 . u/LaL Go"gLs/0f / ;dfgtfsf nflu cfly{s j[l4 cfjZos t/ ckof{Kt zt{ xf] . jf:tjdf, pNn]Vo ?kn] pRr, ;du| txsf cfly{s ultljlwsf] cefjsf sf/0f cfo ljt/0fsf] ;aeGbf tNnf] txdf /x]sfx?sf] hLjg:t/ /fd|f] agfpg] nIo xfl;n ug{ / g]kfnsf] ljb]zL >d ahf/df clxn] /x]sf] lge{/tf 36fpg nueu c;Dej 5 . t/, cfly{s j[l4dfq} kof{Kt x'“b}g . klxnf], cfly{s j[l4sf] cf/f]x–cj/f]x -;w}+_ u/LaL Go"gLs/0fsf] k|ToIf sf/s gaGg ;S5 / h8?kn] u/LaL / ljkGgtf ufl8Psf If]qaf6 ltgnfO{ x6fpg nlIft gLltx? cfjZos k5{ . bf];|f], cfosf] c;dfgtf 36fpg' cfk}+mdf nIo jf p2]Zo xf]Og M x/]s JolQmsf] Ifdtfsf] k"0f{ pkof]u x'g;Sg]] cj;/x? klg ;dfg?kn] pknAw x'g] s'/f ;'lglZrt ug'{ klg plQs} dxTjk"0f{ 5 . o; df]rf{df g]kfnn] ce}m /fd|f] ug{;S5 . t];|f], ax';+Vos g]kfnL vt/gfs ?kn] u/LaLsf] tx lgs6 5g\, ;fdflhs ;Gbe{df w]/} rnfodfg x'g -cl3 a9\g_ ;Sg] cj:yfdf 5}gg\ / s'g} cfly{s em6\sf nfUgf;fy hf]lvddf kg]{ gfh's l:yltdf 5g\ . ;a} ldnfp“bf, cj;/x? / k|lt:kwf{sf] w/ftnnfO{ ;dfgLs[t ug]{ tyf em6\sf vKg ;aeGbf gfh's l:yltdf /x]sfx?sf] ;+/If0f ug]{ gLltx?n] dfgj Pjd\ ef}lts k"“hL lgdf{0fdf lghL If]qsf] nufgL a9fpg] / cfly{s j[l4nfO{ yk ;an agfpg] 5g\ . oL r'gf}tLx?n] cfly{s j[l4nfO{ ;dfj]zLs/0fsf] k|j4{g / ;DkGgtfsf] ;fe]mbf/Lsf] p2]Zon] ;dfof]lht ug'{ kg]{ cfjZostf bzf{p“5g\ . o;sf ;fy}, ljz]ifu/L To:tf ;dfj]zL gLltx?, h;n] ;a} g]kfnLx?sf] pTkfbgzLn / :j:y hLjg jfRg] cj;/x?sf] lj:tf/ u5{g\, ltgn] ;du| pTkfbsTj j[l4nfO{ cl3 a9fp“5g\ . lsgeg], ce}m 7"nf] ;+Vofdf dflg;x?nfO{ ef]lnsf] >d ahf/df a9L pTkfbgzLn eP/ ;xefuL x'g] df}sf tL gLltn] lbnfp“5g\ . alxis/0f jf pd]/sf sf/0f hf] k5fl8 5'6\5g\, pgLx?n] e/y]u kfpgsf nflu ;fdflhs ;'/If0fsf] sjr cfjZos k5{ .

$&= ;du| pTkfbsTj a9fpg] / u/LaL 36fpg] b'j} p2]Zo Ps};fy k|fKt ug{sf nflu g]kfnsf] 7"nf If]qsf]] ?kdf /x]sf] s[lifsf] pTkfbsTj lj:tf/ ug'{ Pp6f :jefljs k|fyldstf xf] . s[lif ce}m;Dd klg cy{tGqsf] d"No clej[l4 ug{ bf];|f] 7"nf] of]ubfg ug]{ If]q xf] . o;n] s'ufpsf] PsltxfO eGbf a9L lx:;f cf]u6\5, / Tof] eGbfklg dxTjk"0f{, o;n] ce}m klg s'n hg;+Vofsf] tLg rf}yfO dflg;nfO{ /f]huf/L lbPsf] 5 . ljut ;ft jif{sf] cjlwdf u/LaL Go"gLs/0fdf xfl;n pknAwLdWo] (@ k|ltzt u|fdL0f If]qdf g} ePsf] 5 . /, u/Lax?sf] ;3g a:tL u|fdL0f If]qdf g} ePsf]n] u|fdL0f If]qsf] cfDbfgL j[l4 of]hgfx?n] u/LaL Go"gLs/0fnfO{ dWod sfndf lg/Gt/ cl3 a9fpg] ck]Iff ul/Psf] 5 . lsgeg], clxn] s]xL ;'wf/ ePklg Go"g pTkfbsTj, k/Dk/fut afnL Pjd\ v]tL ug]{ tl/sf / df};ddflysf] cTolws lge{/tf g]kfnsf] s[lifsf] d"n rl/q /x]sf] 5 . xfn}sf], s[lifsf] ;DefJotf eGbf sd sfo{k|bz{gLn] pTkfbsTj j[l4, To;sf] Joj;foLs/0f Pjd\ ljljwLs/0fdfk{mt\ s[lifsf] cfw'lgsLs/0f ug'{kg]{ cfjZostf yk 68\sf/f] agfPsf] 5 .

$*= k/Dk/fut lgjf{xd'vL s[lifaf6 a9L ljljwLs[t pTkfbsTjtk{m km8\sf] dfbf{ ljz]if u/L b'u{d If]qx?df pTkfbg Pjd\ cfDbfgL a9fpg ;lsg] ;DefJotf 5 . u/LaLsf] kl/0ffd:j?k, u|fdL0f hg;+Vofn] :yfgLo lgjf{xd'vL s[lifdfkm{t\ vfB ;'/Iffdf

;dfj]zLs/0f

lrq !# M u|fdL0f If]qsf] ljBdfg r'gf}tLsf ?kdf u/LaL lgjf/0f

1996”04 2004”11

Faster reduction in rural areas Narrowing wage differential between agriculture and non-agriculture

1995÷96 2003÷04 2010÷11

3=5

3

2=5

2

0=5

1

0=5

0

66

64

62

60

58

56

54

52

50

48

;|f]t M ljZj a}+s, u/LaL lgbfg cWoog, @)!#, g]kf/ hLjg:t/ ;j]{If0f

u/LaL b/sf] j

flif{s k

l/ht{g

sf] cj:yf

s[lif / u

}/ s[lif If]qsf] Ho

fnfsf] cg'k

ft

zx/L u|fld0f hDdf

Page 28: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

20 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

k|fyldstf lbg] u/]sf 5g\, h;sf] pTkfbgsf] d"No Go"g 5 / o;n] Go"g cfDbfgLaf6 k'gM Go"g pTkfbg x'g] clgi6 rqmnfO{ nDAofO /x]sf] 5 . o:tf] k|j[lQdf /f]s nufpg pknAw k|ljlwx?af6, vf;u/L vfBfGgsf nflu, nfe lng' cfjZos 5 . ef/t;“u /0fgLlts ;xof]u cfbfgk|bfgsf ;fy;fy} s[lif cg'bfgnfO{ k'gM;+/rgf u/]/ Pjd\ cg';Gwfg / lj:tf/df s]lGb|t nufgLdfk{mt\ o:tf] nfe lng ;lsG5 . cTolws ;+Vofdf / bf?0f u/LaL ePsf, vf;u/L klZrd g]kfnsf e"–If]qx?df sd d"Nosf cgfh pTkfbgsf] ;§f gub] afnL pTkfbgtk{m afnL ljljwLs/0f ug{ ;lsg] pRr ;Defjgf 5 . o:tf pRr d"Nosf gub] afnLdf kmnk"mn, cf]v/, d/d;nf, hl8a'6L, lglZrt k|sf/sf t/sf/L / kz'hGo pTkfbgnufot x'g ;S5g\, h;sf] ef/tLo ahf/df a9\bf] dfu 5 / of] g]kfnsf nflu lgof{tsf] cj;/ aGg ;S5 .

$(= o; cy{df, s[lif pTkfbgsf ;fdfgx? cfk"lt{df lghLIf]qsf] e"ldsfdf j[l4, s[lif pkhsf nflu d"No clej[l4 >[ª\vnfsf] ljsf; ug'{, ef/tLo ahf/nfO{ b[li6ut u/L u}/–k/Dk/fut afnLx?sf] klxrfg / ltgsf] pTkfbgdf ul/g] ;xfotfdfk{mt\ afnL ljljwLs/0fdf ;3fpg' Pp6f k|d'v gLltut r'gf}tL x'g]5 . s[lif pTkfbgsf ;fdfg pTkfbgdf /fHosf] e"ldsf 36fpg] / lghL tyf ;xsf/L If]qnfO{ o;df ;xefuL u/fpg] gLltdfk{mt\ of] sfo{ ug{ ;lsG5 . o;};“u ;DjlGwt Joj;flos ljpm–ljhg pTkfbgsf] cg'ej ljpm–ljhg ;xfotfh:tf cfof]hgfaf6 klg cfpg ;S5 . a]nfotsf] cGt//fli6«o ljsf; ljefu -l8PkmcfO8L_ n] cfly{s ;xfotf lbPsf] of] cfof]hgfn] g]kfnL ls;fgx?nfO{ ;+ul7t x'g / t/sf/Lsf] lap pTkfbgsf] tflnd lbg ;3fPsf] u/]sf] lyof], h;n] ubf{ t/sf/L ljpm ljqmLsf]] lj:tf/ eof] . lghL / ;xsf/L If]qnfO{ ;xof]u ug{ ;/sf/n] lgjf{xd'vL ;fgf ls;fgx?sf nflu ahf/ / ;"rgfdf kx“'r ;'lglZrt ug{ ;xhLs/0f, u'0f:t/ lgoGq0f, gLlt tyf ljlgodx?, ;"rgf / cg'udg Pjd\ d"Nof+sg ;]jf lbg'k5{ . ;/sf/n] s[lif dGqfnosf] s[lif Joj;fo k|j4{g OsfOsf] ;'b[9Ls/0fdfk{mt\ k|lt:kwL{ d"No clej[l4 >[ª\vnfx?sf] ljsf; u/]/ pkhx?sf] d"No clej[l4 u/fpgdf ;fgf ls;fg / s[lifhGo Joj;fox?nfO{ yk ;xfotf lbg ;S5 .

%)= s[lifsf] pTkfbsTj a9fpg / o;nfO{ lghL If]qsf] g]t[Tjdf j[l4pGd'v u/fpg ;/sf/sf tk{maf6 nlIft pkfox? ckgfOg' cfjZos 5 . ;/sf/n] lghL If]qnfO{ s[lif pkhsf ;fdfg cfk"lt{df g]t[Tj lng k|f]T;flxt ug'{sf cltl/Qm s[lif Joj;fo ljsf;df ;xfotf ug{;S5 . k"jf{wf/sf] sdLnfO{ k"/f u/]/ s[ifsx?sf] sf/f]jf/ nfut 36fpg], ljQLo ;]jfx?df kx'“r k'¥ofpg] / s]xL 5flgPsf a:t'sf] d"No clej[l4 >[ª\vnf ljsf; ug{] sfo{df ;3fP/ ;/sf/n] o:tf] ;xof]u ug'{k5{ . vf;u/L, ahf/ kx'“rsf nflu ;8s / l;+rfO k|0ffnLh:tf k"jf{wf/x? kof{Kt gePsfn] s[lif pTkfbsTjsf] a9f]Q/Ldf c8\rg k}bf ePsf 5g\ . l;+rfO{ k"jf{wf/x?sf] ;'wf/ s[lif If]qsf] j[l4sf nflu Pp6f d'Vo pTk|]/s x'g]5 . ;/sf/n] l;+rfOsf] yk k|efjsf/L Joj:yfkgnfO{ cfk\mgf] k|fylstfdf /fVg' k5{ / o:tf] k|efjsfl/tf ;'zf;gsf] /fd|f] ;+oGq lgdf{0f / hn pkof]ustf{{ ;+u7gx?sf] k|j4{gåf/f

lrq !$ M :ofp pTkfbgsf If]q -dfly_ / cf]v/ pTkfbgsf If]q -tn_ . ;g\ @)!)÷!!

;|f]t M g]kfnsf] s[lif gS;f, @)!@

Page 29: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

21 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

a9fpg ;lsG5 . s[lif cg'bfg sfo{qmdx?nfO{ k'gM;+/rgf / p2]Zo–s]lGb|t u/]/ yk nfe kfpg ;lsG5 . $ s/f]8 @) nfv cd]l/sL 8n/sf] /;folgs dn cg'bfgh:tf sfo{qmdx? pko'Qm k|sf/ / kl/df0fsf ;fdfu|L Nofpg ck|efjsf/L l;4 ePsf 5g\, hjls cg';Gwfg / k|;f/ ;]jfx? kof{Kt ah]6 lalgof]hgsf nflu t8\k]/ a;]sf 5g\ . cg'bfg sfo{qmdnfO{ d"nk|jfxLs/0f / cg';Gwfg Pjd\ k|;f/ ;]jfsf nflu ;|f]tx? k'gMljlgof]lht ug'{sf ;fy} g]kfnsf cg';Gwfg / k|;f/df ;+nUg sd{rf/Lx?nfO{ ef/tLo ;/sf/L tyf lghL s[lif cg';Gwfg k|0ffnLx?;+u ;+nUg x'g] c'gdlt lb+bf s[lifsf] cfly{s k|efjsfl/tf a9\5 . o; ;DaGwL lj:tfl/t gLltut ;'emfjx? …a9L pTkfbgzLn, Joj;flos / ljljwLs[t s[liftk{mÚ zLif{ssf] gLlt–;f/df lbOPsf] 5 .

%!= ;Dk"0f{ hg;+VofnfO{ cfly{s j[l4sf] nfe Gofof]lrt 9+un] ljt/0f ug{ cj;/x?sf] kx'“rdf ;'wf/ cfjZos 5 . g]kfnn] 7Ls} :t/sf] cfly{s lj:tf/ x'“bf klg ;fdflhs ;]jfx?sf] kx'“r lj:tf/ Pjd\ u/LaL Go"gLs/0f pknAwL xfl;n ug{df /fd|f] k|ult u/]sf] 5 . of] cj:yf ;an -hf]lvd_ ;xg Ifdtfsf] k|ltljDa xf], h'g pRr txsf] ;fdflhs ;+nUgtf / g]kfnL cfk|jf;L sfdbf/x?sf] lg0ff{os of]ubfgsf] e/f];fdf cl8Psf] 5 . oL sfdbf/n] k7fpg] ljk|]if0f b}lgs pkef]u / lzIffsf] vr{df k"0f{?kn] k|jflxt ePsf] 5 . ;xg Ifdtfsf oL k/Dk/fut ;|f]tx?af6 nfe lnP/ g]kfnn] r':t / nIo–s]lGb|t ;/sf/L x:tIf]kdfk{mt\ ;a}sf], vf;u/L u/La / ;LdfGtLs[tx?sf nflu, cj;/x/sf] lj:tf/ ug{df ce}m /fd|f] k|ult ug{;S5 . vf;u/L, :jf:Yo / k|fylds tx eGbf dflysf] lzIffdf ;]jf kx“'rnfO{ ;dfgLs[t ug]{tk{m p2]Zo–s]lGb|t x:tIf]kdf Wofg lbg''k5{ . yk s'/f, kx'“r lj:tf/sf] sfo{ u'0f:t/nfO{ Wofgdf /fv]/ ul/g' k5{ h;n] ubf{ ;dflhs k"jf{wf/df ePsf] nufgLsf] nfe k|efjsf/L 9+un] lng ;lsof];\ . ;]jf k|bfossf ?kdf ;/sf/sf] ;+nUgtfsf] cf}lrTo ;'wf/ ug{ :yfgLo txsf] ;]jf k|bfonfO{ kf/bzL{, k|efjsf/L / lgZkIf x'g]u/L Jojl:yt ul/g' cfjZos 5 . oL sbdx? rfln+bf bL3{sfndf cfly{s ljsf;nfO{ l6sfp agfpg / g]kfnfO{ ;kmntfk"j{s ljsf;sf] pRr txdf k'Ug ;xof]u k'Ug]5 .

%@= lzIff / :jf:Yo ;]jfdf kx'“r cj;/ lj:tf/ ug]{ d'Vo dfWod x'g\ / o:tf] kx'“rsf] Gofof]lrt ljt/0f / cem a9L u'0f:t/ ;'lglZrt ug{ cem w]/} sfd ug{ ;lsG5 . g]kfnn] lzIff / :jf:Yo ;]jfx?sf] cfk"lt{ lj:tf/ ug{df /fd|f] k|ult u/]sf] 5 . t/, oL cj;/x?df k|efjsf/L kx'“rsf] c;dfgtf / ltgsf] u'0f:t/af/]sf lrGtfx? af“sL 5g\ . dflg;sf w]/} ;d"xx?n], cljefjsx?sf] sdfO nufotsf kl/l:ylt, jf;:yfgsf] cjl:ylt / cGo sf/0fn] k|0ffnLut ?kd} oL c;/x?dfly sd kx'“r kfPsf 5g\ . g]kfnn] u/LaLnfO{ ;kmntfk"j{s Oltxf;sf] ljifo agfpg / kl/jf/x?nfO{ dfgj / ef}lts ;DklQdf 7"nf] dfqfdf nufgL ug{ ;Ifd agfpgsf nflu cfly{s–;fdflhs / cGo afwfx? h] h:tf ePklg, afnaflnsf, dlxnf / o'jfx?n] ;dfg k|s[ltsf cj;/x?df kx'“r kfpg' cfjZos 5 . yk s'/f s] klg 5 eg], :jf:Yo, lzIff / ;fdflhs ;'/If0fsf If]qdf hfjkmb]lxtfsf] ljs]Gb|Ls/0f x'g g;s]sf sf/0f pRr u'0f:t/sf] ;]jf lbg ;lsPsf] 5}g / ;DejtM kx'“rsf] c;dfgtfnfO{ o;n] cem v/fa agfPsf] 5 .

%#= d'Vo cj;/x?df kx'“r a9fpgsf nflu /fd|/L kl/nlIft k|]/s sfo{qmdx? cfjZostf k5{ h;n] ubf{ a9L h?/L ePsfx?n] 7"nf] kl/df0fsf] ;xfotf kfp“5g\ . csf]{ zAbdf, cj;/x? lj:tf/ ug'{sf] d'Vo cfjZostf g} :jf:Yo, lzIff / ;fdflhs ;'/If0fsf ljBdfg sfo{qmdx? u/La / clxn];Dd alxis/0fdf k/]sf;Dd k'Ug] s'/f ;'lglZrt ug{sf nflu k/]sf] xf] . g]kfndf lzIffsf] kx'“rdf ;'wf/ ePsf] 5, tfklg v'b ljBfyL{ xflh/L b/ / lzIffsf] pknAwLsf] u'0f:t/df u/LaL, hfltljz]if / e"–If]q ljz]if cflbdf cfwfl/t pRr txsf] c;dfgtf ce}m sfod 5 . lzIffsf] tx hlt dfly x'“b} hfG5 lje]b klg p;}u/L a9\g] u/]sf] 5 . pbfx/0fsf nflu ;g\ @)!) df ;aeGbf u/La / To;kl5sf u/La b'O{{ k~rf+zx?sf] dfWolds tx -sIff ( b]lv !@_sf] ljBfyL{ xflh/L b/ qmdzM !* / @^ k|ltzt lyof] . u/La ljBfyL{x?nfO{ cfwf/e"t eGbf kl5sf] lzIffsf nflu lbOg] 5fqj[lQn] ;do qmd;“u} a9L ;dfgLs[t z}lIfs pknAwL / cj;/x? lbnfpg ;S5 . To;}n], casf] gLltsf] d"n p2]Zo vf;u/L dfWolds tx / To;dflysf] lzIffsf nflu u/LaL–nlIft 5fqj[lQsf]

Page 30: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

22 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

lj:tf/sf] /0fgLlt ljsf; ug]{ / juL{s/0fdf cfwfl/t 5fqj[lQ sfo{qmdx?nfO{ qmdj4 ?kn] x6fpg] x'g'k5{ .

%$= :jf:Yo If]qdf klg p:t} ;d:of ljBdfg 5g\, h;sf] ;]jf u/La;Dd k'Ug ;s]sf] 5}g . ;g\ @)!! df, ;aeGbf wgL k~rf+zdf kg]{ ju{sf &* k|ltzt aRrfsf] hGd :jf:Yo ;]jf lbg] ;+:yfdf eof], t/ oxL ;+Vof ;aeGbf u/La k~rf+zdf kg]{dWo]sf] !! k|ltzt dfq} lyof] . ;aeGbf u/Ladf kg]{ $) k|ltzt g]kfnLdWo] %$ k|ltzt dfq} :jf:Yo ;]jfsf] pknAw u'0f:t/af6 ;Gt'i6 5g\, hjls ;aeGbf wgL @) k|ltztdf ^& k|ltzt ;Gt'i6 5g\ . yk ljifo, :jf:Yo pkrf/sf nflu ;f]e}m vNtLaf6 lems]/ ug'{kg]{ 7"nf] vr{n] g} ljkGgx? u/LaLsf] yk r]k'jfdf kfg]{ u/]sf 5g\ . ;g\ @))# sf] tYof+s cg';f/ jif{df sl/a ̂ bzdna & k|ltzt kl/jf/x? o:tf] vr{sf] kl/0ffd:j?k u/LaLsf] /]vfd'gL emg]{ u/]sf] b]vfPsf] lyof] . To;}n], d'Vo gLltut kxnsbdL lnO“bf u/Lax?n] klg :jf:Yo ;]jf a9L /fd|/L pkof]u ug{;Sg] / pgLx?sf] kf]if0fsf] :t/ a9fpg ;Sg] u/L ;'wf/ Nofpg] nIo /fVg' k5{ . :jf:Yo If]qsf] h'g;'s} gLltut kxn klg u/Lax?n] :jf:Yof]krf/sf nflu ;f]e}m vNtLaf6 lems]/ ug'{kg]{ vr{ 36fpg]tk{m cu|;/ x'g'k5{ . u/Lax?sf nflu dfu / cfk"lt{ kIfLo nufgLsf of]hgfx?df nlIft u/]/ Pjd\ /fli6«o :jf:Yo aLdf of]hgftk{m cl3 a9\g] ljsNknfO{ k/LIf0f u/]/ of] vr{ 36fpg] p2]Zo xfl;n ug{ ;lsG5 .

%%= hgtfnfO{ u/LaLaf6 aflx/ lgsfNg] csf]{ Pp6f dxTjk"0f{ k"j{zt{ pgLx?n] /fd|f] /f]huf/L kfpg ;Sg] / ;fdflhs?kn] rnfodfg x'g ;Sg]u/L zLk lbnfP/ ;Ifd agfpg' xf] . g]kfnsf] hg;+Vofsf] ;+/rgfdf pNn]Vo kl/jt{g cfP/ o'jf pef/ b]lvPsf] 5 -;g\ @)!! sf] hgu0ffgfn] !% b]lv %( jif{ pd]/sf dflg;sf] hg;+Vof %& k|ltzt b]vfPsf] 5_ . t/ ;Lldt zLkn] dflg;x?nfO{ u/LaLaf6 aflx/ lgsfNg] k|s[ltsf sfd kfpgaf6 5]s]sf] 5 . cf}krfl/s / cgf}krfl/s b'j} If]qdf, 3/]n' tyf j}b]lzs sfdbf/x?sf] pTkfbsTj / k|fljlws Ifdtf a9fpg' kg]{ r'gf}tL ljBdfg 5 .

jflif{s tLg nfveGbf a9L sfdbf/x? /f]huf/Lsf nflu ljb]lzG5g\ / pgLx?n] g} k7fpg] ljk|]if0faf6 clxn]sf] cfly{s j[l4 / u/LaL Go"gLs/0fn] pmhf{ kfPsf 5g\ . t/ tL cfk|jf;L sfdbf/dWo] &% k|ltzteGbf a9L Go"g bIftfsf] sfddf ;+nUg 5g\ . of] ;d:ofsf] ;dfwfg ug{ g]kfnn] ;/sf/L / lghL ;fe]mbf/L a9fP/ /f]huf/L–s]lGb|t zLk ljsf;sf sfo{qmd agfpg' cfjZos 5 . o:tf sfo{qmd agfp“bf cgf}krfl/s If]q / ljb]lzg] >ldsnfO{ cfjZos kg]{ zLkx?sf] dfutk{m ljz]if Wofg lbg'k5{ . Jojxf/–;+ut cj;/ ;dfgLs[t ug]{ gLltx?af/] yk ljj/0f …u/LaLaf6 pDsg ;a}sf nflu cj;/x?df ;'wf/Ú zLif{ssf] gLlt–;f/df lbOPsf] 5 .

%^= r/d u/LaLnfO{ k|efjsf/L ?kn] ;Djf]wg ug{ / hf]lvdsf] lgl/x ;+3f/df /x]sf hgtf u/LaLdf gk?g\ eGgsf nflu cem k|efjsf/L / u/LaL–s]lGb|t ;fdflhs ;'/If0f k|0ffnL cfjZos 5 . ljBdfg ;fdflhs ;'/If0f k|0ffnL u/La / lgl/x cj:yfdf /x]sfx?nfO{ e/kbf]{ ;'/Iff sjr k|bfg ug{ ckof{Kt 5 . xfn}sf jif{x?df g]kfnsf] ;fdflhs ;'/If0f vr{df pNn]Vo j[l4 ePsf] 5 . ;g\ @))$÷)% df s'ufpsf] Ps k|ltzt /x]sf] of] vr{ ;g\ @)!!÷!@ df tLg k|ltzt k'u]sf] 5 . o:tf] j[l4 x'“bfx“'b} klg gub ljt/0f / 5fqj[lQnufotsf ;fdflhs ;'/If0f sfo{qmdx?sf] u/LaL / c;dfgtf 36fpgdf ;Lldt dfq} k|efj k/]sf] 5 . t/ lrq !% df b]vfOPh:t}, ljZj a}+ssf] cg'dfg cg';f/, ;dflhs ;xfotfsf sfo{qmdx? ePgg\ eg]klg s'n u/LaL b/df z"Go bzdnj % k|ltztsf] - @% bzdnj @ k|ltztaf6 @% bzdnj & k|ltzt k'Ug]_ lemgf] j[l4 dfq} x'g]5 . w]?}h:ff] sfo{qmdx? k|ToIf ?kn] u/Lax?k|lt nlIft 5}gg\ / ltgdf pNn]Vo dfqfsf] ck'u–;]jf, r'xfj6 / k|zf;lgs cbIftf b]lvG5 . o;sf ;fy}, g]kfnsf] ;fdflhs ;'/If0f k|0ffnL vl08t / ;dGjoljxLg 5— w]/}j6f dGqfno / lgsfox?dfk{mt\ ljt/0f eO/x]sf] 5, h;n] nfex?sf] ;Defljt bf]xf]/f]kgf cyjf k|efjsf/L ;fdflhs ;'/If0fdf sdhf]/L Nofpg] u/]sf] 5 . o:tf] gub ljt/0faf6 k|ToIf jf ck|ToIf nfe kfpg] g]kfnLx? !& bzdnj % k|ltztdfq 5g\, h'g clxn]sf] @% k|ltztsf] u/LaL

Page 31: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

23 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

b/eGbf lgs} tn xf] . o:tf] ljt/0fsf] nfe ljleGg cfo k~rf+zdf kg]{x?n] nueu ;dfg?kn] kfpg] cj:yf 5 . h:t}, j[4eQf ;aeGbf wgL k~rf+zdf kg]{x?n] klg ;aeGbf u/Lax? ;/x g} kfp“5g\ . ;fdflhs aLdf sfo{qmdn] s'n hg;+Vofsf] ;ft k|ltzt, o;dWo] klg ax';+Vos ;fj{hlgs ;]jfaf6 lgj[Q x'g]x?nfO{ dfq ;d]6\5 . nfeu|fxL nlIft ubf{ pgLx?sf] cfo / ;Dj[l4sf] cj:yf Vofn gu/L w]/}h;f] juL{s/0f -pd]/, hflt cflb_sf cfwf/df ul/G5 . ;fy;fy}, cg'udg, ;';"lrt gLlt lgdf{0f / kf/bzL{ Pjd\ e/kbf]{ e'QmfgL k|0ffnLh:tf sfo{qmd sfof{GjognfO{ k|efjsf/L agfpg ;3fpg] cfjZos k|zf;lgs ;+/rgfsf] klg ljt/0f k|0ffnLdf cefj 5 .

%&= g]kfnsf] ;fdflhs ;'/If0f k|0ffnLnfO{ ;'wf/ ug{df s]Gb|Lo d'2f x'g\–

s_ gof“ sfo{qmdx? z'? ug]{ /÷cyjf eO/x]sf s]xLnfO{ ;'wf/ jf aGb ug]{ ;DjGwdf eljZosf lg0f{osf nflu dfu{bz{s aGg] ;fdflhs ;'/If0f gLltsf] ;+/rgfnfO{ clGtd?k lbO“b} ubf{ oL sfo{qmdx?sf] yk lj:tf/nfO{ ;Lldt ul/g k5{,

v_ ;aeGbf 7"nf] sfo{qmdaf6 z'? u/]/ cGttM sfo{qmd / dGqfnox?aLrsf] ;femf Joj:yfkg d~r tof/ x'g]u/L sfof{Gjog k|0ffnLsf] ;'b[9Ls/0fsf nflu nufgL ug'{ k5{, /

u_ ldl>t k|sf/sf ;fdflhs ;'/If0f sfo{qmdx? /x]sf ;Gbe{df ljBdfg u/LaL, hf]lvd / lgl/xtfsf] r':t ljZn]if0f u/]/ jf:tljs ;]jf k|bfodf ePsf sdLx?sf] ;Daf]wg ug'{ k5{ .

ldl>t k|sf/sf ;fdflhs ;'/If0f sfo{qmdx? /x]sf ;Gbe{df kof{Kt ;'/If0f gkfPsf hf]lvd / lgl/xtfnfO{ ;Djf]wg ug]{ qmddf, ;Lldt cfly{s ;|f]tx? ctL h?/L ePsfx?nfO{ cTolws ;'/If0f k|bfg ug{ k|efjsf/L ?kn] k|o'Qm xf]pg\ eGgsf nflu sfo{qmdx?nfO{ k|i6?kn] u/La nlIft agfpg]tk{m ljrf/ k'¥ofpg' cfjZos 5 . -o;/L nlIft ug{ h] ljz]if ljlw ckgfP klg km/s kb}{g ._ o; lbzfdf lnOg'kg]{ vf; sbdx? …d"nk|jfxLs[t, k|efjsf/L /

u/LaL–s]lGb|t ;fdflhs ;'/If0f k|0ffnLÚ zLif{ssf] gLlt–;f/df k|:tfljt ul/Psf] 5 .

%*= clGtd t/ dxTjk"0f{, cGttM ;+3Lo /fHo ;+/rgftk{msf] ?kfGt/0fn] ;]jf k|bfodf bL3{sfnLg c;/ KFfg]{ 5, / olb of] k|lqmofnfO{ /fd|/L Joj:yfkg ul/Pg eg], ;]jf k|bfodf uDeL/ cJoj:yf, pRr /fhgLlts tgfjsf ;fydf ce}m km/flsnf ef}uf]lns c;dfgtfx? lglDtg ;Sg]5g\ . Ps, klxnf] ;+ljwfg;efn] u/]sf] sfdsf] nIf0f cg';f/, ;+qmd0f jf ?kfGt/0fdf k"0f{?kn] gof“ b'O{{ tx / lj:tfl/t lhDd]jf/L;xltsf pk–/fli6«o -If]qLo_ ;/sf/x? ;dflji6 x'g]5g\ . tL ;/sf/x?sf] l;h{gfn] s]Gb|Lo k|zf;gsf] p2]Zo / cfsf/df Jofks k'gM;+/rgfsf ;fy zlQm, ;DklQ / ;|f]t -cfly{s / dfgj b'j}_sf] pNn]vgLo x:tfGt/0f lgDTofpg] 5 . of] k|lqmof Joj:yfksLo / /fhgLlts b'j} b[li6n] cToGt} s7Lg ePsf] cGt/fli6«o cg'ejx?n] ;'emfp“5g\ . oxL sf/0fn], of] k|lqmofnfO{ ;kmn agfpg ljz]if ;+:yfx? —rflxPhlt ;|f]t, :jtGqtf, sfof{b]z / ljZn]if0f Ifdtf;lxtsf—lgdf{0f u/]/ Jojl:yt ul/g' cTofjZos 5 . cGt/fli6«o cg'ejx? x]bf{, ;fofGotof o:tf] k|lqmofdf Pp6f pRr:t/Lo ;+:yf lgdf{0fsf] s'/f k5{ h;nfO{ ;Dk"0f{ k|lqmofsf] ;dGjo ug]{ lj:t[t clwsf/ x'G5 / of] cGt/–;/sf/L ljQLo Joj:yfx?sf] ljsf; / qmlds k|ultsf] ;'k/Lj]If0f ug]{ ljz]if lhDd]jf/Lo'Qm lgsfo klg x'G5 . k]ml/, ;a} txsf ;/sf/x?nfO{ cfk\mgf p2]Zo cg'?k sfo{ ug{ ;Sg]u/L kof{Kt cfly{s ;|f]tsf] pknAwtf ;'lglZrt ug{sf nflu tL sfo{x?sf] lj:t[t ljefhg / nfut cg'dfg cfjZos k5{ .

u/LaL b/ lhgL u'0ffª\s

jt{dfg @%=@ k|ltzt )=#@*

;fdflhs aLdf sfo{qmdx?sf] cefjdf @^=^ k|ltzt )=#@(

;fdflhs ;xfotf sfo{qmdx? -gub x:tfGt/0f tyf 5fqj[lQ_ sf] cefjdf

@%=& k|ltzt )=##)

gub x:tfGt/0f sfo{qmd sf] cefjdf @%=^ k|ltzt )=##)

5fqj[lQ sfo{qmd sf] cefjdf @%=# k|ltzt )=#@(

lrq !% M g]kfnsf] ;fdflhs ;'/If0f k|0ffnL M u/LaL / c;dfgtfdf c;/

;|f]t M ljZj a}s 6f]nLsf] t];|f] g]kfn hLjg:t/ ;j]{If0fdf cfwfl/t ljZn]if0f

Page 32: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

24 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

;fydf, cfjlws / tYodf cfwfl/t ;dLIffsf nflu k"j{–kl/eflift ;+/rgfx? rflxG5 . bf];|f], ;a}h;f] d'Vo ;fdflhs tyf cfly{s ;]jfx? :yfgLo ?kd} lbOg] x'gfn] gof“ ;+3Lo /fHodf aGg] gof“ pk–/fli6«o ;/sf/x?;“u ;]jf k|bfosf nflu cfjZos b'j} s'/f —k|fljlws Ifdtf / ;|f]t -cfly{s / dfgj_ x'g' plQs} dxTjk"0f{ 5 . k5fl8 k/]sf If]qx?n] -;+3Lotf ;“u}_ cfk\mgf] eljZodfly yk lgoGq0f t k|fKt ug]{5g\, tyflk pgLx?sf nflu r'gf}tLx? klg emg ylkg] 5g\ . lsgeg], pgLx?df k|fljlws tyf cfly{s Ifdtf Pjd\ cg'ej —;fk]IftM— sdL /xg] 5 / Joj:yfkg, k|zf;g / ;]jf k|bfosf nflu vf; -ljz]if1_ dfgj ;|f]t cfslif{t ug{ c;lhnf] kg{ ;S5 . t;y{, tof/L of]hgf ;'lglZrt ul//fVg' lgDg sf/0fn] dxTjk"0f{ 5M

s_ /fHozlQmsf] k|efjL x:tfGt/0fsf] cf}lrTo :yflkt x'g]u/L sfd ug]{ cfjZostf / cfk\mg} cfGtl/s Ifdtf lgdf{0fsf] cfjZostfaLr ;Gt'ng sfod x'g]u/L lhDd]jf/Lx? x:tfGt/0f ug{

v_ lghfdlt ;]jfsf] k'gM;+/rgfnfO{ k|j4{g ug{, h;df d'n'ssf] k5fl8 k/]sf If]qx?df zLksf] uDeL/ sdL x'g glbg ljz]if Wofg / pTk|]/0ff cGtlg{lxt xf];\ .

o:tf] of]hgf lgdf{0fsf d'Vo cjojx? …ljs]Gb|Ls/0fsf nflu tof/LÚ zLif{ssf] gLlt–;f/df k|:t't ul/Psf 5g\ .

Page 33: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

25 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

%(= g]kfnsf] gof“ ;/sf/sf cufl8 cfly{s j[l4sf] eofjx r'gf}tL 5 . tyflk, cGt/fli6«o cg'ejx?n] s] b]vfPsf 5g\ eg] nufgLsf d'Vo cj/f]ws c8\rgx?nfO{ x6fpg] vfnsf, /0fgLlts z}nLsf] gLlt–lgdf{0fn] d'n'ssf] cfly{s ;DefJotf / k|If]k0fx?nfO{ pNn]Vo ?kn] ablnlbg ;S5 . of] gLlt–;f/sf] 7\ØfSs} p2]Zo g} gLltut x:tIf]ksf nflu d'Vo If]qx?sf] klxrfg / k||fyldsLs/0f ug{ o:tf /0fgLlts ;'emfjx? lbg' xf] . g]kfn ;xL lbzfdf cl3 a9L/x]sf] s'/f oxf k'gM hf]8 lbg nfos 5 M plrt:t/sf] cfly{s ljljwLs/0f -cfosf] ;fk]Ifdf_, d'Nojfg\ ;|f]t–;fwg, pRr ;xg Ifdtfsf ;d'bfo / gof“ :j?ksf] /fhgLlts l:y/tf jt{dfg g]kfndf 5g\ . cfly{s ;DefJotf cg';f/ g]kfnfnfO{ cl3 a9\g ;Ifd agfpgsf nflu cfwf/e"t s'/fx?nfO{ 7fp“df Nofpg] r'gf}tL 5 .

^)= of] gLlt–;f/sf] ;dLIff v08n] cfly{s j[l4sf nflu /0fgLlts b"/b[li6 k|:t't u/]sf] 5, hjls 5'§f5\'§} ljifout gLlt–;f/x?n] yk ulx/fOdf kl/k"/s hfgsf/L / If]q–ljz]ifsf nflu gLltut ;'emfjx? lbPsf 5g\ . ltgn] ;/sf/nfO{ ljrf/ ug{sf nflu s]xL vfsf lbg]5g\ / ;/f]sf/jfnfx?aLr ;+jfbsf nflu cfwf/sf] sfd ug]{5g\ .

s_ d'Vo gLltut ;'emfjx?nfO{ k]m/jbn / kl/:s[t ug{, ;fy},

v_ x/]s If]qsf c+z–c+zsf] yk lgbfg ub}{ ;do qmd;“u} cufl8 a9\g— of] gLlt–;f/ ;+jfbsf] z'?jft xf] .

^!= …y|L cfO{Ú cyjf …nk";Ú ;+/rgfn] nufgL, k"jf{wf/ / ;dfj]zLtfdf s]lGb|t gLltx?n] s;/L dWod sfndf ultjfg\ / bLuf] cfly{s j[l4sf] jftfj/0f l;h{gf ug{ ;S5g\ eGg] /]vf+lst u/]sf] 5 . klxnf], l:yfloTj ePsf] ljQLo If]q, ;xh nufgLsf] jftfj/0f / /0fgLlts ;fj{hlgs nufgLn], nufgL–k"jf{wf/sf] u'0ffTds rqm lgdf{0fdf 7"nf] d2t ug{;S5 . o;n] ;du| cfly{s ultljlwdf a9f]Q/L dfq} ub}{g, clkt' g]kfnsf] u/La / b'u{ddf /x]sf] hg;+Vofsf] lx:;fnfO{ k|ToIf nfe klg k'¥ofp“5 . bf];|f], ;DkGgtfdf ;fe]mbf/L k|j4{g / bLuf] Pjd\ pRr cfly{s j[l4tk{m cl3 a9\gsf nflu km/flsnf], ;Dj[l4 clej[l4sf/s k|f/lDes If]qsf ?kdf /x]sf] s[lif pTkfbsTjdf s]lGb|t x'g' cfjZos 5 . o;n] cfout, hftLo / ef}uf]lns ljljwtfdf /x]sf g]kfnLsf nflu cj;/ j[l4sf] k|of;df kl/k"/ssf] sfd u5{ . t];|f], clxn] hf/L /x]sf] ljs]Gb|Ls/0fsf] ;fj{hlgs, ;fdflhs / k|zf;lgs ;]jfsf k|fjwfgx?df k|efjsfl/tf clej[l4sf] 7"nf] ;DefJotf 5 . t/ cufl8 a9\g] qmddf o;nfO{ ;lqmo?kn] Jojl:yt / ;dfof]lht ug{ cfjZos 5 .

;f/ / lgZsif{

Page 34: Public Disclosure Authorized g]kfnsf nflu Ps b/b[li6 gLlt ... · i6 gLlt–;f/ ;+If]kviig]kfnsf nflu Ps b"/b[li6. dflysf] t'ngfdf_ . nufgLsf] 9f]sf vf]Ng'sf ;fy} ;j}sf nflu ;]jf kx'“r

26 g]kfnsf nflu Ps b"/b[li6 gLlt–;f/ ;+If]k

d'V

o g

Lltu

t k|f

yld

stf

x?!= k

|ljlws / lj

QLo

;'wf/ ty

f 3f6f

Go"gLs/0f u

'?of]h

gf;lxts

f] g]kfn

ljB't

k|flw

s/0fs

f] ;+:y

fut

ljsf;

of]hg

agfp

.

@= lj

B't lj

sf;

;De

\mØf}tfn

fO{

cBf

jlws

u/]/ ;

/sf/L l

gsfox?

sf]

bfloTj

nfO{ Uof/]06Lx?

dfk{mt\

;'/Iff

lbg

d'n'sut

hf]lv

dx?n

fO{ ;

'/If0f

df

;d]6

.

#= k

|;f/0f

nfOg

n}hfg] d

fu{sf]

clwsf/ ;

DjGw

L gLlt

agfp, h

;n]

k|of]udf

aGb]h n

fUg] h

dLgs

f] sfg"gL

Joj:

yfcg';

f/ h

dLgs

f] cjl:y

lt /

k|of]usf] ;

Defjgf ;

d]tnfO{ lj

rf/

u/]/,

Gofof]lr

t d'c

fjhf lbn

fpF5 .

$= oftfoft

k"jf{wf/sf] g

ofF

lgdf

{0feGbf e

Psf ;

DklQsf] ;

Def/nfO{

k|fylds

Ls/0f u

/ / dd

{t ;De

f/sf]

cg'u

dg ;

+oGqn

fO{{ ;

an a

gfp

.

%= o

ftfoft If]qsf] n

ufgL 5

gf}6

k|lqmofnfO{ /fh

gLlts x

:tIf]ka

f6

c5'tf] /fVg

dfkb0

8x?s

f] ;+lxtf

ag

fp .

^= b

|'tdfu{ j

f kmfi6

6«Øfs

cfof]h

gfnfO{, c

fof]h

gf s

fof{Gj

og

jftfj/

0fnfO{ l:

y/ a

gfP/

, k|flj

lws

d"n c

jojx

? to

f/ u

/]/ / n

fut

Pjd\

;jf/L r

fk k

|If]k0

fnfO{ c

Bfjlws

u/]/

k'gM a

f6f]df N

ofp

.

!= ;

'wfl/P

sf s

[lif k

|ljlwx?

sf] k

lxrfg / lj

b]zaf6

cfoft

u/

tyf e

f/t;

Fu lgs6

;xo

f]u c

fbfgk|b

fgdf

k{mt\

ToxfFsf]

s[lifsf] lj:

t/af6

cfp

g] nfe

sf] k

mfObf ln

p .

@= lj

pm–lj

hg

pTkfbg

df lg

hL I

f]qsf] ;

xeflu

tfnfO{

k|f]T;

fxg

u/ / ;

/sf/sf] e

"ldsfn

fO{ lg

odg

/ ;xh

Ls/0fd

f -df

q_ k

'gM s

]lGb|t

u/ .

#= e

f/tLo a

hf/n

fO{ n

lIft

u/]/ u}/

–k/Dk/

fut

pRr d

"Nosf

pTkfbg

x?sf] k

lxrfg / lt

gsf] p

Tkfbgd

f ;xo

f]u u

/ .

$= lj

z]ifu/L

dfWolds

tx / To

;dfly

sf] lz

Iffsf n

flu

u/LaL–n

lIft

5fqj

[lQsf] lj

:tf/

ug]{ /0fg

Llt lj

sl;t

u/ / ;fyd

f ju

L{s/0fdf n

lIft

5fqj

[lQ s

fo{qmdx

?nfO{

qmdj

4 ?k

n] x6

fp .

%= /fli6«o

ljBf

yL{ p

knAw

L d"No

f+sg

-gf;

f_ k|0

ffnLn

fO{

;+:y

fut

ug]{ / z

}lIfs p

knAw

Lx?s

f] of]h

gfj4

?kn]

cg'u

dg x

'g] s'/f ;

'lglZrt

u/ .

^= :jf:Yo

tyf h

g;+Vo

f dGq

fnod

f s/f/÷

vl/b

Ifd

tf

:yflk

t u/

.

&= P

s} k

|zf;

lgs k

|0ffnL c

Gtu{t

;fd

flhs

;'/If0f

sfo{qmdx

?nfO{ ;

'b[9Ls

/0f u

/ / of] k

|0ffnLs

f] sfo{k|b

z{gLnfO{ lg

lZrt

/fli6

«o ;"rsfª\sx?

;Fu

bfFh]/

cg'u

dg u

/ .

*= lj

QLo

ljZn

]if0f u

g{, s

f]ifsf] c

Gt/–;/s

f/L

x:tfGt

/0fs

f] k2lt

agfp

g Pj

d\ Jo

jl:y

t ug

{ cfk\mg}

Ifdt

fjfg\ ;

lrjfno

ePsf] a

lnof] c

fly{s c

fof]u a

gfp

.

s[lif Joj

;fo t

yf d

"No >

[ª\vnf ljsf;

sf

nflu

;xo

f]u c

fbfgk|b

fg / s

[lif k

|ljlw

tyf sfo{qmdx

?df cg';

Gwfgdf

k{mt\

s[lif

pTk

fbsTj

/ lj

ljwt

f k|j

4{g u

/ .

:jf:Yo

/ lz

Iff If]qd

f pRr

u'0f:t

/ sfd

o ug

{ x:t

If]k

u/]/ ;a}

g]kfn

Lsf] cj;

/sf

If]qs

f] lj:t

f/nfO{ ;

an a

gfp .

sfo{qmdx

?sf] yk

lj:t

f/nfO{ ;

Lldt

u/]/,

d"n k

|zf;

lgs k

|0ffn

LnfO{ ;an

agfP/ / u/

LaL Pj

d\ hf]lv

d k|fylds

tf /

lgl/xt

fnfO{ ;

Djf]wg

ug]{ k

|i6?k

n] l8

hfOg

ul/P

sf sfo{qmdå

f/f ;fd

flhs ;

'/If0f

of]hgfx?

sf] u/

LaL -Go

"gls/0f_d

f kg

]{ k|ef

j ;'b[9

agfp .

;+qmd0

fsf] k|lqmofnfO{ Joj

l:yt

ug]{

;+:y

fx?

:yflk

t u/

]/ Pj

d\ k|T

o]s t

xsf

;/s

f/sf sfo{If]q

tyf lh

Dd]jf/L k

|i6 k

f/]/

ljs]Gb|Ls

/0fs

f nflu

tof/L u

/ .

cfly

{s If]qnfO{ e

m6\sf vKg

;Sg

]u/L yk

;xg

zLn

/ a

rtn

fO{ p

Tkfbgz

Ln k

|of]us

f lbzfd

f yk

k|efjsf/L dW

o:ys

tf{ a

gfpg

Pjd\

kx'FrnfO{ lj

:tf/ u

g{ ljQL

o If]qs

f] ;an

Ls/0f u/

.

g]kfn

df Joj

;fo :yf

kgf /

lj:t

f/df

;3f

pg, Joj

;fox?

n] ;

dfgf

ug

'{kg]{ c

8\rgx

? x6

fpg

nuf

gLsf]

jftf

j/0fdf

;'wf/ u/

.

g]kfn

n] a

h]6

Joj:

yfkg

f ag

fPsf]] p

Nn]Vo

…v

]Ng] 7

fpFÚaf6 n

fe ln

g ;fj{hlgs v

r{

Joj:

yfkg

nfO{ d

"nk|j

fxLs

/0f u/

.

!= g

]kfn

/fi6«

a}+s ;

+;f]wg

ljw]o

s / g

ofF

lgIf]k

tyf C

0f ;'/

If0f s

f]if lj

w]osnf

O{ sfg"g

agfP/ nf

u" ug

]{ ult t

Lj| a

gfp

.

@= g

]kfn

a}+s ln

ld6]8

sf] ljlgj

]z u

g{ /

/fli6«o

jfl0fHo

a}ssf] s

fof{b]z k

|i6;Fu

kl/e

flift u

g{sf n

flu lj

QLo

If]q

Joj:

yfkg

dxfzfv

fsf] I

fdtf c

lej[l4

u/ .

#= lj

QLo

kx'Frsf n

flu ;

a} cf

ofdx

? ;d

]l6Ps

f] /0fg

Llt a

gfp

.

$= s

DkgL /lh

i6«f/s

f] sfof{no

/ pB

f]u lj

efus

f] pBf

]u cg

'dlt

k|lqmofnO

{ d"n

k|jfxLs

/0f u

/ .

%= n

fef+z

P]gn

fO{ y

k nlrnf

] agfpg

;d

LIff u

/ .

^= lg

of{t

cg'bfg

/ lgof{td

f shf{

nufgLs

f of]h

gfx?

nfO{ k'g

M Joj

l:yt

u/ .

&= lj

QLo

Joj:

yfkg

;"rgf k

|0ffnL

leq

gubs

f]if P

sn

vftf -

6LP;

P_ k

|0ffnL

lj:t

fl/t

u/ .

*= a

h]6

:jLs

[t x'g

'eGbf k

lxn]

g} ;+e

fJotf c

Woog

, sfo{of]hgf /

vl/b

;DjGwL s

fuhftx?

nfO{ cu

|Ld

:jLs

[lt u

/fpg]

u/ .

(= c

fof]h

gf n

futs

f nflu

/fli6«o

;+lxtf

/ b/

/]6 ls

6fg

u/ .

clxn] ;

/sf/L / lghL nuf

gLnfO{ P

sgf;n]

/f]sL /x

]sf d'V

o c8\r

gx?d

f Wo

fg s

]lGb|t

u/]/

g]kfn

sf] hnljB't

;De

fJotf

sf] 9f]sf vf]n

.

o;sf nflu

, ;De

f/df

yk

Wofg lb

g'sf ;fy

} sfof{Gj

og lg

sfox?

aLr ;

dGjo

/ o

ftfoft

k"j

f{wf/df

x'g]

vr{sf] k|e

fjsf/Lt

fnfO{ a

9fP/

Pj

d\ ?k

fGt/s

f/L cfof]h

gfx?

df Wofg

a9L

s]lGb

|t u/

]/ g]k

fnle

q} / l5

d]sLx?;

Fu ;Dk

s{

;~h

fn lj

:tf/ u

/ .

u|fdL

0f v

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