Communications Essay Example for Free

Correspondences Essay 1. What is a ramifications, when all is said in done, and what are explicit ramifications of the nearness of the U.S. banner, Constitution, and Bill Of Rights in all the study halls at the University of Arizona? a. A general meaning of a ramifications is a presumption that can be deduced from a given situation that isn't clearly indicated. The US banner, Constitution, and Bill of Rights are exceptionally significant images of opportunity in the United States. The Bill of Rights contains the initial ten revisions to the Constitution that save the freedoms and opportunities common in the United States. The Constitution presents the structure of the administration we made subsequent to opposing the British government. The US banner contains a portrayal of the first 13 provinces that opposed the British government as the stripes and the current 50 states as the stars, this portrayal holds a solid image of Americanism. A particular ramifications of having the U.S. banner, Constitution and Bill of Rights in all University of Arizona homerooms is to help understudies to remember the opportunities that are accessible to them in the United States. These images of individual flexibility elevate one’s capacity to be a straightforward individual, contradict some common norms in all that they do, and keep up an individual soul. 2. Issues in business, government, and connections are as often as possible accused on an absence of correspondence or an inability to convey appropriately. Utilize the Tubbs correspondence model on page 9 of your Human Communication course reading to analyze a correspondence issue and propose a suggestion for fixing the issue. a. Tubbs’ correspondence model includes two communicators and contains three primary parts of correspondence: the messages, impedance, and the channel. Correspondence issues can exist over each of the three parts of Tubbs’ correspondence model. Messages can be purposeful and inadvertent, when we send an unexpected message we give a message that we didn’t expect to and will ordinarily not get some answers concerning the mistake until we get input from the collector. Correspondence issues in channels can happen when communicating something specific through an inappropriate channel, each channel fills an essential need and sending an inappropriate message through a channel can prompt a breakdown in correspondence. Impedance is the thing that makes a sent message become misjudged or missed totally, for the most part because of a bending in the message or the beneficiary getting diverted. A genuinely regular issue that has gotten increasingly unmistakable in correspondence since the ascent in prominence of electronic informing is the failure to relate mockery, incongruity, or different feelings adequately. Normally when somebody says something wry it tends to be taken as a genuine articulation and the recipient can see the sender as oblivious or silly. To fix this the individual either needs to relate the message through an all the more genuinely effective station, for example, a call, or incorporate a signifier that permits the individual to understand the content ought to be taken as mockery, for example, including the tag/mockery a while later. 3. What topic is at the core of the field of correspondence? To address this inquiry, envision that a companion or relative asked you what ‘communication’ as a scholarly subject was about. How might you react to that individual with the goal that they had a reasonable comprehension? a. Correspondence has changed a lot in the course of the most recent 2400 years yet has consistently kept up an essential place to its investigation while including an ever increasing number of components. In old Greece, Socrates and Plato utilized correspondence (at that point called Rhetoric) as a way to find reality and coax it out of their understudies. Aristotle took Plato’s see and extended onto it that reality isn't generally outright and people should along these lines determine the â€Å"probable† truth. These early understandings despite everything hold significant today and make a system for the contemporary investigation of human correspondence. At the core of correspondence is the requirement for comprehension, the requirement for individuals to have the option to help other people comprehend what they’re saying and comprehend what others are stating. With this requirement for understanding Plato expressed that manner of speaking would be utilized to advance deception over truth while Aristotle saw that either lie or truth could be advanced and it is the obligation of the resident to utilize way of talking to safeguard reality. Correspondence covers the focal subject of giving data to others through various directs in a productive and compelling way. As correspondence advances it will keep on holding its focal topic while including an ever increasing number of applicable zones of translation. 4. How was the old Greek city-province of Athens engaged with the historical backdrop of correspondence? What associations exist between correspondence in antiquated Athens and correspondence on the planet today? a. Athens was home to the three researchers who made the two essential perspectives to what we as of now know as correspondence. Socrates, Aristotle and Plato gave a solid establishment to the investigation of correspondence while originating from two distinct perspectives on manner of speaking. Socrates and Plato were credited to making the perspective on â€Å"Divine Truth† which looked to utilize thinking and discourse to â€Å"draw out† information and comprehension. Where as, Aristotle saw that reality is all around in the earth and should be taken in through the faculties. Quite a bit of what Socrates, Aristotle and Plato put into correspondence (manner of speaking) is as yet substantial today; Aristotle expressed correspondence is â€Å"purposive† and can be assessed on whether they achieve their motivation. Socrates showed a solid connection between correspondence that would bring about the revelation and valuation for truth and magnificence; this gave a point of reference to the estimation of morals in correspondence. Each view places an incentive into an alternate method of review reality that encompasses us consistently; one sees that there is truth in all things and it’s up to the person to find that fact while different perspectives that reality is reliant on the individual and can change contingent upon a people see. These two perspectives from antiquated Athens will keep on driving the investigation of correspondence and help shape the kept comprehension of the field.

Analysis of Biblical Perspective Essay Example | Topics and Well Written Essays - 1500 words

Investigation of Biblical Perspective - Essay Example At the point when we attempt to help other people for our own enthusiastic satisfaction, the importance of adoration is lost. Then again, we need to help other people without the critical control over them and ensure that our assistance is done the manner in which they need it, on their own terms. Naturally, such demonstrations of affection are able to bring about close to home misfortunes to the guardian yet one can be guaranteed that they merit the difficulty as long as they are done as a statement of adoration to God. The ideal model for genuine affection to God is set by virtuous figures like Mother Teresa, who relinquished their own solaces and delight for giving a respectable life to numerous very poor and wiped out individuals who had nobody to care for them. At the point when I consider being a parental figure, I would like to endeavor towards such a degree of caring affection for other people, regardless of whether I start it from straightforward demonstrations of graciousne ss in day by day life. Aside from being watchful to the requirements of people and society by and large, I might likewise want to make an agreement with God through various such important little demonstrations of adoration that would fall into a particular example. In any case, I might likewise want to keep my work towards that as an issue among me and God, which needs steady self-reflection and devoted correspondence with God. 2. The entry from Matthew 8:28-32 arrangements with the recuperating of two evil spirit had men. It depicts how Jesus showed up with his supporters at Gadarenes where the two had men originating from the burial places met him. They are portrayed as so brutal that nobody could go through that way. They experienced Jesus fiercely, tending to him as â€Å"son of God† and asking him: â€Å"Have you come here to torment us before the designated time?† The spirits mentioned him to send them to a group of pigs raising close by, and Jesus does precisely the equivalent. The pigs surged down the precarious bank down the lake and they die, whereof the individuals who were tending them hurried to the town to educate others regarding this.â â

Motivation Evaluation Essay

Inspiration Evaluation Inspiration has three significant perspectives comprising of psychoanalytic, humanistic, and decent variety (McAdams, 2009). Another way to deal with human inspirations is Henry Murray’s hypothesis. These perspectives can enable an individual to comprehend the inspirations of others. On account of Ted Bundy, utilizing these perspectives can help comprehend the purposes for his thought processes in turning into a sequential executioner. Psychoanalytic view At an early age, Ted Bundy got keen on upsetting articles, for example, blades (bio. Genuine Story, 2013). This was just the start be that as it may. As an adolescent Bundy started glancing through people’s windows and taking (bio. Genuine Story, 2013). In a meeting before his demise, he told clinician James C. Dobson that erotic entertainment particularly those that portrayed rough sexual relations energized his reasons (talk with, January 23, 1989). This fits into Freud’s see that inspiration originates from our sexual and forceful inclinations (McAdams, 2009). Humanistic view Humanists accept that people’s thought processes come from needing to better themselves (McAdams, 2009). While Bundy’s dangerous wrongdoings don't pass on an individual who is attempting to better their self his scholastic and public activity does. After Bundy took in his sister was really his mom and the staggering separation among him and his sweetheart he dedicated himself completely to his investigations and graduated with distinction (bio, 2013). Bundy likewise turned into a republican campaigner for the legislative leader of Washington who kept in touch with him a letter of proposal for graduate school (bio. Genuine Story, 2013). Assorted variety see The assorted variety see accepts that individuals are roused by various things (McAdams, 2009). The purpose behind Bundy’s frenzy on murdering ladies falls under the decent variety see since sex entertainment isn't accepted to be his solitary explanation. While in school he experienced passionate feelings for a lady who didn't respond the sentiments he did (bio, 2013). His casualties during his executing binge shared her physical qualities; it is conceivable this heart breakâ drove him to doing damage to ladies who looked like her (profile, 2013). Henry Murray’s Theory Another perspective on inspiration originates from Henry Murray. He accepts that a person’s inspiration originates from time and its power incorporates necessities, press, and thema (McAdams, 2009). Needs are develops of the mind that manages human reasoning, seeing, strivings, and sentiments (McAdams, 2009). Press is, as per McAdams (2009) â€Å"various situational imperatives and open doors for need articulation â€Å"(279). The rehashed connection between the two is known as the thema (McAdams, 2009). End The psychoanalytic point of view accepts that inspirations originate from our sexual and forceful inclinations; the humanistic accepts that these intentions come from needing to better ourselves, and the assorted variety see expresses that there are various thought processes in singular activities (McAdams, 2009). Another view point is found from Henry Murray who talks about how a person’s needs propel them. Ted Bundy was a sequential executioner who’s thought processes could be clarified utilizing every last one of the perspectives including how his aspirations to murder began and what could have pushed him over his theoretical edge. Reference bio.. (2013). Ted Bundy Biography. Recovered from http://www.thebiographychannel.co.uk/life stories/ted-bundy.html bio. Genuine Story. (2013). Ted Bundy. history. Recovered from http://www.biography.com/individuals/ted-bundy-9231165?page=1 McAdams, D. P. (2009). The individual: A prologue to the study of character brain science (fifth ed.). Hoboken, NJ: Wiley.

Rationale free essay sample

The reason for this assignment is composing a blog about my sincere belief about Eric Thomass discourse The Secret to Success. Eric Thomas dropped out of secondary school later on getting one of the most popular uplifting and persuasive orator around. His discourse was posted on YouTube and he composed a book clarifying the privileged insights of arriving at progress. I for one turned out to be extremely spurred in the wake of tuning in to his discourse and this blog would incorporate my conclusion about his discourse and how it is inspirational. I will clarify the procedures he used to interface with the audience and to have the option to move them to pursuing their objectives. The register of this blog would be casual however not slang. The explanation behind this register is a result of the focused on crowds which are the individuals who are looking for inspiration and the audience members of the discourse. I will dissect the tone and voice of the speaker. We will compose a custom paper test on Basis or on the other hand any comparable theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Eric is a dark man and his idiolect and his pronunciation is of a cliché dark man. I will utilize Times New Roman content style with various sizes to right this blog. This blog identifies with the course since I will break down how his voice uncovered his character and his utilization of language to associate with the focused on crowd. The discourse on YouTube was in a homeroom brimming with understudies. The blog will focus on a similar crowd as the discourse just as some other individual needing to arrive at progress. This likewise identifies with the course since I will clarify how despite the fact that he got effective, he didn't lose his unique voice. No sites will be utilized since it is an assessment and individual investigation.

History 5.01

Stage 1: Think about these central issues: 1. When was the tipping point where the United States could never again be viewed as a detached country? OI think the tipping point could either be when Pearl Harbor was shelled or when the Lusitania was assaulted 2. When could the United States no longer dodge association in World War II? OI think when Japan bombarded Pearl Harbor was the point at which the United States could no longer abstain from being associated with the war. Stage 2: Respond to every one of the prompts underneath in a different passage: 1. Clarify the purposes behind U. S. impartiality during the 1920s and 1930s.How did thoughts regarding nonpartisanship change during the period from the finish of World War I to the section of the Lend-Lease Act? Make certain to incorporate any occasions, terms, or individuals that may bolster your reaction. ODuring the 1920s and 1930s the US had consistently been an independent nation. The United States wound up sending help to the Al lied powers since they were increasingly law based. The Axis powers I accept were progressively tyrant. I think the United States felt they needed to help different nations since it would make them more grounded partners and could profit us. 2. As you would like to think, what was where U.S. activities were not, at this point unbiased? Clarify your prevailing upon supporting subtleties from the exercise. OI think when the Lend-Lease Act was included the United States was not, at this point nonpartisan. 3. Scrutinize or protect every one of the U. S. activities encompassing World War II that are recorded beneath. Legitimize your supposition with supporting subtleties from the exercise. o1st Neutrality Act OI would concur with the primary Neutrality Act on the grounds that the United States was doing what they knew about sense they had been impartial for quite a while. I figure it could likewise profit the US if we somehow happened to be assaulted. oCash and CarryOI would need to diff er with the Cash and Carry revision since we were providing war endeavors to our partners. oU. S help to China OI figure I would bolster this demonstration since China was enduring an onslaught by Japan. I think the way that the Japanese were aligns with Germany who was likewise at war with our partners, implies that we ought to have stepped in and helped China. oLend-Lease Act OI would thoroughly concur with this demonstration. I figure this demonstration will help improve things between the United States and different nations in the event that we have an inclination that we can confide in one another. It additionally helped Britain who was battling with Germany.

Book Riots Deals of the Day for April 24th, 2019

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PROGRESS AND PROSPECTS OF INDIAN ENGINEERING GOODS EXPORTS - Free Essay Example

CHAPTER II PROGRESS AND PROSPECTS OF INDIAN ENGINEERING GOODS EXPORTS INTRODUCTION The importance of exports to economic development has been well documented in empirical as well as theoretical literature. A number of studies have examined how exports are beneficial for economic development of an economy. A common point among them is that, exports may lead to greater capacity utilization, economies of scale, incentive for technological improvement and efficient management due to competitive pressure abroad. The interest in the relationship between exports and economic growth has led to emergence of two schools of thought, namely export led growth (higher export leads to higher economic growth). Although India has been following an import substitution strategy for long, exports promotion has always got the attention of the policy-makers and planners. Export promotion strategy became more pronounced in India particularly after the new economic policy (NEP) of 1991. It is a fact that although Indias share in world exports is less than 1 per cent today, its share in total GDP of the country is more than 11 per cent which is a substantial percentage that can play an important role in ushering faster economic development to the country. Exports from India constitute agricultural and allied commodities (10.10%), ores and minerals (5.29%), manufactured goods (73.40%) (Such as engineering goods, gems jewellery, chemical products and so on), crude oil and petroleum products (8.5%) and others (2.64%). Engineering industry has significance to the economic development of the country. Engineering goods industry constitutes the prime mover of industrial growth in Indian economy as it has played a pivotal role in industrial resurgence of India since the advent of independence, especially after the adoption of the Mahalanobis capital goods oriented strategy from the second plan onwards. The following facts highlight the very significance of the Indian engineering industry in Indian economy. The engineering goods industry enjoys 30.5 per cent weight in the index of industrial production, 29.9 per cent share of total investment in all industry, 33.5 per cent share in the value of output of all industry, 37.1 per cent share in valued added by all industry. 30.6 per cent share in employment of all industry, and 62.8 per cent share in number of foreign collaborations (EEPC). Further more, recently it has emerged as a major exporting sector and also provides technical know-how and consultancy services to a number of African and Arabian states. As per the data available for the year 2004-05, engineering industry has emerged as the single largest item of total Indian exports pushing aside gems jewellery export which had been dominating Indian export basket as the single largest item for some time now. Thus engineering industry is reckoned as an engine of economic development and one of the dynamic sectors of the Indian economy. DISTINCTIVE CONTRIBUTION TO THE EXPORT EFFORT Indian engineering exports have shown phenomenal growth over many years and are making a distinctive contribution to the overall export effort. The up trend in the export of engineering goods during half a century of our independent existence is a reflection of the progress achieved by the engineering industry over the years. Engineering industry is now exporting an increasingly wide variety of light, medium and heavy engineering goods. Engineering goods exports have grown by leaps and bounds from a mere Rs 5.16 crore in 1956-57 to an impressive and all time high of Rs. 73,800.39 crore in 2004-05. Thus they have grown over many hundred folds in Rupee terms. They have been among the most dynamic elements of Indias exports, and have accounted for the largest increment (in constant prices) of Indias exports during 1960-61 2004-05. Besides, there has been a marked shift in the commodity composition as well as direction of engineering exports over the years. Developed market of the west now accounts for about 40 per cent of the total engineering exports in 2004-05 as against the 9 per cent in 1960-61. The progress of export of engineering goods vis-a-vis total exports from the country for select years can be better judged from Table 1 Table 1 ENGINEERING EXPORTS VIS--VIS TOTAL EXPORTS (in Crores) Rs. Crore Year Total Exports Engg Exports % share of Engg Exports to Total Exports 1956-57 977 5.16 0.5 1960-61 1,011.65 10.31 1.0 1970-71 1,535.16 115.76 7.5 1980-81 6,710.70 874.17 13.0 1990-91 32,552.00 4,245.00 13.0 1996-97 118,817.32 17,481.75 14.7 1997-98 130,100.65 19,580.14 15.04 1998-99 141,603.53 18,444.47 13.10 1999-00 159,288.92 22,154.23 13.91 2000-01 201,684.93 30,887.95 15.31 2001-02 209,729.06 33,193.99 15.83 2002-03 255,799.55 43,625.94 17.05 2003-04 294,143.23 56,802.83 19.31 2004-05 356,795.46 73,800.39 20.68 2007-08 133926.23 2008-09 173801.7 Increase in 2008-09 by 29.77% (Source: Ministry of commerce and industry) DGCIS, KOLKATTA. The figures in Table 1 indicate that engineering goods exports have shown commendable performance on the export front over the years and it is steadily increasing over time. The percentage share of engineering exports in total exports increased from a mere 0.5 per cent in 1956-57 to a respectable 15.3 per cent in 1992-93 and again to 20.68 per cent in 2004-05, emerging as an important and single largest item of export basket in India. All these are a reflection of increased acceptability of Indian engineering products in developed countries market, aggressive marketing strategy, entry into new markets and promotional role of engineering export promotion council and more liberal policies of the Government especially after 1991. Average Annual Growth Rate Engineering exports have been registering a much higher annual average growth rate than total exports during the decades of 1960s, 70s and 90s. The average annual growth rate of engineering as well as all Indias exports is depicted in Table 2. TABLE 2 AVERAGE ANNUAL GROWTH RATE Period Total Exports Engg. Exports 1956-57 to 1960-61 1.15 19.3 1961-62 to 1970-71 4.64 29.71 1971-72 to 1980-81 16.36 23.99 1981-82 to 1990-91 17.10 16.8 1991-92 to 2000-01 20.083 29.35 2001-02 to 2004.05 17.00 25.59 From Table 2 it is clear that engineering exports had registered an impressive growth rate of 29.71 per cent during 1961-61 to 1971 to 72 which marginally declined during 1971-72 to 1981 to 82. However, engineering exports sharply declined to 16.8 per cent during 1981-82 to 1990-91. This slowdown in engineering exports is accounted for by stagnation of engineering exports during the early 1980s, especially the negative growth rate of -4.78% in the year 1985-86, which was an offshoot of industrial recession on developed countries and near completion of construction activities in Middle East. However, the position improved since 1985-86. Then onwards, engineering exports have grown at a faster rate. Economic liberalization of 1991 was a major boost to the engineering exports. It has opened new vistas, opportunities as well as challenges. A few factors that gave fillip to the development of Indian engineering exports under new regime are: adoption of export policy resolution, conferring priority to exports, recognition and concession to export houses and EPZ, liberalization of imports, relaxation of investment and licensing policies, priority to software and hardware technology parks and so on. It is to be remembered that although there has been a quantum jump in the all India exports after liberalization of 1991, there has been a large slowdown in all India exports since 1995-96. After reaching peak annual growth of 20 per cent in 1995-96, it had slipped to low growth rate in 1997-98 and 1998-99. This slowdown in total exports has in fact affected engineering exports also evident from the figures for 1996-97 and 1998-99. This slow down can be explained by slow growth rate of world export demand, South East Asian financial crisis and consequent overvaluation of Indian Rupee, reducing exports to these countries which account for nearly 15 per cent of the total Indian engineering exports and also reducing the competitive edge of Indian engineering exports in the world market, since some of these countries are major competitors of Indian engineering exports. However, total exports exhibited a sharp turn around since 1999-2000. Bulk of the rise was contributed by a volume increase in exports. This acceleration in exports reflected buoyant global demand coupled with improvement in world commodity prices in 2000 and the revival of world trade following the Asian crisis. Besides various export facilitating measures announced by the Government, significant gains in selected sectors like textiles, engineering goods, electronics goods, chemicals, leather leather manufactures, ores minerals and petroleum products also contributed to this strengthening of exports. The exchange rate of Rupee remained relatively stable in real effective terms during 2000-01 suggesting a broad retention of the competitiveness of Indias exports in global market. ITEMWISE DISTRUBITON OF COMPOSITION Engineering exports now consist of a wide variety of items such as iron steel, machine tools, machinery instruments, manufacture of metals, project goods, Ferro alloys, aluminium products, transport equipment, residual engineering items, management technical services. During the initial period, Indias engineering exports consisted mainly of steel, pig iron based items, consumer products like casting, buckets, drum, tubes, trunks, hand tools, builders hardware, lock, pad lock, steel furniture, aluminium, brass copper utensils, electric fans and batteries. However, over the years there has been substantial diversification in the export of engineering products, especially after the mid seventies. A close look at the change in composition of engineering exports during 1960-61 to 1996-97 highlights the forward march of engineering industry exports. Table 3.a and Graph 1 depict the changing composition of Indian engineering exports during 1960-61 to 1996-97. TABLE 3.a CHANGE IN COMPOSITION OF ENGINEERING EXPORTS (1960-61 TO 1996-97) (US$ Million) Items Year (1960-61) % Share Year (2007-08) % Share Capital Goods 2.70 12.46 1,370.83 32.69 Primary Metals 6.69 30.85 1,406.56 33.54 Non-ferrous Metals 2.89 13.33 309.53 7.38 Consumer Durables 9.40 43.35 928.03 22.13 Management Consultancy Services 0 0 177.54 4.23 Total 21.68 100 4,192.49 100 GRAPH 1 Table 3.b exhibits the percentage of share of major engineering goods, as per the latest data available for 2004-05 TABLE 3.b SHARE OF ENGINEERING GOODS Sr. No. Engineering Goods % Share 01 Machinery and Instrument 21.30 02 Manufacture of Metals 20.00 03 Transport Equipments 17.2 04 Iron Steel bar and primary and semi finished iron steel 22.14 05 Electronics 10.7 06 Non-ferrous metals 4.6 07 Aluminium products 1.10 08 Ferro Alloys 1.11 09 Project Goods 0.29 10 Machine tools 0.98 11 Residual engineering goods 0.42 From table 3 it is understood that there has been marked shift and significant changes in the composition of the engineering exports in last four decades. The most significant change has been in the export of capital goods whose share in total engineering exports increased from 12.46 per cent in 1960-61 to 32.69 per cent in 1996-97, which is a symptom of the marked progress by engineering industry. Thus, capital goods sector presently occupies a pride position. The primary steel which accounted for 30.85 per cent in 1960-61 has marginally increased to 33.54 per cent in 1996-97. On the other hand, the share of non ferrous metals has come down from 13.33 per cent to 7.38 per cent. More significantly, the share of consumer durables has declined from 43.35 per cent in 1960-61 to 22.13 per cent in 1996-97. Lastly, the management and consultancy services that account for zero percentage in 1960-61 has started making its presence felt by contributing around 4.23 per cent in the year 1996-97 . All these show the increasing significance of capital goods exports as well as management and consultancy services, while the significance of non ferrous metals and consumer durables have been reduced. DESTINATION OF INDIAN ENGINEERING EXPORTS Indian engineering products are exported to a large number of developed and developing countries of the world. A close look at the destination of Indian engineering exports shows that there has been substantial diversification in the destination of exports. Up to 1980s, the major destinations of Indias emerging exports were Asia and Africa. However, in the early eighties, the trend has changed substantially with share of Europe, Australia and North America increasing substantially. During the eighties, East European countries emerged as a big market for Indian engineering products, whose share has declined after the disintegration of erstwhile Soviet Union. Fortunately, this shortfall has been compensated by larger exports to developed countries. Region wise / Country wise export of Indian engineering goods between 1956-57 and 2004-2005 is shown in Table 4 and Graph 2. TABLE 4 DESTINATION OF ENGINEERING EXPORTS : REGIONWISE (1956-57 TO 2004-2005) (Rupees Crore) Region 1956-57 1990-91 1998-99 2004-05 Asia 3.76 (73.9) 975 (27.9) 5681 (30.8) 22041.68 (29.87) Africa 1.2 (23.3) 351 (10.0) 1410 (7.64) 3195.21 (4.33) Europe Zero 1410 (40.3) 4017.07 (21.7) 16680.99 (22.60) N. America Zero 40.00 308.34 (1.67) 834.82 (1.13) Total (incl. Others) 5.16 (100) 3500 (100) 18444.14 (100) 73800.39 (100) Note:- Figures in the brackets show percentage shares Table 4 reveals that there is a steady decline of Indian engineering exports to Asia and Africa from 96.2 per cent in 1956-57 to 34.20 per cent in 2004-05. At the same time, engineering exports to Europe and North America which were less than once per cent in the mid fifties now account for 39 per cent. This is a pointer to the diversification of market for Indian engineering products and growing acceptability of our products in he developed world. The important countries that account for the major chunk of our engineering exports in 2004-05 are: USA (16.4%), UAE (6.60%), UK (5.23%), China (4.80%), Singapore (4.52%), Germany (4.2%), Italy (3.76%), Sri Lanka (2.67%) and Belgium (2.65%). These countries account form more than 50 per cent of Indian engineering exports. Estimate of Indias Exports of Thrust Products in Thrust Markets (Unit: US$ Mn.) Thrust Markets 2004-05 2009-10 Country Imports India Exports Indias Est. Share % India Exports Indias Est. Share % Key Thrust Markets North America USA 313.703 990 0.32% 2.359 0.36% Canada 54.333 25 0.05% 56 0.07% Mexico 12.955 30 0.23% 65 0.36% Europe Germany 116.342 261 0.22% 619 0.27% France 69.292 71 0.10% 172 0.14% UK 84.428 418 0.5% 934 0.61% Italy 48.551 134 0.28% 277 0.32% Asia China 49.345 446 0.90% 1.836 0.80% Japan 24.49 93 0.38% 261 0.58% Thailand 10.173 133 1.30% 278 1.45% UAE 9.313 321 3.45% 1.155 4.43% Singapore 5.016 114 2.27% 322 2.71% Sub-total: Key Thrust Markets 797.941 3.037 8.330 Other Thrust Markets 95.477 326 0.34% 880 0.46% Grand Total: Thrust Product Exports to Thrust Markets 893.418 3.362 0.38% 9.210 0.49% Indias Exports of Thrust Products in other non-thrust markets 1.460 3.809 Indias Exports of Thrust Products to the World (Thrust + non-thrust markets) 4.822 13.019 Est. Total Exports of Engg. Products from India 13.296 27.415 Share of Thrust Product Exports to Thrust Markets in Indias Engg. Exports 25.29% 33.59% ENGINEERING SERVICES THE EYE OF OPPORTUNITY Indian IT industry was evolving -from a low-cost, back office, destination into a preferred supplier of high-end engineering services. And firing the imagination of the Indian IT industry is the huge market opportunity that makes a compelling business case for companies to seriously evaluate the engineering services domain. With the market potential for outsourced engineering services estimated at between $ 7 and 12 billion, Indian vendors have barely scratched the surface. The value of work currently undertaken by these players is estimated to be a mere $ 400-500 million, according to Nasscom. Demystifying engineering services In simple terms, engineering services augment or manage processes associated with the creation of a product or service, as well as those associated with a product or asset. This not only includes design elements of the product or services itself, but also infrastructure, equipment and processes engaged in manufacturing or delivering them. Engineering services outsourcing is the practice of sourcing some or all of a engineering services find applications in verticals such as automative, aerospace, minerals and metals, FB, plastics and paper. Newer verticals are likely to emerge strongly in near future. These include utilities, chemicals, pharmaceuticals and medical equipment. Showing the way Four categories of stakeholders are seeking to exploit the opportunities thrown up by the engineering services market. Engineering services is not just design. Engineering services offers end-to-end services, including conversion, drafting, modelling for product definition, modelling for analysis, product design, analysis, prototyping, testing and validation, tooling and even limited manufacturing of prototypes. PLM refers to the entire product life cycle management after production to see if there are bugs or errors. The errors are then removed. Industry estimates peg the market potential for process engineering, asset management and industrial embedded systems at over $5 billion, taking the total outsourced / offshore market potential to a whopping $ 12 billion. Automative design accounts for a bulk 65-70 per cent of the market, followed by aerospace at 15 16 per cent, and electric/electronic machinery design at 10-12 per cent. Other key vertical segments considered good targets for outsourced engineering services include utilities and pharmaceutical companies. The biggest opportunity within engineering services is the automative segment where the potential offshore outsourceable components close to $ 4. 8 billion. This is followed by aerospace segment with a market potential of $1 billion, construction and heavy machinery space where the potential stands at $ 800 million. The opportunity in the medical segment is about $ 300 million. India leads the outsourcing market when it comes to auto-sourcing with 24 per cent of auto manufacturing giving it the thumbs up for outsourcing. Bigger automotive markets such as China and Mexico lag behind at 15 per cent and 13 per cent respectively, while other locations such as Brazil, Thailand and Philippines corner less than 10 per cent, of the actual outsourcing markets. Opportunities and challenges India is a significant player in the overall offshorable outsourcing market for engineering services in the Asia-Pacific region today, China and Taiwan could emerge as formidable rivals in coming years. Indias advantage lies in its reputation and ability to deliver technology services to global customers at great value and high speed. India also has a tremendous pool of engineering and scientific talent, which can be tapped for the sector. Access to cutting -edge technology through global alliances with product companies, availability of prototyping and testing facilities, and sourcing domain skills through collaboration with the domestic industry are some of the advantages Indian vendors will have. Engineering services involves significant investments in software and design tools, making more investment intensive than vanilla IT services Some areas of application Product Engineering The services offered extend from the early stages of idea generation, through engineering analysis and design, virtual simulation, documentation and conversion, prototyping and production, testing, knowledge based engineering and PLM solutions. Process Engineering Process engineering entails the use of computational tools and techniques at the plant design stage to optimise expenditures Capital or Operational and achieve efficient production of products and services. Plant automation Plant automation broadly comprises engineering design and development of automation systems that facilitate the management and execution of day-to-day production activities and their associated information to be shared across the organisation in real-time for analysis and decision purposes. Specific services offered include Control System Integration; Process and Production Optimisation; Manufacturing Execution Systems. Enterprise Asset Management (EAM) Traditionally asset management services have been restricted to managing the life-cycle cost of assets. However, technology now enables integration of maintenance activities and functions with plant control systems, MES, CAD/CAM, ERP and SCM. Today, EAM services comprise product implementation, monitoring and maintenance, process assessment and re-engineering, interface development and system integration. EAM helps companies manage physical assets production plants, capital equipment, vehicle fleets, and facilities complexes over the complete asset life cycle. In conjunction with powerful reporting and analysis, EAM capabilities enable you to reduce operating costs, better manage capital expenditure, and improve asset utilisation. PROBLEMS OF ENGINERING EXPORTS So far as the paper has dealt with a general scenario of the engineering goods exports that does not mean that engineering goods exports are free of problems. Like any other item of export, engineering goods are also facing a number of problems, prominent among them are discussed below. Stiff Competition Indian engineering exports have been facing stiff competition from other countries. China, Mexico, Hungary, Czechoslovakia and Korea which have emerged as the fastest growing engineering export countries provide formidable challenges and fierce competition to Indian engineering exports. And recently, the South East Asian financial crisis which was under way since mid 1997 had put our exports at receiving end due to overvaluation of Indian Rupees, curtailment of Indian import by these countries (this is because 15% of total engineering exports is accounted for by these countries). Therefore, it has reduced the competitive edge of Indian exports in the world market. However, recently there has been tremendous improvement in export performance. This may be attributed to the revival of South East Asian economies, increase in the world export demand, etc. Technological problems Technological competitiveness of Indian engineering goods sector is low. Some of the Indian exporters are still at disadvantage in International market vis-a-vis their counterparts in terms of product design, finish, specific features, performance and raw materials substitutes. India can be product of having the second larges scientific and technical manpower in the world. But his advantage due to high availability of quality engineers and scientists is lost partly due to brain drain and partly due to stagnation of skill sets of scientists and engineers within India. Although Indian firms are capable of achieving high levels of precision, they are unable to provide high quality products due to lack of supporting process, technologies such as precision measuring, material engineering and process control. High cost of Industrial Inputs The engineering industry mainly uses raw materials of domestic origin. The raw materials price index has risen faster than the machinery price index. It is difficult of engineering manufacturers to pass on the rise in prices to the consumers thereby impacting their profitability. Similarly the quality of raw materials is also not up to the international standards and it in turn affects the quality of final products. Barriers Another major problem is protectionism by developed countries. Developed countries have always tried to block the products from developing countries through barriers both tariff and non tariff. Recent hike in the tariff of Indian steel by the US is a case in point. This will definitely affect the steel exports from India. Infrastructural Bottlenecks A recent study by CII and World Bank has found that although India has the advantage of cheap labour, this advantage is nullified by infrastructural bottlenecks. Infrastructural bottlenecks are the major problem hindering both domestic and exports production. The quality of infrastructure (transport, communication, and power) is poor, thus affecting competitive delivery schedule and increasing operating costs. The delivery time of locally made engineering goods in many cases is 1.5 to 2 times longer than in industrialized countries. Companies tend to lose orders on delivery schedule. The inland transport is slow although the rail road density is the highest in the world. The cost of electric power is comparable to that in other nations, but reliability is poor. Overall infrastructure inadequacies are estimated to translate into 5 per cent cost disadvantage of Indian engineering manufacturers vis--vis foreign manufacturers. High Transaction Cost The export transaction costs for Indian engineering goods industry are among the highest in the world. Heavy transactions costs not only increase the prices of the final export products, but also result in inordinate delay in export fulfilment, thus affecting export competitiveness. According to available studies, total cost of transaction of engineering goods in India works out to be around 10 per cent of total export earnings. STRATEGY FOR EXPORT PROMOTION In the light of the discussion of numerous problems faced by engineering exports, it is necessary to evolve a scientific strategy, which should aim not only at consolidating the gains achieved so far but also in promoting higher exports of engineering products. Formulation of such strategy will enable engineering industry to sustain the extreme competition in international market. Various measures envisaged under this strategy are listed below: Engineering EPZs and SEZs There is strong need for establishing separate engineering exports processing zones and export oriented units. A few engineering items with highest potential have to be selected for development in these special processing zones. The locations of the export processing zones are to be identified where there is a large concentration of these items. We have already established general export processing zones as well as agricultural export processing zones. Establishment of separate zones for engineering products will enable them to overcome the problems of infrastructure and raw material shortage. In addition it can attract more foreign direct investment into the production and export of engineering products. Technological Up gradation Up gradation of technology and modernization of plant and equipment are prime requirement for export oriented units. New industrial policy (1991) and various announcements there after as well as export import policy provide a number of incentives such as automatic permission for foreign technology agreements in high priority industries, no permission needed for hiring of foreign technicians, foreign testing of indigenously developed technologies, liberal import of capital goods, raw materials and components, liberal import of second hand capital goods with a minimum life of 5 years without license etc. Further, a number of other steps like offering these units a deferred payment facility for purchase of capital goods and machinery (as this would reduce much of the burden of modernization), partnership with technical institutions like IITs for product adaptation and technological up gradation, accreditation of testing laboratories in India by overseas agencies to enable them to offer test inspection certificate / marking of products etc. can be thought of. Selectivity approach While most of our competitors export a few selected products, we have concentrated on too much products. For instance, China, Mexico, Korea, Hungary, Czechoslovakia which have emerged as fastest growing engineering export countries, it is observed that 85 per cent of engineering export were contributed by fewer product categories as compared to that of India. In 2002, the number of categories contributing to 85 per cent of engineering export for these countries was Mexico 10, Hungary 13, Korea 18 and China 20 while that of India was 26. Facing numerous problems due to lack of raw material and infrastructural deficiencies, most of engineering units can hardly match overseas requirement in terms of technology, quality and cost. In the light of the above, we must concentrate on selected or thrust products and give them a full policy package and incentives and other contemporary inputs required for exports production. The Engineering Export Promotion Council Strategy Paper for growth to engineering exports from 2005-06 to 2009-2010 prepared by A. F. Ferguson Co. had identified 19 engineering products as thrust products for export development. These include : commercial vehicles (luxury buses and high horse power trucks), electric power equipment and parts (transformers and static converters), automobile parts (part of motor vehicles), instruments (medical. surgical instruments, optometry instrument and X-ray equipment), prime iron and steel (flat rolled products of stainless steel), other industrial machinery (printing and processing machines, transmission shafts, electric furnaces), IC engines and parts (compression ignition and electrical ignition type IC engines), electric manufactures (electric filament or discharged lamps), aluminium products (alloyed and unalloyed aluminium ingots, aluminium plates and sheets and strips including electrolytic grade aluminium ingots, aluminium foils, etc), other non-ferrous metal and products (primary copper, FRC cooper, oxyg en free copper, high dimension CC rods [16 mm and above ]), other chemical plant (centrifuge including centrifugal dyers, machinery for working rubber or plastics), electric wires and cables (insulated wires, electric conductors and optical fibre cables, wires and cables of oxygen free copper), heating and cooling equipment (refrigeration and air conditioning including commercial and industrial), tractors and agricultural equipment (tractors, trailers and agricultural machinery), cranes, lifts and winches (parts suitable for pulley tackle, hoists and construction, excavating machinery), industrial casting (moulding boxes for metal foundry, transmission shafts), steel pipes and tubes (seamless pipes and tubes of iron and steel), cutting tools and tubes (seamless pipes and tubes of iron and steel), cutting tools (hand saws and blades for saws of all types, grinding stones and grinding wheels), bicycles and parts (high end bicycle and high end bicycle parts). Market Diversification Till early 1980s, the main destination of engineering exports (about 70%) was Asia and Africa and since then Europe and America emerged as a major destination. And there are a number of markets with high potential for engineering goods exports. EEPC strategy paper has identified 28 thrust markets for those selected thrust products. These are : China, Hong Kong, Indonesia, Iran, Japan, Malaysia, Oman, Philippines, Russia, Saudi Arabia, Singapore, South Korea, Turkey, UAE (Asia), Austria, Belgium Czechoslovakia, France, Germany, Italy, Netherlands, Norway, Poland, Sweden, Switzerland, UK (Europe), Australia, South Africa (Africa), Canada, Mexico, USA (North America), Argentina, Brazil, Chile (Latin America). We must rigorously follow these markets so that a recession in one market would not affect overall export. This may not be an easy task, more so in sophisticated areas like engineering goods. In addition to the visits of delegations abroad for market studies, manufactures of engine ering items should actively participate in international fairs aboard, introduce our manufactured and semi manufactured products to the customers, distributors, dealers, and importers of Indian engineering goods may be invited to visit our engineering factories at as frequent interval as possible. These visits can be arranged by the Engineering Promotion Council and various sub associations of engineering goods / products like Machine Tools Manufacturers Association etc. The Government should render helping hand by extending financial assistance for such visits. Sales Promotion Effort, Prompt Delivery and After Sales Services For furthering the export of engineering products, India must evolve an aggressive sales promotion effort. It can be done through advertisement, trade fairs, specialized trade fairs, brand promotion (Made in India brand), distribution of technical catalogues (giving comprehensive information about our products). Further, commercial intelligence should be made available to Indian exporter as frequently as possible so that they keep updated of the current trends and requirements. The activities of various agencies that provide market intelligence such as EEPC, CII, ITPO, etc. should be coordinated and centralized so that better results are possible. Along with the sales promotion effort, strict adherence to delivery schedules is crucial for the success of Indian engineering exports. As foreign buyers have option to procure their requirement from anywhere in the world, we must ensure that we are accurate more than 100 per cent in timely delivery of our products. The arguments of failure of delivery due to the disrupted sailing, power cuts, strikes or lockouts do not count or provide any leverage to the affected party in a competitive world. Warehousing and total logistic support in overseas market to be provided for timely delivery of our products. Further, after sales services and customer care effort is highly indispensable for the smooth growth of engineering exports. This has been one of the neglected areas in India due to our protected market. Of course, now the environment has changed under the forces of globalization and liberalization and foreign companies are rigorously following after sales services and provide customer care support. Therefore, Indian engineering exporters have also to rigorously follow the after sales services and customer care support. This can be accomplished by customer care centre and providing incentives to overseas collaborations. Support to Small Scale Units Small scale engineering exports still constitute around 40 per cent of total engineering exports. For the continued contribution of these units to the exports sector, they must be provided with the production and exports incentives, support for adoption of latest technology, advisory services, and market support to sustain the competition in the international market. Increasing the investment ceiling and dereservation of major small scale units can go a long way in overcoming the hurdles in the way of modernization and faster growth of these units and hence higher contribution to total engineering exports. Further, adequate finance must be made available to these units. Due to the high risk involved in lending to these units, banks were reluctant to lend to them. Involvement of Large Scale Units Just to reap the economies of scale in production, we must look beyond the domestic market. Although exports can be increased by providing incentives to small scale industrial units (SSI) units, there is limit to growth. There is a need for involving large units in exports activities. The exports intensity figure is still very low in India especially for large units. Hence, it is necessary to gradually increase the exports intensity ratio of Indian products by involving more and more large scale units and exporting more from the existing units. Free Trade Area / Preferential Trade Agreement (FTA / PTA) We must explore the possibility of setting up Free Trade Area / Preferential Trade Agreement with other countries where our exports have largest concentrations. For instance, FTA / PTA with Brazil and Mexico as Latin America represent a fairly large latent market for Indian auto components which will provide a fillip to our engineering exports. Out effort to establish free trade area with ASEAN countries will be a big boost to engineering exports. We have to identify some potential engineering products in these markets and vigorously export them. Joint Venture and Foreign Direct Investment Another area which needs special emphasis is establishment of joint ventures and foreign collaborations in engineering production. It is also imperative to attract more foreign direct investment into the engineering sector. This will enable attraction of more sophisticated technology (which is of utmost importance of high technology products like engineering products), better management technique, modern marketing strategy and exploration of more foreign markets. Penetration of engineering products in developed countries would require good dealer networks, availability of range of products, after sales services etc. This is possible only if MNCs and joint venture units have presence in India on their own or in collaboration with Indian companies. FDI is therefore essential to promote export of engineering products. Indias engineering export basket If we compare China, Mexico, Korea, Hungary, Czechoslovakia which have emerged as fastest growing engineering export countries, it is observed that 85% engineering exports were contributed by fewer product categories as compared to that of India in 2002. The number of categories contributing to 85% of the engineering exports for theses countries was:- Mexico (10 categories, relatively medium technology/ value addition) Hungary (13 categories, relatively medium technology/ value addition) Korea (18 categories, relatively low to medium technology/ value addition) China (20 categories, relatively low technology/ value addition) While in case of Indias engineering exports, top-26 categories accounted for about 85% of Indias exports in year 2002. This is primarily attributed to low value and some medium value and fragmented engineering export product base for our country. Value added products Engineering exports from India currently suffer from low value addition. Typically, exports of engineering products fall in low-value addition category. As seen from the above, currently most of the engineering products exported from India fall in low and low to medium value addition, which leads to thin margins in export markets. As a fall out of this, it can be seen that most of the product categories have reported exports less than US $ 500 Mn. in 2003-04. Of all engineering export categories, Only 2 product categories have exports exceeding US $ 500 Mn. and they are; Prime Iron and Steel (incl. Pig Iron), and Commercial Vehicles The key focus of Indias engineering exports should be to increase exports of higher value-added products instead of intermediate goods/ low-value items. For example, most of the aluminium exports from India are of Ingots and to some extent rolled products. However, exports of value added products like Aluminum Foils, Aluminium rolled sheets of low thickness, and Aluminium Alloy Wheels are insignificant. Degree of value addition is medium to high in certain Capital Goods categories like Commercial Vehicles (especially, in Passenger Cars), Tractor and Agriculture Equipment, Two/ Three Wheelers, Auto Parts, Engines, Compressors and Pumps. In most other categories value addition is low. Focusing on value added products would increase realization of exporters in export markets. Indias objective should be to move towards higher value-added products with focus on increasing total value of exports of the product category in next 5 years viz. 2005-06 to 2009-10. Share of thrust products in Indias engineering products exports In year 2004-05, Indias engineering exports were about US $ 13.29 billion. Of this, share of thrust products (mostly existing thrust products) was about 36% (about 35% in 2003) while other products (i.e. non-thrust products and management/ technical services) accounted for the rest, viz. about 64% of Indias total engineering It is estimated that non-thrust products would account for about 64% of the engineering exports in 2004-05. More than 40 categories would contribute to these exports, which clearly indicates that exports in this segment are fragmented and average value of exports per product category is relatively small in comparison to thrust product categories which are relatively finite in nature (i.e. 19 product categories) that would account for about Hence, in future to achieve significant position in engineering export domain and enhance Indias export performance in this sector, it is important to focus on exports and put significant effort on Thrust Products (about 19 product categories), which are finite in numbers. This would also help in channeling efforts of all stakeholders on various aspects like technology and quality improvement, enhancing scales of operations, creating adequate supply capacity, attracting private investment (including FDI), cluster development, etc. and would enable harnessing true potential of engineering sector in export markets. Thrust markets vis--vis current markets of India Having analyzed the need for increased focus on the Thrust Products vis--vis the current export products basket of India from the point of view of the growth in exports it is equally important to see whether there is inadequate focus on the identified focus markets vis--vis the current export markets of India. Indias share of thrust products imports by thrust markets (which, accounted for about 59% of the world engineering product imports in 2003) was low (typically, less than 1% in most of the thrust markets). Collectively Indias share in world imports of thrust products in existing major thrust markets was under 0.31% in the same year. On the other hand, the markets like Philippines, Chile, Saudi Arabia, etc. wherein India has high share of imports of thrust products, these markets have limited import potential and represented an insignificant percent of world imports of thrust products in 2003. Hence in order to achieve the growth at the target rate of doubling Indias engineering products exports (which amount to a growth rate of about 15% p.a.), there is a need to focus on identified thrust markets and increase in these thrust markets over the next 5 years. Snapshot of Indias share of exports to identified thrust and current markets Top Descriptions for Indias exports of Thrust Products Worlds top importing countries of Thrust Products Countries where India has highest share of Thrust Products Imports Thrust Countries Share of Indias exports of Thrust Products Share in World Imports (%) Thrust Countries Share in World Imports (%) Indias Share (%) in imports of that country Thrust Countries Country share in world imports of thrust products (%) Share of Indias exports in the Countrys Imports of Thrust Products USA 29.19% 20.58 USA 20.59 0.26 Philipinpines 0.00 6.03 China 13.16% 2.65 Germany 7.7 0.18 Chile 0.01 4.2 UK 12.20% 5.65 UK 5.65 0.39 UAE 0.55 3.23 UAE 9.92% 0.55 France 4.62 0.08 Saudi Arabia 0.04 2.25 Germany 7.68% 7.70 Canada 3.83 0.04 Singapore 0.33 2.03 Thailand 4.14% 0.66 Italy 3.26 0.22 Malayasia 0.19 1.46 Italy 3.96% 3.26 China 2.65 0.9 Thailand 0.66 1.13 Singapore 3.67% 0.33 Belgium 1.81 0.15 China 2.65 0.9 Japan 2.76% 1.69 Japan 1.69 0.3 Australia 0.07 0.69 Netherlands 2.24% 1.05 Spain 1.38 0.08 North Korea 0.00 0.67 France 2.09% 4.62 Netherlands 1.06 0.38 Turkey 0.07 0.66 Malayasia 1.57% 0.19 Mexico 0.92 0.17 Hong Kong 0.26 0.50 Belgium 1.54% 1.81 Thailand 0.66 1.13 Iran 0.04 0.48 Hungary 0.86% 0.49 UAE 0.65 3.23 Indonesia 0.15 0.39 Mexico 0.85% 0.92 Hungary 0.49 0.32 UK 5.65 0.39 Canada 0.77% 3.83 Singapore 0.33 2.03 Netherlands 1.05 0.38 Other Thrust Markets 0.00% 0.00 Other Thrust Markets 0 0.5 Other Thrust Markets 0 0.19 Total Thrust Markets 100.00% 55.98 Total Thrust Markets 57.29 0.31 Total Thrust Markets 11.72 0.31 Thrust products and thrust markets matrix The analysis of thrust products and their corresponding thrust markets in the above sections has indicated that Indias engineering exports could grow at a higher rate, by focusing on the correct mix of products and markets. Thus, going ahead, the strategy should be built on the appropriate combination of products and markets. A thrust product and thrust market matrix, for the existing and new products and existing and new markets for the years 2004-05 and 2009-10. Penetration of Indias Thrust Product Exports in Thrust Markets 2004-05 to 2009-10 Thrust Products (All figures in US $000) Existing Thrust Markets % to Indias tot. TP Exp. New Thrust Markets % to Indias totl. TP Exp. Total % to Indias totl. TP Exp. Existing Thrust Markets % to Indias tot. TP Exp. New Thrust Markets % to Indias tot. TP Exp. Total % to Indias tot. TP Exp. Existing 3051820 49.4 232156 3.8 3283976 53.2 8061882 61.9 637822 4.9 8699705 66.8 New 61594 1 16635 0.3 78229 1.3 471174 3.6 39142 0.3 510315 3.9 Total 3113414 50.4 248791 4.1 3362205 54.5 8533056 65.5 676964 5.2 9210020 70.7 Analysis of the above matrix shows that the share of the new products (although small) has started to increase in both the existing and new markets from 2004-05 to 2009-10. But larger volume of exports is seen coming from the existing Thrust Products exports to both the existing markets and new markets. Hence, it would be important to concentrate on Existing Thrust Products in existing and new Thrust Markets in the short term to long term while building competency in new Thrust Products and exporting to existing and new Thrust Markets in the medium term and long term. In existing thrust markets, the growth and increase in market share would come from the share of existing competitors. This is because, the existing thrust markets are developed and would experience lower growth compared to developing economies. There is potential for rapid growth in potential/ new thrust markets, where India has low market share currently. Hence complemented marketing efforts are needed in existing and especially the new markets. Growth rate (CAGR) in Existing and New Thrust Product Exports (2005-10) Thrust Products CAGR% from 2004-05 to 2009-10 based on the largest growth rate of 15% p.a. Existing Thrust Markets New Thrust Markets Total Existing 21.40% 22.40% 22% New 50.20% 18.70% 46% Total 22.30% 22.20% 22% The estimated growth in Existing and New Products growth rate in order to achieve the target growth rate of 15% p.a. in overall Engineering Products Exports from India. As can be seen from the exhibit the thrust products would be required to contribute a higher growth rate of about 20% p.a. over the Strategy term period from 2004- 05 upto 2009-10 so that 15% p.a. overall target growth in exports can be achieved. The growth rate of new Thrust Products is expected to be much higher at 46% p.a. International marketing strategy changing share of Indias thrust products exports in future The share of Thrust Products in Indias Engineering Products exports was at US$ 4.82 billion (36%) in 2004-05. With the targeted growth of 15% p.a. in Indias overall engineering products exports; the share of thrust products is estimated to increase to US$ 13.02 billion (47%) by 2009-10. Exhibit 2.12 shows the changing share of Thrust Products exports in future. Considering the optimistic potential for exports this share is expected to increase to 52% by year 2009-10. Estimated Changing share of Thrust Products Exports as per Target Growth Rate Products 2004-05 2005-06 2007-08 2009-10 Estimated Thrust Products Exports from India (US$ Bn.) 4.82 6.18 8.95 13.02 Estimated total Engineering Products Exports from India (US$ Bn.) 13.3 15.54 20.49 27.42 % Share of thrust products Exports 36% 40% 44% 47% CONCLUSIONS AND SUGGESTIONS Engineering industry thus is making substantial contribution to the national development by way of value addition, employment and export. Not only the share of engineering exports has jumped from 0.5 per cent in 1956 -57 to 20.68 per cent in 2004-05 but also there has been a marked shift in commodity composition and direction in the engineering exports. It is observed the engineering exports have recorded a much higher growth rate than total exports in almost all decades. Another noteworthy feature is that importance of capital goods and technical and services has gone up while that of non-ferrous metals and consumer durables has come down. Analysis of destinations of export shows that shares of Asia and Africa have dwindled while that of Europe and North America has increased over the last four decades. Important problems that the engineering exports are facing are: Competition, poor technology, infrastructural bottlenecks, high transaction costs, etc. A few suggestions that may be in order are : Providing more incentive for exports by way of tax exemptions through both tariff and non-tariff measures, diversification of products as well as markets, instilling more competition through liberal import of capital goods and raw materials, developing technological capabilities and adoption of more advanced technology, more active role by EEPC, greater attention to marketing brand building and customer services , improving the quality of the engineering products, timely delivery, setting up of more engineering joint ventures, reduction in transaction cost, strengthening and upgrading of the production potential and export orientation of engineering SSI sector by developing SSI export industry in a dereserved manner, more liberal and flexible labour laws, improved dissemination of information and extension of regional focus in boosting engineering exports to the desired extent. Last but not the least the spirit of understanding and cooper ation between captains of industry and government officials is the need of the hour in the changed business environment under globalisation and liberalization. To compete internationally, there should be strict check over quality and prices and careful monitoring of changing requirement, cost control through constant R D, prompt delivery of sche

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A Corporate Governance Report of William Hill - Free Essay Example

Sample details Pages: 8 Words: 2488 Downloads: 5 Date added: 2017/06/26 Category Business Essay Level High school Did you like this example? INTRODUCTION Corporate governance typically describes the way corporate power is exercised within business organisations. Good corporate governance practices are typically defined in terms of practices, processes, and sound economic performance (Turnbull 2010). The present report examines the implementation of sound corporate governance management practices in William Hill, a U.K. Don’t waste time! Our writers will create an original "A Corporate Governance Report of William Hill" essay for you Create order sports betting company. Particular attention will be paid to the practices and processes prescribed by the Corporate Governance Code (2014), the leading template for good corporate governance practices in the U.K. The goal of this report is to enlighten Institutional Investors as to a potential investment in the company. BRIEF COMPANY BACKGROUND William Hill is a global sports betting and gaming company, and one of the most trusted brands in the sports gaming industry. According to the companys latest available key financial statistics, total revenue ascends to  £1.61 billion, gross profit is  £1.32 billion, while EBITDA is  £385 million (Yahoo Finance 2015a). The companys EBITDA is revealing as to the companys financial soundness. The above-mentioned sound financial statistics are clearly reflected in Figure 1 (Yahoo Finance 2015b), which depicts the 5-year stock price trajectory of William Hill. The companys share price has almost tripled in value since January 2011. Notwithstanding, it should be pointed out that, for the sub-period between 2011 and 2013, the stock price soared; whereas, for the period 2013-2015, the stock price is relatively stable, which might point to the existence of impending regulatory shifts conditioning a potential demand weakness for its gaming products (e.g., the company is currently b eing affected by a significant decrease in profits accruing from gaming machines, in view of tougher gaming regulation (The Economist 2014)). Figure 1: Stock Market Price of William Hill (5-year chart) Source: Yahoo Finance; 5-year stock market prices (closing prices  £) WILLIAM HILL: A CORPORATE GOVERNANCE ANALYSIS The present section focuses on the following main five (5) topics of analysis that are relevant to the William Hill, where a more thorough examination of its corporate governance structure and practices are concerned. The first topic addresses the composition of the companys Board of Directors (Leadership); the second topic refers to the companys governance structures and Boardroom Practices (Effectiveness); the third focuses the reporting to shareholders and/or external audit procedures (Accountability); the fourth topic refers to the pay level of the companys Directors and Senior Executives (Remuneration); finally, communications and relations with shareholders are also examined (Relations with shareholders). These topics are quite crucial to our assessment pertaining to the implementation of effective and sound governance procedures and mechanisms at William Hill. Leadership The Board of Directors William Hills Board of Directors is composed of nine Board members (7 men and 2 women). The current Chief Executive Officer (CEO) is Mr. James Henderson, who heads the Groups overall strategic direction, the day-to-day management and profitability of the Groups operations(Hill 2015a). Mr. Henderson possesses extensive industry experience, having climbed the companys corporate ladder through his appointment through several company roles. Moreover, the companys CEO is seconded by the Mr. Neil Cooper, the Groups Finance Director. Mr. Cooper possesses extensive finance experience, having performed various roles outside the Group. The Board is also composed by the Chairman, Mr. Gareth Davis, who is responsible for the companys best corporate governance practices. Finally, the Board is also composed of a set of five independent non-executive Directors and a Company Secretary. The company had, in 2013, a number of female Board members compliant with best practices associated with fair gen der treatment at the Board level (The Guardian, 2013). However, in the current year, the number of female members seems to have fallen below best industry practices (Tonello 2010), but care should be taken to further increase the percentage of women on Board beyond the prescribed legislation (according to U.K.s Governance Code, that minimum percentage should equal 25% of women on Board). This might be a temporary setback, but it currently stands as a non-compliance issue (Financial Reporting Council 2014). The above-mentioned corporate governance structure is compliant with the best practices currently being promoted in the UK, in strict accordance with the UK Corporate Governance Code of 2014 (Financial Reporting Council 2014). The Boards composition seems to ensure that compliance with the Code is adequately assured. For example, there is a clear division of corporate responsibilities within William Hill, with no function overlap nor unfettered powers of decision held by any sp ecific Board member. Moreover, the percentage of outside Directors ensures proper oversight. Effectiveness Governance and Boardroom Practice According to Tricker (2012), there are a number of factors that decisively influence the effectiveness of a companys governance, the most relevant of which are related to the necessary skillset of the top management team, as well as functional flow of both internal and external communications with stakeholders. On both counts, William Hill possesses the necessary requisites in order to comply with the outlined good practices of governance. As previously described, the companys composition is quite diversified and experienced so as to effectively pursue the companys ambitious goals (the previous section describes in more detail the profiles pertaining to the main Board members); at the same time, the inclusion of non-executive Board members vis ÃÆ'  -vis the executive members clearly points out to a proper balance of powers within the sports betting group. That is, good governance practice dictates that inside (i.e., executive) vs. outside (i.e., non-executive) members co-exis t, so that the latter typically do not possess a previous link to the company which might jeopardise their autonomous and independent business judgement. On the other hand, the flow of information to outside investors seems to be quite proficient, most notably where the structure of communications through the Internet and social media is concerned. For example, the companys website provides accurate and in-depth details pertaining to the companys governance structure, balanced Board composition, the companys articles of association and the companys latest available annual accounts (for 2014), and the professional details of the companys auditor and corresponding Annual Report and Accounts. Online transparency seems to be a major company policy, which thus sustains the argument in favor of an effective and balanced governance practice (Hill, 2015b). It is hoped that this strategy of good corporate governance might also be applicable to the case of institutional investors, who t ypically require a greater insight into the companys operations and accounts, information which is normally not available online. This topic might be of importance in the subsequent investment decision making process of institutional investors, insofar as this class of investors typically undertakes a significant proportion of equity into the company and require detailed company information. A major caveat associated with this report concerns the fact that such a subsequent investment position assumed by the institutional investor might be less positively construed by the companys current management (i.e., it might be seen as a potential takeover of William Hill). Finally, a formal and rigorous annual evaluation of the companys top management team is also regularly conducted. The Report on Corporate Governance reveals that good corporate governance is linked to the performance of William Hill. The measures ensuring good corporate governance at the company, in compliance with the U.K. Governance Code, are the following: the induction of Board members through a bespoke program; Board members have full access to all the required information about the company; the Board members are subjected to re-election at least every three years (conditional on effective performance); and the Nomination Committee ensures the nomination for the Board constitutes a transparent process (Hill 2015c). Accountability Reporting to Shareholders /External Audit The Financial Reporting Council prescribes that a truly effective corporate governance structure relies on a number of components, namely: accountability to shareholders and their rights; the full availability of information pertaining to the companys performance and corresponding governance framework; finally, an ethical framework supporting a certain type of irreproachable behavior pattern by the companies, as evinced by either codes of conduct or statutes. In this respect, a distinction is maintained between the law as a stalwart of basic standards of conduct and corporate transparency and statutes or codes that are more efficient in encouraging best governance practice (Financial Reporting Council 2011). Accordingly, William Hills website provides accurate and timely information to existing and prospective shareholders. This information is quite detailed in the Investors area of the companys website, a fact that reveals the companys concern with upholding best governance pra ctices. On the other hand, full details pertaining to the companys auditor has also been properly disclosed, as well as the companys latest accounts (Hill 2015c). Remuneration Directors and Senior Executives The companys levels of remuneration to top executives should be sufficiently attractive to attract, retain and motivate Board members with the necessary quality to manage the company successfully. Simultaneously, the pay level should not be substantially above current market prices. A further point concerns the fact that the latter pay level should be adequately linked to both corporate and individual performance (Tricker 2012). Furthermore, pay levels should be subjected to a transparent and formal procedure, so that the executives involved are not directly responsible for deciding his or her remuneration. According to publicly available information on this topic, the remuneration level of the leading Board members is available through the Directors Remuneration Report, which has been included in the companys annual accounts for the latest year. A detailed breakdown of the accrued remuneration benefits is explicitly detailed in the report. This practice of publicly divulging remuneration levels of William Hills top management is quite compliant with U.K.s best governance practices. Moreover, the remuneration decision process, although somewhat complex, is fully transparent as the existence of mechanisms that ensure that the pay level is not determined by the interested party, and is effectively linked to individual performance (Hill 2015c). A potential area of non-compliance resides in the fact that the Remuneration Report does not fully disclose the remuneration levels for all the Board members, as well as in the fact that the disclosure of remuneration information pertaining to its CEO, although explained, is not entirely formulated in a simple and effective manner. Relations with Shareholders Effective governance practices dictate that relations with shareholders should be adequately based on the mutual understanding between the companys top management and the heterogeneous set of interests pertaining to existing shareholders. Moreover, a transparent process of communications between these two structures should also be implemented, properly taking into account the pursuit of the companys organisational goals (Tricker 2012). According to publicly available information, The Board remains strongly committed to maintaining good relationships with external investors, through constant dialogue, presentation of financial results, and adequate availability of top management to discuss governance issues, thus indicating efficient governance procedures (Hill, 2015d). RECOMMENDATION Global demand for gaming products is typically growing, as the popularity of both gambling and online entertainment continues its expansion at a truly global level. This global expansion should stand to benefit William Hill, and its long-term growth expansion. There are, however, two caveats (KPMG 2010) that warrant an investors attention. First, the online gaming market is undoubtedly a very attractive area of expansion for software developers, casinos and other land-based gambling operators, related suppliers, and industry newcomers and investors alike. This might increase a given companys operating costs, dragging down future growth, as competitive pressures increase in the industry. Second, there are several quite unpredictable political and legislative hurdles in place in many countries, and those obstacles might also condition future global growth. Nevertheless, online gaming seems to have a promising foothold in many European markets. Under this perspective, an investm ent in William Hill is also an investment into the future of online gambling, and the risk-return payoff might be quite interesting from a financial point of view. The online gaming industry thus possesses enormous growth potential, especially in advanced markets such the U.S. and the U.K. Notwithstanding, an impending ethical governance issue within the company might be linked to the allegations that the company might be exploiting addicted gamblers, by further enticing them through the advertisement of credit services to problematic gamblers (news.co.au 2015). This might pose a serious legal risk that might ultimately result in the dampening of growth and should be vehemently addressed through the implementation of adequate governance procedures. The present report sustains that an institutional investment in William Hill is thus justified by the companys sound and promising financial standing, the existence of proper mechanism that ensure that effective and robust corporate governance procedures and mechanisms have been properly implemented, and, ultimately, by the very buoyancy of the sport gaming industry in advanced economies. CONCLUSION In view of the analysis provided by this report, it is our assessment that William Hill is quite compliant with the UK Corporate Governance Code of 2014 (notwithstanding the fact that some issues pertaining to the process of effectively communicating remuneration levels to interested external stakeholders should be made more transparent and the number of female members to the Board should be increased). Finally, an investment decision by our institutional investors should be pursued, taking into consideration the companys financial soundness and its medium to long term growth prospects, notwithstanding the existence of impending regulatory issues that might condition the global growth of the sports betting industry. REFERENCES Hill, W., 2015a. Board of Directors [Online]. Available: https://www.williamhillplc.com/about/board-of-directors/ Hill, W., 2015b. Board and Governance. [Online]. Available: https://www.williamhillplc.com/investors/board-and-governance/ Hill, W., 2015c. William Hill Plc Annual Reports and Accounts 2014. [Online]. Available: https://files.williamhillplc.com/media/1832/2014-final-results-accounts.pdf Hill, W., 2015d. Shareholder engagement. [Online]. Available: https://www.williamhillplc.com/investors/board-and-governance/shareholder-engagement/ Financial Reporting Council, 2011. Effective Corporate Governance. [Online]. Available: https://www.frc.org.uk/FRC-Documents/FRC/FRC-Effective-Corporate-Governance.aspx Financial Reporting Council, 2014. The UK Corporate Governance Code. [Online] Available: https://www.frc.org.uk/Our-Work/Publications/Corporate-Governance/UK-Corporate-Governance-Code-2014.pdf KPMG, 2010. Online Gaming: A Gamble or a Sure Bet? [Online] Available: https://www.kpmg.com/EU/en/Documents/Online-Gaming.pdf News.co.au, 2015. William Hill offers customers $1000 credit. [Online]. Available: https://www.news.com.au/finance/money/william-hill-offers-customers-1000-credit/story-e6frfmci-1227286743077 The Guardian, 2013. FTSE 100 companies still 66 female directors short of boardroom target. [Online]. Available: https://www.theguardian.com/business/2013/oct/07/female-directors-boardroom-target-business-cable The Economist, 2015. A risky business. [Online]. Available: https://www.economist.com/news/britain/21598671-gambling-machines-are-controversialand-increasingly-unpopular-risky-business Tonello, M., 2010. Board Composition and Organization Issues. In: Baker, H.K. and Anderson, R., eds. Corporate Governance: A Synthesis of Theory, Research, and Practice. United States: John Wiley and Sons Inc., pp. 195-223. Tricker, B., 2012. Corporate Governance. Principles, Policies and Practices. Second edition. United Kingdom: Oxford University Press. Turnbull, C.S.S., 2010. Whats Wrong with Corporate Governance Best Practices?. In: Baker, H.K. and Anderson, R., eds. Corporate Governance: A Synthesis of Theory, Research, and Practice. United States: John Wiley and Sons Inc., pp. 79-96. Yahoo Finance, 2015a. Key Statistics. [Online]. Available: https://uk.finance.yahoo.com/q/ks?s=WMH.L Yahoo Finance, 2015b. Basic Chart. [Online]. Available: https://uk.finance.yahoo.com/q/bc?s=WMH.Lt=5yl=onz=lq=lc=

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