cg';"rLx?

cg';"rL ! M k"0f{ cfof]hgf k|:tfj k]z ug]{ lglb{i6 9fFrf÷gd"gf

k"0f{cfof]hgf k|:tfjsf]nfuL rflxg] sfuhftx?

l;= sfuhftx?
g+=
! C0f :jLs[lt kq -demf}nf cg'bfg cfj]bsnfO{ clgjfo{ / ;fgf] cfsf/sf]
cg'bfgsf] xsdf P]lR5s_
@ lgodfg';f/ n]vfk/LIf0f k|ltj]bg / s/ r'Qmf k|df0fkq
# cfj]bssf] sfg'gL, x}l;ot :jldTj tyf ljQLo cj:yf emNsg] k|df0f
$ pkcfof]hgf Joj:yfkg ug]{ d"nJolQmsf] JolQmut ljj/0f

k]z u/]sf] ldlt

=========================
btf{ g+=
====================================
-sfof{no k|of]hg_

1
 v08 ! M ;fdfGo
!= kl/ro -j9Ldf ! k]h_ — lsg, s;/L / s] sfo{sf nfUfL of] k"0f{ cfof]hgf
k|:tfj k]z ul/Psf] xf] <
u}/sfi7 jg k}bfjf/ dWo]sf] ax'd"No d;nfhGo afnL cGtu{t kg]{ cn}FrL Ps
xf] . cn}FrL pTkfbgsf nflu xfjfkfgLsf lx;fan] ;d'Gb| ;txaf6 *))–@))) dL=
prfO{, @))–@%) ;]=dL= jflif{s jiff{ x'g] / !)–@% l8=;]= ;Ddsf] tfkqmd
pko{Qm x'G5 . ;"o{sf] k|sfz ;f]em} gkg]{ pQ/–klZrd jf pQ/ k"j{ kms]{sf
lr:ofg /lx/xg] le/fnf] / 5xf/Lbf/ hldg cn}FrL pTkfbgsf nflu clt pko'{Qm
x'G5 . k|;:t k|fª\ufl/s kbfy{ ePsf] tyf lk=Pr= $=%–^=% ePsf] bf]d6 df6f]
pko'{Qm dflgG5 . cn}FrLsf hftx?df /fd;fO{ !%)) dL= b]lv @))) dL= ;Dd
;lsG5 eg] uf]n;fO{ !@))–!%)) dL= ;Dd, 8Da/;fO{ &)) dL= b]lv !@))
dL= ;Dd, ;fpg] &))–@))) dL= lra];fO{ &))–!))) dL= ;Ddsf] prfO{df v]tL
ug{ ;lsG5 . ;fdfGotof cn}FrL /f]k]sf] t];|f] jif{af6 pTkfbg lng ;lsG5 eg]
kfFrf}F jif{df k"0f{ ?kdf pTkfbg x'g yfN5 . g]kfndf cf};t ;'Vvf pTkfbg k|
ltx]S6/ #^)–%)) s]=hL= x'G5 .

cn}FrL pRr d"Nosf] gub]jfnL dWo]sf] Ps xf] . of] k"jf{~rnsf] Onfd,

kfFry/, t]x|y'd, ef]hk'/, ;+v'jf;ef, vf]6fË nufotsf lhNnfx?df Jofks v]tL
ePsf] / pTkfbg klg pRr /x]sf] kfOG5 . cfheGbf sl/a !%) jif{ cufl8 Onfd,
kfFry/, ef]hk'/ nufotsf dflg;x? sfdsf] l;nl;nfdf ef/ts]f l;SsLd, bfh]{lnË lt/
hfFbf ToxL 7fpFaf6 cln cln NofP/ /f]k]sf] lj?jf g} cfh g]kfnsf] cn}FrLsf]
k"j{h dflgG5 .

cfh o;sf] dxTjx?df cfly{s ;DkGgtf, :j/f]huf/, ljb]zL d'b|f cfoft,

kof{j/0f ;'wf/ nufot k|d'v kb{5g\ . xfd|f] pBdzLn s[ifs ;d"x ljz'4 ?kdf s[lif
k]zfnfO{ cFufNb} s[lifnfO{ /f]huf/ 7fgL Joj;flos/0f ug'{k5{ eGg]
;f]rsf ;fy nflu k/]sf] ;d"x xf] . ljutdf $) /f]kgL If]qkmndf cfDbfgL
lnO/x]sf] of] ;d"xn] cfufdL jif{df s[ifs ;d"xx?n] pTkfbg u/]sf]
cn}FrLnfO{ ;+sng u/L ahf/ k|j4{g ug]{ ;f]rdf /x]sf] 5 .

s[lif afnL dWo]s} pRr d"Nosf] cn}FrLsf] ahf/ klg pko'{Qm dfGg ;lsG5 .
k"jL{ kxf8L e]usf s[ifsx?n] ;–;fgf] cfsf/df cn}FrL nufpg] / ePsf]
pTkfbgnfO{ sd d"Nodf g} Jofkf/Lx?nfO{ a]Rbf s[ifsx?n] /fd|f] k|ltkmn
lng g;ls/x]sf] cj:yfdf o; s[ifs ;d"xn] s[ifsx?af6 pTkflbt cn}FrLnfO{ plrt

2
d"No lbO{ vl/b ug]{ / plrt d"Nodf ljqmL ljt/0f ug]{ ;f]r agfOPsf] 5 .
ahf/df /x]sf] cn}FrLsf] dfunfO{ Wofgdf /fvL u'0f:t/Lo pTkfbg
ug{ s[ifsx?nfO{ r]tgf k|bfg ul/g]5 ;fy} ;+slnt cn}FrLnfO{ cem u'0f:t/Lo
agfpg u|]l8Ë, Kofs]lhË, n]alnË nufot ul/g]5 .

cn}FrLsf] ahf/ k|j4{g M cn}FrLsf] d"No ef/tLo Jofkf/Lx?sf] ks8df /x]sf]

5 . ;'gsf] efpeGbf klg a9L 36a9 x'g] cn}FrL s] sf/0fn] 36\5 / s] sf/0fn]
a9\5 eGg] s'/f g t g]kfnL Jofkf/Lx?nfO{ yfxf 5, g t ls;fgx?nfO{ g} . oxL
sf/0fn] o; e]usf s[ifs / Jofkf/L ljtf{df]8sf] Jofkf/Lsf] efpdf lge{/
eO{ cn}FrLsf] sf/f]jf/ ub{5g\ .

s'g} jif{ $ xhf/ k|ltdg ljqmL ePs]f cn}FrL @)%^ ;fndf k|ltdg @!))) ;Dd
k'Uof] eg] @÷# jif{ otf k|ltdg *),))) b]lv !,!!))) ;Dd / xfn Psnfv kfFr
xhf/ /x]sf] 5 . g]kfnsf] cn}FrL ljtf{df]8af6 l;nu'8Lsf Jofkf/Lx?n] vl/b
ub{5g\ / u|]l8Ë u/L !÷@ gDa/sf] 5'6\ofpF5g\ . ! gDa/sf]
cn}FrLnfO{ l;w} vfgsf] nflu / @ gDa/sf] cn}FrLnfO{ d;nfsf] nflu ef/tsf]
sf]nsQf, cd[t;/;Dd k'¥ofpg] ub{5g\ . h'g %# k|ltzt cn}FrL 3/]n' k|of]hgdf
pkef]u x'G5 eg] $& k|ltzt cn}FrL cf}Bf]lus k|of]udf Nofpg] ub{5g\ .

cn}FrL lgof{tsf] cj:yf M ef/tsf] sf]nsQf gfsfaf6 o's], o'P;, k"jL{ PlzofnL
d'n'sx? l;+ufk'/, blIf0f cd]l/sf nufot lgof{t ub{5g\ eg] ef/tsf] cd[t;/ gfsfaf6
^) k|ltzt cn}FrL kfls:tfg, ckmuflg:tfg / vf8L d'n'sx?df lgof{t ug]{ u/]sf]
kfOG5 . cn}FrLsf] plrt k|j4{g, u'0f:t/Lo cn}FrLsf] dfunfO{ cfkm"lt{ ug{
/ ahf/sf] pRr d"No b]v]/ o; Joj;fodf pHHjn eljio 5 eGg] 7fgL pBdzLn
s[ifs ;d"xsf] :yfkgf ePsf] xf] . o;sf] d'Vo nIo pTkflbt cn}FrLnfO{ plrt
d"Nodf s[ifsaf6 vl/b u/L plrt d"Nodf laqmL ljt/0f u/L cfo:t/df a[l4
ug'{ xf] . o; ef]hk'/ lhNnf cn}FrL Joj;fosf nflu clt pQd /x]sf] ;fy} oxfFsf]
cn}FrL u'0f:t/Lo klg ePsfn] oxfFsf s[ifsx?nfO{ pko"{Qm k|ltkmn
lbO{ cn}FrL ;+sng ul/g]5 . ljutdf cn}FrL s[ifsx?nfO{ Jofkf/Lx?n] ahf/
ePsf] d"NoeGbf Go"g d"No lbP/ cn}FrL vl/b ul/g] x'Fb} cfPsf]df of]
sfo{qmd ;+rfng kl5 s[ifsx?nfO{ d"Nosf] ;"rgf k|bfg u/L a9LeGbf a9L k|
ltkmn k|fKt ug]{ jftfj/0f ;[hgf ul/g]5 .

ljz]if u/]/ o; ;+o'St cfj]bgdf /x]sf cGo b'O{ cn}FrL s[ifs ;d"xn] cn}FrL
pTkfbg ug]{ / of] pBfdzLn s[ifs ;d"xn] ;+sng tyf ahf/Ls/0f ug]{ Psn tyf

3
;fd"lxs k|ltj4tf eO;s]sf] 5 . o;af6 # j6} s[ifs ;d"xsf] cfo:t/df pRrtd k|ltkmn
k|fKt ug]{ u/L sfo{ ug{ d~h'/ eO{ tLgj6} ;d"xaLr ;Demf}tf u/]sf 5f}F .
o;af6 cfj4 s[ifsx?sf] cfodf pRr a[l4 x'g]5 eg] cn}FrL Joj;fosf sf/0f oxfFsf]
kof{j/0fdf ;'wf/ x'Fb} hfg]5 . pTkfbs / ljqm]tf aLrdf jiff}{b]lv ljZjf; /
j:t'l:ylt yfxf x'g] ePsfn] Ps csf{ k|lt z+sf / cljZjf; /xg] 5}g h;af6 Joj;fo ;
+rfngdf ;xof]u k'Ug] 5 . o; e]udf cn}FrLsf] /fd|f] pTkfbg x'g], ;8s kx'Fr
ePsf] / s[ifsx?aLrd} pTkfbg  k|zf]wg  ljqmL ljt/0f x'g] x'Fbf
cfof]hgf ;xh ?kn] ;kmn x'g] b]lvG5 .

PACT sf] p2]Zo cg';f/ cfof]hgf ;kmn agfOg]5 h;sf nflu pTkfbg / laqmL
ljt/0f k|s[ofnfO{ klg cfw'lgsLs/0f ub}{ k|ljlw ;'wf/ tkm{ pGd'v eO/x]sf
5f}F . o; ;d"xn] u'0f:t/Lo cn}FrL tof/ ug{ u|]l8Ë, n]alnË / Kofs]lhË u/L
pRr d"Nosf] agfpg] / cn}FrLnfO{ 36\g glbg /fVg] plrt k|sf/sf] k|j4{g ug]
{ 5 . :yfgLo txsf] pTkflbt cn}FrL o; ;d"xn] vl/b ug]{ x'Fbf s[ifs klg
9'Ss;Fun] Joj;fodf nflu k/]sf 5g\ . h;af6 u|fdL0f hLjg:t/df pNn]Vo ;'wf/
x'g]5 .
of] k"0f{ cfof]hgf k|:tfj lsg <
 cn}FrL pTkfbgnfO{ k|j4{g ug{,
 s[ifsx?sf] d]xgt / kl/>dsf] plrt d"No k|bfg ug{ .
 :jb]zL tyf ljb]zL ahf/df dfu ePcg';f/sf] u'0f:t/Lo cn}FrL
cfk"lt{÷lgof{t ug{ .
 o'jf zlQmnfO{ /f]huf/ lbO{ ;[hgzLn agfpg .
 cfj4 x'g]x?sf] cfo:t/ a[l4 ug{ .
 o'jf ju{ tyf ;d'bfonfO{ s[lif k]zfdf cfslif{t ug{ .
 k|ljlw, 1fg / ;Lksf] ljsf; ug{ .
 cfj4x?sf] Ifdtf clej[l4 ug{ .

s;/L
lalqm ljt/0f
pTkfbg ;fdu| tyf k|zf]wg /fli6«o tyf
cn}FrL cn}FrL
Lx? cGt/f{li6«o :
pTkfbs KofS6, pTkfbg laqm]tf,
;d"xx? lh=s[=lj=sf t/sf pkef]Stf
KofS6, k|
zf]wgstf{
4
  KofS6sf] ;xof]udf k"jf{wf/ ljsf; tyf cf}hf/, pks/0f / d]lzg/L j:t'sf]
Joj:yf ldnfpg] .
 s[lif k|fljlws, ;fdu|L ;Knfo/ ;d"x / ahf/ lj1sf] ;xof]uaf6 ;]jf, ;fdu|L k|
fKt ug]{ .
 k|zf]wgstf{ tyf cn}FrL pTkfbs;Fu ;dGjo / ;xsfo{ u/L cn}FrLsf] ;xh
?kdf laqmL ljt/0f ug]{ .
 pTkflbt cn}FrLnfO{ ahf/;Dd k'of{pg lxn], w/fg / ljtf{df]8sf
cn}FrL Jofkf/Lx?;Fu klg ;xsfo{ / ;dGjo ug]{ .
s] sfo{sf nflu <
KofS6sf] k"FhLut cg'bfg / s[ifs ;d"xsf] k"hLut tyf rfn' vr{af6 cn}FrL
pTkfbs ;d"x / k|zf]wgstf{ ;d"xaLr ;dGjo ub}{ :jb]zL tyf ljb]zL cn}FrL
Jofkf/L;Dd ;dGjo u/L :jb]zL tyf j}b]lzs ahf/df cn}FrL cfk"lt{ u/L s[ifs
tyf cfj4x?sf] cfo:t/df a[l4 ul/g] 5 .

@= cfof]hgfsf] zLif{s -5f]6f]df_ M Joj;flos cn}FrL ;+sng tyf ahf/Ls/0f

cfof]hgf .
#= cfj]bg lbPsf] d"No >[+vnf M cn}FrL .
$= KofS6jf6 lgwf{/Lt jftfj/0fLo tyf ;fdflhs Joj:yfkg jlu{s/0f M $
%= ;Dks{ JolQmsf] ljj/0f
;DjlGwt rs| axfb'/ sfsL{
JolQmsf] gfd
6]lnkmf]g gDj/
df]jfO{n gDj/ (*%!!($*)@
Od]n 7]ufgf chakrakarki75@yahoo.com
ˆofS;

^= cg'bfg cfj]bssf] ljj/0f -cfj]bssf] jt{dfg Aoj;fo / o;sf] d'Vo

lqmofsnfkx?, :jfldTjsf] cj:yf -k|df0f ;lxt_, ljlQo
cj:yf -k|df0f tyf xfnsf] cg'ej / sfo{;+rfng 9fFrf
pNn]v ug]{_ s[kof cfj]bssf] sfg'gL x}l;ot /
:jfldTjsf] cj:yf ;DjGwdf k|df0f k]z ug'{xf];\ .
cfj]bssf] jt{dfg Joj;fo / o;sf] d'Vo lqmofsnfkx? M
Joj;fo M cn}FrL ;+sng, u|]l8Ë, Kofs]lhË tyf ahf/Ls/0f

5
lqmofsnfkx? M
;jf/L ;fwg vl/b
cn}FrL k|zf]wg u[x :yfkgf
cf}hf/ pks/0f vl/b
l/he{ 6\ofª\sL vl/b
cn}FrL uf]bfd tyf :6f]/sf] lgdf{0f
u|]l8Ësf cfjZosLo ;fdu|Lx? vl/b
Uof; l;ln08/ / ================= vl/b $ j6f
tf/, hfnL, /8 nufot vl/b
cn}FrL vl/b
Kofs]lhËsf] ;fdu|L vl/b
n]jlnË sf ;fdfg vl/b
cfjZos kg]{ d]lzg vl/b
%)) dL6/ #÷$ sf] uf8]{g kfOk vl/b
cn}FrL k|zf]wg u[x tf/af/
cn}FrL uf]bfd3/ tyf :6f]/ jl/k/L kvf{n lgdf{0f
cn}FrL ;+sng sfo{ !(,%)) ls=u|f=
Joj;foL, sd{rf/L tyf s[ifs tflnd
cGtlqm{of, uf]i7L
Joj:yfkg -k|rf/–k|;f/ / cGo_

:jfldTjsf] cj:yf -k|df0f ;lxt_ M

 hUuf
 k'/fgf] cn}FrL e§L
 kfOk
 lqkfn, af]/f, Knfli6s, 9s t/fh' cflb .

ljlQo cj:yf -k|df0f ;lxt_

 /fli6«o jfl0fHo a}+s zfvf ef]hk'/df cflwsf/Ls vftf /x]sf] .
 o; ;d"xsf] xfn;Ddsf] ;fd'lxs jrt #,&&))) /x]sf] 5 .
 cfjZos k/]df /fli6«o jfl0fHo a}+saf6 cfjZostfg';f/ C0f lbg] k|ltj4tf
/x]sf] 5 .
 nflnu'/fF; ;xsf/L ef]hk'/n] cfjZos /sd Joj:yfkg ul/lbg] k|lta4tf .

6
  cGo ljlQo lgsfo / pBf]uklt tyf ;fx"af6 cfjZostfg';f/ ;x'lnot b'/df C0f
lbg] k|ltj4tf .
 s[ifs ;d"xsf] @! /f]kgL hUuf /x]sf] h;sf] d"NofÍg $) nfveGbf dfly
x'g] b]lvG5 .

xfnsf] cg'ej / sfo{;+rfng 9fFrf M

ef]hk'/ lhNnfdf ljut @%÷#) jif{ klxn]af6 xfdL s[ifsx?n] ;–;fgf] cfsf/df eP
klg cn}FrL pTkfbg u/L :jodn] ljqmL ljlt/0f ub}{ cfO/x]sf 5f} . xfn cfP/
cn}FrL Joj;fodf yk gofF cfofd yKg] p2]Zon] o; If]qdf k|of]u x'g]
pks/0f÷k|ljlwdf pRrtd ;'wf/ NofO{ Joj;fonfO{ cfw'lgsLs/0f ug]{ p2]Zon]
ldlt @)^(.!!.!^ ut] b]lv Joj;flos ?kdf cn}FrL ;+sng, k|zf]wg, u|]l8Ë,
Kofs]lhË tyf ahf/Ls/0f tkm{ pGd'v /x]sf] 5 . :yfgLo txdf pTkflbt
cn}FrLsf] k'/fk'/ d"Nodf ljqmL ljt/0f ug{ pTkfbs s[ifs ;d"xaf6 of] ;d"xn]
cn}FrL vl/b ug]{ / To;nfO{ u|]l8Ë, Kofs]lhË / n]alnË u/L :jb]zL tyf
ljb]zL Jofkf/L dfkm{t j]rljvg ug]{ ;f]r /x]sf] 5 .

sfo{ ;+rfng 9fFrf M

ahf/Ls/0f
k|zf]wg tyf pkef]Stf ju{
cn}FrL cn}FrL
ahf/Ls/0fsf
pTkfbs KofS6, pTkfbs ;d"x
;fdu|Lx? laqm]tf,
;d"xx? lh=s[=lj=sf KofS6, k|
cfj]bssf] sfg'gL x}l;ot M zf]wgstf{
lhNnf s[lif ljsf; sfof{no, ef]hk'/df ldlt @)^(.!!.!^ df cflwsfl/s btf{ ul/Psf] .
-cg'bfg cfj]bs_ ;+:yfsf] gfd >L pBdzLn s[ifs ;d"x
z'? u/]sf] jif{ -kmd{ btf{ x'g' cl3,eP klg ;f] lj=;+= @)%$
pNn]v ug]{_
:yfkgf jif{ -ljlwjt btf{ ePsf]_ @)^(.!!.!^
cfj]bs ;+:yfsf] lsl;d -s[ifs ;d"x, ;xsf/L, s[ifs ;d"x
pTkfbs ;+3 cyjf k|fOe]6 kmd{_
:yfoL 7]ufgf ;fljs ef]hk'/ lhNnf
e}F;Lkª\vf uf=lj=;= j8f
g+= &, xfn ef]hk'/

7
 gu/kflnsf j8f g+=–!
d"No >[+vnfdf d'Vo sfo{ -pTkfbg, k| cn}FrLsf] ahf/Ls/0f
zf]wg, ahf/Ls/0f cflb_
s] tkfO{sf] ;+:yfn] xfn s'g} afXo ;xfotfaf6 5}g
ljlQo ;xof]u kfO{/xg' ePsf] 5 < 5 eg]
To:tf] ;xof]u k|bfg ug]{ cfj]bs ;+:yfsf] gfd
pNn]v ug'{xf];\ .
;+:yfsf] xfnsf] cWoIfsf] jf d'Vo rqm axfb'/ sfsL{
sfo{sf/Lsf] gfd
6]lnkmf]g÷df]afO{n (*%!!($*)@
Od]n 7]ufgf chakrakarki75@yahoo.com
cg'bfg cfj]bssf] :jfldTj ;DaGwL ljj/0f s_ sfof{no ejg,
v_ hldg,
u_ kl/jxg -oftfoft_
3_ e/L pks/0f / d]lzg/Lx?
ª_ ljQLo cj:yf
cg'bfg cfj]bs ;+:yf, xfn;Ddsf] cg'ej -%)) of] cn}FrL s[ifs ;d"x ljut
zAbdf_ nfdf] ;dob]lv cn}FrL
Joj;fo ;DalGwt sfd
ul//x]sf] ;d"x xf] . o;sf]
cflwsfl/s btf{ lj+;=
@)^(.!!.!^ df lhNnf s[lif
ljsf; sfof{no ef]hk'/df
ePsf] xf] . ljut #) jif{eGbf
cufl8jf6 ef]hk'/sf]
e};Lkª\vfdf o; ;d"xsf ;
+/Ifsn] ef/tsf] l;lSsdaf6
cn}FrLsf] s]xL lj?jf
NofP/ /f]k]sfn] ;f]xLaf6
cfh km}lnFb} uPsf] xf] .
oxfF /fd;fO{, 8Da/;fO{ /
uf]N;fO{ hftsf cn}FrLsf
lj?jfx? /x]sf 5g\ . ls;fg
:jod\n] @)%$ ;fnaf6

8
 cln ;lqmo eP/ of] v]tL
Joj;fo ub}{ cfO/x]sf 5g\ .
s]xL jif{ cufl8af6 o;
Joj;fosf] plrt k|j4{g ug]
{ ;f]rsf ;fy of] s[ifs ;d"x
cn}FrL pTkfbg ub}
{ cfPsf]df of] cfof]hgf ;
+rfng;Fu} ahf/Ls/0f ug]
{ tkm{ pGd'v ePsf] 5 .
ljutdf o; e]udf pTkflbt
cn}FrL klg ljqmL ljt/0f
ub}{ cfPsfn] cn}FrL
;DaGwL kof{Kt 1fg
/x]sfn] of] Joj;fonfO{ ;xh
9+un] ;+rfng ug]{df k|
ltj4tf ug{ ;lsG5 .

u'0f:t/Lo cn}FrLsf] ;
+sng, e08f/0f, u|]l8Ë,
Kofs]lhËkl5 plrt d"No
lnO{ ahf/Ls/0f, ljqmL
ljt/0f ul/g]5 . o;
k"0f{ k|:tfj;Fu ;DalGwt ;
+o'St k|:tfjs b'O{ s[ifs
;d"xn] cn}FrLsf] pTkfbg
ug]{ pgLx?af6 k|f/lDes k|
zf]wg x'g] / of]
s[ifs;d"xn] pTkflbt
cn}FrL plrt d"Nodf vl/b
ug]{ ePsfn] pTkfbg, k|
zf]wfg / ahf/Ls/0fsf]
tfnd]n ug]{ Ps csf{df
;Demf}tf u/L
sfo{ ug{ yfln;lsPsf] 5 . o;
s[ifs ;d"xsf] ;fd"lxs art ?=

9
 #&&))) /x]sf] 5 . o;
;d"xsf] a}s vftf g+= @)
$)))#*#&)! /f=jf=a}+s
ef]hk'/df /x]sf] 5 .

o; s[ifs ;d"xsf jt{dfg

cWoIfn] cn}FrLsf] ahf/sf
af/]df w]/} ulx/f] cWoog
ug'{ePkl5 s[ifsaf6 d]xgt /
kl/>dn] pTkfbg u/]sf]
cn}FrLsf] d"No
ljrf}lnofx?n] s[ifsnfO{ ##
k|ltzt dfq k|fKt x'g] u/L
vl/b u/]sf] lZn]if0f tof/
kf/]sf] x'gfn] o; e]udf
pTkfbg x'Fb} u/]sf]
cn}FrL ljtf{df]8sf
Jofkf/L;Fu ;dGjo u/L
clwstd d"No k|fKt ug]
{ cj;/ >[hgf ul/Psf] 5 . o;
s[ifs ;d"xsf cWoIf xfn
lq=lj=lj= af6 ljBfjfl/lw/t
x'g' ePsfn] tfKn]h'Ë,
kfFry/ / Onfddf Joj;fo k|
j4{g af]8{ / /Lk ;+:yf /
P;PgeL g]kfnn] ;+rfng
u/]sf] ;'wfl/Psf] e§Lsf
af/]df cWoog ubf{ k"/fgf]
k|ljlwsf] e§Laf6 k|lt kfFr
dgdf #* s]hL / cfw'lgs
e§Laf6 k|lt kfFrdg sfFrf]
cn}FrLaf6 $^ s]hL k|
zf]lwt cn}FrL pTkfbg
x'g] ub{5 eGg] cWoogn]
b]vfPsf] 5 . o; ;d"xsf

10
 cWoIf / ;b:ox?nfO{ ;d]t
e§L ;+rfng tyf cn}FrLsf]
u|]l8Ë, Kofs]lhËdf /fd|f]
1fg /x]sf] 5 . /fd|f] u|]l8Ë
u/L 5'6\ofOPsf] …sÚ
u|]8sf] cn}FrLsf] d"No
sf7df8f}Fdf k|lts]hL ?
= !),))) /x]sf] 5 . o;} s'/fx?
nfO{ dWogh/ u/L
cn}FrLnfO{ …sÚ u|]8sf]
agfO{ a]rljvg ug]{ / pRr
k|ltkmn k|fKt ug]{
;f]rsf ;fy of]
k"0f{ cfof]hgf k|:tfj k]z
ul/Psf] xf] . o; e]usf sl/a !
% hgf s[ifsx? ldn]/
;fd"lxs k"FhL ;+sng u/L
cn}FrL Joj;fodf
nfu]sf] / ;fd"lxs
nufgLaf6} cn}FrL vl/b
u/L ljqmL ljt/0f ul/Fb}
cfPsf] 5 .

o; s[ifs ;d"xsf] d"Vo nIo

pTkflbt cn}FrLsf] s[ifsx?
nfO{ plrt d"No lbP/ vl/b
ug]{ / u|]l8Ë / Kofs]lhË
u/L pRr d"Nodf laqmL
ljt/0f u/L s[ifsx?sf]
cfo:t/df a[l4 ug]{ /x]sf]
5.
cg'bfg cfj]bssf] sfo{;+rfng 9fFrf -af]8{, ;d"x cWoIf
sfo{sf/L ,;ldlt cflb_
;+rfns ;ldlt

11
 ;b:ox?
k]z ug]{sf] gfdM rqm axfb'/ sfsL{
x:tfIf/M
ldltM @)&!.!@.
2
;Dks{ JolQmeGbf leGg ePdf lghsf] gfd / 7]ufgf lbg'xf];\
KofS6 ^#=#
sf]8M

12
 v08 @ k|fljlws / ljlQo k|:tfjM
s[kof o; v08df cg'bfg cfj]bs ;+:yfsf] gfd gn]Vg'xf]nf
1. kl/ro -a9Ldf ! k]h_ Mof] k"0f{ cfof]hgf k|:tfj s], s;/L, / s] sfo{sf
nflu k]z ug'{ePsf] ;+lIfKt ljj/0f n]Vg'xf];\ .
u}/sfi7 jg k}bfjf/ dWo]sf] ax'd"No d;nfhGo afnL cGtu{t kg]{ cn}FrL Ps
xf] . xfjfkfgLsf lx;fan] ;d'Gb| ;txaf6 *))–@))) dL= prfO{, @))–@
%) ;]=dL= jflif{s jiff{ x'g] / !)–@% l8=;]= ;Ddsf] tfkqmd pko{Qm
x'G5 . ;"o{sf] k|sfz ;f]em} gkg]{ pQ/–klzrd jf pQ/ k"j{ kms]{sf lr:ofg
/lx/xg] le/fnf] / 5xf/Lbf/ hldg cn}FrL pTkfbgsf nflu clt pko'{Qm x'G5 .
k|;:t k|fª\ufl/s kbfy{ ePsf] tyf lk=Pr= $=%–^=% ePsf] bf]d6 df6f]
pko'{Qm dflgG5 . cn}FrLsf hftx?df /fd;fO{ !%)) dL= b]lv @))) dL= ;Dd
;lsG5 eg] uf]n;fO{ !@))–!%)) dL= ;Dd, 8Da/;fO{ &)) dL= b]lv !@))
dL= ;Dd, ;fpg] &))–@))) dL= lra];fO{ &))–!))) dL= ;Ddsf] prfO{df v]tL
ug{ ;lsG5 . ;fdfGotof cn}FrL /f]k]sf] t];|f] jif{af6 pTkfbg lng ;lsG5 eg]
5}6f} jif{df k"0f{ ?kdf pTkfbg x'g yfN5 . g]kfndf cf};t ;'Vvf pTkfbg k|
ltx]S6/ #^)–%)) s]=hL= x'G5 .

cn}FrL pRr d"Nosf] gub]jfnL dWo]sf] Ps xf] . of] k"jf{~rnsf] Onfd,

kfFry/, t]x|y'd, ef]hk'/, ;+v'jf;ef, vf]6fË nufotsf lhNnfx?df Jofks v]tL
ePsf] / pTkfbg klg pRr /x]sf] kfOG5 . cfheGbf sl/a !%) jif{ cufl8 Onfd,
kfFry/, ef]hk'/ nufotsf dflg;x? sfdsf] l;nl;nfdf ef/ts]f l;SsLd, bfh]{lnË lt/
hfFbf ToxL 7fpFaf6 cln cln NofP/ /f]k]sf] lj?jf g} cfh g]kfnsf] cn}FrLsf]
k"j{h dflgG5 .

cfh o;sf] dxTjx?df cfly{s ;DkGgtf, :j/f]huf/, ljb]zL d'b|f cfoft,

kof{j/0f ;'wf/ nufot k|d'v kb{5g\ . xfd|f] s[ifs ;d"x ljz'4 ?kdf s[lif
k]zfnfO{ cFufNb} s[lifnfO{ /f]huf/ 7fgL Joj;flos/0f ug'{k5{ eGg]
;f]rsf ;fy nflu k/]sf] ;d"x xf] . ljutdf $) /f]kgL If]qkmndf cfDbfgL
lnO/x]sf] of] ;d"xn] cfufdL jif{df s[ifs ;d"xx?n] pTkfbg u/]sf]
cn}FrLnfO{ ;+sng u/L ahf/ k|j4{g ug]{ ;f]rdf /x]sf] 5 .

s[lif afnL dWo]s} pRr d"Nosf] cn}FrLsf] ahf/ klg pko'{Qm dfGg ;lsG5 .
k"jL{ kxf8L e]usf s[ifsx?n] ;–;fgf] cfsf/df cn}FrL nufpg] / ePsf]
pTkfbgnfO{ sd d"Nodf g} w]/}df Jofkf/Lx?nfO{ a]Rbf s[ifsx?n] /fd|f] k|

13
ltkmn lng g;ls/x]sf] cj:yfdf o; s[ifs ;d"xn] s[ifsx?af6 pTkflbt
cnf}rLnfO{ plrt d"No lbO{ vl/b ug]{ / plrt d"Nodf ljqmL ljt/0f ug]{ ;f]r
agfOPsf] 5 . ahf/df /x]sf] cn}FrLsf] dfunfO{ Wofgdf /fvL u'0f:t/Lo
pTkfbg ug{ s[ifsx?nfO{ r]tgf k|bfg ul/g]5 ;fy} ;+slnt cn}FrLnfO{ cem
u'0f:t/Lo agfpg u|]l8Ë, Kofs]lhË, n]alnË nufot ul/g]5 .

cn}FrLsf] ahf/ k|j4{g M cn}FrLsf] d"No ef/tLo Jofkf/Lx?sf] ks8df /x]sf]

5 . ;'gsf] efpeGbf klg a9L 36a9 x'g] cn}FrL s] sf/0fn] 36\5 / s] sf/0fn]
a9\5 eGg] s'/f g t g]kfnL Jofkf/Lx?nfO{ yfxf 5, g t ls;fgx?nfO{ g} . oxL
sf/0fn] o; e]usf s[ifs / Jofkf/L ljtf{df]8sf] Jofkf/Lsf] efpdf lge{/
eO{ cn}FrLsf] sf/f]jf/ ub{5g\ .

s'g} jif{ $ xhf/ k|ltdg ljqmL ePsf] cn}FrL @)%^ ;fndf k|ltdg @!))) ;Dd
k'Uof] eg] @÷# jif{ otf k|ltdg *),))) b]lv !,!!))) ;Dd / xfn Psnfv kfFr
xhf/ /x]sf] 5 . g]kfnsf] cn}FrL ljtf{df]8af6 l;nu'8Lsf Jofkf/Lx?n] vl/b
ub{5g\ / u|]l8Ë u/L !÷@ gDa/sf] 5'6\ofpF5g\ . ! gDa/sf]
cn}FrLnfO{ l;w} vfgsf] nflu / @ gDa/sf] cn}FrLnfO{ d;nfsf] nflu ef/tsf]
sf]nsQf, cd[t;/;Dd k'¥ofpg] ub{5g\ . h'g %# k|ltzt cn}FrL 3/]n' k|of]hgdf
pkef]u x'G5 eg] $& k|ltzt cn}FrL cf}Bf]lus k|of]udf Nofpg] ub{5g\ .

cn}FrL lgof{tsf] cj:yf M ef/tsf] sf]nsQf gfsfaf6 o's], o'P;, k"jL{ PlzofnL
d'n'sx? l;+ufk'/, blIf0f cd]l/sf nufot lgof{t ub{5g\ eg] ef/tsf] cd[t;/ gfsfaf6
^) k|ltzt cn}FrL kfls:tfg, ckmuflg:tfg / vf8L d'n'sx?df lgof{t ug]{ u/]sf]
kfOG5 . cn}FrLsf] plrt k|j4{g, u'0f:t/Lo cn}FrLsf] dfunfO{ cfkm"lt{ ug{
/ ahf/sf] pRr d"No b]v]/ o; Joj;fodf pHHjn eljio 5 eGg] 7fgL of] s[ifs
;d"xsf] :yfkgf ePsf] xf] . o;sf] d'Vo nIo pTkflbt cn}FrLnfO{ plrt d"Nodf
s[ifsaf6 vl/b u/L plrt d"Nodf laqmL ljt/0f u/L cfo:t/df a[l4 ug'{ xf] . o;
ef]hk'/ lhNnf cn}FrL Joj;fosf nflu clt pQd 7fpF /x]sf] ;fy} oxfFsf]
cn}FrL u'0f:t/Lo klg ePsfn] oxfFsf s[ifsx?nfO{ pko"{Qm k|ltkmn
lbO{ cn}FrL ;+sng ul/g]5 . ljutdf cn}FrL s[ifsx?nfO{ Jofkf/Lx?n] ahf/
ePsf] d"NoeGbf Go"g d"No lbP/ cn}FrL vl/b ul/g] x'Fb} cfPsf]df of]
sfo{qmd ;+rfng kl5 s[ifsx?nfO{ d"Nosf] ;"rgf k|bfg u/L a9LeGbf a9L k|
ltkmn k|fKt ug]{ jftfj/0f ;[hgf ul/g]5 .

14
ljz]if u/]/ o; ;+o'St cfj]bgdf /x]sf cGo b'O{ cn}FrL s[ifs ;d"xn] cn}FrL
pTkfbg ug]{ / of] s[ifs ;d"xn] ;+sng tyf ahf/Ls/0f ug]{ Psn tyf ;fd"lxs k|
ltj4tf eO;s]sf] 5 . o;af6 # j6} s[ifs ;d"xsf] cfo:t/df pRrtd k|ltkmn k|fKt ug]
{ u/L sfo{ ug{ d~h'/ eO{ tLgj6} ;d"xaLr ;Demf}tf u/]sf 5f}F . o;af6 cfj4
s[ifsx?sf] cfodf pRr a[l4 x'g]5 eg] cn}FrL Joj;fosf sf/0f oxfFsf]
kof{j/0fdf ;'wf/ x'Fb} hfg]5 . pTkfbs / ljqm]tf aLrdf jiff}{b]lv ljZjf; /
j:t'l:ylt yfxf x'g] ePsfn] Ps csf{ k|lt z+sf / cljZjf; /xg] 5}g h;af6 Joj;fo ;
+rfngdf ;xof]u k'Ug] 5 . o; e]udf cn}FrLsf] /fd|f] pTkfbg x'g], ;8s kx'Fr
ePsf] / s[ifsx?aLrd} pTkfbg  k|zf]wg  ljqmL ljt/0f x'g] x'Fbf
cfof]hgf ;xh ?kn] ;kmn x'g] b]lvG5 .

PACT sf] p2]Zo cg';f/ cfof]hgf ;kmn agfOg]5 h;sf nflu pTkfbg / laqmL
ljt/0f k|s[ofnfO{ klg cfw'lgsLs/0f ub}{ k|ljlw ;'wf/ tkm{ pGd'v eO/x]sf
5f}F . o; ;d"xn] u'0f:t/Lo cn}FrL tof/ ug{ u|]l8Ë, n]alnË / Kofs]lhË u/L
pRr d"nsf] agfpg] / cn}FrLnfO{ 36\g glbg /fVg] plrt k|sf/sf] k|j4{g ug]
{ 5 . :yfgLo txsf] pTkflbt cn}FrL o; ;d"xn] vl/b ug]{ x'Fbf s[ifs klg
9'Ss;Fun] Joj;fodf nflu k/]sf 5g\ . h;af6 u|fdL0f hLjg:t/df pNn]Vo ;'wf/
x'g]5 .

of] k"0f{ cfof]hgf k|:tfj lsg <

 cn}FrL pTkfbgnfO{ k|j4{g ug{,
 s[ifsx?sf] d]xgt / kl/>dsf] plrt d"No k|bfg ug{ .
 :jb]zL tyf ljb]zL ahf/df dfu ePcg';f/sf] u'0f:t/Lo cn}FrL
cfk"lt{÷lgof{t ug{ .
 o'jf zlQmnfO{ /f]huf/ lbO{ ;[hgzLn agfpg .
 cfj4 x'g]x?sf] cfo:t/ a[l4 ug{ .
 o'jf ju{ tyf ;d'bfonfO{ s[lif k]zfdf cfslif{t ug{ .
 k|ljlw, 1fg / ;Lksf] ljsf; ug{ .
 cfj4x?sf] Ifdtf clej[l4 ug{ .

s;/L
lalqm ljt/0f
pTkfbg ;fdu| tyf k|zf]wg /fli6«o tyf
cn}FrL cn}FrL
Lx? cGt/f{li6«o :
pTkfbs KofS6, pTkfbg laqm]tf,
;d"xx? lh=s[=lj=sf t/sf pkef]Stf
KofS6, k|
15
zf]wgstf{
  KofS6sf] ;xof]udf k"jf{wf/ ljsf; tyf cf}hf/, pks/0f / d]lzg/L j:t'sf]
Joj:yf ldnfpg] .
 s[lif k|fljlws, ;fdu|L ;Knfo/ ;d"x / ahf/ lj1x?sf] ;xof]uaf6 ;]jf, ;fdu|L
k|fKt ug]{ .
 k|zf]wgstf{ tyf cn}FrL pTkfbs;Fu ;dGjo / ;xsfo{ u/L cn}FrLsf] ;xh
?kdf laqmL ljt/0f ug]{ .
 pTkflbt cn}FrLnfO{ ahf/;Dd k'of{pg lxn], w/fg / ljtf{df]8sf
cn}FrL Jofkf/Lx?;Fu klg ;xsfo{ / ;dGjo ug]{ .
s] sfo{sf nflu <
KofS6sf] k"FhLut cg'bfg / s[ifs ;d"xsf] k"hLut tyf rfn' vr{af6 cn}FrL
pTkfbs ;d"x / k|zf]wgstf{ ;d"xaLr ;dGjo ub}{ :jb]zL tyf ljb]zL cn}FrL
Jofkf/L;Dd ;dGjo u/L :jb]zL tyf j}b]lzs ahf/df cn}FrL cfk"lt{ u/L s[ifs
tyf cfj4x?sf] cfo:t/df a[l4 ul/g] 5 .

@= cfof]hgfsf] zLif{s -5f]6f]df_ M Joj;flos cn}FrL ;+sng tyf ahf/Ls/0f

cfof]hgf .
#= cfj]bg lbPsf] d"No >[+vnf M cn}FrL .
$= KofS6jf6 lgwf{/Lt jftfj/0fLo tyf ;fdflhs Joj:yfkg jlu{s/0f M $
%= k|:tfj ug'{ ePsf] cfof]hgfsf] p2]Zo M
-tFkfO{sf] cfof]hgfsf] p2]Zo s] xf], :ki6 v'nfpg'xf];\ . h'g SMART
-cyf{t :ki6 dfkg ug{ ;lsg] tf]lsPsf] ;dodf xfl;n x'g]÷;+ej ePsf]
jf:tljstfdf cfwfl/t, ;do ;Ldf cfj4 tyf lbuf]_ .

d'Vo p2]Zo
 cfof]hgfaf6 pTkflbt cn}FrLsf] ;+sng u/L u|]l8Ë, Kofs]lhË /
n]alnË u/L pRr u'0f:t/sf] cn}FrL tof/ kf/L ljqmL ljt/0f u/L
s[ifs ju{sf] cfo:t/df pRr a[l4 ug]{ .
;xfos p2]Zo
 cn}FrLsf] ahf/Ls/0f ;DaGwL 1fg / ;Lkdf clej[l4 ug]{ .

16
  :jb]zL tyf ljb]zL ahf/df dfu ePsf] u'0f:t/sf] cn}FrL tof/ u/L
:jb]zL tyf ljb]zL cn}FrL Jofkf/LnfO{ laqmL ug]{ .
 pTkfbs s[ifsx?n] pTkfbg u/]sf] cn}FrLsf] pRr k|ltkmn kfpg]
jftfj/0f ldnfpg] .
 o; If]qdf /f]huf/Lsf] cj;/ lbg] .
 g]kfnL hgzlQmnfO{ ljb]z knfog x'gaf6 /f]Sg] .
 of] Joj;foaf6 c? cn}FrL Joj;foLnfO{ 1fg, ;Lkaf6 k|]/0ff
ldNg] .
 /fli6«o cy{tGqdf ;d]t ;'wf/ x'g] .
2. cfof]hgf ljj/0fM
-tFkfO{sf] k|:tfljt cfof]hgfsf] cf}lrTotf tyf sf/0fx? k|sfz
kfg'{xf]; . ;fy} cfwf/x? s] s] x'g\, sfof{Gjog /0fgLlt,
lqmofsnfkx?, :yfg / cfof]hgfsf] cjlw klg j0f{g ug'{xf];\ . s[kof
tFkfO{sf] k|:tfj s'g cg'bfgsf] nflu k]z ug'{ ePsf] xf] -;fgf jf
demf}nf_ / d"No >[+vnf s'g sfo{sf] nflu xf] -pTkfbg, k|zf]wg tyf
ahfl/s/0f_ ;f] ;d]t v'nfpg' xf];\ .
^=! k|:tfljt cfof]hgfsf] cf}lrTo -cfwf/_ M
cfof]hgfsf] cf}lrTo M
 g]kfn nufot ljZjsf clwsf+z b]zdf u'0f:t/Lo cn}FrLsf] dfu
/x]sf]n] s[ifsx?n] d]xgt / kl/>dn] pTkfbg u/]sf]
cn}FrLnfO{ ljrf}lnof, Jofkf/Ln] k'/f d"No glbg] ePsfn] o;
;d"xn] s[ifsnfO{ cn}FrLsf] k"/f d"No lbO{ vl/b ul/g] ePsfn] .
 ahf/sf] dfu cg';f/sf] u'0f:t/ ePsf] cn}FrL tof/ ug{ .
 cn}FrLsf] ahf/df eO/x]sf] c:j:y k|lt:kwf{sf] s|lds ?kn]
Go'gs/0f ug]{ x'gfn] .
 Joj;fonfO{ k|j4{g ul/g] ePsfn] .
 ahf/df /x]sf] a]/f]huf/ hgzlQmnfO{ ;b'kof]u u/L plrt /f]huf/
lbOg] x'gfn] .
 cn}FrLsf] pTkfbg, k|zf]wg / ahf/Ls/0f;Ddsf] 1fg, ;Lk /
Ifdtfdf s[ifsnfO{ bIf agfOg] x'gfn] .
 s[ifs tyf cfj4x?sf] cfo:t/ a[l4 ul/g] ePsfn] .

17
 cfof]hgfsf] cfwf/x? M
 cn}FrLsf] k|d'v pTkfbg If]qdWo] ef]hk'/ klg Ps pko"{Qm
If]q ePsfn] cn}FrL ;+sng tyf ahf/Ls/0fdf ;xh x'g] .
 o; lhNnfdf clwsf+z s[ifsx? cGo k/Dk/fut v]tL 5f8]/ cn}FrL
v]tLdf cfs{lif{t ePsfn] a9L eGbf a9L klg vl/b u/L laqmL
ug{ ;lsg] .
 ;g\ @))^ df /Lk ;+:yf / P;=Pg=eL= g]kfnn] k"jL{ kxf8L e]udf
cn}FrL;DaGwL ;+rfng u/]sf] sfo{qmdaf6 / lg/Gt/ of] Joj;fodf
xfd|f] s[ifs ;d"x /x]sfn] cn}FrLsf] ahf/ ;DaGwL s'g} ;d:of
g/xg] .
 s'g u'0f:t/sf] cn}FrL slt d"No eGg] yfxf ePsfn] / :yfgLo txdf
zfvsf cfwf/df n]gb]g x'g] / ljZjf; /x]sfn] cfof]hgf ;+rfngdf ;xh
x'g] .
 cn}FrLsf] ahf/Ls/0fdf ljlQo Joj:yfkgsf nflu ;xsf/L, a}+s /
pBf]ukltx?sf] /fd|f] ;fy /x]sfn] .
 cn}FrLsf] ahf/ cToGt} ;/n / ;lhnf] ePsfn] h:t} cfh vl/b u/]sf]
cn}FrL cfh} csf]{ Jofkf/L jf ;xsf/Ln] t'?Gt vl/b ug]{ ePsfn] .
 o;sf] ahf/Ls/0fnfO{ cem} ;/n agfpg oL # j6} s[ifs ;d"xsf] ;
+nUgtfdf cn}FrL ;xsf/L :yfkgf u/L sfo{ ul/g] ePsfn] .
 lhNnf s[lif ljsf; sfof{no / ;DalGwt lgsfoaf6 k|fljlws
pknAwtf ;dGjo / ;xof]u x'g] ePsfn] .
 a]/f]huf/ hg>d o; If]qdf kof{Kt ePsfn] .
 ;8s tyf k"jf{wf/sf] /fd|f] Joj:yf ePsf]n] .
 Jofkf/L, pTkfbs, k|zf]ws tyf pkef]Stf;Fu /fd|f] ;xsfo{ ePsfn] .
 ;+rf/, oftfoft nufotsf] clt /fd|f] Joj:yf ePsfn] .
 pTkfbsn] k|f/lDes k|zf]wg u/L xfdL ljqm]tfnfO{ a]Rg] x'Fbf
pTkfbg k|zf]wg / ahf/Ls/0fdf tLg} txsf] /fd|f] ;xsfo{ / ;dGjo
x'g] ePsfn] .

^=@ sfof{Gjog /0fgLlt M

lalqm ljt/0f
ahf/Ls/0fsf tyf k|zf]wg /fli6«o tyf
cn}FrL cn}FrL
;fdu|Lx? cGt/f{li6«o
pTkfbs KofS6, pTkfbs laqm]tf,
;d"xx? lh=s[=lj=sf ahf/
;d"xx? KofS6, k|
zf]wgstf{
18
 KofS6sf] ;xof]udf k"jf{wf/ ljsf; tyf cf}hf/, pks/0f / d]lzg/L j:t'sf]
Joj:yf ldnfpg] .
 s[lif k|fljlws, cy{ lj1, ahf/ ljZn]ifsaf6 ;]jf k|fKt ug]{ .
 ;Knfo;{af6 pTkfbg ;fdu|L k|fKt ug]{ .
 cn}FrL pTkfbs, k|zf]ws / ljqmL ljt/s aLr ;dGjo / ;xsfo{ u/L pTkfbg
 k|zf]wg  laqmL ljt/0fnfO{ ;xh agfpg] .

^=# M k|ltkmn M
 cn}FrLsf] ;+sng, u|]l8Ë, Kofsh]lhË / n]jlnË ;Dk"0f{ 1fg /
;Lkdf clej[l4 ug]{ .
 ;+slnt cn}FrL :yfgLo :t/df ;d]t cfk"lt{ x'g] / lgof{t ug{ ;lsg] .
 o;;Fu ;+nUg k|zf]wgstf{ / ljqm]tfsf] ahf/df kx'Fr a9\b} hfg] .
of] Joj;foaf6 ;sf/fTds cfly{s k|efj /lx/xg] .
 /f]huf/Lsf cj;/x? kof{Kt l;h{gf x'g] .
 cfj4 JolStx?sf] cfo:t/df a[l4 x'g] .

^=$ pknAwL -:ki6÷ljz]if -Specific_, dfkgof]Uo -Measurable_ /

jf:tljstfdf cfwfl/t -Realistic_
 cfˆg} cn}FrL aufgaf6 pTkflbt cn}FrL M *)) ls=u|f=
 ;d"xsf] aufgaf6 pTkflbt cn}FrL laqmL jflif{s ;/b/
cfDbfgLM ?= @),))))).–
 cn}FrL ;+sng, laqmL / cfDbfgL M
qm=; pTkfbg cn}FrL cn}FrL cfDbfgL s}lkmot
+= jif{ pTkfbg laqmL
ls=u|f= ls=u|f=
!= k|yd %)) %)) !,@%))) k|ltdg ?= !)
@= bf];|f] @))) @))) %,))))) xhf/ gfkmf
#= t];|f] #))) #))) &,%),))) u/]/ a]Rbf
$= rf}yf] $))) $))) !),)))))
%= kfFrf}F !),))) !),))) @%,)))))
% jif{df hDdf !(%)) !(%)) $*,&%,)))

19
  /f]huf/L M ;+sng tyf ahf/Ls/0f ug]{ !% hgf, ahf/ lj1 @ hgf, k|
zf]ws / pTkfbs @ / hg>d $^# u/L hDdf $*@ hgf

^=% d'Vo lqmofsnfk M

;jf/L ;fwg vl/b

cn}FrL k|zf]wg u[x :yfkgf
cf}hf/ pks/0f vl/b
l/he{ 6\ofª\sL vl/b
cn}FrL uf]bfd tyf :6f]/sf] lgdf{0f
u|]l8Ësf cfjZosLo ;fdu|Lx? vl/b
Uof; l;ln08/ / UofF; ug vl/b $ j6f
tf/, hfnL, /8 nufot vl/b
cn}FrL vl/b
Kofs]lhËsf] ;fdu|L vl/b
n]jlnË sf ;fdfg vl/b
cfjZos kg]{ d]lzg vl/b
%)) dL6/ #÷$ sf] uf8]{g kfOk vl/b
cn}FrL k|zf]wg u[x tf/af/
cn}FrL uf]bfd3/ tyf :6f]/ jl/k/L kvf{n lgdf{0f
cn}FrL ;+sng sfo{ !),))) ls=u|f=
Joj;foL, sd{rf/L tyf s[ifs tflnd
cGtlqm{of, uf]i7L
Joj:yfkg -k|rf/–k|;f/ / cGo_

^=^ :yfg
 ef]hk'/, e}F;Lkª\vf–&, xfn ef]hk'/ g=kf= – !
^=& ;dofjlw M
 ! jif{ .
^=* cg'bfgsf] lsl;d M
 ;fgf .
^=( d"No >[ª\vnf
 cn}FrL .

20
&= Joj;flos of]hgf M
o; cGtu{t tFkfO{n] k|:tfj ug'{ePsf] cfof]hgfsf] Jofj;flos of]hgf af/]
Jofj;flos ;f]r, pknAwL, ahf/ ljZn]if0f ;lxt ;+lIfKt ljj/0f pNn]v ug]{ / o;
cGtu{t -xfnsf] jhf/, dfu ljZn]if0f, k|lt:kwf{Tds l:yltsf] ljZn]if0f, u|fxssf]
cfwf/ tyf ;Demf}tfx?_ ;d]t k]z ug'{ kg]{ 5 . ;fy} o;df cg'dflgt gub k|jfx -
% jif{sf]_ / hf]lvd s] 5g\ / ltgLx?sf] Go"lgs/0f klg j0f{g ug'{ k5{ . ;fy}
sfof{Gjog ug{ nfluPsf lqmofsnfkx? lalQo b[li6n] sltsf] pko'Qm 5 / ljQLo
;+:yfaf6 ;xof]u lng' kg]{ cfwf/ / cf}lrTotf ;d]t k|i6 ug'{xf];\ . o;df Break-
even analysis gfkmf gf]S;fg ;dljGb' ljin]if0f, cfGt/Ls k|ltkmnsf] b/,
cfof]hgf÷nfeu|fxL nfut cg'kft h:tf ljlQo ljZn]if0fzx? ;d]tsf] lx;fa
ug'{ kb{5 . ljZn]if0fx?nfO{ cnu} jf cg';"lrsf] ?kdf k]z ug'{ kg]{5 .
 Joj;flos of]hgf nufotsf ljlQo ljZn]if0fx? cg';"rL @ df /flvPsf] 5 .
*= ck]lIft k|efj M
o;df xfn / nlIft ;fgf s[ifssf] ;+Vof ;DjlGw hfgsf/L / of] pkcfof]hgf -k|:tfj_
sfof{Gjogaf6 ;fgf s[ifsx? s] s;l/ jf:tljs ?kdf nfeflGjt x'G5g\ / k|lt nfeu|fxL
slt nfut k5{ ;f] ;d]t pNn]v ug'{xf];\ .
 xfn / nlIft ;fgf s[ifssf] ;+Vof M
of] s[ifs ;d"xn] g]kfnL pkef]Stfx?nfO{ klxnf] k|fyldstfdf /fvL cn}FrL ;
+sng ljt/0f u/L cn}FrL ljs|]tf tyf k|zf]wgstf{ jf cfˆg} ;xsf/L :yfkgf u/L
cn}FrL a]rljvg ug]{5 . of] ;d"x ;fd"lxs ePsfn] nlIft k|ToIf nfeflGjt
3/w'/L ;+Vof lgDgfg';f/ 5 M
 xfnsf] nfeflGjt ;+Vof M %! -s[ifs ;d"x kl/jf/, k|fljlws, >lds_
 nlIft nfeflGjtsf] ;+Vof M $*@ -s[ifs ;d"x kl/jf/, k|fljlws, >lds, k|
zf]wgstf{ / laqm]tfsf kl/jf/, Jofkf/L_
 pkcfof]hgf -k|:tfj_ sfof{Gjogaf6 ;fgf s[ifsx? s] s;/L jf:tljs ?kdf nfeflGjt
x'g] <
k|ToIf nfeflGjt ju{n]
 cn}FrL pTkfbg, k|zf]wg / ahf/Ls/0fsf ;Dk"0f{ 1fg, ;Lk, k|fKt ug]
{ x'gfn] :jod\ ;Ifd aGg]5g\ .
 pTkfbg, k|zf]wg / laqmL ljt/0f ug{ cfk;L ;Demf}tf ePsfn] ;a}
cf–cfˆgf] lhDd]jf/L / k|ltkmn lnO{ sfd ug]{ x'Fbf ;+nUg ;a}
nfeflGjt x'g]5g\ .

21
  cn}FrLsf] d"No pRr /x]sfn] s[ifsaf6 cw{ k|zf]lwt cn}FrL vl/b
u/L …sÚ u|]8sf] tof/ u/L cem} pRr d"No x'Fbf s[ifssf] :jtM
cfodf a[l4 x'g]5 .
 cfof]hgf cjlw / bL3{sflng ;do;Dd Joj;fon] lg/Gt/tf kfpg] x'gfn]
/f]huf/sf cj;/x? k|fKt eO/xg] .
 k|lt nfeu|fxL nfut
kmd{ kl/jf/ !%
ahf/ lj1 @
pTkfbs / k|zf]ws @
>lds $^#
hDdf -sl/a_ $*@
k|lt nfeu|fxL nfut  ?= ((&(@%)÷$*@
 ?=@)&)#=*#

(= jh]6 tyf k|:tfljt k"/s cg'bfg M

k|:tfljt k"/s cg'bfg ;DjlGw lqmofsnfk÷pk cfof]hgfsf] nufgL ljlQo >f]t
ljefhg tyf nufgL of]Uo lqmofsnfkx? tnsf] tflnsf cg';f/ k]z ug'{xf];\ .
cfof]hgfsf] zLif{s cg'bfg lsl;d
jh]6 zLif{s lqmofsnfk jh]6 of]ubfg c+z -?_ s}lkmot
-k|lt KofS6sf]cg cfj]bsn]
O{sfO{ nf 'bfg Joxf]g]
ut-?=_ df { c+z÷of]ubfg
!_ k"lhut vr{ #$(*))) #$(*))) ^((&*))
cf}hf/ pks/0f vl/b
tf}ng] 9s t/fh' !)) @%))) @%))) @%)))
ls=u|f=
Ifdtfsf] ! ;]6
:k|]o/ @ j6f !)))) !)))) !))))
UofF; l;ln08/ –$ $%)) ())) ()))
Uof; l;ln08/df &))) !$))) !$)))
hf]8\g] UofF; ug $
j6f
l/he{ 6\ofª\sL @))) *),))) $),))) $),)))
ln= ! j6f

22
sfof{no Joj:yfkg @^^@)) !##!)) !##!))
-b/fh, 6]jn, s';L{,
sDKo'6/ cflb
;jf/L ;fwg ! j6f @$&%))) !@#&%)) !@#&%))
-cn}FrL 9'jfgLsf]
nflu_
ejg lgdf{0f–! !&*^)) *(@%)) *(@%))
-e08f/0f, uf]bfd 3/_
cn}FrL k|zf]wg u[x *&&*)) $#*()) $#*())
lgdf{0f -cn}FrL
u|]l8Ë, n]alnË,
Kofs]lhËsf] nflu_
e08f/0f u[x jl/k/L $,@%))) @!@%)) @!@%))
kvf{n lgdf{0f hDdf
k|zf]wg u[x jl/kl/ @))))) !))))) !)))))
tf/af/
kfOk %)) dL= #÷$ !!) @&%)) @&%))
sf] uf8]{g kfOk
cn}FrL ;'sfpg] !^)) *),))) *),)))
hfnL -!)) dL_
/8 !))) s]hL !)) %),))) %),)))
ljB'tLo ;fdu|Lx? ^))) #))) #)))
cGo %%)))) @&%))) @&%)))
@_ rfn' vr{ pknAw ((,&(@%) ((&(@%)
cn}FrL ;+sng, k| (&,$$,@ 5}g (&,$$,@%)
zf]wg, u|]l8Ë, %)
Kofs]lhË, n]jlnË /
ahf/Ls/0f !(,%))
ls=u|f=
Joj;foL, s[ifs tflnd !))))) !)))))
cGtlqm{of, uf]i7L &%))) &%)))
Joj:yfkg -k|rf/–k|;f/ ^)))) ^))))
/ cGo_
#= s"n hDdf #$(*))) !@)(&%%) !,%%,

23
 (%,%%)

!)= ;fdflhs tyf jftfj/0fLo Joj:yfkg

!)=! pkcfof]hgf :yn
pkcfof]hgf ;+rfng x'g] :yfg k'g M ;'lgl:rt ug'xf];\÷olb pkcfof]hgf
PseGbf al9 :yfgdf ;+rfng x'g] eP k|Tos :yfgsf] hfgsf/L÷ljj/0f cnu–cnu
v'nfpg kg]{ 5 .
pkcfof]hgf ;+~rfng x'g] lhNnf M ef]hk'/
uf=lj=;= M e}F;Lkª\vf–&, xfn g=kf= !
cfof]hgf :yn ÷l5d]s ;Gbe{df M e}F;Lkª\vf–&, xfn M ef]hk'/ g=kf=–!
 cfof]hgf :yn ÷l5d]s ;Gbe{df
-cfof]hgf :yn j/k/ ÷l5d]ssf jftfj/0fLo kl/j]z af/] pNn]v ug]{ . o; :yfgdf
/x]sf d'Vo d'Vo hghflt / cfof]hgfaf6 nfeflGjt x'g] hghfltx? af/] klg pNn]v
ug'{xf];\ ._

ljj/0f k5{ kb} olb k5{ eg] lsg÷s;/L

{g
jg h+un÷jghGt' / ;DalGwt >f]t 
÷;fwg
hn ;Dkbf -gbL ,kf]v/L / tfn_ 
/fli6«o lgs'~h÷d'xfg÷;|f]t 
;Dkbf :yn÷dlGb/÷wfld{s :yn 
lrxfg If]q 

x'g] x'g]
5g\ 5}gg\

s] of] k|:tfj cGtu{t sfof{Gjog x'g] pkcfof]hgf cGtu{tsf 5/l5d]sdf
a:g] d'Vo–d'Vo hghfltx? ;d]t o;sf] k|ToIf nfeu|fxL x'g] 5g\ <

24
-olb k|ToIf nfeu|fxL x'g] 5g\ eg] To:tf nfeu|fxLx? slt k|ltzt hlt xf]nfg <

s| hghflt k|ltzt
=:f+=
!= hghflt @%
@= blnt &

!)=@= jftfj/0fLo tyf ;fdlhs k/LIf0f÷5gf]6 ;DaGwL hfgsf/L

jftfj/0fLo tyf ;fdflhs 5gf]6 - PCN) df n]lvPsf] s'/fnfO{ k'gM ;'lglZrt
ug{ b]xfosf jftfj/0fLo / ;fdflhs ;'/Iff ;Gbe{df hfgsf/L÷pQ/ lbg'xf];\ .
s|| k|Zgx? pQ/ olb jl/kl/ k5{ jf
=; 5÷5}g pkof]u u5{ eg] slt
+= 6f9f eGg] s'/f -ls=
ld=_ df pNn]v ug]{ .
!= s] of] k|:tfljt pkcfof]hgfn] /fli6«o 5}g
lgs'~h tyf ;+/lIft If]q ;fy} ;Dj]bgzLn
hnfzo tyf e"=cfjfl;o If]qjf6 s'g}
;fwg÷>f]t pkof]u ug]{ 5 <
@ s] of] k|:tfj cGtu{t pk–cfo]fhgf s'g} 5}g
= /fli6«o lgs'~h tyf ;+/lIt If]qsf] l5d]sdf
sfof{Gjog ul/g] 5 <
#= s] of] pkcfof]hgf /fli6«o lgs'~h tyf ; 5}g
+/lIft If]q afx]s cGoq jgh+un jf
jGohGt j;f]jf; If]q jl/kl/÷l5d]sdf
sfof{Gjog ul/g] 5 <
$= s] of] pkcfof]hgf s'g} hnfzo, 5}g
tnfp,kf]v/L jl/kl/÷l5d]sdf ;+rfng ul/g]
5 / of] pkcfof]hgf sfof{Gjog
ubf{ ltgLx?sf] pkof]usf] ;fy} ltgLx?df
lge{/ x'g'kg]{ cj:yf >[hgf x'g]5 <
% s] of] pkcfof]hgf If]q klx/f] hfg] 5}g
= lx;fjn] ;+Da]bglzn If]q, al9 le/fnf]
hldg / aif]{gL af9L k:g] If]q jf 7'nf]

25
 dfqfdf e"Ifo x'g] If]qdf ;+rfng ul/g] 5
<
^= s] of] pkcfof]hgf sfof{Gjog ubf{ w]/} 5}g
le/fnf] hldg pkof]u ul/ ltgLx?nfO{
;Dofpg' kg]{ x'G5 <
&= s] of] pkcfof]hgf sfof{Gjog ubf{ 5}g
/fli6«o ;Dkbf If]q÷wfld{s
If]q÷lrxfg :yn jl/kl/ sfof{Gjog x'g] 5 <
*= s] of] pkcfof]hgf sfof{Gjog ubf{ ?vx? 5}g
s6fg ug'{kg]{ x'G5 <
(= s] of] pkcfof]hgf sfof{Gjog 5}g
ubf{ kof{j/0fLo dxTj tyf nf]kpGd'v
:yfgLo ?v lj?jfx?sf] Iflt x'g] ;Defjgf 5
<
!)= s] of] pkcfof]hgf cGtu{utsf s[ofsnfkx? 5}g
sfof{Gjogaf6 :yflgo hghflt ;d'bfo
dlxnf jf hf]lvddf k/]sf ;d"xnfO{ k"j{jt
cj:yfdf n}hfg g;lsg] lsl;djf6 k|lts"n k|
efjdf kg]{ 5g\ <
!!= s] of] pkcfof]hgf cGtu{tsf s[ofsnfkx? 5}g
df afn>dsf] k|j4{g jf ltgx?sf] pkof]u
ug]{ ;DalGw s[ofsnfkx? ;dfj]z 5g\ <
! s] of] k|:tfljt pkcfof]hgf sfof{Gjogaf6 5}g
@ s'g} kl/jf/n] cfkm"n] v]lt ul//x]sf]
= hUuf / To;df ePsf cGo ;Dklt u'dfpg'
kg]{ cj:yf cfpFb5 <
! s] of] k|:tfljt pkcfof]hgf sfof{Gjogsf] 5}g
#= nflu k"jf{wf/ lgdf{0f ubf{ s'g}
kl/jf/x? la:yflkt x'g] 5g\ <
! s] k|:tfljt pkcfof]hgf sfof{Gjog 5}g
$= ubf{ s'g} laiffbL / /;folgsx?sf] k|of]u
x'g]5 <
! olb k|Zg g+= !$ cg';f/ ljiffbL / /;folgs 5}g
% k|of]u x'g] ePdf k|of]u ul/g] k|d'v

26
= ljiffbL / /;fogLsx?sf] gfd lbg'xf];\ .
! s] k|:tfljt pkcfof]hgf sfof{Gjogaf6 5
^= pkcfof]hgf j/k/sf tyf l5d]sdf a;f]af; ug]
{ :yflgo hghfltx?nfO{ kmfO{bf k'Ug]
5<
! olb k|Zg g++= !^ cg';f/ :yflgo hghfltx? !$#
&= nfef+lGjt x'g] eP ltlgx?sf] cg'dflgt ;
+Vof slt hlt xf]nf <

!)=# k|:tfljt pkcf]hgf sfof{Gjogsf] l;nl;nfdf pTkGg x'g ;Sg] ;+efljt

jftfj/0fLo tyf ;fdflhs ;d:ofx? ;dfwfgsf] s]lx s[ofsnfkx? k|:tfljt ul/Psf] eP
To;sf] 5f]6s/L ljj/0f M 5 5}
-s_ g
-v_ 
-u_

!!= ;'kl/j]If0f tyf cg'udg Joj:yf M

o;df k|:tfljt lqmofsnfkx?nfO{ s;/L cfj]bsn] cfˆgf] k|:tfjdf ;'kl/j]If0f
tyf cg'udg ug]{ of]hgf u/]sf] 5, Tof] pNn]v ug]{ .
lqmofsnf ;'kl/j]If0f tyf cg'udg ul/g] dlxgfx?
kx?
j}= h]= c= >f ef= cf= sf= d= kf} df= km r}=
= = f=
cf}hf/
pks/0f
vl/b
tf}ng] 9s
t/fh' !))
ls=u|f=
Ifdtfsf] ! ;
]6
:k|]o/ @
j6f

27
UofF;
l;ln08/ –$
Uof;
l;ln08/df
hf]8\g]
UofF; ug
$ j6f
l/he{ 6\of
ª\sL @)))
ln= ! j6f
sfof{no
Joj:yfkg
-b/fh,
6]jn,
s';L{,
sDKo'6/
cflb
;jf/L ;fwg
! j6f
-cn}FrL
9'jfgLsf]
nflu_
ejg
lgdf{0f–!
-e08f/0f,
uf]bfd 3/_
cn}FrL k|
zf]wg u[x
lgdf{0f
-cn}FrL
u|]l8Ë,
n]alnË,
Kofs]lhËs
f] nflu_

28
e08f/0f
u[x jl/k/L
kvf{n
lgdf{0f
hDdf
k|zf]wg
u[x jl/kl/
tf/af/
kfOk %))
dL= #÷$
sf] uf8]{g
kfOk
cn}FrL ;'s
fpg] hfnL
-!)) dL_
/8 !)))
s]hL
ljB'tLo
;fdu|Lx?
cGo
sfdbf/
cfufdL jif{df klg o;} u/L rfn' sfo{qmdsf] ;'kl/j]If0f tyf cg'udg ul/g] 5 .

 cfof]hgf cg'udgnfO{ ;xh kfg{ tL lqmofsnfkx?, pknAwL, ck]lIft k|

ltkmn, ;kmntfl;t cfj4 ;"rf+sx? eP tn lbOPsf] 9fFrf k|of]u ug'kb{5 M
lqmofsnfk ljj/0f z'? ldlt cfof]hgf ;DkGg x'g] ;kmntf ;"rsx?
ldlt
cf}hf/ pks/0f vl/b ;Demf}tf ;'? ePsf] ! dlxgfdf ;Knfo;{ lan,
ePsf] lg/LIf0f k|ltj]bg,
ldltn] ! kmf]6f] cflb
dlxgfdf
tf}ng] 9s t/fh' !)) ;Demf}tf ;'? ePsf] ! dlxgfdf ;Knfo;{ lan,
ls=u|f= ePsf] klxnf] lg/LIf0f k|ltj]bg,
Ifdtfsf] ! ;]6 dlxgfdf kmf]6f] cflb
:k|]o/ @ j6f ;Demf}tf ;'? ePsf] ! dlxgfdf ;Knfo;{ lan,

29
 ePsf] klxnf] lg/LIf0f k|ltj]bg,
dlxgfdf kmf]6f] cflb
UofF; l;ln08/ –$ ;Demf}tf ;'? ePsf] ! dlxgfdf ;Knfo;{ lan,
ePsf] lg/LIf0f k|ltj]bg,
ldltn] ! kmf]6f]
dlxgfdf
Uof; l;ln08/df ;Demf}tf ;'? ePsf] ! dlxgf ;Knfo;{ lan,
hf]8\g] UofF; ug $ ePsf] klxnf] lg/LIf0f k|ltj]bg,
j6f dlxgfdf kmf]6f] cflb
l/he{ 6\ofª\sL @))) ;Demf}tf ;'? ePsf] ! dlxgf ;Knfo;{ lan,
ln= ! j6f ePsf] ! lg/LIf0f k|ltj]bg,
dlxgfdf kmf]6f] cflb
sfof{no Joj:yfkg ;Demf}tf ;'? ePsf] ! dlxgf ;Knfo;{ lan,
-b/fh, 6]jn, s';L{, ePsf] klxnf] lg/LIf0f k|ltj]bg,
sDKo'6/ cflb dlxgfdf kmf]6f] cflb
;jf/L ;fwg ! j6f ;Demf}tf ;'? ePsf] @ dlxgfdf ;Knfo;{ lan,
-cn}FrL 9'jfgLsf] ePsf] ldltn] lg/LIf0f k|ltj]bg,
nflu_ # dlxgfdf kmf]6f] cflb
ejg lgdf{0f–! ;Demf}tf ;'? ePsf] # dlxgfdf ;Knfo;{ lan,
-e08f/0f, uf]bfd 3/_ ePsf] klxnf] lg/LIf0f k|ltj]bg,
dlxgfdf kmf]6f] cflb
cn}FrL k|zf]wg u[x ;Demf}tf ;'? ePsf] @ dlxgf ;Knfo;{ lan,
lgdf{0f -cn}FrL ePsf] ^ lg/LIf0f k|ltj]bg,
u|]l8Ë, n]alnË, dlxgfdf kmf]6f] cflb
Kofs]lhËsf] nflu_
e08f/0f u[x jl/k/L ;Demf}tf ;'? ePsf] @ dlxgf ;Knfo;{ lan,
kvf{n lgdf{0f hDdf ePsf] cf7f}F lg/LIf0f k|ltj]bg,
dlxgfdf kmf]6f] cflb
k|zf]wg u[x jl/kl/ ;Demf}tf ;'? ePsf] @ dlxgfdf ;Knfo;{ lan,
tf/af/ ePsf] & lg/LIf0f k|ltj]bg,
dlxgfdf kmf]6f] cflb
kfOk %)) dL= #÷$ ;Demf}tf ;'? ePsf] ! jif{;Dd ;Knfo;{ lan,
sf] uf8]{g kfOk ePsf] klxnf] lg/LIf0f k|ltj]bg,
dlxgf kmf]6f] cflb
cn}FrL ;'sfpg] ;Demf}tf ;'? ePsf] ! dlxgf ;Knfo;{ lan,
hfnL -!)) dL_ ePsf] @ lg/LIf0f k|ltj]bg,

30
 dlxgfdf kmf]6f] cflb
/8 !))) s]hL ;Demf}tf ;'? ePsf] ! dlxgf ;Knfo;{ lan,
ePsf] klxnf] lg/LIf0f k|ltj]bg,
dlxgfdf kmf]6f] cflb
ljB'tLo ;fdu|Lx? ;Demf}tf ;'? ePsf] ! dlxgfdf ;Knfo;{ lan,
ePsf] ! lg/LIf0f k|ltj]bg,
dlxgfdf kmf]6f] cflb
sfdbf/ Joj:yfkg ;Demf}tf cfof]hgf cjlwdf k| kmf]6f], e/kfO{,
ePsf] klxnf] To]s jif{ xflh/ /]s8{
dlxgf
cn}FrL k|zf]wg ;Demf}tfsf] ;'? ePsf] ^ dlxgf;Dd lg/LIf0f k|ltj]bg
sfo{ ^ dlxgfaf6
nf]8, cgnf]8 ;Demf}tfsf] cfof]hgf cjlwe/ xflh/L
klxnf] lg/Gt/
dlxgfaf6
cn}FrL vl/b ;Demf}tf cfof]hgf cjlwe/ e/kfO{
ePb]lv
cn}FrL e08f/0f ;Demf}tf cfjZostfcg';f/ jif{ e/L lg/LIf0f / kmf]6f]
ePsf] ! x'g ;Sg]
dlxgfb]lv
ljljw sfd ;Demf}tf cfof]hgf cjlwe/ lg/LIf0f, kmf]6f]
ePsf] ! tyf k|ltj]bg
dlxgfaf6
Joj;foL tyf ;Demf}tf ;'? ePsf] ! dlxgf ;xefuL k|ltj]bg
sfdbf/nfO{ tflnd ePsf] $
dlxgf

31
 cg';"rL @ M ljlQo ljZn]if0f
 Joj;flos of]hgf M
 Joj;flos ;f]r M
ahf/df ePsf] dfunfO{ a'em]/ pRr u'0f:t/sf] cn}FrL tof/ u/L Jojl:yt 9ª\un]
laqmL ug{ cn}FrL yf]s ljs|]tf, ;xsf/L;Fu ;dGjo / ;xsfo{ u/L cn}FrLsf]
d"No pRr laGb'df /x]sf a]nf j]rljvg ug]{ .

 pknAwL M
s[ifsx?n] pTkfbg u/]sf] cn}FrLnfO{ ;dodf g} vl/b u/L pTkfbs, k|
zf]wgstf{ / ljqm]tfaLr cfk;L ;dembf/L u/L plrt d"No lgwf{/0f u/L
pTkflbt j:t'nfO{ ;dod} pkef]Qmf;Dd k'¥ofOg]5 .

 ahf/ ljZn]if0f M
 xfnsf] ahf/ M
 d'VotM cn}FrL g]kfndf eGbf a9L ljb]zdf vkt x'g] ePsfn] o;sf] 7"nf]
dfu ljb]zL ahf/df /x]sf] 5 .
 g]kfnL cn}FrL g]kfnsf] ljtf{df]8df dfq s[ifsx?n] k'¥of{pg] Ifdtf
/x]sf] 5 eg] ToxfFaf6 cn}FrL yf]s ljqm]tfn] ef/tsf] l;lnu'8Lsf
Jojfkf/LnfO{ a]Rb5g\ eg] ToxfFaf6 ljleGg gfsf x'Fb} a]nfot,
cd]l/sf, l;+ufk'/, ;fpbL c/a, kfls:tfg nufotsf d"n'sdf lgof{t x'g] ub{5 .
 cn}FrLsf] k|f/lDes ahf/ eg]sf] cfˆg} ufpF 7fpF g} klg ag]sf] 5 .
hxfF Jofkf/L k'u]/ cn}FrL lsGg] ub{5g\ .
 pTkflbt cn}FrL ;+sng u/L lhNnfdf e08f/0f ul/g] / lxn] ahf/, w/fg
x'Fb} ljtf{df]8;Dd k'Ub5 .
 pkef]usf] b[li6n] ubf{ ef/t x'Fb} ckmuflg:tfg, o's], o'PO{, l;+ufk'/
tyf c/a /fi6«x?df cn}FrLsf] pRr dfu /x]sf] 5 .

 dfu ljZn]if0f M
 k|ydtM cn}FrLsf] dfu g]kfnd} klg k|z:t /x]sf] 5 . h;af6 d;nfhGo tyf
3/]n' cf}Bf]lus k|of]hgdf k|of]u ePsf] kfOG5 t/ cn}FrLsf] u'0f:t/ x'g
eg] cfjZos 5 .
 cGt/f{li6«o ahf/df u'0f:t/Lo cn}FrLsf] dfu pRr 5 . h;df g]kfnn]
lgof{t ug{ ;ls/x]sf] 5}g .

32
  cn}FrLsf] ahf/ ljz]iftM ef/tLo Jofkf/Lx?sf] ks8df /xg] ubf{ o;sf]
d"No eg] l:y/ eO/xFb}g t/ dfu cToflws /x]sf] 5 .
 g]kfnL cn}FrLn] ljZjdf ljlzi6tf sfod /fVb} klxrfg agfPsfn] o;sf] dfu
cToflws g} /x]sf] 5 .
 k|zf]lwt u|]l8Ë …sÚ sf] cn}FrLsf] d"No k|lt s]=hL ?= !),))) ;Dd
k'u]sf] 5 . h'g k|ltdg $ nfv x'g cfpF5 . h;sf] k|ltkmn dfudf a[l4 ePsf]
eGg] dfGg ;lsG5 .
 cn}FrLsf] dfu u'0f:t/df e/kg]{ ePsfn] /fd|f] u'0f:t/sf] cn}FrLsf] ahf/
dfu klg pRr 5 .
 o; e]usf] cn}FrLsf] ahf/ cGtu{t :yfgLo txdf ;+sng u/L cfˆg} sfo{:yn
jf ;b/d'sfddf uf]bfd u/L k|f/lDes cj:yfdf lxn] / lxn]sf Jofkf/Ln] w/fg /
w/fgaf6 ljtf{df]8 k'¥ofpg] ul/G5 .
 P;PgeL g]kfn / /Lk ;+:yfn] k"jL{ g]kfndf u/]sf] Ps cWoogn]
u'0f:t/o'Qm cn}FrLsf] d"No pRr ePsf] hgfPsf] 5 .
 o;y{ of] cfof]hgf sfof{Gjog kZrft dfu cg';f/sf] …sÚ u|]8sf] cn}rL
pTkfbg u/L ahf/sf] dfudf cfk"lt{ ub}{ pRr k|ltkmn k|fKt ul/g]5 .

 k|lt:kwf{Tds l:yltsf] ljZn]if0f M

 cn}FrLnfO{ cGo j:t'h:tf] k|df0fLs/0f gul/P tfklg o;sf] k|
lt:kwf{ eg] ;xh g} b]lvPsf] 5 . pTkflbt cn}FrL s[ifsx?n] ahf/;Dd klg
af]s]/ k'¥ofpg' kb}{g tfls Jofkf/Lx? 3/3/d} k'u]sf x'G5g\ .
 cn}FrLsf] ahf/Ls/0f sfo{df s]xL bnfnx?af6 s[ifsx? 7luPsf] cj:yfdf
of] cfof]hgf ;+rfng kZrft cn}FrL ahf/sf] plrt k|j4{g ug]{ ;f]r agfPsf]
5 . hxfF ;fem]bf/L ul//x]sf s[ifs ;d"xn] pTkfbg u/]sf] cn}FrLnfO{ o;
;d"xn] ljqmL ljt/0f ug]{ x'Fbf cfk;L ;dGjo u/L o;nfO{ cToGt ;/n
agfOg] 5 .
 cn}FrLsf] ahf/sf af/]df s]xL u}/;/sf/L ;+:yf / ;/sf/L txaf6 sfo{x?
ePsf 5g\ . cem} ahf/ k|j4{gdf Wofg lbg' kg]{ b]lvG5 .
 o; ;d"xn] cfkm} klg cn}FrL pTkfbg ug]{ / ;fem]bf/ ;d"xaf6 pTkflbt
cn}FrL ;+sng u/L s]xL d'gfkmf /fvL a]Rg] x'Fbf s'g} Jofkf/L jf
cGo;Fu s'g} gsf/fTds k|lt:kwf{ x'g] b]lvGb}g .

 u|fxssf] cfwf/ tyf ;Demf}tfx? M

33
  cn}FrL ;+sng, u|]l8Ë, Kofs]lhË, n]jlnË tyf ahf/Ls/0fsf nflu ljqmL
ljt/0fdf ;+rf/, oftfoft / ;8ssf] /fd|f] Joj:yf ePsf], pTkfbs, k|zf]wgstf{ /
ljqm]tf cf;kf;df /xL ;dGjo u/]sfn] pTkflbt j:t' ;+sng u/L ljqmL ljt/0f
ug{ ;xh ePsf] 5 .
 g]kfnL df6f]df pTkflbt cn}FrLs]f u'0f:t/ ;'wf/ ug]{ pkfox? r]tgfd"ns
k|rf/ k|;f/n] d"Nodf ;'wf/ x'g'sf] ;fy} pkef]Stf / ahf/ :jtM a9\g hfg]5 .
 o; k"0f{ k|:tfj k|:tfjsx?n] o; ;d"x;Fu pTkflbt cn}FrL k|f/lDes k|
zf]wg u/L k|zf]wgstf{ tyf ljlqm ljt/0f ug{ cfk;df ;dembf/L ul/;lsPsf]
5 . o; ;d"xnfO{ cn}FrL pTkfbs / k|zf]wgstf{;Fu ;Dks{ / ;dGjo /x]sf]
5 . o;y{ xfdL ;+o'St k|:tfjsn] pTkfbg k|zf]wg ljqmL ljt/0f
-ahf/Ls/0f_ sf nflu Ps csf{sf] kl/k"/ssf] ?kdf sfd ug]{ k|lta4tfsf]
;Demf}tf ePsf] 5 .
cg'dflgt gub k|jfx -% jif{sf]_
qm pTkflb klxnf] bf];|f] t];|f] jif{ rf}yf] kfFrf} s}lkm
=; t s[lif jif{ jif{ jif{ jif{ ot
+= j:t'
!= pTkflb !,@%))) %))))) &%)))) !)))))) @%))))) %
t jif{sf]
cn}FrL cf}ift
vl/b / k|of]u
ljqmL ul/Psf
@= s[ifs @),))))) @),))))) @),))))) @),))))) @),))))) ]
;d"xsf]
cfˆg}
aufgsf]
cn}FrL
pTkfbg
hD @!@ @%))))) @& #)))))) $%)))))
df %))) %))))

hf]lvd / ltgLx?sf] Go"lgs/0f

hf]lvd M
 cn}FrL pTkfbgd} PSsf;L x|f; cfPdf Joj;fo klg x|f; x'g hfg] .
 ahf/sf] lglZrt / d"No lgwf{/0f gx'g' .

34
  cn}FrLsf] ahf/ ef/tLo Jofkf/Lsf] ks8df x'g' .
 ;dodf k|df0fLs/0f .

Go"lgs/0fsf pkfox? M
 o; If]qdf lj1 tyf k|fljlws a9fPdf cn}FrL pTkfbgdf x|f; cfpFb}g / ahf/
klg 9'Ss 5 eGg ;lsG5 .
 ;/sf/L tj/af6} cn}FrLsf] d"No lgwf{/0f ul/g' k5{ .
 cn}FrLsf] ahf/ g]kfnL Jofkf/L / s[ifssf] kIf x'g] u/L gLlt agfOg' k5{
.
 cn}FrLnfO{ ;DalGwt lgsfoaf6 k|df0fLs/0f ;xh / ;/n x'g] jftfj/0fsf] ;
[hgf ug]{÷u/fpg] .
 ;"rgf tyf ;+rf/ s]Gb|af6 cn}FrL pTkfbs, k|zf]wgstf{ /
ljqm]tfnfO{ 6]jf k'Ug] vfnsf k|f]T;flxt ug]{ sfo{ ug]{ .
 ;/sf/L lgsfoaf6 ;dGjo, lgof{t / k|j4{gdf ;3fpg] .

sfof{Gjog ug{ nfluPsf lqmofsnfkx? ljlQo b[li6n] sltsf] pko'Qm 5 <

xfd|f] s[ifs ;d"x cn}FrLsf] cfGtl/s / afXo dfunfO{ /fd|f] cWoog u/]/
u'0f:t/Lo cn}FrL pTkfbg, k|zf]wg / ljqmL ljt/0fdf ;a}nfO{ a/fa/ k|ltkmn
hfg] u/L sfo{ ug]{ qmddf /x]sf] 5 . o;sf nflu d'VotM cfjZos k"jf{wf/x?sf]
Joj:yf x'g h?/L b]lvG5 . o;df KofS6af6 cg'bfg k|fKt x'g] Joj:yf, ;d"xsf]
cfly{s cj:yf / ljlQo ;+:yfaf6 ;dod} C0f ;xof]u Joj:yfkg x'g] ePsfn]
sfof{Gjog ug{ nfluPsf lqmofsnfkx? ljlQo b[li6n] clt g} pko'Qm 5g\ .

ljlQo ;+:yfaf6 ;xof]u lng' kg]{ cfwf/ / cf}lrTotf M

 Joj;flos cn}FrL pTkfbg, k|zf]wg / ljqmL ljt/0fsf] ;Defjgf kof{Kt
/x]sf] .
 cfo cfh{gdf kof{Kt a[l4 x'g] x'gfn] .
 Joj;fon] nfdf] ;do;Dd lg/Gt/tf kfpg] ePsfn] .
 Joj;fo 3f6fdf ghfg] ePsfn] .
 s[lif Joj;fodf k|lt:kwf{Tds Ifdtf clej[l4 x'g] ePsfn] .

nfe nfut cg'kft -% jif{sf] cf}ift_

s'n nfut M ((&(@%)
k|ltjif{ ;/b/ nfut M !(,(%,*%)

35
s'n cfDbfgL M !,$*,&%,)))
k|ltjif{ ;/b/ nfe M @(,&%,)))
?= @(,&%)))÷!((%*%)
 !=%)
s[ifs ;d"xaf6 ?= ! nufgL ubf{ em08} ?= @ cfDbfgL x'g] b]lvG5 .
gfkmf÷gf]S;fg -% jif{sf] cf}ift_
cn}FrL laqmLaf6 cfDbfgL – cn}FrL nfut vr{
?= @(&%))) – ?= !((%*%)
 ?= (,&(!%)
;d"xn] cn}FrL pTkfbg, k|zf]wg / ljqmL ljt/0faf6 jflif{s ?kdf ?= (,&(,!%)
cfDbfgL ug]{5 .

gfkmf gf]S;fg ;dlaGb' ljZn]if0f M

laqmL OsfO{df gfkmf gf]S;fg ;dljGb" M
gfkmf gf]S;fg ;dlaGb'df gfkmf  ),
FC
Break-even Sales Units =× =
P-v

 6997800/2500-2000
 13996 unit (appx.)

laqmL d"Nodf gfkmf gf]S;fg ;dlaGb' M

Break-even Sales Units × P
 13996 kg.× 2500
= rs. 3,49,90,000

o; ljZn]if0f cg';f/ ;d"xn] cfˆgf] cn}FrL pTkfbg, k|zf]wg / laqmL ljt/0fsf]

If]q a9fpg' kg]{ jf cn}FrLsf] d"No clej[l4 ;do;Fu} dfusf] cfwf/df cfkm}
a9\g] x'G5 .

cfGtl/s k|ltkmnsf] b/ M
we know that at IRR, Net Present Value (NPV) is Zero, Thus:
PV of future cash flows - Initial Investment = 0;
or,
[ ] - Initial Investment = 0
Where,

36
r is the internal rate of return;
CF1 is the period one net cash inflow;
CF2 is the period two net cash inlow;
CF3 is the period three net cash inflow, and so on....
!= cfDbfgLsf] tflnsf M
klxnf] jif{ bf]>f] jif{ t]>f] jif{ rf}yf] jif{ kfFrf} jif{
@!@%))) @%))))) @&%)))) #)))))) $%)))))
@= k|f/lDes nufgL M
k|yd jif{sf] cn}FrL v]tL vr{ + k"FhLut vr{
 !#,(),)))  ^(,(&,*))
 *#,*&,*))
cfGtl/s k| eljiosf] cfDbfgL jt{dfg d"No ?= hDdf cfDbfgL k|f/lDes km/s
ltkmn sf] ?= nufgL ?=
b/ k|yd jif{ bf];|f] t];|f] jif{ rf}yf] jif{ kfFrf} jif{
jif{
19% 0.84033 0.70616 0.59341 0.49867 0.41904 8564668.75 8387800 176868.75
1785701.2 1765400 1631877.50 1496010 1885680
5
20% 0.83333 0.69444 0.57870 0.48225 0.40187 8353516.25 8387800 -34283.75
1770826.2 1736100 1591425 1446750 1808415
5

cn}FrL pTkfbs ;d"xsf] cfGtl/s k|ltkmnsf] b/ !( k|ltzt x'G5, h'g o; ;d"xsf]

cn}FrL pTkfbg, k|zf]wg / laqmL ljt/0f Joj;flostfsf nflu clt g} nfebfoL
b]lvG5 .
cfof]hgf÷nfeu|fxL nfut cg'kft

o; ;d"xsf] nufgL ?= ! x'Fbf cfof]hgfsf] nufgL ?= !=%) /x]sf] 5, h;df

KofS6af6 ?= )=%) cg'bfg :j?k ;d"xnfO{ cn}FrL laqmL ljt/0fdf k"FhLut
ah]6 k|fKt x'g]5 .

37
 cg';"rL # M cn}FrL pTkfbg vr{ / cfDbfgL ljj/0f
s= !(%)) ls=u|f= ;+sng, ljqmL ljt/0f / @) /f]kgL hUufdf v]tL ug{ nfUg] nfut M
u'0f:t/Lo cn}FrL laqmL ljt/0f vr{
qm ljj/0f Osf kl/df0f b/ jflif{s pTkfbg nfut ?=
=; O{ klxnf] bf];|f] t];|f] rf}yf] kfrf}F
+=
!= cn}FrL aufg hjfg ^) hgf #%) @!))) @!))) @!))) @!))) @!)))
x]/rfx ug{
@= aufgsf] cn}FrL hjfg ^% hgf #%) @@& @@& @@& @@& @@&
l6Kg %) %) %) %) %)
#= cn}FrL 5f]8fpg hjfg #% hgf #%) !@@%) !@@%) !@@%) !@@%) !@@%)
$= cn}FrL vl/b÷; hjfg $) hgf #%) !$))) !$))) !$))) !$))) !$)))
+sng ug{ nfUg]
sfdbf/ klxnf]
jif{
%= cn}FrL ;+sng hjfg !)) #%) #%)))
tyf u|]l8Ë, nf]8,
cgnf]8,
Kofs]lhË
ug{ nfUg]
sfdbf/ -bf];|f]
jif{_
^= cn}FrL ;+sng, hjfg !#% $&@%)
k|zf]wg, u|]l8Ë,
KoflsË, n]alnË,

38
 nf]8, cgnf]8 ug]
{ sfdbf/
&= cn}FrL ;+sng, hjfg !%% %$@%)
k|zf]wg, u|]l8Ë,
KoflsË, n]alnË,
nf]8, cgnf]8 ug]
{ sfdbf/
*= cn}FrL ;+sng, hjfg !^% %&&%)
k|zf]wg, u|]l8Ë,
KoflsË, n]alnË,
nf]8, cgnf]8 ug]
{ sfdbf/
(= uf]bfd x]/rfx hjfg ! !),))) !,@),))) !,@),))) !,@),))) !,@),))) !,@),)))
ug]{
!)= cn}FrL vl/b ls=u !(%)) !@,))))) !%))))) !*))))) @))))) @!)))))
|f=
!#,*(,@ !&,@ @),#&, @!,@^, @#,
%) %,))) @%) @%) $&,&%)
vr{ hDdf M (^,#%,%))
v= Joj;flos cn}FrLaf6 cfDbfgL
!= s[ifssf] cn}FrL / @),))))) @),))))) @),))))) @),))))) @),)))))
jufgaf6 pTkflbt f]kg
cn}FrL L
laqmLaf6
@= cn}FrL vl/baf6 ls=u !(%)) @%) !@, %))))) &%)))) !),))))) @

39
laqmL |f= %)))) %,)))))
ubf{ ePsf]
cfDbfgL
hDdf @!,@ @ @&, #),))))) $%,)))))
%))) %,))))) %))))
s'n hDdf M !$*,&%))).–

40