INTRODUCTION OF DISASTER MANAGEMENT

Disaster management (or emergency management) is the term used to

designate the efforts of communities or businesses to plan for and
coordinate all personnel and materials required to either mitigate the
effects of, or recover from, natural or man-made disasters, or acts of
terrorism. Disaster management does not avert or eliminate the threats,
although their study is an important part of the field. Events covered by
disaster
management
include
acts
of terrorism,
industrial sabotage, fire, natural
disasters (such
as earthquakes, hurricanes, etc.), public disorder, industrial accidents, and
communication failures.

An emergency and a disaster are two different situations:

An emergency is a situation in which the community is capable of
coping. It is a situation generated by the real or imminent occurrence of
an event that requires immediate attention and that requires immediate
attention of emergency resources.
A disaster is a situation in which the community is incapable of coping. It
is a natural or human-caused event which causes intense negative
impacts on people, goods, services and/or the environment, exceeding the
affected communitys capability to respond; therefore the community
seeks the assistance of government and international agencies.

EMERGENCY PLANNING IDEALS

If possible, emergency planning should aim to prevent emergencies from
occurring, and failing that, should develop a good action plan to mitigate
the results and effects of any emergencies. As time goes on, and more
data becomes available, usually through the study of emergencies as they
occur, a plan should evolve. The development of emergency plans is a
cyclical process, common to many risk management disciplines, such as
Business Continuity and Security Risk Management, as set out below:

Recognition or identification of risks

Ranking or evaluation of risks

Responding to significant risks

Tolerate

Treat

Transfer

Terminate

Resourcing controls

Reaction Planning

Reporting & monitoring risk performance

Reviewing the Risk Management framework

There are a number of guidelines and publications regarding Emergency

Planning, published by various professional organisations such as ASIS,
FEMA and the Emergency Planning College. There are very few
Emergency Management specific standards, and emergency management
as a discipline tends to fall under business resilience standards.

In order to avoid, or reduce significant losses to a business, emergency

managers should work to identify and anticipate potential risks, hopefully
to reduce their probability of occurring. In the event that an emergency
does occur, managers should have a plan prepared to mitigate the effects
of that emergency, as well as to ensure Business Continuity of critical
operations post-incident. It is essential for an organisation to include
procedures for determining whether an emergency situation has occurred
and at what point an emergency management plan should be activated.

IMPLEMENTATION IDEALS
An emergency plan must be regularly maintained, in a structured and
methodical manner, ensure it is up-to-date in the event of an emergency.
Emergency managers generally follow a common process to anticipate,
assess, prevent, prepare, respond and recover from an incident.
Pre-incident training and testing
Emergency management plans and procedures should include the
identification of appropriately trained staff members responsible for
decision-making when an emergency occurs. Training plans should
include internal people, contractors and civil protection partners, and
should state the nature and frequency of training and testing.
Testing of a plan's effectiveness should be carried out regularly. In
instances where several business or organisations occupy the same space,
joint emergency plans, formally agreed to by all parties, should be put
into place.
Communicating and assessing incidents.
Communication is one of the key issues during any emergency, preplanning of communications is critical. Miscommunication can easily
result in events escalating unnecessarily.
Once an emergency has been identified a comprehensive assessment
evaluating the level of impact and its financial implications should be
3

undertaken. Following assessment, the appropriate plan or response to be

activated will depend on a specific pre-set criterion within the emergency
plan. The steps necessary should be prioritised to ensure critical functions
are operational as soon as possible.

FEATURES OF DISASTER MANAGEMENT

1. Disaster Management Teams: - Worldwide, governments, business
and non-business organisation are setting up disaster or crisis
management teams in order to manage the disaster. The disaster
management teams are broadly divided into three parts namely (1) The
Policy Team (2) The management Team (3) The Liaison Team.
2. Systematic Planning: - Disaster management involves systematic
planning to avert a disaster, and if it occurs, then systematic planning is
required in order to overcome the crisis arising out of disaster, Disaster
planning indicates, what to do, when to do, how to do and who is to do
certain activities to manage and overcome the problems of disaster.
3. Organising of Resources: - Disaster Management requires proper
organising of resources such as manpower, materials, funds, etc., in order
to deal with the calamity. Proper organizing of resources will help the
disaster management personnel to overcome the problems caused by the
calamity
or
disaster.
4. Training to Manpower: -To manage a disaster effectively, there is a
need to provide proper training to the disaster management personnel.
The training will help to develop and improve Disaster Management
skills in the personnel. Training
may help to avert a disaster effectively.
4

5. Suitability: - Disaster Management is required before and after a

disaster. It is suitable before a disaster in order to avert a disaster, or to
caution the people and to take proper appropriate measures before the
disaster strikes. Disaster Management is also very much required after a
disaster takes place in order to undertake rescue, relief and rehabilitation
measures
at
the
time
of
floods,
earthquakes.
6. Stability: -Normally, disaster management teams lack stability. They
are formed just prior to a disaster in order to avert it, whenever possible.
However, in advanced countries such as in USA, UK, Japan, etc., some
organisations form
more or less permanent Disaster Management teams.
7. Organisation Structure: - Robert F. Littlejohn in his paper on Crisis
Management suggested a matrix organisation structure to deal with
disaster or crisis in the organisation or in the city or country. The disaster
management team is to be headed by a crisis manager.

CHALLENGES OF DISASTER MANAGEMENT

1. Inter-organizational coordination: Collaboration between
intervening emergency response agencies cannot be stressed
enough.
2. Sharing information: This task can become complicated by
the amount of equipment needed and the number of people
involved. In most incidences, two-way radios are the only
reliable form of communications across distances between
mobilized response units. Landline and mobile phones can
become overloaded and communication via radio frequency is
unreliable due to differing band usage amongst responding
agencies.
3. Resource management: A command centre must be
established to take control of the distribution of supplemental
personnel,
equipment,
and
supplies
among
multiple
organisations and identify which resources have arrived or are en
route. Command must also determine where those resources are
most needed and brief all agencies or volunteers before entering
the disaster scene.
4. When advance warnings are possible: Evacuation from
areas of danger can be the most effective life-saving strategy
5

before and during a disaster. Communication channels must be in

place to allow numerous agencies access to information about
detected potential threats. And clearly defined criteria must be
established as to when and where to evacuate so all agencies
understand the procedure.
5. The public tends to underestimate risks and downplay
warnings: This is especially true if messages are ambiguous or
inconsistent. All warnings should be issued from a credible
source and information on how to determine individual risk
factors must be conveyed to members of the affected population
with clear guidelines on what actions should be taken.
6. Search and rescue: This is an important aspect of postdisaster response. But due to its very nature, cannot be planned
for in advance as casualties are often treated at the scene. Efforts
for search and rescue teams can also become complicated by
multiple jurisdictions involved during a disaster as well as by
the efforts of bystanders who are trying to help.
7. Using the mass mediator deliver warnings to the
public: Local media agencies should be tasked with educating
the public on how to avoid health problems post disaster.
Information on food and water safety, injury and disease
prevention should be disseminated through TV and radio.
8. Triage: Untrained personnel and bystanders involved with
the initial search and rescue often bypass established field triage
and first aid stations because they do not know where these posts
are located or because they want to get the victims to the closest
hospital. Established protocols between emergency medical
services and area hospitals will ensure more even distribution of
casualties.
9. Patient tracking: This issue can arises because most people
who are evacuating a scene do not use local shelters and
therefore their whereabouts are not recorded through official
agencies.
10. Hospital or healthcare agency damage: In the event that
local medical facilities are incapacitated or overloaded
6

with disaster related casualties, an alternate site should be

determined prior to an emergency.
11. Volunteer
management:
Donation
and
volunteer
management can become problematic during a disaster since
most efforts are focused on mobilising all available participants
and the available resources may exceed needs.
12. Plan for organised improvisation: Be prepared to respond
to the disruption of shelters, utilities, communication systems,
and transportation. Regardless of how thorough your disaster
management plan may be, preplanning must always anticipate
the unexpected. And Public health officials must develop
mutually agreed procedures, maintaining frequent training
exercises to keep their systems coordinated.

ECONOMIC LOSSES OF DISASTER

Disasters can lead to adverse economic effects on humans. The economic
effects are:
1. Economic Loss due to Unemployment: Disasters result in economic
loss to survivors on account of unemployment. The unemployment may
be short term or long term. In the short term, people may remain
unemployed due to the destruction of infrastructure, or damage to
factories, fields, vehicles, etc. In the long-term, people may remain
unemployed due to physical injuries which may not permit individuals to
work. For instance, loss of limbs, hands, eye sight, and so on may make
the injured persons less employable or not employable at all.
During the disasters, the most affected are the people who work in the
unorganized sectors such as fields, self-employed people like auto
rickshaw drivers, people whose livelihood depends on livestock, etc.
People who work in organized sector may not be affected as they may be
adequately compensated even if they may not work during the disaster
period.
2. Economic Loss due to Loss of Assets: People suffer economic loss on
account of loss of property. Disasters such as earthquakes, Tsunamis,
Hurricanes, etc., results in loss to property, which may be difficult to
recover. For instance, the soil fertility may get adversely affected on
account of earthquakes, hurricanes, etc., and therefore, the fertile land
7

may become useless for cultivation. Also, due to disasters people may
lose their valuables such as gold, cash, and other assets.
3. Economic Loss due to Injury: People may suffer economic loss due
to physical injury. Lot of money may be spent on recovery. The
Government compensation may be limited and at times may not be
received at all. For instance, over 5 lakh victims of Bhopal Gas Tragedy
are left out of the compensation announced by Government of India in
2010.
4. Economic Loss due to Death of Earning Family Members:
Surviving members may suffer economic loss on account of death of
earnings family members. In several cases, the surviving members are
left without any earning members in the family. Therefore, the surviving
members may be under severe stress and strain to survive in the post
disaster period.
5. Economic Losses due to Disruption of Infrastructure: Economic
losses also take place due to damage and disruption of infrastructure. The
income generating opportunities get hampered on account of disruption
of economic infrastructure such as electricity supplies, damage to roads,
bridges, telecommunications, etc. Therefore, business firms are adversely
affected as the production gets hampered.
6. Effect of Poverty Alleviation Projects: There is adverse effect on
poverty alleviation projects on account of disasters. Funds or resources
allocated for poverty alleviation projects may be diverted by Government
authorities for reconstruction rather than spending on poverty alleviation
projects. Disaster therefore, induces poverty, by making median
households poorer and the poor households destitute, due to their
vulnerability and inability to mitigate the losses.
7. Effect on GDP of affected Nations: Major disasters lover economic
growth of the affected nations. Lot of funds and resources are diverted
for relief and reconstruction efforts, which otherwise would have been
utilized for productive purposes such as infrastructure. Lack of
infrastructure development demotivates industrial investments, which in
turn leads to lower production. Therefore, disasters have an adverse
effect on GDP growth of affected nations, at least in the short run.
8

STRATEGIES FOR COPING WITH DISASTER

During times of uncertainty and heightened anxiety it is especially
important for us to focus on taking good care of ourselves physically,
mentally and emotionally. You can make the choice to act
constructively rather than reacting to what is happening. To act is
to take responsibility for your well-being and choose effective coping
strategies.
Physical Coping Strategies
1 Adequate rest is the foundation of stress management. Establish a
routine and get to bed at a reasonable hour.
2 Exercise is excellent for stress management and will also help you
sleep better if its done several hours before bedtime. Talk to your
doctor before starting any exercise routine.
3 Eat well-balanced and regular meals.
4 Choose activities that allow you to relax in your off-work time (fish,
read, quilt, paint, hunt whatever you like to do).
5 Avoid alcohol and drugs as a means to cope, unless your doctor
gives you a needed prescription.
Mental Coping Strategies
1. Get the facts about the problem from reliable sources, rather than
relying on the rumor mill to provide information.
2. Recognize that you have time to form a plan, and that you may never
have to activate it.
3. Talk it out. Brainstorm your problem-solving ideas with your loved
ones to get their input and ideas.
9

4. Give your thoughts a break from constantly thinking about the what
if that scares you. Shift your focus to the here-and-now needs of your
loved ones, activities you enjoy, and the things you need to get done.
5. Structure your time. Large segments of unstructured time will tempt
your thoughts to center endlessly around what troubles you most, and in
doing this, your interpretation of whats happening will become more
catastrophic and less objective.
6. Remind yourself of your abilities and strengths. Self-statements
such as I can handle this uncertainty get you back in touch with the fact
that youre steering your own ship youre not a bottle tossing and
turning on lifes seas.
7. Rely on your spirituality. Turn the problem over to your higher
power for guidance and strength. We know that the human spirit is very
strong.
8. Read inspirational writings to find meaning in what is happening.
In The Road Less Traveled, Scott Peck conveys the message that one can
manage their life. The context in which we see our life experience makes
all the difference.
9. Set short-term goals. What are some things that you want to
accomplish in the near future
Emotional Coping Strategies
1 Reach out to people who care, identifying your feelings and fears.
Talk out your thoughts and feelings with loved ones.
2 Spend time in enjoyable activities with friends and family.
3 Write out your feelings. Youre dealing with an abstract but very
powerful loss the loss of expectations and assumptions. Theres a
grief process that accomplishes loss, and that process consists of
stages of shock, denial, bargaining, anger, depression and acceptance.
Those stages are not smooth and orderly. They surface, retreat and
resurface in a disorderly fashion. It helps to recognize what stage of
grief youre in. We base much of our lives on the belief that life is
reasonably predictable and controllable. We live our lives based upon
our expectations for the future. When our beliefs and expectations are
challenged or removed, we lose our equilibrium, and our worlds are
shaken. You know from previous crises in your life, however, that
you will eventually regain your equilibrium.
10

4 Recognize anger as a secondary emotion. Anger is often a surface

emotion that covers up a deeper emotion, such as fear, hurt, or feeling
of powerlessness. When you find yourself feeling anger, search for
the deeper emotion, and work with it instead. Write about it. Talk
about it.
5 Be cautious not to take out your anger on friends and relatives.
Itll be much harder for them to be emotionally supportive if theyre
feeling attacked by you, and snapping at them will cause you to feel
worse about yourself. As stated in 4 above, talk with them about the
emotions which underlie your anger, and ask for their cooperation
and support.

11

PHASES AND PERSONAL ACTIVITIES OF DISASTER

MANAGEMENT
Disaster management consists of five phases: prevention, mitigation,
preparedness, response and recovery.
Prevention
Prevention was recently added to the phases of emergency management. It
focuses on preventing the human hazard, primarily from potential natural
disasters or terrorist attacks. Preventive measures are taken on both the
domestic and international levels, designed to provide permanent protection
from disasters. Not all disasters, particularly natural disasters, can be
prevented, but the risk of loss of life and injury can be mitigated with good
evacuation plans, environmental planning and design standards. In January
2005, 168 Governments adopted a 10-year global plan for natural disaster risk
reduction called the Hyogo Framework.
Mitigation
Personal mitigation is a key to national preparedness. Individuals and families
train to avoid unnecessary risks. This includes an assessment of possible risks
to personal/family health and to personal property, and steps taken to minimize
the effects of a disaster, or take procure insurance to protect them against
effects of a disaster.
Preventive or mitigation measures take different forms for different types of
disasters. In earthquake prone areas, these preventive measures might include
structural changes such as the installation of an Earthquake Valve to instantly
shut off the natural gas supply, seismic retrofits of property, and the securing
of items inside a building. The latter may include the mounting of
furniture, refrigerators, water heaters and breakables to the walls, and the
addition of cabinet latches. In flood prone areas, houses can be built on
poles/stilts. In areas prone to prolonged electricity black-outs installation of
a generator. The construction of storm cellars and fallout shelters are further
examples of personal mitigative actions.
On a national level, governments might implement large scale mitigation
measures. After the monsoon floods of 2010, the Punjab government
12

subsequently constructed 22 'disaster-resilient' model villages, comprising

1885 single-storey homes, together with schools and health centres.

Preparedness
Preparedness focuses on preparing equipment and procedures for use when a
disaster occurs. Preparedness measures can take many forms including the
construction of shelters, implementation of an emergency communication
system, installation of warning devices, creation of back-up life-line services
(e.g., power, water, sewage), and rehearsing evacuation plans. Planning for all
different types of events and all magnitudes is of utmost importance, so that
when a disaster does occur responders know exactly what their assignments
are.
For evacuation, a disaster supplies kit may be prepared and for sheltering
purposes a stockpile of supplies may be created. The preparation of a survival
kit such as a "72-hour kit", is often advocated by authorities. These kits may
include food, medicine, flashlights, candles and money. Also, putting valuable
items in safe area is also recommended.
Response
The response phase of an emergency may commence with Search and
Rescue but in all cases the focus will quickly turn to fulfilling the
basic humanitarian needs of the affected population. This assistance may be
provided by national or international agencies and organizations. Effective
coordination of disaster assistance is often crucial, particularly when many
organizations respond and local emergency management agency (LEMA)
capacity has been exceeded by the demand or diminished by the disaster itself.
The National Response Framework is a United States government publication
that explains responsibilities and expectations of government officials at the
local, state, federal, and tribal levels. It provides guidance on Emergency
Support Functions which may be integrated in whole or parts to aid in the
response and recovery process.
On a personal level the response can take the shape either of a shelter in
place or an evacuation. In a shelter-in-place scenario, a family would be
prepared to fend for themselves in their home for many days without any form
13

of outside support. In an evacuation, a family leaves the area by automobile or

other mode of transportation, taking with them the maximum amount of
supplies they can carry, possibly including a tent for shelter. If mechanical
transportation is not available, evacuation on foot would ideally include
carrying at least three days of supplies and rain-tight bedding, a tarpaulin and a
bedroll of blankets.
Donations are often sought during this period, especially for large disasters
that overwhelm local capacity. Due to efficiencies of scale, money is often the
most cost-effective donation if fraud is avoided. Money is also the most
flexible, and if goods are sourced locally then transportation is minimized and
the local economy is boosted. Some donors prefer to send gifts, however these
items can end up creating issues, rather than helping. One innovation by Sandy
volunteers is to use a donation registry, where families and businesses
impacted by the disaster can make specific requests, which remote donors can
purchase directly via a web site.
Medical considerations will vary greatly based on the type of disaster and
secondary effects. Survivors may sustain a multitude of injuries to
include lacerations, burns, near drowning, or crush syndrome.
Recovery
The recovery phase starts after the immediate threat to human life has
subsided. The immediate goal of the recovery phase is to bring the affected
area back normalcy as quickly as possible. During reconstruction it is
recommended to consider the location or construction material of the property.
The most extreme home confinement scenarios include war, famine and
severe epidemics and may last a year or more. Then recovery will take place
inside the home. Planners for these events usually buy bulk foods and
appropriate storage and preparation equipment, and eat the food as part of
normal life. A simple balanced diet can be constructed from vitamin
pills, whole-meal wheat, beans, dried milk, corn, and cooking oil. One should
add vegetables, fruits, spices and meats, both prepared and fresh-gardened,
when possible.

14

PRINCIPAL OF DISASTER MANAGEMENT

1. Disaster management is the responsibility of all spheres of
government.
No single service or department in itself has the capability to achieve
comprehensive disaster management. Each affected service or
department must have a disaster management plan which is
coordinated through the Disaster Management Advisory Forum
2. Disaster management should use resources that exist for a
day-to-day purpose.
There are limited resources available specifically for disasters, and it
would be neither cost effective nor practical to have large holdings
of dedicated disaster resources. However, municipalities must ensure
that there is a minimum budget allocation to enable appropriate
response to incidents as they arise, and to prepare for and reduce the
risk of disasters occurring.
3. Organisations should function as an extension of their core
business.
Disaster management is about the use of resources in the most
effective manner. To achieve this during disasters, organisations
should be employed in a manner that reflects their day-to-day role.
But it should be done in a coordinated manner across all relevant
organisations, so that it is multidisciplinary and multi-agency.
4. Individuals are responsible for their own safety.
Individuals need to be aware of the hazards that could affect their
community and the counter measures, which include the Municipal
Disaster Management Plan, that are in place to deal with them.

15

5. Disaster management planning should focus on large-scale

events.
It is easier to scale down a response than it is to scale up if
arrangements have been based on incident scale events. If you are
well prepared for a major disaster you will be able to respond very
well to smaller incidents and emergencies, nevertheless, good multi
agency responses to incidents do help in the event of a major
disaster.
6 Disaster management planning should recognise the difference
between incidents and disasters.
Incidents - e.g. fires that occur in informal settlements, floods that
occur regularly, still require multi-agency and multi-jurisdictional
coordination. The scale of the disaster will indicate when it is beyond
the capacity of the municipality to respond, and when it needs the
involvement of other agencies.
7 Disaster management operational arrangements are additional
to and do not replace incident management operational
arrangement
Single service incident management operational arrangements will
need to continue, whenever practical, during disaster operations.
8. Disaster management planning must take account of the type of
physical environment and the structure of the population.
The physical shape and size of the Municipality and the spread of
population must be considered when developing counter disaster plans
to ensure that appropriate prevention, preparation, response and
recovery mechanisms can be put in place in a timely manner.

9. Disaster management arrangements must recognise the

involvement and potential role of non-government agencies.
Significant skills and resources needed during disaster operations are
controlled by non-government agencies. These agencies must be
consulted and included in the planning process.

16

THE IMPACT OF DISASTERS ON DEVELOPMENT

PROGRAMMES
Disasters can significantly impede the effectiveness of development resource
allocation. The damage is done in many ways and the impacts can be as
complex as the economy itself. It is for specific reasons that practitioners
explore the issues of lost resources to determine what will no longer be
available to the country after a disaster such as assessing the effects of
programme interruptions and the switching of crucial resources to other,
shorter-term needs as disasters often change the political, economic and social
conditions within a country. There will also be a need to consider the negative
impacts on investment climates (of the now declared disaster zone) to
determine what opportunities will be left to attract local and international
investment capital to the area or country that has been devastated by the
disaster. And lastly, in what state will the disruption of the non-formal sector
leave the disaster area in terms of citizens proceeding with their lives in ways
closest to conditions before the disaster. This non-formal sector may involve
the way private citizens conduct business in their lives after the disaster.
Vulnerabilities caused by development
Lack of access to education and information often has wider implications and
local people may be simply unaware of the options open to them in reducing
their vulnerability. Poor people, for example, have fewer assets to invest in
resources which may reduce their vulnerability; they may also be unwilling to
make any significant investment without clear and obvious benefits. Poor
people are also less likely to be in a position to organize collectively to reduce
common risks, partially because these groups are usually have a higher
proportion of women, young children, elderly people, the sick and disabled.
Furthermore, after a disaster, the Introduction to Disaster Management effects
of malnutrition and chronic illness put people at additional risk. Although in
aggregate terms development will usually contribute to a reduction in
17

vulnerability to natural disasters, any development activity may substantially

increase particular types of vulnerability. Illustrations of such development
activities are as follows:
Urban development often leads to an influx of low-income groups such
as large-scale settlements on marginal land or in high densities with
poor quality housing. Buildings may be situated on earthquake faults, in
flash-flood zones, or on slopes prone to landslides.
Marine and coastal zone development leads to concentrations of
populations exposed to possible storm-surges, high winds, flash floods,
and landslide risks. Tourist development can increase potential
vulnerability substantially when low-lying beach areas are targets for
infrastructure and capital investments. Tsunamis and tropical storms can
quickly destroy these improvements as well as placing tourists and
workers at substantial risk to death and injury.
Construction of transportation lines and poorly managed forestry
programmes will often lead to deforestation and increased risks of
landslides.
Water resource management projects, including dams and irrigation
schemes, potentially increase risks to large populations, either by
displacing natural habitats, increasing risks of severe flooding, or by
increasing the risk of dam failure.
Investment in poorly controlled hazardous industries may lead to
concentrations of population around the plant; increases in air and water
pollution; and exposure to hazards from both chronic and catastrophic
release of toxic materials.
Livestock development projects can lead to severe loss of vegetation
cover and conditions of near-desertification around specific natural
points such as wells.
Agricultural projects promoting cash crops may reduce the production
of staple foods.

18

Each of these examples illustrates the importance of including risk assessment

as an integral part of programme planning and evaluation, and highlights the
critical importance of training and education in these areas.

EMERGING TRENDS IN GLOBAL BUSINESS

ENVIRONMENT
Global economies are so tightly interconnected that companies, governments
and industries will soon be forced to cooperate in ways we could not have
imagined just a few years ago.
In fact, Ernst & Young believes the six trends are themselves connected by
three underlying drivers that have helped establish each trend and perpetuate
it.
1. Demographic shifts. Population growth, increased urbanization, a
widening divide between countries with youthful and quickly aging
populations and a rapidly growing middle class are reshaping not only
the business world, but also society as a whole.
2. Reshaped global power structure. As the world recovers from the
worst recession in decades, the rise of relationships between the public
and private sectors has shifted the balance of global power faster than
most could have imagined just a few years ago.
3. Disruptive innovation. Innovations in technology continue to have
massive effects on business and society. We're now seeing emerging
markets become hotbeds of innovation, especially in efforts to reach the
growing middle class and low-income consumers around the globe.

19

Six global trends, interconnected by three key drivers of change

Winner and losers

As these trends change the ways in which businesses operate, grow and
compete, winners and losers inevitably will emerge.
The winners will be easy to spot:

They will be the organizations that constantly monitor broad trends in

the external environment, embrace technology and look for talent everywhere,
especially among previously neglected segments of the workforce such as
women, minorities and older workers.

Regardless of what industry they are in or where they are headquartered,

these organizations are looking outward. In so doing, they are navigating
multiple jurisdictions and regulatory frameworks while adapting to local
environments and attempting to create global workforces.

They are modifying supply chains to leverage shifting labor cost

structures and mitigate raw materials' price fluctuations.

They are figuring out how cleantech fits into their growth plans and
making it an integral part of their future strategy.

National governments, meanwhile, are seeking ways to meet growth

agendas while reducing cost structures and future debt obligations.

20

Shaping the future

As businesses and governments look to the future, they would do well to
remember that executing on their existing strategy may no longer be good
enough. They must think more deeply about the opportunities and risks
presented by the evolving trends, and the driving forces behind them.
With a different mindset, they can re-imagine what is possible, discovering
what they can do that is new, and how best to do it.
Those that succeed may find themselves not just navigating tomorrows global
trends, but actually shaping them.

GREEN ECONOMY IN THE CONTEXT OF SUSTAINABLE

DEVELOPMENT AND POVERTY ERADICATION
Sustainable development has been the overarching goal of the international
community since the UN Conference on Environment and Development
(UNCED) in 1992. Amongst numerous commitments, the Conference called
upon governments to develop national strategies for sustainable development,
incorporating policy measures outlined in the Rio Declaration and Agenda 21.
Despite the efforts of many governments around the world to implement such
strategies as well as international cooperation to support national governments,
there are continuing concerns over global economic and environmental
developments in many countries. These have been intensified by recent
prolonged global energy, food and financial crises, and underscored by
21

continued warnings from global scientists that society is in danger of

transgressing a number of planetary boundaries or ecological limits.
With governments today seeking effective ways to lead their nations out of
these related crises whilst also taking into account these planetary boundaries,
green economy (in its various forms) has been proposed as a means for
catalysing renewed national policy development and international cooperation
and support for sustainable development. The concept has received significant
international attention over the past few years as a tool to address the 2008
financial crisis as well as one of two themes for the 2012 UN Conference on
Sustainable Development (Rio+20). This has resulted in a rapidly expanding
literature including new publications on green economy from a variety of
influential international organisations, national governments, think tanks,
experts, non-government organisations and others.
Despite the growing international interest in green economy, negotiations
between Member States on the concept in the lead up to Rio+20 were
challenging. This was partly due to the lack of an internationally agreed
definition or universal principles for green economy, the emergence of
interrelated but different terminology and concepts over recent years (such as
green growth, low carbon development, sustainable economy, steady-state
economy etc.), a lack of clarity around what green economy policy measures
encompass and how they integrate with national priorities and objectives
relating to economic growth and poverty eradication, as well as a perceived
lack of experience in designing, implementing and reviewing the costs and
benefits of green economy policies.
Recent publications on green economy or green growth by the United Nations
Environment Program (UNEP), the UN Department of Economic and Social
Affairs (UNDESA), the United Nations Conference on Trade and
Development (UNCTAD), the International Labour Organisation (ILO), the
World Bank, the Organisation for Economic Cooperation and Development
(OECD), the Global Green Growth Institute (GGGI), the Green Economy
Coalition, Stakeholder Forum, the Green Growth Leaders and many others
have begun to address these knowledge gaps and demystify these concepts.
Importantly, there is also emerging practice in the design and implementation
of national green economy strategies by both developed and developing
countries across most regions, including Africa, Latin America, the AsiaPacific and Europe. This emerging practice can help to provide some
important insights and much-needed clarity regarding the types of green
economy policy measures, their scope with regard to various sectors and
22

national priorities, and their institutional barriers, risks and implementation

costs. This international experience may serve to alleviate concerns regarding
the effective integration of green economy policies with national economic
and social priorities and objectives, including the achievement of
internationally agreed development goals.

GREEN ECONOMIC DEVELOPMENT STRATEGIES

In this era of global competition and local fiscal constraint, cities increasingly
seek to develop and maintain a vibrant economy. Yet, few cities have adopted
comprehensive economic development strategies, and even if they have
articulated explicit economic development goals, they rarely adopt the right
types of policies to support them. In the push to stimulate the green economy,
cities are often confused about whether to pursue economic growth or
development, as well as whether to seek high-quality jobs or simply job
creation of any kind. Despite the rallying cry for green jobs as pathways out of
poverty, a green economy does not necessary mean well-paying, green-collar
jobs unless local job standards and training programs are in place. And though
we might expect a net gain in jobs, many studies have underestimated the
potential for job loss, since some businesses will shed jobs in the process of
23

producing green products or becoming greener. Another overlooked role for

the green economy in a time of recession is job retention, since efficiency
measures and demand for new products can help keep factories open and
workers (e.g., in construction) employed.

CORPORATE SOCIAL RESPONSIBILITY

Corporate
social
responsibility (CSR,
also
called corporate
conscience, corporate
citizenship, social
performance,
or sustainable
responsible business/ Responsible Business) is a form of corporate selfregulationintegrated into a business model. CSR policy functions as a built-in,
self-regulating mechanism whereby a business monitors and ensures its active
compliance with the spirit of the law, ethical standards, and
international norms. In some models, a firm's implementation of CSR goes
beyond compliance and engages in "actions that appear to further some social
good, beyond the interests of the firm and that which is required by law." CSR
24

is a process with the aim to embrace responsibility for the company's actions
and encourage a positive impact through its activities on the environment,
consumers, employees, communities, stakeholders and all other members of
the public sphere who may also be considered stakeholders.
The term "corporate social responsibility" became popular in the 1960s and
has remained a term used indiscriminately by many to cover legal and moral
responsibility more narrowly construed.
Proponents argue that corporations make more long term profits by operating
with a perspective, while critics argue that CSR distracts from the economic
role of businesses. McWilliams and Siegel's article (2000) published
in Strategic Management Journal, cited by over 1000 academics, compared
existing econometric studies of the relationship between social and financial
performance. They concluded that the contradictory results of previous studies
reporting positive, negative, and neutral financial impact were due to
flawed empirical analysis. McWilliams and Siegel demonstrated that when the
model is properly specified; that is, when you control for investment
in Research and Development, an important determinant of financial
performance, CSR has a neutral impact on financial outcomes.
In his widely cited book entitled Misguided Virtue: False Notions of Corporate
Social Responsibility (2001) David Henderson argued forcefully against the
way in which CSR broke from traditional corporate value-setting. He
questioned the "lofty" and sometimes "unrealistic expectations" in CSR.
Some argue that CSR is merely window-dressing, or an attempt to pre-empt
the role of governments as a watchdog over powerful multinational
corporations. Political sociologists became interested in CSR in the context of
theories of globalization, neo-liberalism, and late capitalism. Adopting a
critical approach, sociologists emphasize CSR as a form of capitalist
legitimacy and in particular point out that what has begun as a social
movement against uninhibited corporate power has been co-opted by and
transformed by corporations into a 'business model' and a 'risk management'
device, often with questionable results
CSR is titled to aid an organization's mission as well as a guide to what the
company stands for and will uphold to its consumers. Development business
ethics is one of the forms of applied ethics that examines ethical principles and
25

moral or ethical problems that can arise in a business environment. ISO

26000 is the recognized international standard for CSR. Public sector
organizations (the United Nations for example) adhere to the triple bottom
line (TBL). It is widely accepted that CSR adheres to similar principles but
with no formal act of legislation.
The notion is now extended beyond purely commercial corporations, e.g. to
universities.

BENEFITS OF CSR
Corporate Social Responsibility has many benefits that can be applied to
any business, in any region, and at a minimal cost.

26

 Improved financial performance: A recent longitudinal Harvard

University study has found that stakeholder balanced companies showed
four times the growth rate and eight times employment growth when
compared to companies that focused only on shareholders and profit
maximization.

Enhanced brand image & reputation: A company considered socially

responsible can benefit -both by its enhanced reputation with the public, as
well as its reputation within the business community, increasing a
companys ability to attract capital and trading partners. For example, a
1997 study by two Boston College management professors found that
excellent employee, customer and community relations are more important
than strong shareholder returns in earning corporations a place an Fortune
magazines annual Most Admired Companies list.
Increased sales and customer loyalty: A number of studies have
suggested a large and growing market for the products and services of
companies perceived to be socially responsible. While businesses must first
satisfy customers key buying criteria such as price, quality, appearance,
taste, availability, safety and convenience. Studies also show a growing
desire to buy based on other value-based criteria, such as sweatshop-free
and child labor-free clothing, products with smaller environmental
impact, and absence of genetically modified materials or ingredients.
Increased ability to attract and retain employees: Companies perceived
to have strong CSR commitments often find it easier to recruit employees,
particularly in tight labor markets. Retention levels may be higher too,
resulting in a reduction in turnover and associated recruitment and training
costs. Tight labor markets as well the trend toward multiple jobs for shorter
periods of time are challenging companies to develop ways to generate a
return on the consideration resources invested in recruiting, hiring, and
training.
Reduced regulatory oversight: Companies that demonstrate that they are
engaging in practices that satisfy and go beyond regulatory compliance
requirements are being given less scrutiny and freer reign by both national
27

and local government entities. In many cases, such companies are subject
to fewer inspections and paperwork, and may be given preference or fasttrack treatment when applying for operating permits, zoning variances or
other forms of governmental permission.
Easier access to capital: The Social Investment Forum reports that, in the
U.S. in 1999, there is more than $2 trillion in assets under management in
portfolios that use screens linked to ethics, the environment, and corporate
social responsibility. It is clear that companies addressing ethical, social,
and environmental responsibilities have rapidly growing access to capital
that might not otherwise have been available.

28

ENVIRONMENTAL ACCOUNTING
Environmental accounting is a subset of accounting proper, its target being
to incorporate both economic and environmental information. It can be
conducted at the corporate level or at the level of a national economy through
the National Accounts of Countries (among other things, the National
Accounts produce the estimates of Gross Domestic Product otherwise known
as GDP).
Environmental accounting is a field that identifies resource use, measures and
communicates costs of a companys or national economic impact on the
environment. Costs include costs to clean up or remediate contaminated sites,
environmental fines, penalties and taxes, purchase of pollution prevention
technologies and waste management costs.
An environmental accounting system consists of environmentally
differentiated conventional accounting and ecological accounting.
Environmentally differentiated accounting measures effects of the natural
environment on a company inmonetary terms. Ecological accounting measures
the influence a company has on the environment, but in physical
measurements.
Why environmental accounting?
There are several advantages environmental accounting brings to business;
notably, the complete costs, including environmental remediation and long
term environmental consequences and externalities can be quantified and
addressed.
Subfields
Environmental accounting is organized in three sub-disciplines: global,
national, and corporate environmental accounting, respectively. Corporate
environmental accounting can be further sub-divided into environmental
management accounting and environmental financial accounting.

29

 Global environmental accounting is an accounting methodology that

deals areas includes energetics, ecology and economics at a worldwide
level.
National environmental accounting is an accounting approach that deals
with economics on a country's level. Internationally, environmental
accounting has been formalised into the System of Integrated
Environmental and Economic Accounting, known as SEEA. SEEA
grows out of the System of National Accounts. The SEEA records the
flows of raw materials (water, energy, minerals, wood, etc.) from the
environment
to the economy, the exchanges of these materials within the economy
and the returns of wastes and pollutants to the environment. Also
recorded are the prices or shadow prices for these materials as are
environment protection expenditures. SEEA is used by 49 countries
around the world.
Corporate environmental accounting focuses on the cost structure and
environmental performance of a company.
Environmental management accounting focuses on making internal
business strategy decisions. It can be defined as:
the identification, collection, analysis, and use of two types of
information for internal decision making:
1) Physical information on the use, flows and fates of energy, water and
materials (including wastes) and
2) Monetary information on environmentally related costs, earnings and
savings.
Environmental financial accounting is used to provide information
needed by external stakeholders on a companys financial performance.
This type of accounting allows companies to prepare financial reports
for investors, lenders and other interested parties.

30

ENVIRONMENTAL AUDITING
Environmental audit is a general term that can reflect various types or
evaluations intended to identify environmental compliance and management
system implementation gaps, along with related corrective actions. In this way
they perform an analogous (similar) function to financial audits. There are
generally two different types of environmental audits: compliance audits and
management systems audits. Compliance audits tend to be the primary type in
the US or within US-based multinationals.
Environmental compliance audits
As the name implies, these audits are intended to review the site's/company's
legal compliance status in an operational context. Compliance audits generally
begin with determining the applicable compliance requirements against which
the operations will be assessed. This tends to include federal regulations, state
regulations, permits and local ordinances/codes. In some cases, it may also
include requirements within legal settlements.
Compliance audits may be multimedia or programmatic. Multimedia audits
involve identifying and auditing all environmental media (air, water, waste,
etc.) that apply to the operation/company. Programmatic audits (which may
also be called thematicor media-specific) are limited in scope to pre-identified
regulatory areas, such as air.
Audits are also focused on operational aspects of a company/site, rather than
the contamination status of the real property. Assessments, studies, etc. that
involve property contamination/remediation are typically not considered an
environmental audit.
Audit Tools and technology
The term "protocol" means the checklist used by environmental auditors as the
guide for conducting the audit activities. There is no standard protocol, either
31

in form or content. Typically, companies develop their own protocols to meet

their specific compliance requirements and management systems. Audit firms
frequently develop general protocols that can be applied to a broad range of
companies/operations.
Current technology supports many versions of computer-based protocols that
attempt to simplify the audit process by converting regulatory requirements
into questions with "yes", "no" and "not applicable" check boxes. Many
companies and auditors find these useful and there are several such protocol
systems commercially available. Other auditors (typically those with many
years of environmental auditing experience) use the regulations/permits
directly as protocols. There is a long standing debate among environmental
audit professionals on the value of large, highly detailed and prescriptive
protocols (i.e., that can, in theory, be completed by an auditor with little or no
technical experience) versus more flexible protocols that rely on the expertise
and knowledge of experienced auditors and source documents (regulations,
permits, etc.) directly. However usage of structured and prescriptive protocols
in ISO 14001 audits allows easier review by other parties, either internal to the
Certification Body (e.g. technical reviewers and certification managers) or
external (accreditation bodies).
In the US, permits for air emissions, wastewater discharges and other
operational aspects, many times establish the primary legal compliance
standards for companies. In these cases, auditing only to the regulations is
inadequate. However, as these permits are site specific, standard protocols are
not commercially available that reflect every permit condition for every
company/site. Therefore, permit holders and the auditors they hire must
identify the permit requirements and determine the most effective way to audit
against those requirements.
During the past 20 years, advances in technology have had major impacts on
auditing. Laptop computers, portable printers, CD/DVDs, the internet, email
and wireless internet access have all been used to improve audits,
increase/improve auditor access to regulatory information and create audit
reports on-site. At one point in the 1990s, one major company invested
significant resources in testing "video audits" where the auditor (located at the
corporate headquarters) used real-time video conferencing technology to direct
staff at a site to carry live video cameras to specific areas of the plant. While
initially promising, this technology/concept did not prove acceptable.
32

The current "disruptive technology" in environmental auditing is Apple

Computer's iPad. At this time, one audit consulting firm is using the iPad
extensively for environmental audits, which includes specific protocols for the
new technology.

ENVIRONMENTAL AUDITING IN INDIA

1. Auditing in India
The Supreme Audit Institution (SAI) in India is headed by the Comptroller and
Auditor General (CAG) of India who is a constitutional authority. The CAG of
India derives his mandate from Articles 148 to 151 of the Indian Constitution.
The CAGs (Duties, Powers and Conditions of Service) Act, 1971 prescribes
functions, duties and powers of the CAG. While fulfilling his constitutional
obligations, the CAG examines various aspects of government expenditure and
revenues. The audit conducted by CAG is broadly classified into Financial,
Compliance and Performance Audit. Environmental audit by SAI India is
conducted within the broad framework of Compliance and Performance Audit.
2. Environment protection in India
The Ministry of Environment & Forests is the nodal agency in the
administrative structure of the Central Government of India, for the planning,
promotion, coordination and overseeing the implementation of environmental
and forestry programmes. The Ministry is also the Nodal agency in the country
for the United Nations Environment Programme (UNEP). In the states, the
Department of Environment and Forest is the main agency for implementation
of environment programmes.
The principal activities undertaken by Ministry of Environment & Forests
consist of

Conservation & survey of flora, fauna, forests and wildlife;

Prevention & control of pollution; afforestation and regeneration of
degraded areas; and
33

Protection of environment, in the frame work of legislation.

Major policy initiatives by Ministry of Environment and Forests include:

National Environment Policy, 2006;

Conservation Strategy and Policy Statement on Environment and
Development,1992;

Policy Statement for Abatement of Pollution;

National Forest Policy

MEANING OF CORPORATE GOVERNANCE

Corporate governance refers to the system by which corporations are directed
and controlled. The governance structure specifies the distribution of rights
and responsibilities among different participants in the corporation (such as the
board of directors, managers, shareholders, creditors, auditors, regulators, and
other stakeholders) and specifies the rules and procedures for making
decisions in corporate affairs. Governance provides the structure through
which corporations set and pursue their objectives, while reflecting the context
of the social, regulatory and market environment. Governance is a mechanism
for monitoring the actions, policies and decisions of corporations. Governance
involves the alignment of interests among the stakeholders.
There has been renewed interest in the corporate governance practices of
modern corporations, particularly in relation to accountability, since the highprofile collapses of a number of large corporations during 20012002, most of
which involved accounting fraud. Corporate scandals of various forms have
maintained public and political interest in the regulation of corporate
governance. In the U.S., these include Enron Corporation and MCI
Inc. (formerly WorldCom). Their demise is associated with the U.S. federal
government passing the Sarbanes-Oxley Act in 2002, intending to restore
public confidence in corporate governance. Comparable failures in Australia
(HIH, One.Tel) are associated with the eventual passage of the CLERP

34

9 reforms. Similar corporate failures in other countries stimulated increased

regulatory interest (e.g., Parmalat in Italy).

PRINCIPLES OF CORPORATE GOVERNANCE

Contemporary discussions of corporate governance tend to refer to principles
raised in three documents released since 1990: The Cadbury Report (UK,
1992), the Principles of Corporate Governance (OECD, 1998 and 2004),
the Sarbanes-Oxley Act of 2002 (US, 2002). The Cadbury and OECD reports
present general principles around which businesses are expected to operate to
assure proper governance. The Sarbanes-Oxley Act, informally referred to as
Sarbox or Sox, is an attempt by the federal government in the United States to
legislate several of the principles recommended in the Cadbury and OECD
reports.

Rights and equitable treatment of shareholders: Organizations

should respect the rights of shareholders and help shareholders to exercise
those rights. They can help shareholders exercise their rights by openly and
effectively communicating information and by encouraging shareholders to
participate in general meetings.

Interests of other stakeholders: Organizations should recognize that

they have legal, contractual, social, and market driven obligations to non35

shareholder stakeholders, including employees, investors, creditors,

suppliers, local communities, customers, and policy makers.

Role and responsibilities of the board: The board needs sufficient

relevant skills and understanding to review and challenge management
performance. It also needs adequate size and appropriate levels of
independence and commitment.

Integrity and ethical behavior: Integrity should be a fundamental

requirement in choosing corporate officers and board members.
Organizations should develop a code of conduct for their directors and
executives that promotes ethical and responsible decision making.

Disclosure and transparency: Organizations should clarify and make

publicly known the roles and responsibilities of board and management to
provide stakeholders with a level of accountability. They should also
implement procedures to independently verify and safeguard the integrity
of the company's financial reporting. Disclosure of material matters
concerning the organization should be timely and balanced to ensure that
all investors have access to clear, factual information.

CORPORATE GOVERNANCE OF INDIAN OIL

CORPORATION LIMITED
Indian Oil remains true to the belief that good Corporate Governance practices
lead to efficient running of the Company and help in optimising value for all
its stakeholders. The Company has been making an effort to uphold the
principles of Corporate Governance to ensure transparency, integrity and
accountability in its functioning - elements that are vital to achieve its vision
of becoming a major diversified, transnational, integrated energy company.
With the adoption of (a) Code of conduct for Directors and senior management
personnel, (b) Code of conduct for prevention of insider trading and (c) Policy
on risk assessment and minimising procedures, the Company has further
enhanced
its
commitment
towards
Corporate
Governance.
Access the Right to Information Act manual that addresses the constitutional
right to know and access information relating to any private body. In other
words, you can access records, documents, memos, e-mails, opinions, advice,
36

press releases, circulars, orders, logbooks, contracts, reports, papers, samples,

models, data material held in any electronic form and information relating to
any private body.

QUARTERLY COMPLIANCE REPORT ON

CORPORATE GOVERNANCE
Name of the Company

: INDIAN OIL CORPORATION LIMITED

Quarter ending on

: 31st March, 2014

Sr.No

Particulars

Clause of
Listing
Agreement

Compliance
Status
Yes / No

Remarks

I.
(A)

BOARD OF DIRECTORS
Composition of Board

49 I
49 (IA)

No.

(B)

Non-executive
Directors
compensation & disclosures
Other provisions as to Board
and Committees
Code of Conduct
AUDIT COMMITTEE
Qualified
& Independent
Audit Committee
Meeting of Audit Committee

49 (IB)

Yes

49 (IC)

Yes

49 (ID)
49 (II)
49 (IIA)

Yes

Yes

49 (IIB)

Yes

(C)
(D)
II
(A)
(B)

37

* Please see
remarks separately
given below

(C)
(D)
(E)
III.
IV.
(A)
(B)
(C)
(D)
(E)
(F)
(G)
V.
VI.
VII.

Powers of Audit Committee

49
Role of Audit Committee
49
Review of
Information by 49
Audit Committee
SUBSIDIARY COMPANIES
49
DISCLOSURES
Basis
of
related
party
transactions
Disclosure
of Accounting
Treatment
Board Disclosures
Risk
Management
Proceeds from public issues,
right
issues,
preferential
issues etc.
Remuneration of Directors
Management
Shareholders
CEO / CFO Certification
Report
on
Governance
Compliance

(IIC)
(IID)
(IIE)

Yes
Yes
Yes

(III)

N.A.

49 (IV)
49 (IV A)

Yes

49 (IV B)

Yes

49 (IV C)

Yes

49 (IV D)

N.A

49
49
49
49

Yes
Yes
Yes
Yes

(IV E)
(IV F)
(IV G)
(V)

Corporate 49 (VI)
49 (VII)

38

Yes
Yes

There is no material
un-listed Indian
subsidiary company.

The strength of the Board of Indian Oil was 18 Directors as on 31 st

March, 2014, comprising of 8 Executive Directors (including Chairman)
and 10 Non-Executive Directors, out of which 8 are Independent
Directors and 2 Government Nominee Directors.
Indian Oil being a Government Company under the administrative
control of the Ministry of Petroleum & Natural Gas, the Directors are
nominated by the Government. The Government of India is in the process
of selecting Independent Directors through a process of Search
Committee and will take some time before the Government nominates
requisite number of Independent Directors on the Board of Indian Oil.
The matter is being pursued by Indian Oil.

39

INDIAN OIL PHILOSOPHY ON CORPORATE

GOVERNANCE
Indian Oil believes that good Corporate Governance practices ensure
ethical and efficient conduct of the affairs of the Company and also help
in maximizing value for all its stakeholders like customers, employees
and society at large in order to build an environment of trust and
confidence among all the constituents.
The Company endeavours to uphold the principles and practices of
Corporate Governance to ensure transparency, integrity and
accountability in its functioning which are vital to achieve its Vision of
being the Energy of India and a Globally Admired Company.
Indian Oil recognises that good Corporate Governance is a continuous
exercise and reiterates its commitment to pursue highest standards of
Corporate
Governance in the overall interest of all its stakeholders. For effective
implementation of the Corporate Governance practices, IndianOil has a
well-defined policy framework inter alia consisting of the following: Code of Conduct for Directors and Senior Management Personnel
Code of Conduct for prevention of Insider Trading
Enterprise Risk Management Policy
Integrity Pact to enhance transparency in business
Whistle Blower Policy
Conduct, Discipline and Appeal Rules for employees
Corporate Social Responsibility / Sustainable development
Human Resources initiatives
In recognition of good governance practices, IndianOil has been awarded
the prestigious ICSI National Award 2012 for Excellence in Corporate
Governance as well as the Gold Trophy of SCOPE Meritorious Award
for Corporate Governance for the year 2011-12.

40

BIBLIOGRAPHY
Newspapers
Hindustan Times
Economic Times
Magazines
Business India
Business World
Websites

www.google.com
www.yahoo.com
www.scribd.com
www.iocl.com

Textbook
Strategic Management Michael Vaz

41