«Published Annually Vol. 6, No. 1 ISBN 978-0-979-7593-3-8 CONFERENCE PROCEEDINGS Sawyer School of Business, Suffolk University, Boston, Massachusetts ...»
1950 1.85 1.71 1.78 1950-51 608 606 2 1960 1.03 1.69 1.36 1960-61 1122 642 480 Conference papers © Knowledge Globalization Institute, Pune, India, 2012 1970 0.64 0.65 0.65 1970-71 1634 1535 99 1980 0.42 0.72 0.57 1980-81 12549 6711 5838 1990 0.52 0.66 0.59 1990-91 43198 32553 10645 1991 0.50 0.56 0.53 2000-01 230873 203571 27302 1992 0.53 0.61 0.57 2001-02 245199 209018 36181 1997 0.60 0.60 0.60 2002-03 297206 255137 42069
2000 0.70 -- 0.70 2001 0.70 -- 0.70 2002 0.80 -- 0.80 2003 0.80 -- 0.80 The above tables shows that it is a remarkable fact that during whole planning period our balance of trade has remained unfavourable. Our imports have exceeded exports, showing a trade deficit. Only two financial years i.e. 1972-73 and 1976-77 were exceptional in showing favourable balance of trade worth Rs.104 crore and Rs.68 crore respectively. The deficit in balance of trade in our country has been increasing while increase in foreign trade. The Government has introduced a number of measures for reducing deficit in the balance of trade the main objective was to control imports on the one hand and to promote exports on the other. The basic reason of increasing deficit in balance of trade in India has been the high import bill of petroleum products. Since July, 1991, the Government adopted the policy of economic liberalization and a series of economic reforms were adopted in the country. Devaluation of rupee in 1991 and the convertibility of Indian rupee in trade account and current account during 1993-94 and 1994-95 respectively improved the balance of trade position in 1993-94. But the deficit against increased in future.
Table : 3 Foreign Trade in India (In Million $)
Government in order to provide relief to the exporters announced a relief package of Rs.4000 crores. The announcement was made to ease the export sector that faced nearly a crisis like situation. Apart from the fiscal incentives Conference papers © Knowledge Globalization Institute, Pune, India, 2012 other incentives given to the exporters included refunding of Central Sales Tax and terminal excise duty of about Rs.1000 crore.
The relief package also includes interest subsidies of Rs.600 crore which is basically bringing back the 4% subvention that was withdrawn in September, 2008.
The government is also looking to provide export credit guarantee in case of defaults of Rs. 350 crore and a textile upgradation fund of Rs.300 crore. The export relief package also includes recommendations to increase the market development assistance and market access initiatives for venturing into new markets to a total of Rs.400 crore. The export incentives announced by the Prime Minister was mainly to bring relief to ailing textile sector that faced severe crisis due to global financial crunch. However the government does not plan to reduce the minimum support price (MSP) of Cotton that could had gone a long way in reducing the input cost for the sector.
2002-03 2003-04 2003-04 2004-05 2.0 1.8 2.0 2.8 1.7 1.7 1.8 2.2 1.8 1.6 1.6 1.4
It is built around two major objectives of doubling India’s share of global merchandise trade by 2009 and using trade policy as on effective instrument of economic growth with a thrust on employment generation.
Key strategies to achieve these objectives, interalia, include: unshackling of controls and creating an atmosphere of trust and transparency; simplifying procedures and bringing down transaction costs, neutralizing incidence of all levies on inputs used in export products; facilitating development of India as a global hub for manufacturing, trading and services;
identifying and nurturing special focus areas to generate additional employment opportunities, particularly in semi-urban and rural areas; facilitating technological and infrastructural upgradation of the Indian economy, especially through import of
Conference papers © Knowledge Globalization Institute, Pune, India, 2012
capital goods and equipment; avoiding inverted duty structure and ensuring that domestic sectors are not disadvantaged in trade agreements; upgrading the infrastructure network related to the entire foreign trade chain to international standards;
revitalizing the Board of Trade by redefining in role and inducting into it experts on trade policy; and activating Indian Embassies as key players in the export strategy.
FOREIGN TRADE POLICY 2004-09 : AT A GLANCE-
1-5% share of global trade by 2009.
Special focus on five traditional exports-agriculture, handicrafts, handlooms, leather &footwear and gems & jewellery so as to make exports as employment-oriented.Absolute export sector to be exempted from service tax for cutting down the export cost.
Three new export promotion schemes have been introduced:
Conference papers © Knowledge Globalization Institute, Pune, India, 2012 month in the previous fiscal year. Exports dropped to $12.81 billion in June from $17.73 billion a year earlier and imports to $18.97 billion from $26.85 billion from the year agro-period.
Oil imports in June 2009 plunged by 50.6% to $4.99 billion from $10.11 billion in the same period of 2008. Non-oil imports during the month declined by 16.5% to $13.97 billion from $16.73 billion.
As per the Finance Ministry reports published on December 1, 2008 exports declined by over 12% in October. Due to global economic slowdown, while imports grew by more than 10%. As a result of this the trade deficit has widened further. The most worrying aspect was the growing trade deficit. As against the trade deficit of $45.6 billion between April to October 2007it has swelled to $72.9 billion in the 2008-09 fiscal year.
COMPOSITION OF INDIA’S FOREIGN TRADE:
Indian foreign trade registered a number of structural changes during the planning period. The percentage of nontraditional goods in total exports has continuously increased the exports of chemical and engineering goods have shown a high growth rate. During past few years, handmade goods (including gems and jewellery) have become one of the important export commodities. India is making exports of a few traditional items including tea, coffee, rice, pulses, spices, tobacco, jute, iron ore etc.
Besides, the imports of petroleum products, capital goods, carbon chemical and compounds, medical and pharmaceutical products are also imported in Indian economy. Pearls, gems and stones are also imported on a large scale but after their processing these are exported from the country. Other imports include edible oils, fertilizers, non-ferrous metals, paper and paper boards, pulp and waste paper etc.
5) Data from-GOVT.WEBSITES Conference papers © Knowledge Globalization Institute, Pune, India, 2012 Antecedents and Consequences of Managerial Stress: An Empirical study of the Information Technology Sector
The Present Scenario can be called as 'Highly Competitive Economy','New Economy' and 'Hi-Tech' economy. This New Economy has bought a major changes in the economy. First is Globalization and Liberation which has bought about a revolution in Information Technology in India. Secondly the second factor is Competition and thirdly it is attitudinal change in the working Class. We can say it is the time for 'Survival of the fittest'. To survive in the market the organization has to be a high performing organizational. These external factors due to which the manager need to be a performer leads to Stress. Stress is likely to st become the most dangerous risk to business in the 21 century. Also over the three decades there has been a growing belief in all sectors that the experience of stress of managers at work has undesirable consequence for the health and safety of individual and for the health of their organization.
The Information Technology (IT) is no exception in this respect with an increasing employment increasing employment in recent years. Although general management is a high stress occupation higher due to the conflicting demands of completing a project on time, within budget, to quality, and satisfying stakeholders.
Total IT sector comprise of a 5.9% of Indian GDP. The main issues with IT sector in India is. Different articles and research shows that one of the main problems this sector is facing is stress. This present study will help to identify different stressors in this sector and consequences of this stress amongst the Junior level managers and the Senior managers. Also will try to recommend several ways to overcome stress.
Stress is defined by Bruno(1991) as the rate of wear and tear on an organism. Selye, a Canadian physician, was an early explorer of the effects of stress on health. He defined stress as the sum of all non specific changes caused by function or damage (1956,1976). From his medical perspective. Selye suggested that the body responds to psychological changes related to “fight or fight” syndrome(1974). Bowes(1999) concurs that the human body has been “hard-wired” throughout evolution to respond to stress through a fight-or fight response. She defines stress as external or internal pressure to act. Bowes(1999) states that stress is’ the body responding by activating a complex system that produces an array of hormones and neurotransmitters, which are intended to help the heart and brain work better physiologically to meet the demand(1233Herbert(1997)defines stress as a general term that refers to any demand psychological or physical) that is outside the norm. Herbert states that stress usually signals a disparity between what is optimal in a given situation and what actually exists.
(Bruno, 1991) Beehr and Newman (1978) define occupational stress as "A condition arising from the interaction of people and their jobs and characterised by changes within people that force them to deviate from their normal functioning."
Mason(2001)defines stress as reactions of the body to negative influences. Mason further explains that his studies show ”external stress may be positive or negative(pleasure, challenge, divorce, work responsibilities)’(p316).
Robbins (2001) defines stress as a dynamic condition in which the individual is confronted with an opportunity, constraint, or demand related to what he or she desires and for which the outcome is perceived to be both uncertain and important.
Conference papers © Knowledge Globalization Institute, Pune, India, 2012 Anisman and Merali (1999) define the term stressor as a situation or event appraised as being aversive, in that it elicits a stress response. This then taxes a person’s Physiological or psychological resources, as well as potentially provoking a subjective state of mental or physical tension. Stressors can be separated into two classifications psychogenic and or physical tension. Stressors of a purely psychological origin are called psychogenic stressors. Neurogenic stressors usually involve a physical stimulus.
Simply defined, a stressor is an event that causes stress to the individual when he or she appraises the demands as exceeding the resources (Lazarus and Folkman 1984). Herbert(1997) utilizes the definition of stressor as an environmental event. Davison and Neale (2001) concur with this definition and add that a stressor can be thought of as a stimulus, whether positive or negative in nature. “Coping Process” Defined Herbert (1997) includes a definition of coping in his study of stress, the brain and mental illness. “Coping is the process of recognizing, and adapting to persistent and adverse stress (p369). Davison and Neale (2001) defined the concept of coping as how people try to handle a problem or the emotion it process. Lazarus and Folkman (1984) identified two broad dimensions of coping: problem focused coping and emotion focused coping. Problem focused coping involves taking some sort of direct action to solve the problem.
Stress is an adaptive response to a situation that is perceived as challenging or threatening to the person’s well being. The stress response is a complex emotion that produces physiological changes to prepare us for ‘fight or fight’- to defend the threat or flee from it.
The concept of stress was first introduced in the life science by Hans Selye in 1936. It is a concept borrowed from the natural sciences. During the eighteenth and nineteenth centuries, stress was equated with force, pressure strain exerted upon a material its original state. The use of the concept in this manner encouraged physicists and engineers to adopt it to suit their ends. Thus, stress is engineering is known as ‘the ratio of the internal force brought into play when a substance is distorted to the area over which the forces act (Hinkle 1973). In common parlance, however the terms ‘stress’ and ‘strain’ are use synonymously in a non-scientific manner. The popularity of this concept has dwindled in the physiological field where it was first introduced, and the use of the stress terminology contributes to flourish in the psychological and social sciences. During the last 15 years the term stress has come to be widely used in relation to work organizations. (Agarwala, Malhan and Singh 1979). Mason(1975) reviewed literature on stress and concluded that there was confusion and a lack of consensus regarding its definition.
The term stress has been used variously to refer to a) stimulus (external force acting on the organism), b) response (changes in the physiological functions), c) interaction (inter-action between an external force and the resistance opposed to it, as in biology) and d) more comprehensive combination of this above factor.