1.
Stock exchange
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A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks, bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as continuous auction markets, with buyers and sellers consummating transactions at a central location, to be able to trade a security on a certain stock exchange, it must be listed there. Trade on an exchange is restricted to brokers who are members of the exchange, the initial public offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market, supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks. There is usually no obligation for stock to be issued via the exchange itself. Such trading may be off exchange or over-the-counter and this is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a securities market. The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian clay tablets recording interest-bearing loans, there is little consensus among scholars as to when corporate stock was first traded. Some see the key event as the Dutch East India Companys founding in 1602, economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B. C. Participants in such organizations had partes or shares, a concept mentioned various times by the statesman, in one speech, Cicero mentions shares that had a very high price at the time. Such evidence, in Malmendiers view, suggests the instruments were tradable, the societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state. Tradable bonds as a used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully fledged capital market, the Dutch East India Company became the first company to offer shares of stock. Control of the company was held tightly by its directors, with shareholders not having much influence on management or even access to the companys accounting statements. However, shareholders were rewarded well for their investment, the company paid an average dividend of over 16 percent per year from 1602 to 1650. Financial innovation in Amsterdam took many forms, by the 1620s, the company was expanding its securities issuance with the first use of corporate bonds
2.
Maharashtra
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Four Maharashtra is a state in the western region of India and is Indias second-most populous state and third-largest state by area. It is the wealthiest Indian state and it is also the worlds second-most populous sub-national entity. It has over 112 million inhabitants and its capital, Mumbai, has a population of approximately 18 million, Nagpur is Maharashtras second capital as well as its winter capital. Maharashtras business opportunities along with its potential to offer a standard of living attract migrants from all over India. Ancient and medieval Maharashtra included the empires of the Satavahana dynasty, Rashtrakuta dynasty, Western Chalukyas, Mughals, the major rivers of the state are Godavari, and Krishna. The Narmada and Tapti Rivers flow near the border between Maharashtra and Madhya Pradesh and Gujarat, Maharashtra is the second most urbanised state in India. The state has several popular Hindu places of pilgrimage including Pandharpur, Dehu and Alandi, other places that attract pilgrims from other parts of India and beyond include Hazur Sahib Gurudwara at Nanded, Sai Baba shrine at Shirdi and Dikshabhumi at Nagpur. Maharashtra is the wealthiest and one of the most developed states in India, as of 2011, the state had a per capita income of ₹1.0035 lakh, more than the national average of ₹0.73 lakh. Its GDP per capita crossed the ₹1.20 lakh threshold for the first time in 2013, however, as of 2014, the GDP per capita reduced to ₹1.03 lakh Agriculture and industries are the largest parts of the states economy. Major industries include chemical products, electrical and non-electrical machinery, textiles, petroleum, Jai Maharashtra The modern Marathi language developed from the Maharashtri Prakrit, and the word Mahratta is found in the Jain Maharashtri literature. The terms Maharashtra, Maharashtri, Marathi and Maratha may have derived from the same root, however, their exact etymology is uncertain. But the Marathas as a people do not seem to be mentioned before the thirteenth or fourteenth century, the most widely accepted theory among the linguistic scholars is that the words Maratha and Maharashtra ultimately derived from a combination of Maha and rashtrika. The word rashtrika is a Sanskritized form of Ratta, the name of a tribe or dynasty of petty chiefs ruling in the Deccan region. Another theory is that the term is derived from Maha and ratha / rathi, an alternative theory states that the term derives from the word Maha and Rashtra. However, this theory has not found acceptance among scholars who believe it to be the Sanskritised interpretation of later writers. Maharashtra was ruled by the Maurya Empire in the 4th and 3rd centuries BCE, around 230 BCE Maharashtra came under the rule of the Satavahana dynasty for 400 years. The greatest ruler of the Satavahana Dynasty was Gautamiputra Satakarni, in 90 CE Vedishri, son of the Satavahana king Satakarni, the Lord of Dakshinapatha, wielder of the unchecked wheel of Sovereignty, made Junnar, thirty miles north of Pune, the capital of his kingdom. The state was ruled by Western Satraps, Gupta Empire, Gurjara-Pratihara, Vakataka, Kadambas, Chalukya Empire, Rashtrakuta Dynasty, and Western Chalukya before finally
3.
India
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India, officially the Republic of India, is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and it is bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast. It shares land borders with Pakistan to the west, China, Nepal, and Bhutan to the northeast, in the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives. Indias Andaman and Nicobar Islands share a border with Thailand. The Indian subcontinent was home to the urban Indus Valley Civilisation of the 3rd millennium BCE, in the following millennium, the oldest scriptures associated with Hinduism began to be composed. Social stratification, based on caste, emerged in the first millennium BCE, early political consolidations took place under the Maurya and Gupta empires, the later peninsular Middle Kingdoms influenced cultures as far as southeast Asia. In the medieval era, Judaism, Zoroastrianism, Christianity, and Islam arrived, much of the north fell to the Delhi sultanate, the south was united under the Vijayanagara Empire. The economy expanded in the 17th century in the Mughal empire, in the mid-18th century, the subcontinent came under British East India Company rule, and in the mid-19th under British crown rule. A nationalist movement emerged in the late 19th century, which later, under Mahatma Gandhi, was noted for nonviolent resistance, in 2015, the Indian economy was the worlds seventh largest by nominal GDP and third largest by purchasing power parity. Following market-based economic reforms in 1991, India became one of the major economies and is considered a newly industrialised country. However, it continues to face the challenges of poverty, corruption, malnutrition, a nuclear weapons state and regional power, it has the third largest standing army in the world and ranks sixth in military expenditure among nations. India is a constitutional republic governed under a parliamentary system. It is a pluralistic, multilingual and multi-ethnic society and is home to a diversity of wildlife in a variety of protected habitats. The name India is derived from Indus, which originates from the Old Persian word Hindu, the latter term stems from the Sanskrit word Sindhu, which was the historical local appellation for the Indus River. The ancient Greeks referred to the Indians as Indoi, which translates as The people of the Indus, the geographical term Bharat, which is recognised by the Constitution of India as an official name for the country, is used by many Indian languages in its variations. Scholars believe it to be named after the Vedic tribe of Bharatas in the second millennium B. C. E and it is also traditionally associated with the rule of the legendary emperor Bharata. Gaṇarājya is the Sanskrit/Hindi term for republic dating back to the ancient times, hindustan is a Persian name for India dating back to the 3rd century B. C. E. It was introduced into India by the Mughals and widely used since then and its meaning varied, referring to a region that encompassed northern India and Pakistan or India in its entirety
4.
Indian rupee
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The Indian rupee, is the official currency of the Republic of India. The rupee is subdivided into 100 paise, though as of 2011,25 paise is no more a legal tender, the issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in management on the basis of the Reserve Bank of India Act,1934. The rupee is named after the coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century. In 2010, a new symbol ₹, was officially adopted and it was derived from the combination of the Devanagari consonant र and the Latin capital letter R without its vertical bar. The parallel lines at the top are said to make an allusion to the tricolour Indian flag, the first series of coins with the new rupee symbol started in circulation on 8 July 2011. On 8 November 2016 the Government of India announced the demonetisation of ₹500 and ₹1000 banknotes with effect from midnight of the same day, a newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2000 banknote is in circulation since 10 November 2016. The new redesigned series is expected to be enlarged with banknotes in the denominations of ₹1000, ₹100. The word rupee was derived from the Sanskrit word रूप्यकम् or rupaya, the modern Indian rupee has a direct lineage from the rupiya, the silver coin, issued by Sher Shah Suri, continued by the Mughal rulers. Rūpa means to form or shape, example, Rūpyarūpa, rūpya — wrought silver, however, in the region of Bengal, the term taka has always been used to refer to currency. In the 14th century, Ibn Battuta noticed that people in the Bengal Sultanate referred to gold, today, the currency of Bangladesh is officially known as taka. The word taka in Bengali is also used generically to mean any money, currency. Thus, colloquially, a person speaking in Bengali may use taka to refer to money regardless of what currency it is denominated in, thus, in the states of West Bengal and Tripura the Indian rupee is officially known টাকা. Whereas, in the states of Assam and Odisha, the Indian rupee is known by names derived from the Sanskrit word ṭaṅka, টকা in Assamese. During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains, the silver coin remained in use during the Mughal period, Maratha era as well as in British India. Among the earliest issues of paper rupees include, the Bank of Hindustan, the General Bank of Bengal and Bihar, historically, the rupee was a silver coin. This had severe consequences in the century when the strongest economies in the world were on the gold standard. The discovery of large quantities of silver in the United States and several European colonies resulted in a decline in the value of relative to gold
5.
Economy of India
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The economy of India is the seventh-largest in the world measured by nominal GDP and the third-largest by purchasing power parity. The country is classified as an industrialised country, and one of the G-20 major economies. Indias economy became the worlds fastest growing economy in the last quarter of 2014. The Indian economy has the potential to become the worlds 3rd-largest economy by the next decade, and the outlook for short-term growth is also good as according to the IMF, the Indian economy is the bright spot in the global landscape. India also topped the World Banks growth outlook for 2015-16 for the first time with the economy having grown 7. 6% in 2015-16, growth is expected to decline slightly to 7. 1% in the 2016-17 fiscal year. India has one of the fastest growing sectors in the world with annual growth rate of above 9% since 2001. India has become an exporter of IT services, BPO services. It is also the part of the economy. The IT industry continues to be the largest private employer in India. India ranks second worldwide in farm output, the Industry sector has held a constant share of its economic contribution. The Indian auto mobile industry is one of the largest in the world with a production of 21.48 million vehicles in FY 2013-14. India has $600 billion worth of retail market in 2015 and one of worlds fastest growing E-Commerce markets, India is also home to worlds third largest billionaires pool with 111 billionaires in 2016 and the fourth largest number of ultra-high-net-worth households that have more than US$100 million. The combination of protectionist, import-substitution, Fabian socialism, social democratic-inspired policies governed India for sometime after the end of British occupation, the economy was then characterised by extensive regulation, protectionism, public ownership of large monopolies, pervasive corruption and slow growth. Since 1991, continuing economic liberalisation has moved the country towards a market-based economy, by 2008, India had established itself as one of the worlds faster-growing economies. Growth significantly slowed to 7. 0% in 2008–09, but subsequently recovered to 7. 4% in 2009–10, Indias current account deficit surged to 4. 1% of GDP during Q2 FY11 against 3. 2% the previous quarter. The unemployment rate for 2012–13, according to Government of Indias Labour Bureau, was 4. 7% nationwide, by UPS method, Indias consumer price inflation ranged between 8.9 and 12% over the 2009-2013 period. Maritime trade was carried out extensively between South India and southeast and West Asia from early times until around the fourteenth century AD, over time, traders organised themselves into associations which received state patronage. Other scholars suggest trading from India to West Asia and Eastern Europe was active between 14th and 18th century, during this period, Indian traders had settled in Surakhani, a suburb of greater Baku, Azerbaijan
6.
State Bank of India
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State Bank of India is an Indian multinational, public sector banking and financial services company. It is a corporation with its headquarters in Mumbai, Maharashtra. The company is ranked 232nd on the Fortune Global 500 list of the worlds biggest corporations as of 2016. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding, in 1806, of the Bank of Calcutta, making it the oldest commercial bank in the Indian subcontinent. Government of India owned the Imperial Bank of India in 1955, with Reserve Bank of India taking a 60% stake, in 2008, the government took over the stake held by the Reserve Bank of India. State Bank of India is a banking behemoth and has 20% market share in deposits and loans among Indian commercial banks. The roots of the State Bank of India lie in the first decade of the 19th century, the Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay and the Bank of Madras. All three Presidency banks were incorporated as joint stock companies and were the result of royal charters and these three banks received the exclusive right to issue paper currency till 1861 when, with the Paper Currency Act, the right was taken over by the Government of India. The Presidency banks amalgamated on 27 January 1921, and the banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company but without Government participation, pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is Indias central bank, acquired a controlling interest in the Imperial Bank of India. On 1 July 1955, the imperial Bank of India became the State Bank of India, in 2008, the Government of India acquired the Reserve Bank of Indias stake in SBI so as to remove any conflict of interest because the RBI is the countrys banking regulatory authority. In 1959, the government passed the State Bank of India Act and this acquisition was in tune with the first Five Year Plan, which prioritised the development of rural India. The government integrated these banks into the State Bank of India system to expand its rural outreach, in 1963 SBI merged State Bank of Jaipur and State Bank of Bikaner. SBI has acquired local banks in rescues, the first was the Bank of Bihar, which SBI acquired in 1969, together with its 28 branches. The next year SBI acquired National Bank of Lahore, which had 24 branches, Five years later, in 1975, SBI acquired Krishnaram Baldeo Bank, which had been established in 1916 in Gwalior State, under the patronage of Maharaja Madho Rao Scindia. The bank had been the Dukan Pichadi, a small moneylender, the new banks first manager was Jall N. Broacha, a Parsi. In 1985, SBI acquired the Bank of Cochin in Kerala, SBI was the acquirer as its affiliate, the State Bank of Travancore, already had an extensive network in Kerala. The new logo of the SBI was introduced on 1 October 1971 and was designed by Shekhar Kammat at National Institute of Design, there has been a proposal to merge all the associate banks into SBI to create a mega bank and streamline the groups operations
7.
Manmohan Singh
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Manmohan Singh is an Indian economist and politician who served as the Prime Minister of India from 2004 to 2014. The first Sikh in office, Singh was also the first prime minister since Jawaharlal Nehru to be re-elected after completing a full five-year term, born in Gah, Singhs family migrated to India during its partition in 1947. After obtaining his doctorate in economics from Oxford, Singh worked for the United Nations during 1966–69 and he subsequently began his bureaucratic career when Lalit Narayan Mishra hired him as an advisor in the Ministry of Foreign Trade. Over the 70s and 80s, Singh held several key posts in the Government of India, such as Chief Economic Advisor, Reserve Bank governor and Planning Commission head. In 1991, as India faced an economic crisis, newly elected Prime Minister P. V. Narasimha Rao surprisingly inducted the apolitical Singh into his cabinet as Finance Minister. Over the next few years, despite opposition, he as a Finance Minister carried out several structural reforms that liberalised Indias economy. Subsequently, Singh served as Leader of the Opposition in the Rajya Sabha during the Atal Bihari Vajpayee government of 1998–2004, in 2004, when the Congress-led United Progressive Alliance came to power, its chairperson Sonia Gandhi unexpectedly relinquished the premiership to Manmohan Singh. In 2008, opposition to a civil nuclear agreement with the United States nearly caused Singhs government to fall after Left Front parties withdrew their support. Although Indias economy grew rapidly under UPA I, its security was threatened by several terrorist incidents, the 2009 general election saw the UPA return with an increased mandate, with Singh retaining the office of Prime Minister. After his term ended in 2014 he opted out from the race to the office of the Prime Minister of India during 2014 Indian general election. Singh was never a member of the Lok Sabha but continues to serve as a member of the Indian Parliament, Singh was born to Gurmukh Singh and Amrit Kaur on 26 September 1932, in Gah, Punjab, British India, into a Sikh family. He lost his mother when he was young and was raised by his paternal grandmother. After the Partition of India, his family migrated to Amritsar, India and he completed his Economics Tripos at University of Cambridge as he was a member of St Johns College in 1957. Joan Robinson was a brilliant teacher, but she sought to awaken the inner conscience of her students in a manner that very few others were able to achieve. She questioned me a deal and made me think the unthinkable. She propounded the left wing interpretation of Keynes, maintaining that the state has to play more of a if you really want to combine development with social equity. Kaldor influenced me more, I found him pragmatic, scintillating, stimulating. Joan Robinson was an admirer of what was going on in China
8.
Mumbai
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Mumbai is the capital city of the Indian state of Maharashtra. It is the most populous city in India and the ninth most populous agglomeration in the world, Mumbai lies on the west coast of India and has a deep natural harbour. In 2008, Mumbai was named a world city. It is also the wealthiest city in India, and has the highest GDP of any city in South, West, Mumbai has the highest number of billionaires and millionaires among all cities in India. The seven islands that came to constitute Mumbai were home to communities of fishing colonies, during the mid-18th century, Bombay was reshaped by the Hornby Vellard project, which undertook reclamation of the area between the seven islands from the sea. Along with construction of roads and railways, the reclamation project, completed in 1845. Bombay in the 19th century was characterised by economic and educational development, during the early 20th century it became a strong base for the Indian independence movement. Upon Indias independence in 1947 the city was incorporated into Bombay State, in 1960, following the Samyukta Maharashtra movement, a new state of Maharashtra was created with Bombay as the capital. Mumbai is the financial, commercial and entertainment capital of India and it is also home to some of Indias premier scientific and nuclear institutes like BARC, NPCL, IREL, TIFR, AERB, AECI, and the Department of Atomic Energy. The city also houses Indias Hindi and Marathi film and television industry, Mumbais business opportunities, as well as its potential to offer a higher standard of living, attract migrants from all over India, making the city a melting pot of many communities and cultures. The oldest known names for the city are Kakamuchee and Galajunkja, in 1508, Portuguese writer Gaspar Correia used the name Bombaim, in his Lendas da Índia. This name possibly originated as the Old Portuguese phrase bom baim, meaning good little bay, in 1516, Portuguese explorer Duarte Barbosa used the name Tana-Maiambu, Tana appears to refer to the adjoining town of Thane and Maiambu to Mumbadevi. Other variations recorded in the 16th and the 17th centuries include, Mombayn, Bombay, Bombain, Bombaym, Monbaym, Mombaim, Mombaym, Bambaye, Bombaiim, Bombeye, Boon Bay, and Bon Bahia. After the English gained possession of the city in the 17th century, Ali Muhammad Khan, imperial diwan or revenue minister of the Gujarat province, in the Mirat-i-Ahmedi referred to the city as Manbai. By the late 20th century, the city was referred to as Mumbai or Mambai in the Indian statewise official languages of Marathi, Konkani, Gujarati, Kannada and Sindhi, the Government of India officially changed the English name to Mumbai in November 1995. According to Slate magazine, they argued that Bombay was a corrupted English version of Mumbai, Slate also said The push to rename Bombay was part of a larger movement to strengthen Marathi identity in the Maharashtra region. A resident of Mumbai is called mumbaikar in the Marathi language, the term has been in use for quite some time but it gained popularity after the official name change to Mumbai. Mumbai is built on what was once an archipelago of seven islands, Bombay Island, Parel, Mazagaon, Mahim, Colaba, Worli and it is not exactly known when these islands were first inhabited
9.
Trade
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Trade, or commerce, involves the transfer of goods or services from one person or entity to another, often in exchange for money. A network that allows trade is called a market, the original form of trade, barter, saw the direct exchange of goods and services for other goods and services. Barter is trading things without the use of money, later one side of the barter started to involve precious metals, which gained symbolic as well as practical importance. Modern traders generally negotiate through a medium of exchange, such as money, as a result, buying can be separated from selling, or earning. The invention of money greatly simplified and promoted trade, Trade between two traders is called bilateral trade, while trade between more than two traders is called multilateral trade. Trade exists due to the specialization and division of labor, in which most people concentrate on an aspect of production. As such, trade at prices between locations can benefit both locations. Trade originated with human communication in prehistoric times, trading was the main facility of prehistoric people, who bartered goods and services from each other before the innovation of modern-day currency. Peter Watson dates the history of commerce from circa 150,000 years ago. In the Mediterranean region the earliest contact between cultures were of members of the species Homo sapiens principally using the Danube river, at a time beginning 35–30,000 BCE, Trade is believed to have taken place throughout much of recorded human history. There is evidence of the exchange of obsidian and flint during the stone age, Trade in obsidian is believed to have taken place in Guinea from 17,000 BCE. The earliest use of obsidian in the Near East dates to the Lower, Trade in the stone age was investigated by Robert Carr Bosanquet in excavations of 1901. Trade is believed to have first begun in south west Asia, obsidian was traded at distances of 900 kilometres within the Mediterranean region. Trade in the Mediterranean during the Neolithic of Europe was greatest in this material, networks were in existence at around 12,000 BCE Anatolia was the source primarily for trade with the Levant, Iran and Egypt according to Zarins study of 1990. Melos and Lipari sources produced among the most widespread trading in the Mediterranean region as known to archaeology, the Sari-i-Sang mine in the mountains of Afghanistan was the largest source for trade of Lapis Lazuli. The material was most largely traded during the Kassite period of Babylonia beginning 1595 BCE, ebla was a prominent trading centre during the third millennia, with a network reaching into Anatolia and north Mesopotamia. Materials used for creating jewelry were traded with Egypt since 3000 BCE, long-range trade routes first appeared in the 3rd millennium BCE, when Sumerians in Mesopotamia traded with the Harappan civilization of the Indus Valley. The Phoenicians were noted sea traders, traveling across the Mediterranean Sea, for this purpose they established trade colonies the Greeks called emporia
10.
Life Insurance Corporation
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Life Insurance Corporation of India is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an asset value of ₹1,560,482 crore. As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year. The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation, the Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818 by Anita Bhavsar and others. Its primary target market was the Europeans based in India, surendranath Tagore had founded Hindusthan Insurance Society, which later became Life Insurance Corporation. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider, the first half of the 20th century saw a heightened struggle for Indias independence. The aggregate effect of events led to a high rate of. This had adversely affected the faith of the public in the utility of obtaining life cover. In 1955, parliamentarian Amol Barate raised the matter of fraud by owners of private insurance agencies. In the ensuing investigations, one of Indias wealthiest businessmen, Ramkrishna Dalmia, the Parliament of India passed the Life Insurance of India Act on June 19,1956 creating the Life Insurance Corporation of India, which started operating in September of that year. In August 2000, the Indian Government embarked on a program to liberalise the insurance sector, LIC emerged as a beneficiary from this process with robust performance, albeit on a base substantially higher than the private sector. It also has a network of 1,337,064 individual agents,242 Corporate Agents,89 Referral Agents,98 Brokers and 42 Banks for soliciting life insurance business from the public. LICs slogan yogakshemam vahamyaha is in Sanskrit language which translates in English as Your welfare is our responsibility and this is derived from ancient Hindu text, the Bhagavad Gitas 9th chapter, 22nd verse. The slogan can be seen in the logo, written in Devanagari script, the Economic Times Brand Equity Survey 2012 rated LIC as the No.6 Most Trusted Service Brand of India. From the year 2006, LIC has been winning the Readers Digest Trusted brand award. Voted Indias Most Trusted brand in the BFSI category according to the Brand Trust Report for 4 continuous years - 2011-2014 according to the Brand Trust Report, as on 31 March 2014, LIC had 1,20,388 employees, out of which 24,867 were women. Agency strength LIC had 11,95,916 agents as on 31 March 2014, Golden Jubilee Foundation LIC Golden Jubilee Foundation was established in 2006 as a charity organization
11.
Corporation
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A corporation is a company or group of people authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter, most jurisdictions now allow the creation of new corporations through registration. Corporations chartered in regions where they are distinguished by whether they are allowed to be for profit or not are referred to as for profit and not-for-profit corporations, there is some overlap between stock/non-stock and for profit/not-for-profit in that not-for-profit corporations are always non-stock as well. A for profit corporation is almost always a stock corporation, registered corporations have legal personality and are owned by shareholders whose liability is limited to their investment. Shareholders do not typically actively manage a corporation, shareholders instead elect or appoint a board of directors to control the corporation in a fiduciary capacity, in American English, the word corporation is most often used to describe large business corporations. In British English and in the Commonwealth countries, the company is more widely used to describe the same sort of entity while the word corporation encompasses all incorporated entities. In American English, the company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity. Despite not being human beings, corporations, as far as the law is concerned, are legal persons. Corporations can exercise human rights against real individuals and the state, Corporations can be dissolved either by statutory operation, order of court, or voluntary action on the part of shareholders. Corporations can even be convicted of offenses, such as fraud. However, corporations are not considered living entities in the way humans are. While not a corporation, this new type of entity became very attractive as an alternative for corporations not needing to issue stock, in Germany, the organization was referred to as Gesellschaft mit beschränkter Haftung or GmbH. In the last quarter of the 20th Century this new form of organization became available in the United States and other countries. Since the GmbH and LLC forms of organization are technically not corporations they will not be discussed in this article, the word corporation derives from corpus, the Latin word for body, or a body of people. By the time of Justinian, Roman law recognized a range of corporate entities under the names universitas and these included the state itself, municipalities, and such private associations as sponsors of a religious cult, burial clubs, political groups, and guilds of craftsmen or traders. Such bodies commonly had the right to own property and make contracts, to receive gifts and legacies, to sue and be sued, private associations were granted designated privileges and liberties by the emperor. Entities which carried on business and were the subjects of rights were found in ancient Rome. In medieval Europe, churches became incorporated, as did local governments, such as the Pope, the point was that the incorporation would survive longer than the lives of any particular member, existing in perpetuity
12.
P. V. Narasimha Rao
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Pamulaparti Venkata Narasimha Rao was an Indian lawyer and politician who served as the 9th Prime Minister of India, from 1991–1996. His ascendancy to the prime ministership was politically significant in that he was the first holder of office from a non-Hindi-speaking region. He led an important administration, overseeing a major economic transformation, Rao, who held the Industries portfolio, was personally responsible for the dismantling of the Licence Raj, as this came under the purview of the Ministry of Commerce and Industry. He is often referred to as the Father of Indian Economic Reforms, future prime ministers Atal Bihari Vajpayee and Manmohan Singh continued the economic reform policies pioneered by Raos government. Rao accelerated the dismantling of the License Raj, reversing the socialist policies of Rajiv Gandhis government and he employed Dr. Manmohan Singh as his Finance Minister to embark on historic economic transition. Rao was also referred to as Chanakya for his ability to tough economic. According to Natwar Singh, Unlike Nehru, his knowledge of Sanskrit was profound, Nehru had a temper, PV a temperament. His roots were deep in the spiritual and religious soil of India and he did not need to Discover India. 11th President of India APJ Abdul Kalam described Rao as a statesman who believed that the nation is bigger than the political system. Kalam acknowledged that Rao in fact asked him to get ready for nuclear tests in 1996, the tests were later conducted by Vajpayee-led NDA government. In fact Rao briefed Vajpayee on nuclear plans, Raos term as Prime Minister was an eventful one in Indias history. Rao died in 2004 of an attack in New Delhi. He was a personality with interests in a variety of subjects such as literature. PV Narasimha Rao had humble social origins and his father, P. Sitarama Rao, and mother, Rukminiamma, hailed from agrarian families. He later went on to Hislop College, now under Nagpur University, Raos mother tongue was Telugu, and he had an excellent command of Marathi. In addition to eight other Indian languages, he spoke English, French, Arabic, Spanish, along with his distant cousin Pamulaparthi Sadasiva Rao, Ch. Raja Narendra and Devulapalli Damodar Rao, PV edited a Telugu weekly magazine called Kakatiya Patrika in the 1940s. Both PV and Sadasiva Rao contributed articles under the pen-name Jaya-Vijaya, Narasimha Rao had three sons and five daughters. Rangarao was a minister in Kotla Vijaya Bhaskara Reddys cabinet and MLA from Hanamakonda Assembly Constituency
