Financial Development in Emerging Markets: The Indian Experience

8/7/2019 Financial Development in Emerging Markets: The Indian Experience

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KAID Xlrgdjh Vkper ^erdes

Bdjkjndk` Aeve`lpoejt djEoerhdjh Okrgets= Qce DjadkjExperdejne

G. V. Grdscjkj

Jl. 982Kprd` 96;;

Ksdkj Aeve`lpoejt Ikjg Djstdtute


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Qce Xlrgdjh Vkper serdes ds k nljtdjuktdlj lb tce blroer`y jkoea Adsnussdlj Vkper serdes7tce juoierdjh lb tce pkpers nljtdjuea wdtclut djterruptdlj lr nckjhe. KAIDs wlrgdjhpkpers rebènt djdtdk` daeks lj k tlpdn kja kre plstea lj`dje blr adsnussdlj. KAID ejnlurkhesrekaers tl plst tcedr nlooejts lj tce okdj pkhe blr eknc wlrgdjh pkper (hdvej dj tcendtktdlj ie`lw). ^loe wlrgdjh pkpers oky aeve`lp djtl ltcer blros lb pui`dnktdlj.

ûhhestea ndtktdlj=

Grdscjkj, G. V. 96;;. Bdjkjndk` Aeve`lpoejt dj Eoerhdjh Okrgets= Qce Djadkj Experdejne.KAID Xlrgdjh Vkper 982. Qlgyl= Ksdkj Aeve`lpoejt Ikjg Djstdtute. Kvkd`kiè=cttp=//www.kaid.lrh/wlrgdjh-pkper/96;;/61/63/1561.bdjkjndk`.aev.eoerhdjh.okrgets.djadk/

Vèkse nljtknt tce kutclr(s) blr djblroktdlj kilut tcds pkper.

G. V. Grdscjkj serves ks mldjt senretkry tl tce Hlverjoejt lb Djadk dj tce NkpdtkÒkrgets Advdsdlj lb tce Aepkrtoejt lb Enljlodn Kbbkdrs, Odjdstry lb Bdjkjne. Qce vdewsexpressea cere kre tclse lb tce kutclr kja al jlt jenesskrd`y represejt tce vdews lbHlverjoejt lb Djadk. Qce kutclr wdsces tl kngjlwèahe tce treoejalus kssdstkjne lbKjurkack Huru dj prepkrdjh tcds okjusnrdpt kja ^cebk`d Acdjhrk blr perblrodjh

iknghrluja resekrnc. Kngjlwèahoejts kre k`sl aue tl k juoier lb nl`èkhues wclckve revdewea kja nlooejtea lj tce pkper ks we`` ks tl pkrtdndpkjts dj tce KAID-Irllgdjhs nljberejne dj Lntlier 9664 wcl okae okjy usebu` suhhestdljs. Qcds pkperds iksea lj k presejtktdlj hdvej kt k nljberejne lj Bdjkjndk` êntlr Yehu`ktdlj kjaYeblro dj Eoerhdjh Okrgets, lrhkjdzea iy KAID, Irllgdjhs Djstdtutdlj, Nlrje`Ùjdversdty, kja tce Djstdtute blr Bdjkjndk` Okjkheoejt kja Yesekrnc Qrust, Ncejjkd,Djadk, ceà lj 999> Lntlier 9664 dj Xkscdjhtlj, AN.

Qce vdews expressea dj tcds pkper kre tce vdews lb tce kutclrs kja al jlt jenesskrd`yrebènt tce vdews lr pl`dndes lb KAID, tce Ksdkj Aeve`lpoejt Ikjg (KAI), dts Ilkra lbAdrentlrs, lr tce hlverjoejts tcey represejt. KAID ales jlt hukrkjtee tce knnurkny lbtce aktk djnùaea dj tcds pkper kja knnepts jl respljsdid`dty blr kjy nljsequejnes lb

tcedr use. Qerodjl`lhy usea oky jlt jenesskrd`y ie nljsdstejt wdtc KAI lbbdndk` teros.

Ksdkj Aeve`lpoejt Ikjg DjstdtuteGksuodhksegd Iudàdjh 3B>-9-5 Gksuodhksegd, Ncdylak-guQlgyl ;66-2663, Mkpkj

Qe`= +3;->->54>-5566Bkx= +3;->->54>-558;UY@= www.kaid.lrhE-okd`= djblFkaid.lrh

96;; Ksdkj Aeve`lpoejt Ikjg Djstdtute


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KAID Xlrgdjh Vkper 982 Grdscjkj

Kistrkn t

Bdjkjndk` okrgets tckt bujntdlj we`` kre nrundk` blr tce `ljh-ruj enljlodn hrlwtc lb k nlujtry.Qcds pkper, dj tce bdrst djstkjne, `llgs kt clw tce bdjkjndk` aeve`lpoejt lb kj enljloy nkjie oeksurea. Dt tcej trknes tce bdjkjndk` aeve`lpoejt lb Djadk tcrluhc tce ;446s tl tcepresejt, kssessdjh tce aeve`lpoejt lb eknc sehoejt lb bdjkjndk` okrgets. Dj aldjh sl, dtcdhc`dhcts tce auk`dstdn aeve`lpoejt lb tce bdjkjndk` sentlr. Bdjk``y, tce pkper okges kjktteopt tl lbber kj exp`kjktdlj lb tcds auk`dstdn aeve`lpoejt kja prlplses k rlka okp blrtce buture aeve`lpoejt lb bdjkjndk` okrgets dj Djadk.

ME@ N`kss dbdnktdlj= E11, H;3, H93, J95


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Nljtejts

;. Djtrlauntdlj ................................................................................................................ ;

9. Oeksurdjh Bdjkjndk` Aeve`lpoejt ............................................................................. ;

>. Bdjkjndk` Aeve`lpoejt= Qce Djadkj Experdejne ......................................................... 1

>.; Cdstlrdnk` Evlùtdlj lb Bdjkjndk` Okrgets .......................................................... 5>.9 ênurdtdes Okrgets ........................................................................................... 2>.> Aeit Okrgets ................................................................................................... 4>.1 Blredhj Exnckjhe Okrgets ............................................................................ ;1>.5 Ikjgdjh êntlr .............................................................................................. ;2>.2 Djsurkjne êntlr ............................................................................................ ;3

1. Kj Kssessoejt lb Djadkj Bdjkjndk` êntlr Yeblros kja tce Xky Kceka ................. ;4

1.; Adkhjlsds ....................................................................................................... 9;1.9 Xky Kceka .................................................................................................... 99

5. Nljnùsdlj ............................................................................................................... 93

Yeberejnes ......................................................................................................................... 94


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;. DJQYLAUNQDLJ

Dt ds we`` renlhjdzea dj enljlodn `dterkture tckt ebbdndejt kja aeve`lpea bdjkjndk` okrgets nkjèka tl djnreksea enljlodn hrlwtc iy doprlvdjh tce ebbdndejny lb k``lnktdlj kja utd`dzktdlj lbskvdjhs dj tce enljloy. Ietter bujntdljdjh bdjkjndk` systeos ekse tce exterjk` bdjkjndjhnljstrkdjts tckt dopeae bdro kja djaustrdk` expkjsdlj. Qcere ds k hrlwdjh ilay lb eopdrdnk`kjk`yses, djnùadjh bdro-ève` stuades, djaustry-ève` stuades, djadvdauk` nlujtry stuades, kjanrlss-nlujtry nlopkrdsljs, tckt prlve tcds strljh, plsdtdve `djg ietweej tce bujntdljdjh lbtce bdjkjndk` systeo kja `ljh-ruj enljlodn hrlwtc. ^pendbdnk``y, bdjkjndk` systeos bknd`dtktetce trkadjh, ceahdjh, adversdbydjh, kja pll`djh lb rdsg. Dj kaadtdlj, tcey ietter k``lnktereslurnes, oljdtlr okjkhers kja exert nlrplrkte nljtrl`, olid`dze skvdjhs, kja bknd`dtkte tceexnckjhe lb hllas kja servdnes. ;

Djadk ds lje lb tce bdve nlujtrdes n`kssdbdea ks idh eoerhdjh okrget enljlodes iy tce XlràIkjg. Qcds `dst k`sl djnùaes Velpès Yepui`dn lb Ncdjk (VYN), Djaljesdk, Irkzd`, kjaYussdk. Qcese nlujtrdes ckve okae tce nrdtdnk` trkjsdtdlj brlo k aeve`lpdjh nlujtry tl kj

eoerhdjh okrget. Qce Xlrà Ikjg cks preadntea tckt tcese bdve idhhest eoerhdjh okrgetssckre lb wlrà lutput wd`` ckve olre tckj aluièa brlo 8.3% dj ;449 tl ;2.;% iy 9696.

Qcus we``-bujntdljdjh bdjkjndk` okrgets kre nrdtdnk`,espendk``y blr eoerhdjh okrget enljlodes (EOEs).

9

Qce bdrst sentdlj lb tcds nckpter exp`lres clw bdjkjndk` aeve`lpoejt lb kj enljloy nkj ieoeksurea. Usdjh okdj`y tce Xlrà Enljlodn Blruo (XEB) bdjkjndk` aeve`lpoejt

djadnktlrs, lje nkj see wcere eoerhdjh okrget enljlodes (EOEs) stkja dj teros lbaloestdn bdjkjndk` aeve`lpoejt vds--vds tce aeve`lpea enljlodes kja wcere Djadk stkjaskoljh tce EOEs dj tce krek lb bdjkjndk` aeve`lpoejt. Qce senlja sentdlj trknes tcebdjkjndk` aeve`lpoejt lb Djadk tcrluhc tce ;446s tl tce presejt, `llgdjh kt eknc sehoejt lbtce bdjkjndk` okrgets kja nlopkrdjh aeve`lpoejt djadnktlrs wdtc tclse lb peer nlujtrdes.Qcds kjk`ysds cdhc`dhcts tce auk`dstdn aeve`lpoejt lb tce bdjkjndk` sentlr dj Djadk. Qce bdjk`sentdlj ktteopts tl exp`kdj tcds auk`dso kja sets k rlkaokp blr buture aeve`lpoejt lbbdjkjndk` okrgets dj Djadk.

Ljknnlujt lb dts sdze kja doprlvea enljlodn perblrokjne dj tce `kst aenkae lr sl, Djadk dsnljtrdiutdjh sdhjdbdnkjt`y tl tce djnrekse dj trkae kja enljlodn kntdvdty, kja tcus tl wlràenljlodn hrlwtc. Cejne dt ds doplrtkjt tl `llg kt tce okjjer dj wcdnc bdjkjndk` aeve`lpoejtcks lnnurrea dj Djadk kja clw dt cks ieej djstruoejtk` dj sckpdjh tce nljtlurs lb Djadksenljlodn prlhress kja dj turj sckpea iy dt. Dt wd`` k`sl ie djstruntdve tl stuay wckt olreDjadk oust al tl mldj tce èkhue lb nlujtrdes gjlwj blr tcedr ebbdndejt bdjkjndk` sentlrs kjaokrgets.

9. OEKÛYDJH BDJKJNDK@ AERE@LVOEJQ

Adbberejt sets lb djadnktlrs ckve ieej usea dj ktteopts tl oeksure tce bdjkjndk` aeve`lpoejtlb enljlodes. ^tkrtdjh dj ;444, tce Xlrà Ikjg iehkj pui`dscdjh k aktkikse lj bdjkjndkàeve`lpoejt kja strunture knrlss nlujtrdes. Qce olst renejtXlrà Ikjg stuay upakteskja expkjas tce bdjkjndk` aeve`lpoejt kja strunture aktkikse.>

;@evdje (;448).

Qcds aktkikse cks k seèntjuoier lb bdjkjndk` systeo djadnktlrs (krluja tcdrty) djnùadjh=

9Xlrà Ikjg (;448).

>êe Ieng kja Aeodrh-Gujt (9664).


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9

d. djadnktlrs blr tce sdze lb tce bdjkjndk` systeo, djnùadjh `dquda `dkid`dtdes tl HAV,nurrejny lutsdae ikjgdjh systeo tl ikse oljey, bdjkjndk` systeo aeplsdts tlHAV, kja sl blrtc7

dd. ikjgdjh systeo djadnktlrs blr sdze, strunture, kja stkid`dty7

ddd. djadnktlrs blr nkpdtk` okrgets kja tce djsurkjne sentlr7 kja

dv. djadnktlrs blr bdjkjndk` h`lik`dzktdlj, sunc ks djterjktdljk` aeit tl HAV kjareodttkjne djb`lw tl HAV.

Clwever, tcds aktkikse ales jlt rkjg nlujtrdes lj bdjkjndk` aeve`lpoejt djadnktlrs.

Ltcer stuades iy tce Xlrà Ikjg prlvdae djadnktlrs lj rehu`ktdlj kja supervdsdlj lb ikjgs,nlverkhe kja strunture lb aeplsdt djsurkjne snceoes, kja djadnktlrs lb ikrrders tl ikjgdjhknness dj aeve`lpdjh kja aeve`lpea nlujtrdes.

1

Dj kjltcer ktteopt tl oeksure bdjkjndk` aeve`lpoejt, kj lnnksdljk` pkper lb tce EurlpekjNejtrk` Ikjg nljstrunts, lj tce iksds lb kj lrdhdjk` oetclal`lhy kja aktkikse, nloplsdtedjaexes tl oeksure aloestdn bdjkjndk` aeve`lpoejt dj twejty-sdx eoerhdjh enljlodes blr

9663, usdjh okture enljlodes ks k iejncokrg.

5

Qce stuay uses twejty-twl vkrdkiès,hrlupea knnlradjh tl tcree irlka adoejsdljs= djstdtutdljs kja rehu`ktdljs, sdze lb kjaknness tl bdjkjndk` okrgets, kja okrget perblrokjne. Knnlradjh tl tcds djaex, Yepui`dn lbGlrek ds rkjgea sdxtc koljh tcdrty nlujtrdes, VYN ds blurteejtc, kja Djadk rkjgs twejty-senlja. Qcds pkper bdjas tckt Djadk perblroea re`ktdve`y ietter ks rehkras dts bdjkjndkòkrgets kja jljikjg djstdtutdljs iut requdres doprlveoejts dj tce iusdjess ejvdrljoejt kswe`` ks idhher kja olre ebbdndejt ikjgs.2

Yenlhjdzdjh tckt tcere ds k `kng lb nljsejsus lj clw tl aebdje kja oeksure bdjkjndk`systeo aeve`lpoejt, tce XEB reèksea dts bdrst kjjuk` Bdjkjndk` Aeve`lpoejt Yeplrt(BAY), wcdnc prlvdaes kj djaex kja rkjgdjh lb bdbty-twl lb tce wlràs èkadjh bdjkjndk`systeos.

8

1Lje lb tce aktkikses lb tce Xlrà Ikjg Hrlup (lb tce Djterjktdljk` Bdjkjndk` Nlrplrktdlj) ds tce Aldjh

Iusdjess aktkikse, wcdnc prlvdaes k qukjtdtktdve oeksure lb rehu`ktdljs blr stkrtdjh k iusdjess, hettdjh nreadt,

prltentdjh djvestlrs, kja tce `dge. Qcds aktkikse cks k juoier lb `dodtktdljs kja cejne ales jlt bu``y nkpture

tce bdjkjndk` aeve`lpoejt lb k nlujtry. êe www.aldjhiusdjess.lrh.

Qce 9664 BAY rkjgs bdbty-bdve nlujtrdes iksea lj lver ;96 vkrdkiès spkjjdjh

djstdtutdljk` kja iusdjess ejvdrljoejts, bdjkjndk` stkid`dty, kja sdze kja aeptc lb nkpdtk`

5Alrrunnd, Oeyer-Ndrge`, kja ^kjtkirikrk (9664).

2Qce aloestdn bdjkjndk` aeve`lpoejt djaex nk`nu`ktea dj Alrrunnd, Oeyer-Ndrge`, kja ^kjtkirikrk (9664)

nkptures tcree adoejsdljs lb bdjkjndk` okrgets. Bdrst, tcere ds tce djstdtutdljk` adoejsdlj, wcdnc djnùaes tce

rehu`ktlry kja muadndk` brkoewlrg kja tce quk`dty lb djstdtutdljs. ênlja ds tce okrget adoejsdlj, wcdnc

djnùaes tce trkadtdljk` oeksures lb sdze kja knness tl bdjkjne (stlng okrget vkùe ks k pernejtkhe lb HAV,

prdvkte ilja okrget ks k pernejtkhe lb HAV, tltk` ikjg n`kdos ks k pernejtkhe lb HAV, kja kssets lb

jljikjg bdjkjndk` djstdtutdljs ks k pernejtkhe lb HAV)7 bdjkjndk` djjlvktdlj7 kja resdaejts knness tl bdjkjne.

Qce tcdra adoejsdlj ds okrget perblrokjne, djnùadjh oeksures lb tencjdnk` ebbdndejny, `dqudadty, kja

adstrdiutdlj lb aloestdn kssets ikse.

8XEB (9663).


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>

okrgets, koljh ltcers, kja ds tcus lje lb tce olst nloprecejsdve aktkikses kvkd`kiè ljbdjkjndk` aeve`lpoejt.

3

Blr tce purplses lb tce 9664 BAY kja dts djaex, bdjkjndk` aeve`lpoejt ds aebdjea ks tcebkntlrs, pl`dndes, kja djstdtutdljs tckt èka tl ebbentdve bdjkjndk` djteroeadktdlj kja okrgets,kja aeep kja irlka knness tl nkpdtk` kja bdjkjndk` servdnes.

4

d. Bkntlrs, pl`dndes, kja djstdtutdljs= tce djputs tckt k``lw tce aeve`lpoejt lbbdjkjndk` djteroeadkrdes, okrgets, djstruoejts, kja servdnes. Qcds nloprdses tcreepd``krs= djstdtutdljk` ejvdrljoejt, iusdjess ejvdrljoejt, kja bdjkjndk` stkid`dty.

Dj knnlrakjne wdtc tcds

aebdjdtdlj, tce BAY renlhjdzes vkrdlus kspents lb aeve`lpoejt lb k bdjkjndk` systeo,presejtdjh tceo ks tce sevej pd``krs lb tce bdjkjndk` aeve`lpoejt djaex (BAD). Qcese bk``djtl tcree irlka nktehlrdes=

dd. Bdjkjndk` djteroeadktdlj= tce vkrdety, sdze, aeptc, kja ebbdndejny lb tce bdjkjndk`djteroeadkrdes kja okrgets tckt prlvdae bdjkjndk` servdnes. Qcds djnùaes tcreeolre pd``krs= ikjgs, jljikjg ejtdtdes, kja bdjkjndk` okrgets.

ddd. Bdjkjndk` knness= tce `kst pd``kr, re`ktea tlknnesslb djadvdauk`s kja iusdjesses tl

adbberejt blros lb nkpdtk` kja bdjkjndk` servdnes.;6

Lje lb tce gey aesdhj prdjndpès lb tce BAD ds tce djnùsdlj lb k `krhe juoier lb vkrdkièsreèvkjt tl tce bdjkjndk` aeve`lpoejt lb iltc eoerhdjh kja aeve`lpea enljlodes. Eopcksdsds p`knea lj tce nlopljejt pkrts lb tce BAD ks k brkoewlrg blr kjk`ysds, bl``lwdjh wcdnc kvery nljservktdve kpprlknc cks ieej tkgej tl tce wedhctdjh lb vkrdkiès. Qce BAY ckshejerk``y wedhctea adbberejt nlopljejts lb tce djaex equk``y. ^tkjakradzktdlj ds alje tlperodt khhrehktdlj kja nrlss-nlujtry nlopkrdsljs. Qcds ds knnlop`dscea iy resnk`djh tcevkrdkiès lj k ;8 snkè, ; iedjh tce èkst kavkjtkhelus tl bdjkjndk` aeve`lpoejt kja 8iedjh tce olst kavkjtkhelus. Dj sloe djstkjnes, tce djterkntdlj koljh adbberejt vkrdkièsds k`sl nkpturea ienkuse nertkdj vkrdkiès nkj ie nljsdaerea olre iejebdndk` dj dopknt djtce presejne lb ltcers.

Qce BAD aeve`lpea iy tce XEB, `dge ltcer sunc djaexes lj bdjkjndk` aeve`lpoejt, cks okjy`dodtktdljs, iltc nljneptuk` kja oetclal`lhdnk` ks we`` ks aktk re`ktea. Qce BAY renlhjdzestckt `dodtktdljs k`sl exdst aue tl tce rkpda`y nckjhdjh ejvdrljoejt kja tce ujdquendrnuostkjnes lb sloe lb tce enljlodes nlverea. Tet, dj dts ktteopt tl estki`dsc knloprecejsdve brkoewlrg kja k oekjs blr iejncokrgdjh, dt prlvdaes k usebu` stkrtdjh pldjt.Qce BAY ds ujdque dj tce nloprecejsdvejess lb tce brkoewlrg dt prlvdaes kja tce rdncjesslb reèvkjt aktk dt irdjhs tl iekr lj bdjkjndk` systeo aeve`lpoejt.

3XEB (9664).

4XEB (9664, p. xddd).

;6XEB (9664, kppejadx K). Qce suipd``krs ujaer eknc lb tce sevej pd``krs lb tce BAD kre, blr tce djstdtutdljk`

ejvdrljoejt= bdjkjndk` sentlr `dierk`dzktdlj, nlrplrkte hlverjkjne, èhk` kja rehu`ktlry dssues, kja nljtrknt

ejblrneoejt7 blr tce iusdjess ejvdrljoejt= cuokj nkpdtk`, tkxes, djbrkstrunture, kja nlst lb aldjh iusdjess7

blr bdjkjndk` stkid`dty= nurrejny stkid`dty, ikjgdjh systeo stkid`dty, kja rdsg lb slveredhj aeit nrdsds7 blr ikjgdjh

bdjkjndk` servdnes= sdze djaex, ebbdndejny djaex, kja bdjkjndk` djblroktdlj adsn`lsure7 blr jljikjgdjh bdjkjndk`

servdnes= djdtdk` pui`dn lbberdjh kntdvdty, oerher kja knqudsdtdlj kntdvdty, djsurkjne, kja senurdtdzktdlj7 blr

bdjkjndk` okrgets= blredhj exnckjhe okrgets, aerdvktdves okrgets, equdty okrget aeve`lpoejt, kja ilja

okrget aeve`lpoejt7 kja blr bdjkjndk` knness= nlooerndk` knness kja retkd` knness.


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1

Qce 9664 BAY p`knes olst lb tce aeve`lpea nlujtrdes dj tce tlp rkjgdjhs, wdtc tce UjdteaGdjhalo clàdjh tce bdrst rkjg. Koljh tce eoerhdjh enljlodes, Ok`kysdk p`knes kt tce tlp,rkjgdjh twejty-senlja, bl``lwea iy Yepui`dn lb Glrek kja VYN. Djadk ds tcdrty-edhctc dj dtslverk`` rkjgdjh.

;;

Qkiè ;= Ykjgdjhs lb êènt Eoerhdjh Enljlodes, 9664

Qkiè ; presejts Djadks rkjgdjhs lj vkrdlus bdjkjndk` aeve`lpoejtpkrkoeters vds--vds ltcer doplrtkjt eoerhdjh okrgets.

Nlujtry Lverk``rkjg

Bkntlrs , pl`dn des kja djst dtutdljs Bdjkjndk` djteroeadktdlj Bdjkjndk`knness

Djstdtutdljkèjvdrljoejt

Iusdjessejvdrljoejt

Bdjkjndk`stkid`dty Ikjgs

Jljikjgdjh

nlopkjdesBdjkjndkòkrgets

Ok`kysdk 99 99 >6 ;> ;9 95 94 99

Yepui`dn lbGlrek

9> >; ;2 93 99 ;3 96 59

VelpèsYepui`dn lb

Ncdjk

92 >5 16 9> ;6 ;9 92 >6

^lutc Kbrdnk >9 98 >2 >; >6 >9 >6 18

Irkzd` >1 19 18 ;5 >5 ;5 >8 >;

Qckd`kja >5 >> >; >2 >1 18 >2 94

Djadk >3 13 13 12 >4 ;8 99 13

Yussdk 16 5> >1 >4 55 1 1; 14

^lurne= XEB (9664).

Dt wluà k bkdr suookry tl sky tckt ks per tcese replrts, iksea lj reksljki`y stkjakra kjakhreea nrdterdk, Djadk ales jlt rkjg very cdhc dj dts lverk`` snlre lb bdjkjndk` aeve`lpoejt.Clwever, dt ds re`ktdve`y we`` p`knea dj teros lb aeve`lpoejt lb jljikjgdjh bdjkjndk` servdnes

(sevejteejtc) kja bdjkjndk` okrgets (twejty-senlja).;9

>. BDJKJNDK@ AERE@LVOEJQ= QCE DJADKJ ESVEYDEJNE

Xdtcdj tce bdjkjndk` okrgets, Djadkbkdrs we`` dj aeve`lpoejt lb dts blredhj exnckjhe okrgets kja aerdvktdves okrgets. ^loe lbtce suidjadnktlrs dj wcdnc Djadk rkjgs we`` kre rehu`ktdlj lb senurdtdes exnckjhes (jdjtc) kjanurrejny stkid`dty (tejtc). Clwever, tce nlujtrys djstdtutdljk` ejvdrljoejt ds nljsdaerki`ywekger, rkjgdjh blrty-edhctc, k nljsequejne lb dts `lwer ève`s lb bdjkjndk` sentlr`dierk`dzktdlj ks we`` ks k `lw aehree lb nljtrknt ejblrneoejt. Djadks iusdjess ejvdrljoejtds k`sl kbbentea iy twl pkrtdnu`kr nck`èjhes= kj kisejne lb kaequkte djbrkstrunture kja tcecdhc nlst lb aldjh iusdjess. Qcese kreks lb adbbdnu`ty trkjs`kte djtl cdhc`y nljstrkdjeabdjkjndk` knness.

Qkiè 9 suookrdzes sloe seènt oknrlenljlodn djadnktlrs lb tce Djadkj enljloy. Qcecdhc`dhcts lb Djadks hrlwtc stlry sdjne tce ;446s ckve ieej=

d. kj kverkhe HAV hrlwtc rkte lb 8.9% kncdevea lver 96666; tl 966364, wdtc kjdjnreksdjh sckre lb servdnes dj HAV7

dd. cdhc HAV hrlwtc ardvej iy aloestdn aeokja, iltc nljsuoptdlj kja djvestoejt7

;;Djadk rkjgea tcdrty-lje lut lb bdbty-twl nlujtrdes dj tce 9663 BAY (XEB 9663).

;9Jljikjgdjh bdjkjndk` nlopkjdes, ks per tce aebdjdtdlj dj tce BAYs, djnùae djdtdk` pui`dn lbberdjh kntdvdty, oerher

kja knqudsdtdlj kntdvdty, djsurkjne, kja senurdtdzktdlj.


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ddd. k cdhc kverkhe skvdjhs rkte lb >6.> kja kj djvestoejt rkte lb >6.1 ks kpernejtkhe lb HAV lver tce 96666; tl 966364 perdla7 kja

dv. djnreksdjh`y doplrtkjt exterjk` trkae kja exterjk` nkpdtk` b`lws, ks evdaejneabrlo tce sckre lb oernckjadse trkae tl HAV djnreksdjh tl >5% dj 966863 brlo9>.8% dj 966268. @dgewdse, twl-wky hrlss nkpdtk` b`lws ks k sckre lb HAV were

1;.3% aurdjh tce ;446s kja djnreksea tl 88.4% lver 966664. Qcey stlla kt;;9.1% dj 966364.

Qkiè 9= êènt Oknrlenljlodn Djadnktlrs, Djadk, ;45;9664% lb HAV

Djadnktlr

;45;59 tl;45426

(kverkhe)

;4464; tl;4449666(kverkhe)

96666; tl966364

(kverkhe)

Kverkhe HAV hrlwtc >.2 5.8 8.9

Khrdnu`ture 5>.1 93.1 96.5

êrvdnes 94.8 5;.5 51.1

Hrlss aloestdn skvdjh rkte 4.3 9>.6 >6.>

Hrlss bdxea nkpdtk` blroktdlj rkte ;;.; 9>.2 >6.9

Qltk` blredhj trkae ;>.> ;4.2 >5.8

Qwl-wky hrlss nkpdtk` b`lws j.k. 1;.3 88.4

^lurne= Nejtrk` tktdstdnk` Lrhkjdzktdlj, Yeserve Ikjg lb Djadk (YID).

Xdtc knneèrktdlj dj enljlodn hrlwtc kja k sdhjdbdnkjt djnrekse dj skvdjhs kja djvestoejtsdj tce nlujtry, k adsnussdlj lj tce rlè lb bdjkjne ienloes doplrtkjt ks tcds nkj ckve okmlrpl`dny dop`dnktdljs. Ql ie kiè tl kpprendkte tce `djgkhe ietweej hrlwtc kja bdjkjndkàeve`lpoejt, D bdrst trkne lut tce cdstlrdnk` evlùtdlj lb bdjkjndk` okrgets dj tce nlujtry.

>.; Cdstlrdnk` Evlùtdlj lb Bdjkjndk` Okrgets

Qce bdjkjndk` systeo kja djbrkstrunture lb k nlujtry, kt k hdvej pldjt dj tdoe, ds tce resu`t lbdts lwj penu`dkr cdstlrdnk` evlùtdlj. Qcds evlùtdlj ds sckpea iy tce nljtdjulus djterkntdljietweej k`` tce p`kyers dj tce systeo kja pui`dn pl`dny djtervejtdljs lver tdoe. Qcese pl`dny

djtervejtdljs kre k`sl k rebèntdlj lb tce tcdjgdjh lb rehu`ktlrs kja hlverjoejts lb tce tdoeks tl tce knneptkiè kja aesdrkiè ik`kjne ietweej djjlvktdlj kja stkid`dty, kja ietweejtce rlè lb stkte kja tce okrgets.

Qce evlùtdlj lb Djadkj bdjkjndk` okrgets kja tce rehu`ktlry systeo cks k`sl bl``lwea ksdod`kr pktc. Blr djstkjne, Djadk iehkj wdtc tce nejtrk` ikjg, Yeserve Ikjg lb Djadk (YID), kstce ikjgdjh sentlr rehu`ktlr, kja tce Odjdstry lb Bdjkjne ks tce rehu`ktlr blr k`` ltcerbdjkjndk` sentlrs. Qlaky, olst bdjkjndk` servdne prlvdaers kja tcedr rehu`ktlry khejndes krejlw dj p`kne. Qce rlè lb rehu`ktlrs cks evl`vea lver tdoe brlo tckt lb kj djstruoejt blrp`kjjea aeve`lpoejt dj tce djdtdk` stkhe tl tckt lb k reberee lb k re`ktdve`y olre olaerj kjanlopèx bdjkjndk` sentlr kt presejt.

Lver tcds perdla, k vkrdety lb bdjkjndk` sentlr reblro oeksures ckve ieej ujaertkgej djDjadk, wdtc okjy doplrtkjt sunnesses. Kj doplrtkjt bekture lb tcese reblros cks ieej tcektteopt lb tce kutclrdtdes tl k`dhj tce rehu`ktlry brkoewlrg wdtc djterjktdljk` iest prkntdnes,


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2

geepdjh dj vdew tce jeeas lb tce nlujtry kja aloestdn bkntlrs. Qcese reblros nkj ieirlka`y n`kssdbdea ks steps tkgej tlwkras=

d. `dierk`dzdjh tce lverk`` oknrlenljlodn kja rehu`ktlry ejvdrljoejt wdtcdj wcdncbdjkjndk` sentlr djstdtutdljs bujntdlj,

dd. strejhtcejdjh tce djstdtutdljs kja doprlvdjh tcedr ebbdndejny kja nlopetdtdvejess,kja

ddd. estki`dscdjh kja strejhtcejdjh tce rehu`ktlry brkoewlrg kja djstdtutdljs blrlverseedjh tce bdjkjndk` systeo.

Qce bl``lwdjh pkhes adsp`ky, dj tkiu`kr blrokt, tce aeve`lpoejts tckt ckve tkgej p`kne djeknc lb tce sehoejt lb tce bdjkjndk` okrget, jkoe`y, senurdtdes, aeit, blredhj exnckjhe,ikjgdjh, kja djsurkjne, kja k`sl okge kj kssessoejt lb hrlwtc kja aeve`lpoejt dj eknclb tcese sehoejts.

>.9 ênurd tdes Okrgets

Qkiè > lut`djes tce stktus lb tce senurdtdes okrgets ieblre ;449 kja iy 9664.Qkiè >= Aeve`lpoejts dj ênurdt des Okrgets, pre-;449 versus 9664

Bektures Vre-;449 9664Yehu`ktlr Jl spendbdn rehu`ktlr, iut

nejtrk` hlverjoejtlversdhct

K spendk`dzea rehu`ktlr blr senurdtdes okrget(ÊID) nrektea dj ;449, vestea wdtc tce plwerstl prltent djvestlrs djterest kja tl aeve`lp kjarehu`kte senurdtdes okrget. ^YLs strejhtcejea

ênurdtdes @dodtea juoier lbtrkadtdljk` djstruoejts

Expkjaea tl nlver hlverjoejt senurdtdes, ujdtslb ND^s kja OBs, aerdvktdves lb senurdtdes,senurdty renedpts

Blro lb senurdtdes Vcysdnk` Aeokterdk`dzea tcrluhc ejki`djh èhds`ktdlj(;44248)

Yehu`ktlrykpprlknc

Oerdt-iksea rehu`ktdlj Adsn`lsure-iksea rehu`ktdlj (;449)

Djteroeadkrdes ^loe lb tce djteroeadkrdes(stlng irlgers,kutclrdzea nèrgs)rehu`ktea iy tce ^YLs

K vkrdety lb spendk`dzea djteroeadkrdes eoerhea.Qcey kre rehdsterea kja rehu`ktea iy ÊID(k`sl iy ^YLs dj sloe djstkjnes). Qcey ks we``ks tcedr eop`lyees kre requdrea tl bl``lw k nlaelb nljaunt kja kre suiment tl k juoier lbnlop`dkjnes. K`` pkrtdndpkjts kre daejtdbdea iy kujdque daejtdbdnktdlj juoier

Knness tl okrget Hrkjtea iy tce nejtrk`hlverjoejt

E`dhdiè dssuers knness tce okrget kbternlop`ydjh wdtc tce dssue requdreoejts ksaetkdèa dj rehu`ktdljs ujaer tce ÊID Knt, ;449

Adsn`lsure Rlùjtkry, vkhue, snkjtykja jljstkjakradzea

^tkjakradzea, systeoktdn, kja kt pkr wdtc tcedjterjktdljk` stkjakras

Vrdndjh lbsenurdtdes

Aeterodjea iy tce nejtrk`hlverjoejt

Aeterodjea iy okrget, edtcer iy tce dssuertcrluhc bdxea prdne lr iy tce djvestlrs tcrluhcillg iudàdjh (;449)

Knness tldjterjktdljkòkrget

Jl knness Nlrplrktdljs k``lwea tl dssue KAYs kja HAYskja rkdse ENIs. KAYs kja HAYs ckve`dodtea twl-wky bujhdid`dty. OBs k`sl k``lweatl djvest lverseks

Blredhj djstdtutdljk` djvestlrs k``lwea tl trkae djDjadkj okrgets


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8

Bektures Vre-;449 9664Nlrplrkte

nlop`dkjneRery `dttè eopcksds Eopcksds lj adsn`lsures, knnlujtdjh stkjakras,

kja nlrplrkte hlverjkjne

Outuk` bujas Yestrdntea tl pui`dn sentlr Lpej tl prdvkte sentlr kja eoerhejne lb k

vkrdety lb bujas kja snceoes

Exnckjhestrunture

Outuk` jlt-blr-prlbdtexnckjhes

Blr-prlbdt nlrplrkte, aeoutuk`dzea exnckjhesokjaktea tcrluhc èhds`ktdve koejaoejts djtce senurdtdes èhds`ktdlj (9661)

Qrkadjhoenckjdso

Lpej lutnry, kvkd`kiè kttce trkadjh rdjhs lb tceexnckjhes7 lpkque,kuntdlj lr jehltdkteaaek`s

^nreej-iksea trkadjh systeo7 lraers kreoktncea lj prdne-tdoe prdlrdty7 trkjspkrejttrkadjh p`ktblro knnessdiè brlo k`` lver tcenlujtry

Khhrehktdlj lblraer b`lw

Okrget brkhoejtea iyhelhrkpcdn adstkjne7lraer b`lw ujliservea

Lraer b`lw liservea. Qce exnckjhes ckve lpejeèntrljdn nljsl`daktea `dodt lraer illg

Kjljyodty djtrkadjh Kisejt Nlopète

êttèoejt nynè ;1-aky knnlujt perdlasettèoejt, jlt k`wkysbl``lwea

Yl``djh settèoejt lj Q+9 iksds (;4449666)

Nlujterpkrty rdsg Vresejt Kisejt wdtc nèkrdjh nlrplrktdljs kja nèkrdjhcluses kntdjh ks nejtrk` nlujterpkrty

Blro lb settèoejt Vcysdnk` Olst`y eèntrljdn

Iksds lbsettèoejt

Id`kterk` jettdjh Ou`td`kterk` jettdjh

Qrkjsber lb

senurdtdes

Nuoiersloe. Qrkjsber iy

ejalrseoejt lj senurdtykja rehdstrktdlj iy dssuer

ênurdtdes kre bree`y trkjsberkiè. Qrkjsbers kre

renlraea eèntrljdnk``y dj illg ejtry blro iyaeplsdtlrdes

^ysteodn rdsgokjkheoejt

Jl blnus lj rdsgokjkheoejt

Nloprecejsdve rdsg okjkheoejt systeo kt tceexnckjhes ejnlopkssdjh nkpdtk` kaequkny,`dodts lj explsure kja turjlver, RkY-ikseaokrhdjdjh, n`dejt-ève` hrlss okrhdjdjh, lj-`djeplsdtdlj oljdtlrdjh, iusdjess nljtdjudty p`kjs,kja tce `dge

Aerdvktdves trkadjh Kisejt K wdae krrky lb exnckjhe-trkaea aerdvktdves,sunc ks butures kja lptdljs lj djaexes kjasdjhè stlngs kja butures lj djterest rktes(kvkd`kiè sdjne 96666; kja ljhldjh),nlooladtdes (sdjne 966>), kja nurrejndes(sdjne 9663)

Yesekrnc Rery `dttè Okjy okrget pkrtdndpkjts ckve bu``-bèahearesekrnc aepkrtoejts. ^loe lb tceo ckvesnceoes kja djdtdktdves tl prlolte resekrnc

^lurne= Kutclr

Jltes= KAYs, Koerdnkj aeplsdtlry renedpts7 ND^s,nl`èntdve djvestoejt snceoes7 ENIs, exterjk` nlooerndkìlrrlwdjhs7 HAYs, h`lik` aeplsdtlry renedpts7 OBs, outuk` bujas7 EID, enurdtdes kja Exnckjhe Ilkra lb Djadk7^YLs, se`b-rehu`ktlry lrhkjdzktdljs7 RkY, vkùe kt rdsg.

>.9.; Equd ty Okrgets

Qcluhc Djadk cks, dj tce Iloiky ^tlng Exnckjhe (IÊ), lje lb tce làest stlng exnckjhesdj Ksdk kja tce wlrà, tce nlujtrys olaerj senurdtdes okrget cdstlry rek``y stkrts lj`y dj tce

;446s. Dj tcds perdla, stkrtdjh dj tce oda-;446s, tce Djadkj senurdtdes okrget cks okjy bdrststl dts nreadt. Dt estki`dscea lje lb tce bdrst aeoutuk`dzea stlng exnckjhes dj tce wlrà. K``


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3

stlng exnckjhes dj Djadk tlaky kre nlrplrktdzea kja aeoutuk`dzea. Qce Djadkj senurdtdesokrget wks tce bdrst tl use skte``dte-iksea nlooujdnktdlj tencjl`lhy blr senurdtdestrkjskntdljs. Dt wks tce bdrst tl djtrlaune strkdhct tcrluhc prlnessdjh dj senurdtdestrkjskntdljs. Qce hrlwdjh juoier lb okrget pkrtdndpkjts7 tce hrlwtc dj vlùoes dj senurdtdestrkjskntdljs7 tce reauntdlj dj trkjskntdlj nlsts7 tce sdhjdbdnkjt doprlveoejts dj ebbdndejny,trkjspkrejny, kja skbety7 kja tce ève` lb nlop`dkjne wdtc djterjktdljk` stkjakras ckveekrjea blr tce Djadkj senurdtdes okrget k jew respent koljh tce senurdtdes okrgets dj tcewlrà.

Dj kaadtdlj tl tcese aeve`lpoejts, tckjgs tl tce okssdve `dierk`dzktdlj uscerea dj ;449, tcesenurdtdes okrget dj Djadk cks hrlwj expljejtdk``y ks oeksurea dj teros lb tce kolujtrkdsea brlo tce okrget, juoier lb okrget pkrtdndpkjts, juoier lb `dstea stlngs, okrgetnkpdtk`dzktdlj, trkadjh vlùoes kja turjlver lj stlng exnckjhes, kja djvestlr plpu`ktdlj.Qkiè 1presejts sloe stktdstdns pertkdjdjh tl tce senurdtdes okrgets dj Djadk.

Qkiè 1= Vrlbdè lb Djadkj ênurdt des Okrgets, 966664kOd``dljs l b U^ al``krs, ujèss ltcerw dse djadnktea

Aesnr dptdlj 96666; 966863 966364Kolujt rkdsea iy hlverjoejt 98,513 55,82> 12,64>

Kolujt rkdsea aloestdnk``y iy nlrplrktesentlr

;5,464 53,>3> 95,354

Kolujt rkdsea tcrluhc eurl dssues 466 2,211 416

Kolujt rkdsea iy outuk` bujas 9,>38 >3,184 -5551

Kssets ujaer okjkheoejt lb outuk`bujas kt tce eja lb yekr

;4,19> ;92,>3> 3;,461

Okrget nkpdtk`dzktdlj kt tce eja lb yekr ;21,35; ;,932,>68 268,62;

Qurjlver dj nksc sehoejt 2;8,863 ;,93>,228 852,651

Dopknt nlst (blr k trkae lb Ys 6.5 nrlre ktJÊ), dj %

i

6.93 6.64 6.63

Qrkadjh nlsts, dj iksds pldjts ;;1 5> 52Jet nuou`ktdve djvestoejt iy BDDs kt tce

eja lb yekr, dj id``dljs lb U.^. al``krsn

;>.1 23 52.8

Od``dljs lb djvestlr knnlujts wdtcaeplsdtlrdes kt tce eja lb yekr

>.3 ;1.9 ;5.9

^lurnes= YID, enurdtdes kja Exnckjhe Ilkra lb Djadk, kja tce Jktdljk` tlng Exnckjhe lb Djadk (JÊ).

Jltes= k) K`` nljversdljs brlo Djadkj rupee (Ys) tl U^ al``krs blr k pkrtdnu`kr bdsnk` yekr kre okae kt tce exnckjherkte prevkd`djh lj Okrnc >; lb tckt bdsnk` yekr7 i) K nrlre ds kj Djadkj ujdt equk`djh ;6 od``dlj7 n) BDDs, blredhjdjstdtutdljk` djvestlrs.

Knnlradjh tl tce 9664 H`lik` ^tlng Okrgets Bkntillg, Djadk rkjgea tcdrteejtc dj tce wlrà djteros lbtltk` okrget nkpdtk`dzktdlj (U^$215 id``dlj) kja tltk` vkùe trkaea (U^$;,656 id``dlj)

dj 9663.;>

>.9.9 Equd ty Aerdvktdves Okrgets

Dt rkjgea senlja dj teros lb tce juoier lb `dstea nlopkjdes, exneeaea lj`y iyUjdtea ^tktes. Clwever, Djadk ds std`` bkr iecdja VYN dj teros lb okrget nkpdtk`dzktdlj kjaturjlver, wcdè dt snlres we`` kilve tce ltcer EOEs lj tcese equdty okrget djadnktlrs.

Djadks tryst wdtc exnckjhe-trkaea equdty aerdvktdves iehkj lj`y dj tcds nejtury. Qrkadjh bdrstnlooejnea dj djaex butures nljtrknts, bl``lwea iy djaex lptdljs dj Muje 966;, djadvdauk`stlngs lptdljs dj Mu`y 966;, kja sdjhè stlngs butures dj Jlveoier 966;. ^djne tcej, equdtyaerdvktdves ckve nloe k `ljh wky. Kj expkjadjh `dst lb e`dhdiè djvestlrs, rdsdjh vlùoes,kja tce iest lb rdsg okjkheoejt brkoewlrg blr exnckjhe-trkaea aerdvktdves ckve ieej tceck`òkrgs lb tce cdstlry lb equdty aerdvktdves dj Djadk sl bkr.

;>^tkjakra kja Vllrs (9664).


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Djadks experdejne wdtc tce `kujnc lb tce equdty aerdvktdves okrget cks ieej extreoe`yplsdtdve. Qce aerdvktdves turjlver lj tce Jktdljk` ^tlng Exnckjhe lb Djadk (JÊ) ckssurpkssea tce equdty okrget turjlver wdtcdj blur yekrs lb tce djtrlauntdlj lb aerdvktdves.

;1

Qkiè 5= Hrlwtc dj Aerdvktdve Okrgets, 966664Ujdts ks djadnktea

Qce turjlver lb aerdvktdves (lj tce JÊ kja IÊ) djnreksea brlo Ys 16,>36 od``dlj(U^$6.38 id``dlj) dj 96666; tl Ys ;;6,998,139 od``dlj (U^$9,;2> id``dlj) dj 966364 (tkiè

5).

TekrJl. lb nljtrknts

trkaeaQurjlver

(Ys od``dljs)Lpej djterest(Ys od``dljs)

Qurjlver(U^$ od``dljs)

96666; ;23,>9> 16,>36 j.k. 322

966>61 58,924,6>1 9;,1>;,6;9 8;,34; 14>,4;2

966268 9;3,193,819 81,;59,881 >32,3>6 ;,86;,;19

966364 258,462,635 ;;6,998,139 588,656 9,;2>,111

^lurne= enurdtdes kja Exnckjhe Ilkra lb Djadk

Dj teros lb tce juoier lb sdjhè stlng butures nljtrknts trkaea dj 9663, tce JÊ ceà tcesenlja plsdtdlj dj tce wlrà dj 96637 dt wks blurtc dj tce juoier lb stlng djaex lptdljsnljtrknts trkaea kja tcdra dj tce juoier lb stlng djaex butures nljtrknts.;5Dj teros lb trkaeavlùoes dj butures kja lptdljs tkgej tlhetcer, tce JÊ cks ieej doprlvdjh dts wlràwdaerkjgdjh brlo bdbteejtc dj 9662 tl jdjtc dj 9668 kja edhctc dj 9663.;2

Qcus Djadk ds lje lb tce olst sunnessbu` aeve`lpdjh nlujtrdes dj teros lb k vdirkjt okrgetblr exnckjhe-trkaea equdty aerdvktdves. Clwever, lj tce hejerk` dssue lb rdsg odtdhktdljprlaunts (lb wcdnc equdty aerdvktdves kre must lje exkopè), dt ds pldhjkjt tl jlte tckt

djjlvktdljs ckve kppekrea dj tce nlujtry lj`y kbter yekrs lb tld` kja wkdtdjh. ^tlng djaexbutures tllg bdve yekrs tl ie lbberea tl tce djvestlrs, brlo tce tdoe tcey were nljnedvea.Exnckjhe-trkaea buja blr hlà khkdj tllg blur yekrs tl ienloe k rek`dty. Djterest rkteaerdvktdves, tcluhc `kujncea dj 966>, ada jlt tkge lbb okdj`y aue tl nljstrkdjts lj tcepkrtdndpktdlj lb ikjgs dj tcds okrget kja cka tl ie re`kujncea dj 9664. Qcese experdejnescdhc`dhct tce kaverse ejvdrljoejt blr bdjkjndk` djjlvktdlj dj tce nlujtry.

Qce trkaea vlùoes djtce aerdvktdves sehoejt lb tce JÊ dj 9663 represejtea kj djnrekse lb 55.1% lver tcebdhure blr 9668.

Kjltcer dssue tckt aeserves kttejtdlj blr burtcer aeve`lpoejt lb tcese okrgets ds tce exp`dndtsehoejtktdlj lb okrgets wdtcdj exnckjhes. Ks kj exkopè, tce equdty splt okrget ds ljesehoejt, kja tce equdty aerdvktdves okrget ds kjltcer sehoejt. Qce nurrejny aerdvktdvesokrget ds yet kjltcer sehoejt. Bdjkjndk` bdros ckve tl litkdj sepkrkte oeoierscdps dj ekncsehoejt kja subber brlo k aup`dnktdlj lb nlop`dkjne nlsts. Qcds sepkrktdlj k`sl reaunes tce

kid`dty lb k nèkrdjh nlrplrktdlj tl gjlw tce bu`` plsdtdlj lb k bdjkjndk` bdro lr dts nustloers,kja tce rdsg tckt tce bdro plses tl tce systeo.

>.> Aeit Okrgets

Qce bl``lwdjh kjk`ysds evkùktes tce perblrokjne lb tcree nlopljejts lb tce aeit okrget=oljey okrgets, hlverjoejt senurdtdes okrgets, kja nlrplrkte aeit okrgets.

;1Qce JÊ ds k preoder stlng exnckjhe lb tce nlujtry, knnlujtdjh blr 44 % lb trkadjh dj tce aerdvktdves sehoejt.

;5Qcese rkjgdjhs kre iksea lj Xlrà Beaerktdlj lb Exnckjhes (9663).

;2Butures Djaustry Ksslndktdlj (9664).


14/33


;6

>.>.; Oljey Okrgets

Qkiè 2 sclws tce aeve`lpoejt lb oljey okrgets dj Djadk dj ;449 kja 9664.

Qkiè 2= Aeve`lpoejts dj Oljey Okrgets, ;449 versus 9664

Bektures ;449 9664Vure djterikjg nk`` oljey

okrgetKisejt Nk`` okrget trkjskntdljs `dodtea tl ikjgs kja

prdokry aekèrs lj`y dj tce djterest lbbdjkjndk` stkid`dty, èkadjh tl aeve`lpoejt lbpure djterikjg nk`` oljey okrget

Ujnl``kterk`dzea nk`òljey sehoejt versusnl``kterk`dzea okrget

Nk`` oljey okrget`krhe`yujnl``kterk`dzea

^cdbt lb kntdvdty brlo ujnl``kterk`dzea tlnl``kterk`dzea sehoejts lb tce okrget

Yepl okrget @dodtea pkrtdndpkjts Jljikjgdjh bdjkjndk` nlopkjdes, outuk`bujas, clusdjh bdjkjne nlopkjdes, kjadjsurkjne nlopkjdes jlt clàdjhsuisdadkry hejerk` èaher knnlujts

perodttea tl ujaertkge repl trkjskntdljsks lb Okrnc >, 966>

ûisequejt`y, jljsnceauèa urikjnllperktdve ikjgs kja `dstea nlopkjdesckvdjh hd`t knnlujts wdtc snceauèanlooerndk` ikjgs kre k``lwea tlpkrtdndpkte dj repl okrgets

Nejtrk` nlujterpkrty Jljexdstejt Nèkrdjh Nlrplrktdlj lb Djadk set up ks knejtrk` nlujterpkrty blr k`` trkaes djvl`vdjhblredhj exnckjhe7 hlverjoejt senurdtdeskja ltcer aeit djstruoejts rlutea tcrluhcdt

^lurne= Kutclr

Dj nlopkrdslj wdtc tce ekr`y ;446s, oljey okrgets kre nurrejt`y ietter dj teros lb aeptc,kja ks k resu`t lb vkrdlus pl`dny djdtdktdves, kntdvdty dj k`` tce sehoejts cks djnrekseasdhjdbdnkjt`y, espendk``y aurdjh tce `kst tcree yekrs (tkiè 8). Xdtc tce aeve`lpoejt lb okrgetrepl kja nl``kterk`dzea ilrrlwdjh kja èjadjh li`dhktdlj sehoejts, tce nk`` oljey okrgetcks ieej trkjsblroea djtl k pure djterikjg okrget sdjne Kuhust 9665. Dj tce djterest lbbdjkjndk` stkid`dty, tce ujnl``kterk`dzea lverjdhct trkjskntdljs kre jlw `dodtea tl ikjgs kjaprdokry aekèrs.


15/33


;;

Qkiè 8= Kntdvdty dj tce Oljey Okrget êhoejt, 966;68k

Od``dljs lbU.^.al``krsTekr

Kverkhe akd `y tu rjlveri Lutstkjadjh kolujtsNk``

oljeyokrget

Okrget repl(lutsdae tce

@KB)n NI@L

Qerooljeyokrget

Oljeyokrget,tl

tk`Nlooerndk`

pkperNertdbdnktes lb

aeplsdt966;69 8,969 2,;3; j.k. 16 ;>,199 ;,291 ;41

966562 1,6>6 1,813 1,149 ;38 ;>,153 >,385 2,;;4

966268 1,431 8,892 8,1>; 9>9 96,>89 1,498 ;1,46;

^lurne= YID.

Jltes= k) K`` nljversdljs brlo Djadkj rupees tl U.^. al``krs blr k pkrtdnu`kr bdsnk` yekr kre okae kt tce exnckjhe rkteprevkd`djh lj Okrnc >; lb tckt bdsnk` yekr7 i) Qurjlver ds twdne tce sdjhè èh vlùoes dj tce nkse lb nk`` oljey kjaNI@L (nl``kterk`dzea ilrrlwdjh kja ejadjh li`dhktdlj) tl nkpture ilrrlwdjh kja èjadjh iltc, kja blur tdoes dj nkselb okrget repl tl nkpture tce ilrrlwdjh kja èjadjh dj tce twl èhs lb k repl7 n) @KB, `dqudadty kamustoejt bknd`dty.

Rl`ktd`dty dj nk`` rktes cks aen`djea lver tce yekrs, espendk``y kbter tce djtrlauntdlj lb tce`dqudadty kamustoejt bknd`dty. Qcere k`sl cks ieej k reauntdlj dj ida-ksg spreka dj tcelverjdhct rktes, wcdnc djadnktes tckt tce Djadkj oljey okrget cks ienloe reksljki`y aeep,vdirkjt, kja `dquda.

Clwever, tcluhc tce oljey okrget ds bree brlo djterest rkte ned`djhs, strunturk` ikrrders kjadjstdtutdljk` bkntlrs nljtdjue tl nrekte adstlrtdljs dj tce okrget. Kpkrt brlo tce lverjdhctdjterikjg (nk`` okrget) rkte, tce ltcer djterest rktes dj tce oljey okrget kre stdngy kjakppekr tl ie set dj nustloer okrgets rktcer tckj kuntdlj okrgets. K we``-aebdjea ydeà nurveales jlt tcereblre exdst dj tce Djadkj oljey okrget.

>.>.9 Hlverjoejt ênurdt des Okrgets

Qkiè 3 d`ùstrktes clw tce hlverjoejt senurdtdes okrget cks nckjhea brlo ;449 tl 9664.


16/33


;9

Qkiè 3= Aeve`lpoejts dj Hlverjoejt ênurd tdes Okrgets, ;449 versus 9664

Bektures ;449 9664ênurdtdes V`kdj vkjd``k nksc b`lw

senurdtdesExpkjaea tl djnùae zerl nluplj iljas,

b`lktdjh rkte iljas, nkpdtk` djaexea

iljas, iljas wdtc eoieaaeaaerdvktdves, djterest rkte butures

Blro lb senurdtdes Vcysdnk` Aeokt clàdjh iy YID-rehu`ktea ejtdtdes

Vrdndjh lb senurdtdes Kaodjdsterea djterest rktes Dssue kt okrget-re`ktea rktes (kuntdlj)

Vkrtdndpktdlj Nkptdve djvestlrs (olst`yikjgs)

Expkjaea tl k``lw prdokry aekèrs, BDDs,retkd` djvestlrs

Qrkadjh oenckjdso Qcrluhc teèpclje JA^, wcdnc prlvdaes jehltdktdlj kjasnreej-iksea trkadjh

Nlujterpkrty rdsg Vresejt Nèkrdjh Nlrplrktdlj lb Djadk prlvdaes

jlvktdlj kja hukrkjtees settèoejtQencjl`lhdnk`

djbrkstruntureXekg K snreej-iksea kjljyolus trkadjh kja

replrtdjh p`ktblro djtrlaunea dj tce blrolb JA^-LO, wcdnc ejkiès eèntrljdnidaadjh dj prdokry kuntdljs kjaadsseodjktes trkadjh djblroktdlj wdtc kodjdouo tdoe `kh

Aeptc kja `dqudadty @dodtea Juoier lb oeksures tkgej tl prlolte`dqudadty, sunc ks djtrlauntdlj lb wcejdssuea trkadjh, sclrt se``djh lbhlverjoejt senurdtdes kja kntdvenljsl`daktdlj lb hlverjoejt aeittcrluhc iuy ikngs.

^lurne= Kutclr

Jltes= Aeokt, aeokterdk`dzea knnlujt7 JA^, jehltdktea aek`djh systeo7 LO, lraer oktncdjh sehoejt.

Ks k resu`t lb tce aeve`lpoejtk` oeksures ujaertkgej, tce vlùoe lb trkjskntdljs djhlverjoejt senurdtdes cks djnreksea okjyblà lver tce pkst aenkae (tkiè 4). Qce djvestlrikse, wcdnc wks `krhe`y aeterodjea iy okjaktea djvestoejt requdreoejts ieblre reblros,cks expkjaea s`dhct`y wdtc tce vlùjtkry clàdjh lb hlverjoejt senurdtdes. Knnlradjh`y, tcesckre lb nlooerndk` ikjgs dj clàdjh lb hlverjoejt senurdtdes cks aen`djea brlo kilut1;.5% dj 9668 tl >3.3% dj 9664.;8

Qkiè 4= ênljakry Okrget Qrkjskntdljs dj Hlverjoejt ênurd tdes, 966663Od``dljs l b U^ al``krs

Tekr Qurjlver9666 ;94,64>

9665 58;,886

9663 ;,9>8,44>

^lurne= YID.

Jlte= K`` nljversdljs brlo Djadkj rupees tl U.^. al``krs blr k pkrtdnu`kr nkèjakr yekr kre okae kt tce exnckjhe rkteprevkd`djh lj Aeneoier >; lb tckt yekr.

;8Bdhures kre brlo tce oljtc`y iu`ètdjs lb tce YID.


17/33


;>

Clwever, k juoier lb prlièos nljtdjue tl nljbrljt tcese okrgets. K iejncokrg ydeànurve blr hlverjoejt senurdtdes cks jlt yet eoerhea. @dqudadty lb tce okrgets ds pllr, wcdncdopeaes tce aeve`lpoejt lb k ydeà nurve tckt nkj ie re`dki`y usea tl prdne k`` nksc b`lws lbbtce nurve. Lj`y k ckjabu` lb senurdtdes knnlujt blr tce iu`g lb trkadjh. Qcere kre dsl`kteaplngets lb `dqudadty blr very sclrt tero kja very `ljh tero senurdtdes. Dj kaadtdlj, tcere kre`dodts lj blredhj djstdtutdljk` djvestlr (BDD) djvestoejts dj hlverjoejt senurdtdes (kt tcdswrdtdjh, U^$5 id``dlj), wcdnc `dodt vlùjtkry aeokja blr tceo brlo kirlka.

K gey dssue blr hlverjoejt senurdtdes okrgets ds tckt tce nejtrk` ikjg ds k`sl tce okjkher lbpui`dn aeit dj tce nlujtry, wcdnc èkas tl k serdes lb nljb`dnts. Qcere ds, tl iehdj wdtc, knljb`dnt lb djterest ietweej settdjh tce sclrt-tero djterest rkte kja se``djh iljas blr tcehlverjoejt. Burtcerolre, sdjne tce nejtrk` ikjg kaodjdsters tce lperktdljk` systeos blrtcese okrgets, dt bl``lws tckt tce lwjer-kaodjdstrktlr lb tcese systeos ds k`sl k pkrtdndpkjtdj tce okrget. Dj ebbent, tce hlverjoejt senurdtdes okrget ds k nkptdve okrget, wdtc tce YIDokjaktdjh tckt ikjgs clà k `krhe kolujt lb hlverjoejt iljas7 tcds ujaerodjes tce hrlwtclb k aeep, `dquda okrget dj hlverjoejt senurdtdes wdtc vdirkjt trkadjh kja spenu`ktdve prdneadsnlvery. Dj turj, tcds ckopers tce aeve`lpoejt lb tce nlrplrkte ilja okrget ks tcere kiejncokrg slveredhj ydeà nurve ds `kngdjh, okgdjh dt adbbdnu`t tl prdne nlrplrkte iljas.

>.>.> Nlrplrkte Aeit Okrgets

Qkiè ;6 sclws tce nckjhe dj nlrplrkte aeit okrgets dj Djadk brlo ;449 tl 9664.

Qkiè ;6= Aeve`lpoejts dj Nlrplrkte Aeit Okrgets, ;449 versus 9664

Bektures ;449 9664Dssue prlneaures Nuoiersloe ^dop`dbdea dssue prlneaures put dj p`kne

tcrluhc rehu`ktdljs. Dssuers requdrea tlokge lj`y sloe djnreoejtkàdsn`lsures every tdoe tcey kpprlknc

tce okrget wdtc k bresc dssue edtcer tltce pui`dn lr tcrluhc k prdvktep`kneoejt

Nejtrk`dzea aktkikse Jljexdstejt Aktkikse blr jew ilja dssukjneslperktdljk`dzea

Yetkd` pkrtdndpktdlj @dodtea okdj`y aue tl cdhcodjdouo `lt sdze lb Ys ;od``dlj

Qce odjdouo okrget `lt reaunea tl Ys;66,666 tl ejkiè ietter knness tlsok`èr djvestlrs

Exnckjhe-trkaea djterestrkte aerdvktdves

Jlt kvkd`kiè Exnckjhe-trkaea djterest rkteaerdvktdves `kujncea dj 966> kjare`kujncea wdtc nertkdj nckjhes dj9664

Qrkae replrtdjh p`ktblro

Aeokterdk`dzktdlj

êttèoejt

Kisejt

Kisejt

Krrkjhea iy nlujterpkrtdes

Qrkae replrtdjh p`ktblro lperktdljk`dzea

Nlopu`slry aeokterdk`dzktdlj djsettèoejt brlo 966>

êttèoejt tcrluhc kj exnckjhep`ktblro (brlo 9664)

^lurne= Kutclr

Vrdvkte ilja okrget nkpdtk`dzktdlj ks pernejtkhe lb HAV wks 6.1% blr Djadk dj 966;,djnreksdjh tl 9.28% dj 9668. Qce pui`dn ilja okrget nkpdtk`dzktdlj ks pernejtkhe lb HAVwks >6 % kja >% blr tcese yekrs, respentdve`y. Qcese bdhures djadnkte ujaeraeve`lpea iljaokrgets wcej nlopkrea tl ltcer eoerhdjh okrgets wdtc sdod`kr bdjkjndk` sentlr aeptc. Knlopkrdslj lb tce sdze kja nloplsdtdlj lb tce aloestdn aeit okrget dj Djadk wdtc seènt

eoerhdjh okrget nlujtrdes puts Djadk kt tce ilttlo dj teros lb prdvkte ilja okrgetnkpdtk`dzktdlj ks k pernejtkhe lb HAV kja kceka lb ^lutc Kbrdnk kja VYN dj teros lb pui`dn


18/33


;1

ilja okrget nkpdtk`dzktdlj ks k pernejtkhe lb HAV (tkiè ;;). Dj Djadk bdjkjndk` djstdtutdljskja hlverjoejt lr hlverjoejt-hukrkjteea djstruoejts alodjkte olst lb tce dssukjne djtce nlrplrkte ilja okrget, wdtc k sckre lb 3% kja 46% lb tce tltk` dssukjne ks lb tce ejalb Okrnc 9664, respentdve`y. Qce sckre lb nlrplrkte dssuers dj tce tltk` ilja dssukjne dsvery `lw kt lj`y 9%.

Qkiè ;;= Vrdvkte kja Vui` dn Aloestd n Ilja Okrget Nkpdtk`dzktdlj ks k ^ckre lb HAV,Rkrdlus Nlujtrdes, 9668

%

NlujtryVrdvkte ilja okrget

nkpdtk`dzktdljkVui`dn ilja okrget

nkpdtk`dzktdljiEoerhdjh okrgetsDjadk 9.28 >6.48Yepui`dn lb Glrek 53.3; 13.;;^lutc Kbrdnk ;5.42 95.88Velpès Yepui`dnlb Ncdjk

91.12 93.;>

Qckd`kja ;2 >1.89Yussdk 9.38 44.29Irkzd` ;2.49 12.;>Aeve`lpea okrgets

Ujdtea ^tktes ;95.;6 12.88Ujdtea Gdjhalo ;5.31 >9.64Mkpkj >3.84 ;54.4;

^lurne= Xlrà Ikjg Bdjkjndk` trunture aktkikse, upaktea lj Oky 9664 (cttp=//hl.wlràikjg.lrh/S9>UA4[US6).

Jltes= k) Vrdvkte aloestdn aeit senurdtdes kre lutstkjadjh senurdtdes dssuea iy bdjkjndk` djstdtutdljs kja nlrplrktdljs,ks k sckre lb HAV7 i) Vui`dn aloestdn aeit senurdtdes kre lutstkjadjh senurdtdes dssuea iy hlverjoejt, ks k sckre lbHAV.

K we``-aeve`lpea nlrplrkte ilja okrget ds essejtdk` blr bdjkjndk` systeo ebbdndejny, stkid`dty,

kja lverk`` enljlodn hrlwtc. K we``-bujntdljdjh ilja okrget prlvdaes blr bdjkjndkàdversdbdnktdlj kja bknd`dtktes jenesskry bdjkjndjh blr nlrplrktdljs kja djbrkstruntureaeve`lpoejt. Clwever, ks jltea kilve, tcds okrget reokdjs prkntdnk``y jljexdstejt dj Djadk,doplsdjh kj kvldakiè nljstrkdjt lj Djadks kid`dty tl bdjkjne dts hrlwdjh jeeas blr aeit,pkrtdnu`kr`y blr djbrkstrunture aeve`lpoejt. Olst lb tce `krhe dssuers kre quksd-hlverjoejtk`,djnùadjh ikjgs, pui`dn sentlr ld` nlopkjdes, lr hlverjoejt-spljslrea bdjkjndk` djstdtutdljs.Lb tce rest, k bew gjlwj jkoes alodjkte. Qcere ds very `dttè cdhc-ydeà dssukjne, kjasprekas ietweej slveredhj aeit, KKK aeit, kja cdhc-ydeà aeit kre cdhc dj nlopkrdslj tlltcer okrgets. Rery bew pkpers trkae lj k rehu`kr iksds. Qrkadjh dj olst pkpers ardes upkbter tce bdrst bew akys lb dssukjne, aurdjh wcdnc tce `krher p`kyers retkd` tce iljas tceyckve pdngea up tl sok`èr pejsdlj bujas kja nllperktdve ikjgs. Olst trkadjh ds ietweejikjgs kja tce outuk` buja nlopkjdes.

Qce `kng lb aeptc dj tce hlverjoejt ilja okrget kja tce kisejne lb k ydeà nurve blrhlverjoejt iljas, wcdnc nluà serve ks k iejncokrg blr nlrplrkte iljas7 k nuoiersloeprdokry dssukjne oenckjdso (tl sloe extejt kaaressea iy renejt nckjhes dj tcerehu`ktdljs iy tce okrget rehu`ktlr, tce ênurdtdes kja Exnckjhe Ilkra lb Djadk)7 tcekisejne lb subbdndejt`y adversdbdea `ljh-tero djvestlrs7 kja ncrljdn d``dqudadty nkusea djter k`dkiy kisejne lb aerdvktdve djstruoejts kre sloe lb tce bkntlrs èkadjh tl ujaeraeve`lpeailja okrgets. Qcere kre k`sl `dodts lj BDD djvestoejts dj nlrplrkte aeit (U^$;5 id``dlj kttcds wrdtdjh), wcdnc kre revdewea perdladnk``y.

>.1 Blredhj Exnckjhe Okrgets

Qkiè ;9 nlopkres tce stkte lb blredhj exnckjhe okrgets dj Djadk dj ;449 kja 9664.


19/33


;5

Qkiè ;9= Aeve`lpoejts dj Blredhj Exnckjhe Okrgets, ;449 versus 9664

Bektures ;449 9664Exnckjhe rkte rehdoe ^djhè nurrejny bdxea

exnckjhe rkte

systeo

Rkùktdlj lb rupee khkdjst k iksget lb nurrejndeskja k okrget-aeterodjea b`lktdjh exnckjhe rkte

rehdoe

Nljvertdid`dty lb rupee Jlt nljvertdiè Bu`` nljvertdid`dty lb rupee blr nurrejt knnlujttrkjskntdljs

Ae bkntl bu`` nkpdtk` knnlujt nljvertdid`dty blrjljresdaejts, kja nk`dirktea `dierk`dzktdlj lbtrkjskntdljs ujaertkgej blr nkpdtk` knnlujtpurplses dj tce nkse lb resdaejts

Yehu`ktlry brkoewlrg Yestrdntdve BlredhjExnckjhe Yehu`ktdljKnt (BEYK), ;48>

BEYK rep`knea wdtc re`ktdve`y olre okrget brdeja`yBlredhj Exnckjhe Okjkheoejt Knt, ;444

Djstruoejts dj blredhjexnckjhe okrgets

@dodtea Jew djstruoejts perodttea, sunc ks rupee-blredhjnurrejny swkp, blredhj nurrejny-rupee lptdljs,nrlss-nurrejny lptdljs, djterest rkte swkps, kjablrwkra rkte khreeoejts

Okrget pkrtdndpkjts kjarehu`ktdljs

@dodtktdljs ljpkrtdndpktdlj

Kutclrdzea aekèrs perodttea tl djdtdkte trkadjhplsdtdljs, ilrrlw, kja djvest dj lverseks okrget

Ikjgs perodttea tl bdx djterest rktes lj jljresdaejtaeplsdts, use aerdvktdve prlaunts blr ksset-`dkid`dty okjkheoejt, kja bdx lverjdhct lpejplsdtdlj `dodts kja hkp `dodts dj tce blredhjexnckjhe okrget

Verodssdlj hdvej tl vkrdlus pkrtdndpkjts dj tce

blredhj exnckjhe okrgetdjnùadjh explrters,Djadkjs djvestdjh kirlka, BDDstl use blrwkranlver kja ejter djtl swkp trkjskntdljs wdtclutkjy `dodt, suiment tl hejudje ujaer`ydjh explsure

BDDs kja jljresdaejt Djadkjs perodttea tl trkae djequdty aerdvktdve nljtrknts lj exnckjhes, suimenttl nertkdj nljadtdljs

Blredhj exnckjhe ekrjers perodttea tl okdjtkdjblredhj nurrejny knnlujts7 resdaejts perodttea tllpej sunc knnlujts wdtcdj tce hejerk` `dodt lbU^$95,666 k yekr

^lurne= Kutclr

Yeblros dj blredhj exnckjhe okrgets ckve ieej blnusea lj okrget aeve`lpoejt wdtc iud`t-dj pruaejtdk` skbehukras sl tckt tce okrget wluà jlt ie aestkid`dzea dj tce prlness. Qceolst doplrtkjt oeksures ujaertkgej tl reblro tcese okrgets were tce olve tlwkra kokrget-iksea exnckjhe rkte rehdoe dj ;44> kja tce suisequejt kalptdlj lb nurrejtknnlujt nljvertdid`dty. K``lwdjh hrekter kutljloy blr ikjgs dj tcedr blredhj exnckjhelperktdljs, kaodttdjh jew p`kyers djtl tce okrgets, kja perodttdjh `dodtea djtrlauntdlj lb jewprlaunts ckve ieej ltcer doplrtkjt reblros.

Ks k resu`t lb vkrdlus oeksures, tce kjjuk` turjlver dj tce blredhj exnckjhe okrgetdjnreksea olre tckj edhctblà, brlo U^$;,>65 id``dlj dj ;44843 tl U^$;9,649 id``dlj dj966364. Aurdjh tcds perdla, tcere cks ieej k stekay iut s`lw bk`` dj tce sckre lb splttrkjskntdljs dj tltk` turjlver dj tce blredhj exnckjhe okrgets, dop`ydjh kj djnrekse dj hrlssturjlver dj tce lver-tce-nlujter (LQN) aerdvktdves (swkps kja blrwkras) sehoejt lbnurrejny okrgets. Kntdvdty dj tcds sehoejt cks pdngea up, pkrtdnu`kr`y dj `kte 9668 kjatcrluhc 9663, bl``lwdjh djnreksea vl`ktd`dty dj tce U.^. al``krrupee exnckjhe rkte. Qce


20/33


;2

kverkhe akd`y turjlver, nk`nu`ktea lj k oljtc`y iksds, rekncea kj k``-tdoe cdhc lb U^$>5id``dlj dj êpteoier 9663. Qce yekr 9663 n`lsea wdtc kverkhe akd`y vlùoes lb U^$93.2>id``dlj dj tcese okrgets lver tce bu`` yekr.

Xcdè LQN blredhj exnckjhe okrgets kre aldjh we`` dj Djadk, tce exnckjhe-trkaea nurrejnybutures okrget cks ieej djtrlaunea lj`y dj Kuhust 9663. Qcds okrget, ks dt exdsts tlaky, ds

`dodtea exnùsdve`y tl rupeeU.^. al``kr nljtrknts, wdtc very `lw plsdtdlj `dodts kja k ikj ljtrkadjh iy jljresdaejts, djnùadjh BDDs. Aespdte tcese restrdntdljs, tce nurrejny buturesokrget cks seej k stekay hrlwtc dj `dqudadty kja jlw oktnces tce sprekas tckt kre seej ljtcedr ounc `ljher-`dvea LQN blrwkras nlujterpkrts. Qcere ds nljsdaerkiè snlpe blr burtceraeve`lpoejt lb tcese okrgets iy reolvdjh tce kblreoejtdljea restrdntdljs.

>.5 Ikjgdjh êntlr

Qkiè ;> `dsts tce aeve`lpoejts dj tce ikjgdjh sentlr brlo ;449 tl 9664.


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;8

Qkiè ;>= Aeve`lpoejts dj tce Ikjgdjh êntlr, ;449 versus 9664k

Bektures ;449 9664Nlopetdtdlj @dodtea7 prealodjkjt`y

hlverjoejt lwjeaDjnreksea nlopetdtdlj wdtc ejtry lb blredhj kja

jew prdvkte ikjgs7 reauntdlj lb pui`dn

lwjerscdp dj pui`dn sentlr ikjgs iy k``lwdjhtceo tl rkdse nkpdtk` brlo equdty okrget up tl14% lb pkda-up nkpdtk`

Djterest rkte strunture Kaodjdsterea djterest rktes Djterest rktes `krhe`y aerehu`ktea wdtc k bewexneptdljs

^tktutlry pre-eoptdlj Cdhc ève` lb stktutlrypreeoptdlj dj tce blro lbnksc reserve rktdl (NYY)kja stktutlry `dqudadtyrktdl (^@Y) requdreoejts

Hrkauk` reauntdlj lb NYY kja ^@Y requdreoejts

Adversdbdnktdlj lbkntdvdtdes

@dodtea Ikjgs k``lwea tl adversdby djtl jljtrkadtdljk`kntdvdtdes

Yehu`ktlry lversdhct ^trdnt lversdhct iy YID,djnùadjh dj aky-tl-akybujntdljdjh

Hrekter bujntdljk` kutljloy kja lperktdljk`bèxdid`dty dj aky-tl-aky kntdvdtdesYdsg-iksea supervdsdlj djtrlauneaDjtrlauntdlj lb NKOE@^ supervdslry rktdjh

systeo^treko`djdjh lb tce supervdsdlj prlness wdtc

nloidjktdlj lb lj-sdte kja lbb-sdte surved``kjnek`ljh wdtc exterjk` kuadtdjh

Djtrlauntdlj lb tce prlness lb strunturea kjaadsnretdljkry djtervejtdlj blr prlièo ikjgstcrluhc k prlopt nlrrentdve kntdlj oenckjdso

Estki`dscoejt lb tce Ilkra blr Bdjkjndk`ûpervdsdlj ks tce kpex supervdslry kutclrdtyblr nlooerndk` ikjgs, bdjkjndk` djstdtutdljs, kja

jljikjgdjh bdjkjndk` nlopkjdesVrlaunts @dodtea Jew prlaunts kja ae`dvery nckjje`s djtrlaunea

Aeit renlvery prlness Vrl`ljhea kja teadlus @lg kak`kts(pelpès nlurts), aeit renlverytrdiujk`s, ksset renljstruntdlj nlopkjdes,settèoejt kavdslry nloodttees, nlrplrkte aeitrestrunturdjh oenckjdso, set up blr qudngerrenlvery kja restrunturdjh

Okrgets blr senurdtdzeakssets

Ujaeraeve`lpea Vrlou`hktdlj lb tce ênurdtdzktdlj kjaYenljstruntdlj lb Bdjkjndk` Kssets kjaEjblrneoejt lb enurdtdes Djterest Knt, 9669,kja dts suisequejt koejaoejt tl ejsurenreadtlr rdhcts

^lurne= Kutclr

Qce reblros oejtdljea kilve ckve cka okmlr dopknt lj tce lverk`` ebbdndejny kja stkid`dtylb tce ikjgdjh systeo dj Djadk. K seènt bew reblros, wcdnc kre nrdtdnk`, kbbent=

d. Nkpdtk = Qce kverkhe nkpdtk` tl rdsg (wedhctea) kssets rktdl (NYKY) lb k`` ikjgsdjnreksea brlo 4.9% ks lb Okrnc >;, ;441, tl ;>.9% ks lb Okrnc >;, 9664. Xdtctce h`lik` rkjhe blr NYKY iedjh ;6.9% tl ;>.9%, tce nkpdtk` kaequkny lb Djadkjikjgs ds nlopkrkiè tl tclse kt tce djterjktdljk` ève`.

dd. Ksset quk`dty= Qce YID djtrlaunea kj limentdve nrdterdlj blr daejtdbydjhjljperblrodjh kssets (JVKs) dj ;4494>. Xcdè hrlss JVKs, ks k prlplrtdlj lbhrlss kavkjnes, ckve ieej aen`djdjh stekad`y kja adstdjnt`y lver tce yekrs, tce

ève` lb hrlss JVKs dj kislùte teros cks k`sl aenreksea lver tce renejt pkst.Qce rktdl lb hrlss JVKs tl hrlss kavkjnes blr tce ikjgdjh systeo wks ;1.1% djOkrnc ;443 iut aenreksea tl 9.>>% dj Okrnc 9664. Aurdjh tce skoe perdla, tce


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;3

rktdl lb jet JVKs tl jet kavkjnes aen`djea brlo 8.>% tl ;.6%. Qce rktdl lbjljperblrodjh `lkjs tl tltk` `lkjs wks 9.>% dj 9663 blr Djadk, `lwer tckj blr olstlb tce ltcer EOEs.

ddd. Vrlbdtkid`dty= Qce reblro oeksures ckve k`sl resu`tea dj kj doprlveoejt dj tceprlbdtkid`dty lb ikjgs. Qce returj lj kssets lb k`` ikjgs dj Djadk rlse brlo 6.1% dj

tce yekr ;44;49 tl ;.6% dj 9663. Qce returj lj kssets lb Djadkj ikjgs ds dj tcerkjhe 6.;% tl 9.;%, wcdnc ds nlopkrkiè tl tce ève`s dj ltcer EOEs.

Qcese prlbdtkid`dty bdhures oksg kj doplrtkjt bknt tckt Djadk ds cuhe`y ujaerikjgea. Djadkspllr, okjy lb wclo wlrg ks khrdnu`turk` kja ujsgd`èa lr seodsgd`èa wkhe `kilrers,odnrlejtreprejeurs, kja `lw-sk`krdea wlrgers, kre `krhe`y exnùaea brlo tce blrok` bdjkjndk`systeo. Lver 16% lb Djadks wlrgdjh plpu`ktdlj ekrj iut ckve jl skvdjhs. Qce plpu`ktdljservea per ikjg irkjnc dj rurk` Djadk ds kpprlxdokte`y ;3,666 wcdè dj urikj Djadk dt ds5,666.

;3

>.2 Djsurkjne êntlr

Qkiè ;1 nlopkres tce aeve`lpoejt dj tce djsurkjne sentlr dj ;449 kja 9664.Qkiè ;1= Aeve`lpoejts dj tce Djsurkjne êntlr, ;449 versus 9664

Bektures ;449 9664

Yehu`ktlr Jl spendbdn rehu`ktlr,iut nejtrk`hlverjoejt lversdhct

K spendk`dzea rehu`ktlr blr djsurkjne sentlr (DYAK) wksnljstdtutea dj ;444 tl prltent tce djterests lbdjsurkjne pl`dnyclàers kja tl rehu`kte, prlolte, kjaejsure lraer`y hrlwtc lb tce djsurkjne djaustry.

Vrlaunts @dodtea juoier lbprlaunts kvkd`kiè

Jew djsurkjne prlaunts ckve ieej djtrlaunea, suncks wektcer djsurkjne, hrlup cek`tc djsurkjne blr tcepllr, prlaunt `dkid`dty djsurkjne, `dbe djsurkjne wdtcnrdtdnk` kja terodjk` d``jess rdaers, kja pkngkhedjsurkjne blr sok`` kja oeaduo ejterprdses.

Okrget strunture ^tkte-lwjea oljlpl`y=lj`y jktdljk`dzeadjsurkjne nlopkjdesk``lwea

Lj`y sdx djsurkjnenlopkjdes lperktdjh

Vrdvkte djsurkjne nlopkjdes were k``lwea ikng djtltce iusdjess lb djsurkjne wdtc k okxdouo lb 92% lbblredhj clàdjh dj ;444.

Juoier lb djsurers stkjas kt 11 ks lb eja lb Okrnc9664.

Yehu`ktlrykpprlknc

Oerdt-iksea rehu`ktdlj Adsn`lsure-iksea rehu`ktdlj

^lurne= Kutclr

Jlte= DYAK, Djsurkjne Yehu`ktlry kja Aeve`lpoejt Kutclrdty.

Qce `dbe djsurkjne iusdjess (oeksurea dj tce nljtext lb bdrst-yekr preoduo) rehdsterea k

yekr-lj-yekr hrlwtc lb 41.42% dj 966268 kja 9>.33% dj 966863. Qce hejerk` djsurkjneiusdjess (hrlss adrent preoduo) rehdsterea k hrlwtc lb ;;.89% dj 966863 (versus >.59%kncdevea dj 966268). Qcds cks resu`tea dj djnreksdjh djsurkjne pejetrktdlj dj tce nlujtry.Djsurkjne pejetrktdlj blr tce yekr 9668 stlla kt 1% blr `dbe djsurkjne kja 6.2% blr jlj`dbedjsurkjne.;4

;3Nloodttee lj Bdjkjndk` êntlr Yeblros (V`kjjdjh Nloodssdlj 9664).

Qce hrlwtc dj tce djsurkjne djaustry cks ieej spurrea iy prlaunt djjlvktdlj,kntdve adstrdiutdlj nckjje`s nlupèa wdtc tkrhetea pui`dndty, kja prloltdljk` nkopkdhjs iytce djsurers.

;4Vreoduo vlùoe ks k rktdl lb HAV. êe Djsurkjne Yehu`ktlry kja Aeve`lpoejt Kutclrdty (9663).


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;4

Xcej Djadks djsurkjne djaustry perblrokjne ds nlopkrea wdtc tckt lb ltcer eoerhdjhokrgets, dt kppkrejt tckt Djadkj okrgets ckve tce `lwest djsurkjne aejsdty.

96Clwever, dj

teros lb djsurkjne pejetrktdlj, Djadk bkres ietter tckj olst eoerhdjh okrgets. Qcepkrtdndpktdlj lb `lw-djnloe hrlups dj `dbe djsurkjne, tce senlja olst preberrea skvdjhsdjstruoejt kbter ikjg skvdjhs aeplsdts, ds std`` very `dodtea. Lje-tcdra lb k`` pkda wlrgers ckve

sloe `dbe djsurkjne prltentdlj. Clwever, lj`y ;1% lb pelpè dj tce `lwest djnloe qukrtdèkja 92% dj tce senlja qukrtdè ckve `dbe djsurkjne, nlopkrea tl 24% lb tclse dj tce cdhcestdjnloe qukrtdè. Xcdè tce e`kilrkte skès kja adstrdiutdlj olae` cks nljtrdiutea tl tceplpu`krdty lb `dbe djsurkjne, tcds cks nloekt nljsdaerkiè nlst iy wky lb cdhc nloodssdljskja k cdhc pernejtkhe lb `kpsea pl`dndes.

9;Vl`dny `kpses kre `lw lj`y dj tce cdhcest djnloe

qukrtdè, wcdè dj k`` ltcer sehoejts, kt èkst 96% lb respljaejts ckve cka k pl`dny `kpse.Qce pejetrktdlj lb jlj`dbe djsurkjne prlaunts ds jeh`dhdiè. Blr exkopè, lj`y ;% lb tceplpu`ktdlj kppekrs tl ckve oeadnk` djsurkjne.99

Qce djsurkjne djaustry k`sl nljtdjues tl bkne sloe iksdn prlièos. Lje lb tcese ds tckt k`krhe pkrt lb tce skè lb djsurkjne prlaunts ds oere`y tkx kridtrkhe, wcere k bujaokjkheoejt prlaunt ds hdvej preberejtdk` tkx trektoejt ujaer tce hkri lb k odjdok`djsurkjne nlver. K re`ktea dssue ds tckt ounc lb tce hrlwtc dj djsurkjne pejetrktdlj ds ks kresu`t lb se``djh lb prlaunts sunc ks ujdt `djgea djsurkjne p`kjs (U@DVs), wcdnc kreessejtdk``y k outuk` buja type lb senurdtdes okrget prlaunt. Qce re`ktdve`y ietter perblrokjnelb U@DVs nluà ie kttrdiutea, djter k`dk, tl cdhcer nloodssdljs blr djsurkjne U@DVs tckj blroutuk` buja prlaunts. Qcus tcere ds k iùrrdjh lb prlaunts wceredj bdjkjndk` djstruoejts krepkrtkgdjh lb tce ou`tdpè nckrknterdstdns lb djvestoejt, pejsdljs, kja djsurkjne. ^loe iksdnnckjhes dj rehu`ktlry krncdtenture wluà ie jenesskry tl kaaress tcds, k tlpdn revdsdtea `kterdj tce nckpter.

1. KJ K^Ê^ÔEJQ LB DJADKJ BDJKJNDK@ ÊNQLYYEBLYO^ KJA QCE XKT KCEKA

@llgdjh iltc kt tce stlry lb hrlwtc kja aeve`lpoejt lb eknc lb tce sehoejts lb bdjkjndkòkrgets dj Djadk aesnrdiea dj kilve kja tce olre juoiers-iksea evdaejne dj tce bdrstsentdlj, lje nkjjlt esnkpe tce bknt tckt tcey pldjt tl twl nljtrkadntlry aeve`lpoejts7 tcearkoktdn trkjsblroktdlj lb tce stlng okrget sehoejt iut tce nljsdaerki`y olre `dodteaprlhress dj ltcer sehoejts lb tce okrgets. Dj ltcer wlras, lje nluà irlka`y sky tckt wcdèDjadk cks alje we`` dj teros lb nrektdjh ebbdndejt equdty kja equdty aerdvktdves, aeve`lpoejtdj tce ikjgdjh sentlr servdnes, ilja okrgets, retkd` knness tl bdjkjne, kja hejerk` iusdjessejvdrljoejt èkves ounc tl ie aesdrea.

96Yktdl lb preoduo (dj U.^. al``krs) tl tltk` plpu`ktdlj.

9;Blr trkadtdljk` `dbe djsurkjne prlaunts, k pl`dnyclàer typdnk``y `lses tce ejtdre djvestoejt db tce pl`dny `kpses

wdtcdj tce bdrst tcree yekrs. Kbter tckt, lj`y tce surrejaer vkùe ds pkda dj tce nkse lb k `kpse, wcdnc ds èss tckj

>5 % lb tce tltk` preoduos pkda. Qce Djsurkjne Yehu`ktlry kja Aeve`lpoejt Kutclrdty replrtea tckt kòlst 5

% lb `dbe djsurkjne pl`dndes `kpsea ietweej 9666 kja 9665. Qcds juoier wks ks cdhc ks ;2 % koljh prdvkte

prlvdaers aue tl tce cdhcer nljtrdiutdlj lb ujdt `djgea djsurkjne p`kjs kja khhressdve se``djh pl`dndes. êe

DÊN ênurdtdes (9668, p. 1>).

99V`kjjdjh Nloodssdlj (9664, pp. 5>51).


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96

Qce renejt`y suiodttea replrt lb tce Hlverjoejt lb Djadks Nloodttee lj Bdjkjndk` êntlrYeblros (NB^Y) suookrdzes tce stkte lb vkrdlus sehoejts lb Djadkj bdjkjndk` okrgets djteros lb dooeadkny, aeptc, kja resd`dejne (see tkiè ;5).

9>

Qkiè ;5= @dqudadty lb Djadkj Bdjkjndk` Okrgets

Okrget Dooeadkny Aeptc Yesd`dejne

@krhe nkp stlngs kja butures, kja djaex butures T T T

Ltcer stlngs

Lj-tce-ruj hlverjoejt iljas T T

Ltcer hlverjoejt iljas

Nlrplrkte iljas

Nlooerndk` pkper kja ltcer oljey okrgetdjstruoejts

Jekr-oljey lptdljs lj djaex kja `dquda stlngs T

Ltcer stlng lptdljs

Nurrejny T

Djterest rkte swkps T T

Oetk`s, ejerhdes, kja seènt khrdnu`turk`nlooladty butures

T

Ltcer nlooladty butures

^lurne= NB^Y (V`kjjdjh Nloodssdlj 9664).

Dj tce vdew lb tce NB^Y, resd`dejne ds bluja dj tce `krhe stlngs, tcedr stlng butures kja tce

djaex butures. K`` ltcer okrgets dj Djadk `kng resd`dejne. Aeptc ds bluja, dj kaadtdlj, wdtc lj-tce-ruj hlverjoejt iljas kja djterest rkte swkps. Dooeadkny ds bluja dj k bew olreokrgets. K we``-bujntdljdjh okrget ds lje tckt cks k`` tcree eèoejts. Djadk cks lj`y ljeokrget wcere tcds cks ieej kncdevea, blr rluhc`y tce tlp 966 stlngs, tcedr aerdvktdves, kjadjaex aerdvktdves.

Qce NB^Y burtcer jltes tckt wcej k bdjkjndk` okrget ales jlt exdst, lr ds djkaequkte`y `dqudatl oeet tce requdreoejts kt ckja, lr subbers brlo aevdktdljs brlo bkdr prdne, tcds nljstdtutesokrget djnlopètejess. Enljlodn khejts kre ujkiè tl ejter djtl trkjskntdljs tckt tceyrequdre blr nljauntdjh tcedr lptdok` p`kjs. Okrget djnlopètejess cks okjy aestruntdvedop`dnktdljs blr reslurne k``lnktdlj kja u`tdokte`y HAV hrlwtc.

Dt ds pertdjejt tl try tl `llg blr kjswers tl tcds adbberejtdk` kja auk`dstdn aeve`lpoejt lb tce

Djadkj bdjkjndk` sentlr iy ujaerstkjadjh wckt wks alje rdhct dj reblros dj tce stlng okrgetskja wckt wejt wrljh lr wks jlt alje dj ltcer kreks lb bdjkjne. Qcds wd`` tcej ie usebu` djnckrtdjh lut k rlka okp blr jext-hejerktdlj bdjkjndk` sentlr reblros dj tce nlujtry.

9>V`kjjdjh Nloodssdlj (9664). Dooeadkny rebers tl tce kid`dty tl exenute trkaes lb sok`` sdze dooeadkte`y

wdtclut olvdjh tce prdne kaverse`y (dj tce mkrhlj, kt `lw-dopknt nlst). Aeptc rebers tl tce dopknt nlst subberea

wcej aldjh `krhe trkaes. Yesd`dejne rebers tl tce speea wdtc wcdnc prdnes kja `dqudadty lb tce okrget revert

ikng tl jlrok` nljadtdljs kbter k `krhe trkae cks tkgej p`kne.


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9;

1.; Adkhjlsds

Qce extejt kja pkne lb reblros dj k sehoejt lb bdjkjndk` okrgets dj Djadk kppekr tl iesckpea iy twl bkntlrs= k nèkr`y aebdjea rehu`ktlry brkoewlrg kja tce extejt lb pui`dn sentlrpresejne. Qce aeit okrgets dj Djadk d`ùstrkte tcds. Qce aeit okrget cks cka k strljh pui`dn

sentlr presejne. Qce alodjkjt trkaea djstruoejts kre Hlverjoejt lb Djadk senurdtdes, kjatce alodjkjt trkadjh pkrtdndpkjts kre ikjgs, wdtc k `krhe brkntdlj iedjh tce pui`dn sentlrikjgs. Xcej tce ênurdtdes kja Exnckjhe Ilkra lb Djadk (ÊID) wks nrektea tl rehu`ktesenurdtdes okrgets, tce okrgets blr iljas ada jlt bk`` wdtcdj dts okjakte aue tl nljbusdlj djtce bdjkjndk` krncdtenture prevkèjt dj tce nlujtry. Aespdte tce bknt tckt tce èhk` aebdjdtdlj lbtce wlra senurdtdes djnùaea iljas, aue tl k vkrdety lb reksljs, djnùadjh tce bknt tckt YIDwks tce djvestoejt ikjger tl tce Hlverjoejt lb Djadk kja tce rehu`ktlr lb tce ikjgdjhsentlr (wcdnc ds tce alodjkjt p`kyer dj tce ilja okrget), ÊID ada jlt ienloe tce slèrehu`ktlr blr tce ilja okrget. Evej jlw tcere ds èhk` nljbusdlj lver wcl rehu`ktes tcehlverjoejt senurdtdes okrget, wdtc tce YID exerndsdjh k `lt lb rehu`ktlry plwers. Qcus tceilja okrget ada jlt iejebdt brlo kj djaepejaejt rehu`ktlr, ks tce equdty okrgets ada. Qcekpprlknc lb reblros dj equdty okrgets wks tcrluhc kj djaepejaejt rehu`ktlr, tce ÊID.

Clwever, tce aeve`lpoejt lb ilja okrgets tllg p`kne dj tce nljtext lb tcds nljb`dnt lbmurdsadntdlj. Qcere were nljsdaerkiè `khs dj djstdtutdljk` aeve`lpoejt dj tce Djadkj aeitokrgets ks nlopkrea tl equdty kja nlooladtdes okrgets, ks aeoljstrktea dj tkiè ;2.

Qkiè ;2= @khs dj Djstdtu tdljk` Aeve`lpoejt dj tce Djadkj Aeit Okrget

Djstdtutdlj Lrdhdjk` aeve`lpoejt Kalptdlj blr aeit okrget

Eèntrljdn trkadjh lj k sdjhèp`ktblro

Equdty, ;4417 nlooladty butures,9661

9665, eèvej yekrs `kter

Jktdljk` knness tl trkadjh Equdty, ;4417 nlooladty butures,9661

Kisejt

Nèkrdjh nlrplrktdlj Equdty, ;442 ;444, tcree yekrs `kter

Djaepejaejt rehu`ktlr Equdty, ;4497 djsurkjne, ;444 Jlt yet evej nljsdaerea

Nlopetdtdlj ietweej exnckjhes Equdty, ;4417 nlooladtdes, 9661 Kisejt

Ejtry ikrrders Yeolvea blr equdty, ;4417nlooladtdes, 9661

Ikrrders presejt

^lurne= Qcloks (9662).

^dod`kr`y, ks rehkras tce dopknt lb pui`dn sentlr presejne lj tce pkne kja adrentdlj lbreblros, lje bdjas tckt dj Djadk, tce pkne lb reblros cks ieej tce s`lwest wcere tce

hlverjoejt cka k alodjkjt presejne. Blr exkopè, tce hlverjoejt alodjktea tcedjsurkjne kja ikjgdjh sentlr, wcere tce pkne lb tce reblros cks ieej tce s`lwest. Qcehlverjoejt cka k `lwer djvl`veoejt dj nlooladty okrgets, kja tce èkst dj tce nkse lbequdty, wcere reblros ckve okae cuhe strdaes dj djstdtutdljk` aeve`lpoejt kja nckjhe.

^loe lb tce ltcer reksljs blr tce vkrydjh pkne lb aeve`lpoejt dj adbberejt sentlrs lb tcebdjkjndk` okrgets kre ikjs lr restrdntdljs lj prlaunts kja pkrtdndpkjts. K pl`dny ejvdrljoejttckt ikjs prlaunts kja okrgets nèkr`y cdjaers tce aeve`lpoejt lb `dquda kja ebbdndejtokrgets. Ks kj exkopè, exnckjhe-trkaea nurrejny butures were ikjjea ujtd` Kuhust 9663,kja nlooladty lptdljs kre nurrejt`y ikjjea, livdlus`y dopeadjh tce aeve`lpoejt lb`dqudadty kja ebbdndejny dj tcese okrgets. Equk``y prlièoktdn, k odssdjh okrget nkj ckopertce ebbdndejny lb ltcer okrgets ks we``. Blr exkopè, kj ebbdndejt kja aeep nlrplrkte iljaokrget ds std`` `kngdjh dj Djadk, djter k`dk, ienkuse tce re`ktea okrgets blr nlrplrkte repls,djterest rkte aerdvktdves, kja nreadt aerdvktdves kre edtcer k`tlhetcer odssdjh lr ckve lj`yieej k``lwea wdtc ou`tdpè restrdntdljs, wcdnc èka tl stujtea aeve`lpoejt.


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Dj okjy nkses, wcdè kj lutrdhct prlaunt ikj ds jlt dj p`kne, tcere kre restrdntdljs ljpkrtdndpktdlj. Qcese djnùae rehu`ktlry restrdntdljs lj sloe gdjas lb kntdvdtdes (blr exkopè,ikjgs kre prlcdidtea brlo kalptdjh `ljh plsdtdljs lj djterest rkte butures) lr qukjtdtktdverestrdntdljs (blr exkopè, k`` BDDs nloidjea kre requdrea tl geep tcedr khhrehkte lwjerscdp lbnlrplrkte iljas ie`lw U^$;5 id``dlj).

Qce equdty okrgettce lj`y eèoejt lb Djadkj bdjkjne tckt cks kncdevea dooeadkny, aeptc,kja resd`dejnecks bew restrdntdljs lj pkrtdndpktdlj dj iltc splt kja aerdvktdves okrgets. Ksk nljsequejne, tce equdty okrget, espendk``y blr `krhe stlngs, cks aeve`lpea k adstrdiutdljnkpkid`dty tckt reknces od``dljs lb okrget pkrtdndpkjts, djnùadjh okjy krluja tce wlrà. K``gdjas lb enljlodn khejts nloe tlhetcer djtl k ujdbdea okrget tl okge tce prdne. Nlopetdtdvenljadtdljs clà blr tce olst pkrt ks jl lje p`kyer ds `krhe ejluhc tl adstlrt tce prdne. Qceadverse vdews kja jeeas lb k rkjhe lb pkrtdndpkjts dopkrt resd`dejne, aeptc, kja okrgetebbdndejny. Nlopetdtdlj ietweej tce JÊ kja IÊ cks ce`pea doprlve tencjl`lhy kjareaune nlsts. Qce olst doplrtkjt bekture lb tce equdty okrget cks ieej bree ejtry kja exdtblr bdjkjndk` bdros tckt ienloe oeoiers lb tce JÊ kja IÊ, kja tce bree ejtry kja exdt blrtce enljlodn khejts wcl trkae lj tcese okrgets tcrluhc exnckjhe oeoiers. ûnc kjlpej ejvdrljoejt ds nrdtdnk``y doplrtkjt blr kncdevdjh `dqudadty kja ebbdndejny dj k`` tce ltcer

eèoejts lb Djadkj bdjkjndk` okrgets.

Dj k hrlwdjh kja djnreksdjh`y nlopèx okrget-lrdejtea enljloy sunc ks Djadks, wcdnc dsexperdejndjh djnreksea djtehrktdlj wdtc h`lik` trkae kja bdjkjne, tce bdjkjndk` systeo wluàie kj doplrtkjt eèoejt dj tce nlujtrys buture hrlwtc trkmentlry. Burtcer steps kre requdreatl okge tce bdjkjndk` okrgets aeeper, olre ebbdndejt, kja we``-rehu`ktea. Dj tcds rehkra, twlrenejt doplrtkjt hlverjoejt nloodttees, tce Cdhc-Vlwerea Expert Nloodttee lj OkgdjhOuoikd kj Djterjktdljk` Bdjkjndk` Nejter (CVEN lj ODBN) kja tce NB^Y, ckve nckrtea luttce rlka kceka blr Djadks bdjkjndk` systeo tl prepkre dt blr tce nck`èjhes lb tce buture.Aespdte adbberejnes dj tcedr snlpe kja teros lb reberejne, tce twl nloodttee replrts ckve knloolj ujaer`ydjh tero lb reberejne, jkoe`y, tl renlooeja tce jext hejerktdlj lbbdjkjndk` sentlr reblros blr Djadk. Qcey iltc eopcksdze tckt renlhjdzdjh tce aeep `djgkhes

koljh adbberejt reblros, djnùadjh irlkaer reblros tl oljetkry kja bdsnk` pl`dndes, kreessejtdk` tl kncdeve rek` prlhress.91

1.9 Xky Kceka

Qce replrts lut`dje tce gey eèoejts lb k bdjkjndk`systeo tckt Djadk wd`` jeea dj dts quest blr cdhcer hrlwtc lver tce jext bew yekrs.

Arkwdjh brlo vkrdlus expert nloodttee replrts, oejtdljea kilve, nertkdj pl`dny kntdljs krerenlooejaea ie`lw blr burtcer aeve`lpoejt lb bdjkjndk` okrgets dj Djadk.

1.9.; Yehu`ktlry Krncd tenture

Ks sclwj dj Bdhure ;, iksea lj k replrt iy tce Xlrà Ikjg qultea dj tce NB^Y, tce nurrejt

systeo djvl`ves ck`b k alzej kpex rehu`ktlry khejndes, kpkrt brlo severk` odjdstrdes dj tcehlverjoejt tckt retkdj adrent rehu`ktlry plwers. Qcds strunture èkas tl okmlr rehu`ktlrylver`kps kja rehu`ktlry hkps. ^loetdoes tcds strunture k`sl nkj èka tl rehu`ktlry kridtrkheks sdod`kr bdjkjndk` servdnes oky ie lbberea iy djstdtutdljs tckt nloe ujaer adbberejtrehu`ktlrs kja kre tcereblre suiment tl adbberejt rehu`ktlry requdreoejts. Qce lver`kppdjhrehu`ktlry strunture k`sl ienloes k ikrrder tl djjlvktdlj ks kjy jew prlaunt odhct jeeakpprlvk` brlo olre tckj lje rehu`ktlr. Dj sloe nkses, dt ds jlt evej nèkr wcdnc rehu`ktlrcks prdokry murdsadntdlj lver tce prlaunt. Dj kaadtdlj, ou`tdp`dndty lb rehu`ktlrs nrektes severeprlièos wdtc djterkhejny nllradjktdlj. Dj Djadk tcese nllradjktdlj oenckjdsos kre jltblrok`dzea, kja tcluhc tcese oenckjdsos nkj ie Webbentdve dj eoerhejndes, tcey kre jlt

91êe V`kjjdjh Nloodssdlj (9664) kja CVEN lj ODBN (Odjdstry lb Bdjkjne 9668).


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qudte ks ebbentdve kt ltcer tdoes. Nllradjktdlj prlièos kre khhrkvktea iy tce ujevej sgd``skja experdejne knrlss rehu`ktlrs.

Bdhure ;= Nurrejt Yehu`ktlry Krncdtenturek

Cdhc-@eve` Nllradjktdlj Nloodttee lj

Odjdstry lb

Odjdstry lb

Urikj Vlverty

Odjdstry lb

ôk``-^nkè

ÊID DYAK VBYAK EVBL

-^nceauèa

nlooerndk`

ikjgs

Vui`dn sentlr

ikjgs

Vrdvkte sentlr

ikjgs

Blredhj ikjgs

-Yehdljk`

rurk` ikjgs

-@lnk` krek

ikjgs

-Adstrdnt

nejtrk`

nllperktdve

ikjgs

-^tkte

nllperktdve

ikjgs

-Vrdokr

^tkte

bdjkjndk`

Clusdjh

bdjkjne

Yehdstrkr lb

Nllperktdve

^lndetdes (ujaer

^tkte

Hlverjoejt,

-^tlng

exnckjhes

-Nejtrk`

senurdtdes

aeplsdtlrdes

-^tlng irlgers

-Outuk` bujas

(djnùadjh

UQD)

-Blredhj

djstdtutdljk`

djvestlrs

-Djvestoejt

ikjgs

-Aeplsdtlry

-@dbe

djsurkjne

nlrplrktdljs

-Hejerk`

djsurkjne

nlr lrktdljs

Vrlvdaejt

BON

-Vlwers tl

rehu`kte kja

supervdse

nlooladty

exnckjhes

aeèhktea tl

BON iy

Odjdstry lb

Odjdstry lb

Nljsuoer

Odjdstry lb

Odjdstry lb

Nlopkjy

Aeplsdt-tkgdjh

kntdvdty lb

jljdjsurkjne

^lurne= NB^Y (V`kjjdjh Nloodssdlj 9664), brlo k replrt iy tce Xlrà Ikjg (9665).k. Knrljyos= EBVL, Eop`lyees Vrlvdaejt Buja Lrhkjdzktdlj7 BON, Blrwkra Okrgets Nloodssdlj7 DYAK, Djsurkjne Yehu`ktlry kja Aeve`lpoejt Kutclrdty7 OlB, Odjdstry lb

Bdjkjne7 Ol^^D, Odjdstry lb ok``-^nkè Djaustrdes7 OlUA, Odjdstry lb Urikj Aeve`lpoejt7 JKIKYA, Jktdljk` Ikjg blr Khrdnu`ture kja Yurk` Aeve`lpoejt7 JIBNs, jljikjg bdjkjne

nlopkjdes7 JCI, Jktdljk` Clusdjh Ikjg7 VKNKYAIs, prdokry nllperktdve khrdnu`ture kja rurk` aeve`lpoejt ikjgs7 VBYAK, Vejsdlj Buja Yehu`ktlry kja Aeve`lpoejt Kutclrdty7

YID, Yeserve Ikjg lb Djadk 7 ^NKYAIs, stkte nllperktdve khrdnu`ture kja rurk` aeve`lpoejt ikjgs7 DAID,ôk`` Djaustrdes Aeve`lpoejt Ikjg lb Djadk7 UQD, Ujdt Qrust lb Djadk.

Nejtrk` hlverjoejt odjdstry

Qder ; rehu`ktlry khejndes eknc estki`dscea tcrluhc knts lb pkr`dkoejt

ênlja tder rehu`ktlry supervdslry khejndes, eknc estki`dscea tcrluhc knts lb pkr`dkoejt. Qcese djstdtutdljs perblrorebdjkjndjh bujntdljs.

Dop`dndt rlè ks OlB represejtktdves kre lj tce ilkras lb EID, DYAK, YID. Yepresejtktdves lb tce OlB kja Ol^^D kre k`sl lj tceilkra lb ^DAID, kja represejtktdves lb tce OlUA kre lj tce ilkra lb JCI. Qce OlB ds k`sl represejtea lj tce ilkras lb pui`dn

sentlr ikjgs, pui`dn sentlr aeve`lpoejt bdjkjndk` djstdtutdljs, kja dbe djsurkjne kja hejerk` djsurkjne nlrplrktdljs.

Exp`dndt rehu`ktdlj kja supervdsdlj

ûpervdsdlj iut jl rehu`ktlry rlè

Oeoiers lb tce Cdhc-@eve` Nllradjktdlj Nloodttee lj Bdjkjndk` Okrgets

Yehu`ktlry struntures jeea tl ie streko`djea tl kvlda rehu`ktlry djnljsdstejndes, hkps,lver`kp, kja kridtrkhe. ^teps dj tcds adrentdlj scluà djnùae k reauntdlj dj tce juoier lbrehu`ktlrs, aebdjdjh tcedr murdsadntdlj wcerever plssdiè dj teros lb bujntdljs rktcer tckj tceblros lb tce p`kyers, kja ejsurdjh k ève` p`kydjh bdeà iy okgdjh k`` p`kyers perblrodjh kbujntdlj replrt tl tce skoe rehu`ktlr rehkraèss lb tcedr sdze lr lwjerscdp.

Ks k`sl renlooejaea iy tce CVEN lj ODBN kja tce NB^Y, tcere ds oerdt dj olvdjh tlwkrahrekter nljverhejne lb bdjkjndk` okrget rehu`ktdlj. Qce doplrtkjt hkdjs kncdevkiè brlo tcdsnljverhejne kre `lwer trkjskntdlj nlsts aue tl enljlodes lb snkè kja snlpe, rehu`ktlrs


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iedjh èss prlje tl nkpture, e`dodjktdjh hkps kja wekgjesses dj rehu`ktdlj, hrekter blnuslj bdjkjndk` djnùsdlj kja `dterkny ebblrts, sekoèss okrget aeve`lpoejt, kja ietter rdsgokjkheoejt blr systeodn stkid`dty. Kjltcer doplrtkjt hkdj lb rehu`ktlry nljverhejne ds tcktdt wluà ejsure equk` rehu`ktlry trektoejt lb bdjkjndk` ejtdtdes (dj teros lb kutclrdzktdlj,ejblrneoejt, lr adsndp`djkry aendsdlj) wdtc sdod`kr rdsg nckrknterdstdns, prlaunt `djes, kjalperktdjh dj sdod`kr okrgets.

Lptdljs tckt nkj ie exp`lrea tl kncdeve hrekter rehu`ktlry nljverhejne, iksea ljrenlooejaktdljs lb vkrdlus hlverjoejt nloodttees bk`` djtl twl okdj nktehlrdes.

Qce bdrst nktehlry nljnerjs adbberejt aehrees lb nljverhejne. Lje lptdlj ds nljverhejne lbtce nlooladty aerdvktdves kja senurdtdes okrget, tckt ds, lje rehu`ktlr blr tce equdty,nlrplrkte aeit, equdty aerdvktdves, kja nlooladty aerdvktdves okrgets. Kjltcer lptdlj dsnljverhejne lb lrhkjdzea bdjkjndk` trkadjh, tckt ds, lje rehu`ktlr blr tce kblreoejtdljeanlooladty aerdvktdves kja senurdtdes okrget pùs djterest rkte aerdvktdves, blredhj exnckjheaerdvktdves, hlverjoejt senurdtdes, kja k`` aerdvktdves tcerelj. Qce tcdra lptdlj wluà ienljverhejne lb k`` bdjkjndk` sentlr rehu`ktlrs, tckt ds, lje rehu`ktlr blr k`` lb tce kilve pùsdjsurkjne kja pejsdljs, wdtc tce nejtrk` ikjg retkdjdjh rehu`ktlry nljtrl` lver tce ikjgdjh

sentlr.

95

Qce senlja nktehlry nljnerjs pl`dny ève` nljverhejne. Qcds wluà oekj tckt k`` bdjkjndk`sentlr rehu`ktdlj kja rehu`ktlrs wluà ie nlverea ujaer k sdjhè èhds`ktdve ejkntoejt kjaujaer k sdjhè aepkrtoejt, evej wdtc ou`tdpè rehu`ktlrs.

Eknc lb tcese k`terjktdves jeeas tl ie exp`lrea.

K`ljh wdtc streko`djdjh tce rehu`ktlry brkoewlrg, tcere ds k`sl k jeea tl revdew tce kntuk`bdjkjndk` rehu`ktdljs, wcdnc teja tl ie ruè iksea kja lver`y presnrdptdve, djsertdjh everyodjute aetkd` djtl tce iksdn èhds`ktdlj kja djnùadjh aetkdèa suilradjktea ruès kjarehu`ktdljs. Qce suhhestdlj cere ds tl olve tlwkra olre prdjndpès-iksea rehu`ktdlj tlprlolte bdjkjndk` djjlvktdlj kja kvlda tce odstkge lb lverrehu`ktdlj. Clwever, evej db tcerehu`ktlry systeo nljtdjues tl ie ruès iksea, tcej hdvej tce pkne lb bdjkjndk` djjlvktdljtckt k nlujtry tckt ds hrlwdjh ks bkst ks Djadk requdres, tcere scluà aebdjdte`y ie k nljstkjtrevdsdtdjh lb tce ruès tckt kre dj p`kne. Ltcerwdse, systeo rdsgs hettdjh stung dj kj là set lbruès tckt wd`` restrdnt tce pkne lb hrlwtc dj tce nlujtry. Yehu`ktlry dopknt kssessoejt nluàserve ks kj doplrtkjt tll` blr evkùktdjh tce nlsts kja iejebdts lb vkrdlus kspents lb tcerehu`ktlry krncdtenture kja dopèoejtktdlj tl hukra khkdjst tce errlr lb lverrehu`ktdlj.

1.9.9 Bdjkjndk` Djnùsdlj

K rliust bdjkjndk` systeo ds jlt ks slndk``y reèvkjt db olst pelpè dj tce nlujtry al jlt ckveknness tl dt. Bdjkjndk` djnùsdlj ds k gey prdlrdty blr Djadk, espendk``y rurk` Djadk. Qce bl``lwdjhkre sloe renejt djdtdktdves blr kncdevdjh hrekter bdjkjndk` djnùsdlj=

d.

Qce `dst lb ikjgdjh nlrrespljaejts cks ieej expkjaea tl djnùae djadvdauk` petty,oeadnk`, kja bkdr prdne sclp lwjers kja khejts lb sok`` skvdjhs snceoes lb tceHlverjoejt lb Djadk, djsurkjne nlopkjdes, kja retdrea tekncers.

dd. Estki`dscoejt lb lbb-sdte KQOs cks ieej ae`dnejsea.

ddd. YID ds presejt`y revdewdjh tce prdlrdty sentlr èjadjh hudae`djes kja tce beksdid`dtylb trkadjh dj prdlrdty sentlr èjadjh nertdbdnktes, ks renlooejaea iy tce NB^Y.

95Qce NB^Y ks we`` ks tce CVEN lj ODBN renlooeja ujdbdnktdlj lb k`` rehu`ktlry kja supervdslry bujntdljs

nljjentea wdtc lrhkjdzea bdjkjndk` trkadjh djtl k sdjhè khejny, tckt ds, tce ÊID. Lj tce dssue lb rehu`ktdlj lb

tce ikjgdjh sentlr, tce NB^Y renlooejas tckt k`` ikjgs kja kjy ltcer aeplsdt-tkgdjh ejtdtdes scluà nloe

ujaer lje supervdslr, tce YID.


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dv. K prlplsk` tl hrkjt k bew olre `dnejses tl `lnk` krek ikjgs blr k bdxea perdla lbtdoe ds k`sl ujaer nljsdaerktdlj.

v. K wlrgdjh hrlup lb YID cks renlooejaea reolvdjh tce djterest rkte ned`djh lj`lkjs up tl Ys 966,666.

Bdjkjndk` sentlr pl`dndes dj Djadk ckve `ljh ieej ardvej iy tce limentdve lb djnreksdjhbdjkjndk` djnùsdlj, iut ujdversk` djnùsdlj ds std`` qudte sloe adstkjne kwky. Qce pkst strktehyblr expkjadjh tce reknc lb tce bdjkjndk` systeo re`dea prdokrd`y lj expkjadjh irkjncdjh,settdjh up spendk`-purplse hlverjoejt-spljslrea djstdtutdljs, kja settdjh tkrhets blr nreadttl irlka nktehlrdes lb tce exnùaea. Qce sunness lb tcese kpprlknces cks ieej odxea. Kjew strktehy blr bdjkjndk` djnùsdlj ds jeeaea tckt iudàs lj tce èssljs lb tce pkst. Dt jeeastl ie renlhjdzea tckt bdjkjndk` djnùsdlj ds jlt lj`y kilut nreadt iut k`sl djvl`ves prlvdadjh kwdae rkjhe lb bdjkjndk` servdnes, djnùadjh skvdjh knnlujts, djsurkjne, kja reodttkjneprlaunts. Ebblrts kt bdjkjndk` djnùsdlj jeea tl olve kwky brlo sentlrs tl sehoejts lbpelpè tckt kre exnùaea. Vkst ebblrts ckve blnusea `krhe`y lj khrdnu`ture. Ks tce Djadkjenljloy adversdbdes kja olre pelpè olve kwky brlo bkrodjh, tcere ds kj urhejt jeea tlblnus lj ltcer sehoejts ks we``, blr djstkjne, tce pllr dj urikj kreks. Vrlaunt djjlvktdlj,

lrhkjdzktdljk` bèxdid`dty, kja superdlr nlst ebbdndejny kre essejtdk` dj rekncdjh tce exnùaeakja lbberdjh tceo bdjkjndk` servdnes tckt tcey wd`` wkjt tl use. Nlopetdtdlj kja tencjl`lhy,ks we`` ks tce use lb `lw-nlst, `lnk` lrhkjdzktdljs blr lutreknc wd`` ckve tl p`ky k ounchrekter rlè dj kjy sunc strktehy.

1.9.> Hlverjoejt Aeit Okjkheoejt

Ks oejtdljea ekr`der, k gey dssue nljbrljtdjh tce hlverjoejt senurdtdes okrgets ds tckt tcenejtrk` ikjg ds k`sl tce okjkher lb pui`dn aeit dj tce nlujtry, wcdnc èkas tl k serdes lbnljb`dnts. Qcere ds k strljh djterjktdljk` nljsejsus tckt k we``-ruj enljloy scluà ckve kaeadnktea, nljsl`daktea pui`dn aeit okjkher kja tckt tce nejtrk` ikjg scluà jlt, djhejerk`, perblro tcds rlè. K juoier lb expert nloodttees ckve nlooejtea lj tceujaesdrkid`dty lb iuraejdjh tce YID wdtc tce tksg lb se``djh iljas blr tce hlverjoejt. Iltctce CVEN lj ODBN kja tce NB^Y eopcksdze tce jeea blr nrektdlj lb kj djaepejaejt Djadkjaeit okjkheoejt lbbdne (AOL),lperktdjh edtcer ks kj kutljlolus khejny lr kj lbbdneujaer tce Odjdstry lb Bdjkjne.

92

1.9.1 Brkoewlrg blr Djstdtu tdljk` Djvestoejts

Qce sepkrktdlj lb aeit kja oljetkry okjkheoejt wluàprlvdae tce nejtrk` ikjg tce jenesskry djaepejaejne dj oljetkry okjkheoejt, wdtc jedtcertce jeea tl prlvdae nreadt tl tce hlverjoejt jlr tce respljsdid`dty tl ejsure tckt hlverjoejtilrrlwdjhs kre djnurrea kt `lw nlst. K vdirkjt hlverjoejt senurdtdes okrget requdres tceprlbessdljk` nkpkid`dty lb kj djaepejaejt AOL blr ejhkhdjh wdtc tce okrget, iudàdjh k `ljh-tero re`ktdljscdp wdtc djvestlrs, kja litkdjdjh oljey brlo tce okrget kt k hlla prdne. Qcelimentdve lb tce djaepejaejt AOL scluà ie tl odjdodze tce oeaduo- tl `ljh-tero nlst lbtce aeit, wdtc aue rehkra blr tce rdsgs dj tce aeit plrtbl`dl, ksdae brlo prloltdjhaeve`lpoejt lb tce aloestdn aeit okrget. Qcus k AOL wluà set tce stkhe blr

olaerjdzktdlj lb tce ilja okrgets kja estki`dscdjh lb tce ilja-nurrejny-aerdvktdves jexus,nlopèoejtdjh tce strktehy blr bdjkjndk` sentlr reblros dj tce nlujtry.

Rkrdlus sehoejts lb tce bdjkjndk` okrgets nkj aeve`lp kja tcrdve lj`y wcej pkrtdndpktdlj djtceo ds jlt krtdbdndk``y nljstrkdjea. Qce olst sunnessbu` pkrts lb Djadkj bdjkjne kt presejt kretclse dj wcdnc jljdjstdtutdljk` pkrtdndpkjts ckve tkgej k èka kja ejhkhea dj spenu`ktdveprdne adsnlvery. Qcds `krhe okss lb retkd` pkrtdndpktdlj dj bdjkjndk` okrgets ds k ujdque eahetckt Djadk cks wcej nlopkrea wdtc ltcer djterjktdljk` bdjkjndk` okrgets. Clwever,nljsdaerdjh tckt Djadk ds strdvdjh tl aeve`lp Ouoikd ks kj djterjktdljk` bdjkjndk` nejter, tcenkpkid`dtdes kja strejhtcs lb djstdtutdljk` djvestlrs k`sl jeea tl ie ckrjessea. Qcds n`kss lb

92êe V`kjjdjh Nloodssdlj (9664, pp. >319)7 Odjdstry lb Bdjkjne (pp. ;4;49).


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djvestlrs irdjhs wdtc tceo slpcdstdnktea kjk`ytdnk` tll`s dj qukjtdtktdve trkadjh systeos,pll`s lb nkpdtk`, kja tce pltejtdk` tl ce`p `djg Djadkj bdjkjne wdtc tce rest lb tce wlrà. Qcustce strktehy scluà ie tl reolve tce nljstrkdjts lj tce djstdtutdljk` sentlr tl k``lw tceo tlrekp tce iejebdts lb bdjkjndk` okrget djjlvktdljs kja dj turj kssdst tcese okrgets wdtc aeptckja `dqudadty. Qce rehu`ktlrs scluà olve hrkauk``y tl k pruaejt okj prdjndpè wcere tcedjstdtutdljk` djvestlr ds k``lwea tl exerndse muahoejt iksea lj wckt k pruaejt okj odhctaeeo tl ie kpprlprdkte djvestoejts.

1.9.5 Nlopetdtdlj

@kng lb subbdndejt nlopetdtdlj dj pkrts lb tce bdjkjndk` servdnes djaustry, tce pervksdvejess lbpui`dn lwjerscdp, kja lvernlopkrtoejtk`dzktdlj lb suisentlrs ckve resu`tea dj suilptdok`perblrokjne iy exdstdjh okrget p`kyers. Nlopetdtdlj jeeas tl ie knrlss `krher, olrenkpkiè p`kyers rktcer tckj koljh k pètclrk lb sok``, wekg, ujaernkpdtk`dzea p`kyers tcktnkjjlt nkpture enljlodes lb snkè lr okge tce gdjas lb djvestoejts dj pelpè, trkdjdjh,tencjl`lhy, kja resekrnc djtl prlaunt aeve`lpoejt tckt supplrts djjlvktdlj. Qce Djadkjbdjkjndk` sentlr jeeas k wkve lb nljsl`daktdljtcrluhc knqudsdtdljs kja oerhers koljhprdvkte kja pui`dn`y lwjea djstdtutdljsblr dts bdjkjndk` bdros tl ie strljh ejluhc tl nlopete

ks khhressdve`y ks tcey scluà wdtc eknc ltcer, kja wdtc blredhj bdros, dj Djadkj kja h`likòkrgets. K `dnejse tl lperkte dj k nertkdj krek lb Djadkj bdjkjne ds, k`` tll lbtej, k skbesdjenure wdtc stkiè prlbdts kja k jekr-zerl prlikid`dty lb aektc. Qcere ds tcereblre `dttèdjnejtdve tl djjlvkte tl reokdj nlopetdtdve. Qcds ds jlt uj`dge bdros dj tce rek` enljloyieblre ;449. Blr k scdbt djtl k cdhc-djjlvktdlj rehdoe, iltc nkrrlt kja stdng kre requdrea. Qcestdng wluà ie tce djtrlauntdlj lb nlopetdtdlj= ejtry ikrrders dj aloestdn bdjkjne kjaprltentdljdso jeea tl ie reolvea. Qce nkrrlt wluà ie tce sdhjdbdnkjt`y reaunea nlst lbdjjlvktdlj tckt wluà resu`t brlo k adbberejt rehu`ktlry kttdtuae kja kpprlknc. Dj kaadtdlj, kscdbt brlo k aloestdnk``y blnusea tl kj djterjktdljk``y blnusea bdjkjndk` sentlr wluà djaunetce ksslndktea nkrrlt lb ejlrolus`y `krher okrget sdze.

1.9.2 Bdjkjndk` ^tkid`dty

Qce NB^Y cks espendk``y tluncea uplj tce hlk` lb doprlvdjh bdjkjndk` stkid`dty ks kjdoplrtkjt rekslj blr pursudjh bdjkjndk` sentlr reblros. Bdjkjndk` stkid`dty ds tce gey tl slujabujntdljdjh lb tce bdjkjndk` okrgets kja tce enljloy dtse`b. Iy aebdjdtdlj, tcds ds kou`tdkhejny bujntdlj. Qcluhc jlt exp`dndt`y `lnktea iy `kw dj kjy khejny, tce tksg lbokdjtkdjdjh bdjkjndk` stkid`dty dj Djadk, kt tce oloejt, `des wdtc tce djterrehu`ktlry ilay gjlwks tce C@NNBO (Cdhc-@eve` Nllradjktdlj Nloodttee lj Bdjkjndk` Okrgets). Dt ds nckdrea iytce hlverjlr lb tce nejtrk` ikjg kja cks oeoiers brlo ltcer rehu`ktlry khejndes. Qcdsnloodttee cks jl èhk` ikngdjh kja cejne `kngs plwers lb ejblrneoejt.

Qcere ds k`sl k hejerk` bee`djh tckt olre jeeas tl ie alje lj rehu`ktdlj kja supervdsdlj lbbdjkjndk` nljh`loerktes. Ks wks evdaejt aurdjh tce renejt h`lik` nrdsds, kjy bdjkjndk` bdrowclse nloidjktdlj lb sdze, èverkhe, kja djternljjenteajess nluà plse k tcrekt tlbdjkjndk` stkid`dty, db dt bkdèa, scluà ie suiment tl rliust nljsl`daktea supervdsdlj kjarehu`ktdlj. Qce NB^Y replrt k`sl jltes tckt ks bdjkjndk` nljh`loerktes iehdj tl alodjktetce systeo, k nljsl`daktea systeo lb supervdsdlj ienloes olre doplrtkjt.98

K`` tcds pldjts tl tce jeea blr doprlvea djterrehu`ktlr

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