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Introduction to Finance 1
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A_©vq‡bi cwiwa A‡bK we¯Í…Z| Avgv‡`i e¨w³MZ, cvwievwiK, mvgvwRK I ivóª xq ch©v‡q A_©vqb AwZ ¸iæZ¡c~Y©|
A_© Qvov †hgb Avgv‡`i ˆ`bw›`b Rxe‡bi Avw_©K Kvh©vejx m¤úbœ hvq bv wVK †Zgwbfv‡e †Kv‡bv cÖwZôvbI A_©
Qvov Pj‡Z cv‡i bv| ZvB A_©‡K GKwU e¨emvq cÖwZôv‡bi Rxebxkw³ ejv nq| mvaviYZ A_© ej‡Z bM` A_© ev
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msMÖn, A_© e¨e¯’vcbv, wewb‡qvM, msiÿY Ges G mswkøó mvgwMÖK Kvh©vewj‡K A_©vqb ejv nq| GB BDwb‡U
Avcbviv A_©vq‡bi aviYv, AvIZv I D‡Ïk¨ BZ¨vw` m¤ú‡K© we¯ÍvwiZ Rvb‡Z cvi‡eb| Zvn‡j Gevi Avmyb,
BDwb‡Ui cvV¸‡jv †kl Kwi Ges welq¸‡jv †R‡b wbB|

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GB BDwb‡Ui cvVmg~n
cvV-1.1 : A_©vq‡bi aviYv, µgweKvk I ¯^iƒc
cvV-1.2 : A_©vq‡bi Kvh©vewj, f~wgKv I mvgwóK A_©bxwZi KvVv‡gv
cvV-1.3 : A_©vq‡bi bxwZmg~n, jÿ¨ I mvgvwRK `vqe×Zv Ges A_©vqb

g~L¨ kã A_©vq‡bi aviYv, A_©vq‡bi µgweKvk, cvwievwiK A_©vqb, miKvwi A_©vqb, e¨emvq A_©vqb,
A_©vq‡bi bxwZ, A_©vq‡bi jÿ¨ I mvgvwRK `vqe×Zv|
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

cvV-1.1 A_©vq‡bi aviYv, µgweKvk I A_©vq‡bi ¯^iƒc

(Concept, Evolution and Nature of Finance)
D‡Ïk¨
G cvV †k‡l Avcwb-
 A_©vq‡bi †gŠwjK aviYv m¤ú‡K© ej‡Z cvi‡eb|
 A_©vq‡bi µgweKvk eY©bv Ki‡Z cvi‡eb|
 A_©vq‡bi ¯^iƒc e¨vL¨v Ki‡Z cvi‡eb|

A_©vq‡bi cÖv_wgK cwiwPwZ

A_©vq‡bi g~j KvR n‡jv Znwej msMÖn I Zvi e¨envi, e¨e¯’vcbv Ges wewb‡qvM| Avgv‡`i ˆ`bw›`b
Rxe‡b A‡_©i cÖ‡qvRb| Avi e¨emv cÖwZôvb A_© Qvov m¤ú~Y© APj| G Rb¨B A_©vqb‡K e¨emvq cÖwZôv‡bi ü`wcÛ
(heart of organization) ejv nq| mvaviYfv‡e A_© msMÖn I e¨e¯’vcbv‡K A_©vqb ejv nq|

GKwU cÖwZôvb cwiPvjbvi Rb¨ wK cwigvY g~ jab cÖ‡qvRb, †Kvb †Kvb Drm n‡Z Zv msMÖn Kivi Rb¨ jvfRbK
Ges †Kvb cÖ‡R± ev m¤ú‡` wewb‡qvM Ki‡j me‡P‡q †ewk gybvdv n‡e, †mB mKj wel‡qi cwiKíbv cÖYqb I
ev¯Íevq‡bi †h Kvh©vejx Zv‡KB A_© vqb e‡j| A_©vq‡bi wel‡q aviYv cvIqv †Mj| Gevi Avmyb A_©vqb wb‡q
Ab¨vb¨ gwblx Kx e‡j‡Qb †m m¤ú‡K© †R‡b †bB| †hgbÑ
Lawrence J. Gitman Gi g‡Z “Finance can be defined as the art and science of managing money. It is
concerned with the process, institutions, markets and instruments involved in the transfer of money
among individuals, businesses, and governments.” G msÁvwU‡Z A_©vq‡b A‡_©i e¨e¯’vcbvi K_v †KŠkj‡KB
A_©vqb ejv n‡q‡Q|
Schall and Halley Gi g‡Z “Finance is a body of facts, principles and theories dealing with raising and
using of money by individuals, businesses and governments.”
Avi. G. w¯U‡fbm‡bi (R. A. Stevenson) Gi g‡Z ÒA_©vqb ej‡Z †mB Dcvq‡K eySvq hv Øviv Znwej msMÖn Kiv
hvq Ges Znwe‡ji e¨e¯’vcbv I e›Ub m¤¢eci nq|Ó
A_©vq‡bi µgweKvk (Evolution of Finance)
c~‡e© Znwej msMÖn KivB A_©vq‡bi AšÍf©y³ wQj| Kv‡ji weeZ©‡b A‡_©i e¨enviwU A_© vq‡bi AvIZvfz³ n‡q‡Q|
`xN© mg‡qi cwieZ©bkxj cwi‡ek cwiw¯’wZi Øviv cÖfvweZ n‡q eZ©gvb A_©vq‡bi m„wó n‡q‡Q| g~jZ `ªe¨ wewbgq
cÖ_vi Amyweav `~i Kivi Rb¨ A‡_©i m~Pbv nq- GB K_vwU Avgiv mK‡jB Rvwb| mß`k kZvãx‡Z cÖhyw³i Dbœqb I
Drcv`b †KŠkj DbœZ we‡k¦ wkí wecøe nq| G‡Z Drcv`b †KŠkj RwUjZi nq Ges we‡klvwqZ cÖwµqvi gva¨‡g
Drcv`b cÖwµqv DrKl©Zv jvf K‡i| d‡j cÖwZ‡hvwMZvq wU‡K _vK‡Z n‡j A_©vqb msµvšÍ aviYv I e¨envi m¤ú‡K©
Rvbv ¸iæZ¡c~Y© n‡q c‡i|
wkí wecø‡ei c~‡e© A_©vqb A_©bxwZi GKwU †Kvm© wn‡m‡e cov‡bv nZ| Dbwesk kZvwãi †k‡li w`‡K A_©vqb c„_K
welq wn‡m‡e ¯^xK…wZ jvf K‡i| _gvm Gj MÖš’wU 1897 mv‡j mbvZb ev MZvbyMwZK avivq Avw_©K e¨e¯’vc‡Ki
Kvh©vewj g~jZ wnmveiÿY I Zv we‡køl‡Yi gva¨‡g fwel¨Z Kvh©µg cÖYq‡bi ga¨ †_‡K †ewo‡q G‡m bZzb aviYvi
eB cÖKvk K‡ib| wnmvekv‡¯¿i weKv‡ki mv‡_ mv‡_ Aóv`k kZvwã‡Z A_©vqb g~jZ Avw_©K weeiYxi
wePviwe‡køl‡Yi Kv‡R wb‡qvwRZ wQj| MZvbyMwZK aviYvq Avw_©K e¨e¯’vcK‡`i cÖavb KvR wQj wnmve msiÿY I

BDwbU GK c„ôv 2
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Zv we‡kølYc~e©K fwel¨r Kvh©µg cÖYqb| mf¨Zv weKv‡ki mv‡_ mv‡_ cÖwZôv‡bi e¨vwß I cÖhyw³MZ Dbœqb Avw_©K
e¨e¯’vcK‡`i `vq `vwqZ¡ cwiewZ©Z n‡q‡Q| A_©vq‡bi g~j weKvk N‡U hy³iv‡óª c‡i Zv mviv we‡k¦ Qwo‡q c‡i|
Gevi Avmyb A_©vq‡bi weeZ©‡bi welqwU we¯ÍvwiZ †R‡b †bB|
K) 1920 Gi c~e©eZ©x `kK
wesk kZvwãi ïiæi w`‡K A_©vq‡bi hvÎv ïiæ nq| G mgq A_©vqb g~ jab evRv‡ii wewfbœ `wjjcÎ, cÖwµqv I
cÖwZôvbmg~n wb‡qB mxgve× wQj| 1890 †_‡K 1900 ch©šÍ hy³iv‡ó&ª †Kv¤cvwb¸‡jv wU‡K _vKvi Rb¨ wb‡R‡`i
g‡a¨ GKwÎKiY cÖwµqv Pvjy K‡i| †Zj I w÷j †Kv¤úvbx¸‡jvi g‡a¨ GKÎxKiY †ewk wQj| ÷xj †Kv¤úvwb QvovI
GKÎxK…Z †Kv¤úvwb H mg‡q hy³iv‡óªi evRv‡i Zv‡`i k³ Ae¯’vb ˆZwi K‡iwQj| Avw_©K weeiYx we‡køl‡Yi
gva¨‡g GKwU †Kv¤úvwbi mv‡_ Ab¨ GKwU †Kv¤úvwb GKÎxKiY Ki‡j cÖwZôvb jvfRbK n‡e GB wel‡q
w`Kwb‡`©kbv w`‡Z Avw_©K e¨e¯’vcK‡`i‡K ¸iæZ¡c~Y© `vwqZ¡ cvjb Ki‡Z nq| H mg‡q Avw_©K e¨e¯’vcK‡`i
†Kv¤úvwb¸‡jvi GKÎxKi‡Y eo As‡Ki A_©ms¯’vb I Avw_© K weeiYx ˆZwii `vwqZ¡I cvjb Ki‡Z n‡qwQj| mgq
†_‡K A_©ms¯’vb e¨emvq cÖwZôv‡bi Avw_©K e¨e¯’vcbvi GKUv c„ _K I ¸iæZ¡c~Y© Kvh©‡ÿÎ wn‡m‡e ¯^xK„wZ jvf K‡i|
A_©vq‡bi weeZ©‡bi H mg‡q †Kv¤cvwbi Avw_©K weeiYx ˆZwi I Zvi we‡kølY wQj †Kv¤cvwbi Af¨šÍixY welq gvÎ|
L) 1930-Gi `kK
GKÎxKiY cÖwµqv ¯^íKv‡j jvfRbK n‡jI `xN©Kv‡j Avkvbyiƒc mdjZv cvqwb| Av‡Mi `k‡K GKxf~Z A‡bK
cÖwZôvbB c‡ii `k‡K †`Dwjqv n‡q hvq| †m Kvi‡Y w·ki `k‡K hy³iv‡óª Pig g›`v ïiæ nq| wewa nj evg ïiæ
nj evPvi Rb¨ jovB (Struggle for existence)| ïiæ nj e¨emvq cÖwZôvb¸‡jv cybM©Vb K‡i Kxfv‡e †`DwjqvZ¡
†_‡K iÿv Kiv ivLv hvq, ‡m e¨vcv‡i Avw_©K e¨e¯’vcK we‡kl `vwqZ¡ cvjb K‡ib| 1929 †_‡K 1932 mv‡ji g‡a¨
hy³iv‡óªi †kqvi evRvi Dow Jones Gi Mo coZv 30wU wk‡íi †kqvi g~j¨ 89% K‡g ‡Mj| U.S. Steel
Common Stock Gi cÖwZ †kqv‡ii g~j¨ $262 †_‡K $21; wKQz wKQz †Kv¤úvwb †`Dwjqv n‡q †M‡jv, GgbwK A‡bK
cÖwZôv‡bi Rb¨ wU‡K _vKvB cÖavb mgm¨v n‡q `uvovj| cÖ_gw`‡K g~ jab KvVv‡gv wm×v‡šÍ FY‡K A_©ms¯’v‡bi cÖavb
Drm wn‡m‡e we‡ePbv Kiv n‡Zv hv FY cwi‡kva ÿgZv I Zvij¨ mgm¨v‡K Av‡iv evwo‡q w`‡jv| e¨emvq
cÖwZôv‡bi cybe©vmb I wU‡K _vKvi cwiKíbv Avw_©K e¨e¯’vcbvi bZzb Kvh©vejx wn‡m‡e we‡ewPZ n‡jv| Pvjy nj
ˆbwZK Kg©KvÛ Ges Ab¨vb¨ wel‡qi Dci miKvwi wbqš¿Y Zvij¨ msKU wQj G mg‡qi g~j NUbvÑ ZvB wbqš¿Y
cÖ‡qvRb wQj|
M) 1940-Gi `kK
G mg‡q bM` A_©cÖev‡ni ev‡RU K‡i mycwiKwíZfv‡e bM`cÖev‡ni gva¨‡g A_©vqb †m `vwqZ¡ cvjb K‡i| 1939
mv‡j wØZxq wek¦hy× ïiæ nq Ges 1945 mv‡j †kl nq| miKvi cÖwZiÿv wkí Drcv`‡bi Rb¨ cÖ‡qvRbxq miÄvg
µ‡q A‡_©i †hvMvb †`q| d‡j mKj †Kv¤úvwbi PjwZ g~jab e¨e¯’vcbv Avw_©K e¨e¯’vcK‡`i wbKU GKwU P¨v‡jÄ
wn‡m‡e †`Lv †`q| wØZxq wek¦hy× DËiKv‡j Avw_©K e¨e¯’vcK‡`i ¯^vfvweK Ae¯’vq †hme †Kv¤úvwb wewfbœ cY¨`ªe¨
Drcv`b KiZ †mme †Kv¤úvwbi Drcv`b ÿgZv e„w×i Rb¨ cÖ‡qvRbxq A_© wKfv‡e msMÖn Kiv n‡e †m `vwqZ¡ cvjb
Ki‡Zv| hy×Kvjxb mg‡q gvby‡li gv‡S bM` wcÖqZv †e‡o hvq| d‡j †Kv¤úvwbi gybvdv cybtwewb‡qvM bv K‡i
jf¨vsk wn‡m‡e †bIqvi cÖeYZv †e‡o hvq|
N) 1950 Gi `kK:
1940 †_‡K 1950 Gi `k‡Ki cÖv_wgK ¯Íi ch©šÍ mgq‡K A_©ms¯’v‡bi mbvZb hyM wn‡m‡e wPwýZ Kiv nq, hv
1920 Ges 1930 Gi `k‡K weKwkZ n‡qwQ‡jv| †m mgq e¨emvq cÖwZôvb‡K ewnivMZ‡`i (outsiders) †_‡K
Avjv`v wn‡m‡e we‡ePbv Kiv n‡Zv| †hgb- wewb‡qvMKvix I FY`vZv, wKš‘ e¨emvq cÖwZôv‡bi wfZi wm×všÍ MÖnY‡K
we‡ePbv Kiv n‡Zv bv| GB aviv‡K A_©vq‡bi mbvZb aviv ejv nq| 1950 Gi `k‡K A_©vq‡bi mbvZb `„wófw½i
cwieZ©b nq| Znwej msMÖn K‡i wKfv‡e Zv jvfRbK Lv‡Z wewb‡qvM K‡i me©vwaK gybvdv AR©b Kiv hvq Zv
A_©vq‡bi cÖavb KvR wn‡m‡e cwiMwYZ nq| G mgqKv‡j A_© vqb bvbv cÖwZK~jZvi ga¨ w`‡q AwZevwnZ Ki‡jI
bZzb bZzb m~‡Îi Avwe®‹vi nq| wewb‡qvM wm×v‡šÍi Rb¨ g~ jab ev‡RwUs Ges cÖKí g~j¨vq‡Y MvwYwZK we‡køl‡bi

BDwbU GK c„ôv 3
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

e¨envi Ab¨Zg| 1950-Gi `k‡Ki ga¨fv‡M g~jab ev‡RwUs bZzb wewb‡qvM cÖKí mbv³Ki‡Yi †ÿ‡Î bZzb
‡KŠkj I c×wZi Avwef©ve n‡jv hv e¨emv‡qi g~ja‡bi `ÿ e›U‡bi KvR‡K Z¡ivwš^Z Ki‡Z mn‡hvwMZv Ki‡jv|
O) 1960-Gi `kK:
1960 Gi `k‡K AvaywbK A_©vq‡bi hvÎv ïiæ| A_©vqb †kqvi ev g~jab evRvi‡K AMÖvwaKvi w`‡Z ïiæ K‡i| GKwU
cÖwZôv‡bi †kqvi‡nvìvi‡`i m¤ú` ev †kqv‡ii evRvig~j¨ me©vaxKKiYB wQj GB mg‡qi A_©vq‡bi Ab¨Zg
D‡Ïk¨| wKš‘ A_©vq‡bi mv‡_ SzwKi m¤ú`wU †Zgb we‡ePbvq †bIqv nqwb| A_©vq‡bi †ÿ‡Î SuywKi aviYv n‡jv GB
†h gybvdv e„w×i mv‡_ mv‡_ SuywKI e„w× cvq| myZivs gybvdv me©v`xKKiY me©`v Kvw•ÿZ bvI n‡Z cv‡i|
1950 -Gi `k‡Ki ci g~j¨vqb g‡Wj (Valuation Model) Gi D™¢e nq| g~j¨vqb g‡W‡ji gva¨‡g g~ jab KvVv‡gv
I jf¨vsk bxwZ cÖPwjZ nq| 1958 I 1961 mv‡j d«vs‡Kv gwWMwjqvwb I gvU©b wgjvi (Modigliani & Miller)
D³ wel‡qi Dci GK ZË¡ wb‡q nvwRi nb hv A_©vq‡bi †ÿ‡Î GK hyMvšÍKvix cwieZ©b G‡b w`‡q‡Q|
1960 -Gi `k‡Ki cÖavb NUbv n‡jv Portfolio Theory Gi Dbœqb Ges Avw_©K e¨e¯’vcbvq Gi h_vh_ e¨envi I
cÖ‡qvM| Markowitz me©cÖ_g 1952 mv‡j GB Z‡Ë¦i Avwef©ve NUvb | Zvic‡i Willism Sharpe, Lintner, Fama
GB Z‡Ë¡i Av‡iv A‡bK cÖe„w× NUvb | GB Z‡Ë¡i gva¨‡g SzuwK‡K A_©vq‡bi g~j Kv‡Ri AšÍf©y³ Kiv nq|
†cvU©dwjI-Gi Ab¨vb¨ m¤cwËi mv‡_ H ¯^Zš¿ m¤ú` m¤c‡K©i gvÎvi Dci wbf©i K‡i wbY©q Kiv n‡e †h H m¤ú`
AwaK SuywKc~Y© bv Kg SuywKc~Y©|
P) 1970 Gi `kK
GB mgq Kw¤úDUvi ïÎcvZ nq d‡j e`‡j hviv A_©vq‡bi KvR| A_©vqb ZLb AsKwbf©i n‡q D‡V| g~jawb
KvVv‡gvi mbvZb aviYvI A‡bK AsKwbf©i I RwUj nq| ZvwË¡K A_© vqb‡K bvbv Z‡Ë¡i we‡køl‡Y mg„× K‡ib n¨vwi
gv‡K©vBR, gvU©b wgjvi, d«vs‡Kv gwWMwjqvwb|
William Sharpe Zvi †cvU©dwjI ZË¡ 1970 -Gi `k‡K cybtms¯‹vi K‡ib| wZwb Dbœqb Ki‡jb g~jabx m¤cwËi
g~j¨ wba©viY g‡Wj (Capital Asset Pricing Model)| GB g‡Wj cÖ‡qvM K‡i, †Kvb wbw`©ó g~jabx m¤cwËi Avq
wba©vib Kiv hvq I SuywK c·Kv‡l msiwÿZ Ab¨vb¨ m¤cwËi mv‡_ wg‡k hvq| 1970 Gi `k‡Ki weL¨vZ Ae`vb
Black & Scholes-Gi cQ›` Kivi ÿgZv g‡Wj (Option Model)| GB g‡Wj m¤cK©hy³ Avw_©K `v‡qi g~j¨vq‡bi
Rb¨ e¨enƒZ nq |
Q) 1980 Gi `kK
Kw¤úDUvi †cªvMÖv‡gi mvnvh¨ ¯^í †gqvw` Avw_©K e¨e¯’vcbvi we‡køl‡Yi †ÿ‡Î †e‡o hvq| GB mg‡q Avw_©K †mev
wkímn Ab¨vb¨ wk‡íi †ÿ‡Î miKvwi wewawb‡la wkw_j Kiv nq| GKRb Avw_©K e¨e¯’vcK‡K Znwej msMÖn, e›Ub,
wewb‡qvM I mwVK e¨envi wbwðZ Ki‡Z Ges g~j¨vq‡b hy‡M hy‡M mn‡hvwMZv K‡i‡Q|
R) 1990-Gi `kK I AvaywbK A_©vq‡bi m~Pbv
GB `k‡K wek¦ evwYR¨ ms¯’v (World Trade Organization) cÖwZwôZ nq| wek¦e¨vcx Avg`vwb-ißvwbi Dci †_‡K
cÖwZeÜKZv I wewawb‡la e¨vcKfv‡e n«vm Kiv nq| hvi d‡j A_©vqbI AvšÍR©vwZKZv jvf K‡i| Z_¨ cÖhyw³ I
wek¦vq‡bi hy‡M A_©q‡bi †ÿÎ AviI cÖmvwiZ n‡Z _v‡K| eZ©gv‡b A_©vqb n‡jv e¨emvq cÖwZôv‡bi e¨e¯’vcbvq
GKwU cÖv‡qvwMK mgvav‡bi †ÿÎ, hv wnmveiÿY, A_©bxwZ I Ab¨vb¨ Avw_© K welq¸‡jv‡K mswgkªY K‡i m„wó n‡q‡Q|
Rvbv n‡jv A_© vq‡bi BwZnvm| fv‡jv †j‡M‡Q wbðqB| Gevi Avmyb A_©vq‡bi ¯^iƒc wb‡q Av‡jvPbv Kiæb|

A_©vq‡bi ¯^i~c (Nature of Finance)

c~‡e©i Av‡jvPbvq A_©vqb‡K cÖwZôv‡bi ü`wc‡Ði mv‡_, Zzjbv Kiv n‡q‡Q| ZvB A_©vqb cÖwµqv GKwU e¨emvq
cÖwZôv‡bi Rb¨ ¸iæZ¡c~Y© Gi cwiwa AZ¨šÍ e¨vcK| GgbwK e¨w³MZ ch©v‡q Ges miKv‡ii cÖwZwU †ÿ‡Î A_©vqb
IZ‡cÖvZfv‡e RwoZ| wb‡P G welq wb‡q Av‡jvPbv Kiv nj:

BDwbU GK c„ôv 4
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

K) cvwievwiK A_©vqb:
cwiev‡ii Av‡qi Drm¨ I cwigvY wba©viY Kiv Ges Avq †ev‡S e¨q Ki‡j cwiev‡iii mvwe©K Kj¨vY nq, GwU
wba©viY Kiv‡K cvwievwiK A_©vqb ejv nq| AMÖvwaKv‡ii wfwˇZ e¨q Ki‡j cwiev‡ii Kj¨vY nq| hw` GKwU
cwiev‡ii Avq e¨‡qi Rb¨ ch©vß bv n‡j AvZœxq¯^Rb, cwiwPZ e¨w³eM©, eÜz-evÜe KvQ †_‡K A_© FY wn‡m‡e MÖnY
K‡i I cwievwiK A_©vq‡b wbqwgZ Av‡qi mv‡_ msMwZ †i‡L e¨qmg~n wba©viY Kiv nq| A‡bK cwievi Rwg, Mvwo,
wUwf, wd«R I M„n wbg©v‡Yi Rb¨ e¨vsK †_‡K FY wb‡q _v‡K ZvB cwiev‡i Avq-e¨‡qi NvUwZ †`Lv †`q| A‡bK
cwievi Avevi Avq-e¨‡qi DØ„Ë †`Lv hvq Ges A_© Ab¨Î wewb‡qvM K‡i|
L) miKvwi A_©vqb:
cÖwZeQi miKvi Avq-e¨‡qi cÖv°wjZ wnmve K‡i ev‡RU †cÖm K‡i| Avi miKv‡ii evwl©K Avq †Kvb †Kvb Drm
n‡Z msMÖn Kiv n‡e Ges evwl©K e¨q †Kvb †Kvb Lv‡Z Kx cwigv‡Y Kiv n‡e Zv wba©viY Kiv‡K miKvwi A_©vqb
eySvq| cÖwZwU miKv‡ii GKwU mywbw`©ó A_© e¨e¯’vcbv Av‡Q| miKvwi A_©vq‡b cÖ_‡g e¨‡qi cwigvY wba©viY Kiv nq
Ges †m Abyhvqx wewfbœ Drm †_‡K Znwej msMÖn Kiv nq|
miKvwi A_©vq‡b †ÿ‡Î wewfbœ Av‡qi I e¨‡qi LvZ ev‡R‡Ui gva¨‡g mywbw`©ófv‡e D‡jøL Kiv nq| hLb miKvwi
A_©vq‡bi †ÿ‡Î Avq A‡cÿv e¨q †ewk nq ZLb Zv‡K NvUwZ ev‡RU e‡j| Avevi miKvwi A_©vq‡bi †ÿ‡Î e¨q
A‡cÿv Avq †ewk nq ZLb Zv‡K ZLb Zv‡K D×…Ë ev‡RU e‡j| miKvwi A_©vq‡bi g~j jÿ¨ n‡jv mgvRKj¨vY|
ZvB iv¯ÍvNvU, †mZz, miKvwi wkÿv cÖwZôvb, miKvwi nvmcvZvj, AvBb k„•Ljv I cÖwZiÿv, mvgvwRK AeKvVv‡gv
BZ¨vw`| e¨q wbe©v‡ni Rb¨ miKvi‡K AvqKi, mviPvR©, g~j¨ ms‡hvRb Ki, Avg`vwb I ißvwb ïé, mÂqcÎ,
cÖvBReÛ I †UªRvwi wej weµq BZ¨vw` weµq K‡i A_© Avq Ki‡Z nq|
mvaviYZ miKvwi A_©vqb AjvfRbK n‡q _v‡K KviY miKvwi A_© Dbœqbg~jK Kg©Kv‡Û e¨q Kiv nq| miKvwi
A_©vq‡bi e¨q, Avq A‡cÿv †ewk n‡Z cv‡i| miKvwi gvwjKvbvi †ek wKQz e¨emvq cÖwZôvb _v‡K, hv A‡cÿvK…Z
Kg jvfRbKI n‡Z cv‡i| †hgb: BSCIC-Gi Aax‡b ivmvqwbK wkí cÖwZôvb¸‡jv| Avevi hgybv †mZzi g‡Zv ‡gNv
cÖKí ev¯Íevq‡bi Rm¨ cÖPzi A‡_©i cÖ‡qvRb nq, hw` miKv‡ii ev‡RU n‡Z m¤ú~Y© A‡_©i ms¯’vb Kiv nq Zvn‡j
A‡bK mgq miKv‡ii mvgwRK I ivóªxq wbivcËvRwbZ e¨‡qi Rb¨ A‡_©i msKU m„wó n‡Z cv‡i| ZvB miKvi‡K
wewfbœ Drm n‡Z ˆe‡`wkK FY MÖnY Ki‡Z nq| †hgb : wek¦e¨vsK, ADB (Asian Development Bank), IDB
(Islamic Development Bank) BZ¨vw`| A‡bK mgq Gme cÖwZôvb FY cÖ`v‡bi mgq wewfbœ RwUj kZ© Av‡ivc
K‡i, hv †`‡ki Dbœqb I fveg~wZ© msiÿ‡Yi mv‡_ mvgÄm¨c~Y© bq| Gme cwiw¯’wZ we‡ePbv K‡i miKvi Ab¨vb¨
Drm †_‡K A‡_©i ms¯’vb Kivi †Póv K‡i| eZ©gv‡b wek¦e¨vcx Ges GgbwK evsjv‡`‡k miKvwi I †emiKvwi
mn‡hvwMZvi gva¨‡g e„nr cÖ Kí¸‡jvi A_© vqb Kiv nq| G ai‡bi A_©vqb‡K PPP (Public Private Partnership)
ejv n‡q _v‡K| GB Drm¸‡jv †_‡K A_©vqb ch©vß bv n‡j miKvi †`wk ev we‡`wk e¨vsK †_‡K `xN© ev ¯^í †gqv‡`
FY wb‡q _v‡K| NvUwZ ev‡R‡Ui mgq G ai‡bi FY †bIqvi cÖeYZv †`Lv hvq|
M) Ae¨emvqx cÖwZôv‡bi A_©vqb:
†h mKj cÖwZôvb gvbe Kj¨vY, `wi`ª Ges ewÂZ gvby‡li †mevq wb‡qvwRZ _v‡K Zv Ae¨emvqx cÖwZôvb bv‡g
cwiwPZ| †hgb GKwU ¯‹zj Ae¨emvqx cÖwZôvb| GmKj cÖwZôv‡bi cÖavb jÿ¨ n‡jv †mev cÖ`vb Kiv, gybvdv AR©b
bq| Ae¨emvqx cÖwZôv‡bi Rb¨ Znwej msMÖn I Gi myôz e¨envi Kivi cÖwµqv‡K Ae¨emvqx cÖwZôv‡bi A_©vqb
e‡j| wkÿv cÖwZôvb gybvdvwfwËK cÖwZôvb bq| Z‡e Gi A‡_©i cÖ‡qvRb Av‡Q| wewfbœ ai‡bi `vb I Aby`vb
msMÖ‡ni gva¨‡g Giv A_© msMÖn K‡i| msM„nxZ A_© wkÿvcÖwZôv‡bi wewfbœ ai‡bi Dbœqbg~jK Kg©Kv‡Û e¨q Kiv
nq| myZivs Ae¨emvqx cÖwZôv‡bi A_©vq‡bi g~j KvR n‡jv A‡_©i Drm wPwýZ Kiv Ges m‡e©vËg †mev cÖ`v‡bi
D‡Ï‡k¨ Gi h_vh‡hvM¨ e¨envi wbwðZ Kiv|
N) e¨emvq A_©vqb:
cwievi, Ae¨emvqx cÖwZôvb I miKv‡ii g~j D‡Ïk¨ nj Kj¨vY Kiv| gybvdv AR©b Kiv G wZbwU BDwbU ev
G‡R‡›Ui D‡Ïk¨ bq| wKš‘ e¨emv‡qi g~j D‡Ïk¨ gybvdv AR©b| ZvB e¨emvq A_©vq‡bi welqvw` m¤ú~Y© Avjv`v|
e¨emvq A_©vqb ej‡Z GKwU e¨emvq myôzfv‡e cwiPvjbv Kivi Rb¨ Kx cwigvY A‡_©i cÖ‡qvRb Ges †Kvb †Kvb

BDwbU GK c„ôv 5
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

Drm n‡Z †m A_© msMÖn Kiv n‡e Ges †Kvb †Kvb Lv‡Z Zv wewb‡qvM Kiv n‡e Zv‡K eySvq| e¨emvq cÖwZôvb ej‡Z
gybvdv AR©‡bi D‡Ïk¨ jvf ev ÿwZi SuzwK wb‡q MwVZ cÖwZôvb‡K eySvq| d‡j GKwU e¨emvq cÖwZôvb cÖ‡qvRbxq
Znwej msMÖn I wewb‡qv‡Mi Rb¨ †h A_©vqb cÖwµqv e¨envi K‡i, Zv‡K e¨emvq A_©vqb e‡j| myZivs e¨emvq
A_©vqb n‡”Q Ggb GKwU cÖwµqv hvi gva¨‡g Znwe‡ji msMÖn I Gi h_vh_ e¨envi wbwðZ Kiv hv‡Z cÖwZôv‡bi
m‡e©v”P m¤ú` AR©b Kiv mnR nq|
mvaviYZ e¨emvq cÖwZôvb wZb ai‡bi nq:
1. GKgvwjKvbv e¨emvq,
2. Askx`vix e¨emvq I
3. †hŠ_ g~jabx e¨emvq|
GB wZb cÖKvi e¨emvq cÖwZôv‡biB A_©vq‡bi ¯^iƒc Avjv`v n‡q _v‡K| Gevi Avmyb Avgiv G‡`i A_©vqb wb‡q
mswÿß Av‡jvPbv Kwi|
1) GKgvwjKvbv e¨emv‡qi A_©vqb
‡h e¨emvq cÖwZôv‡bi gvwjK gvÎ GKRb e¨w³ Zv‡K GK gvwjKvbv e¨emvq e‡j| mvaviYZ mycvikc, gyw`‡`vKvb,
ÿz`ª I KzwUi wkí, MÖvg I M‡Äi †nv‡Uj I †i÷z¨‡i›U e¨emvq, †mjyb, eywUK kc BZ¨vw` GK gvwjKvbv e¨emvq
cÖwZôvb| GKgvwjKvbv cÖwZôv‡bi A_©vq‡bi g~j Drm nj gvwj‡Ki wbR g~ jab, g~bvdv, AvZœxq¯^Rb †_‡K M„nxZ
FY, e¨vsK A_ev MÖvgxY gnvRb †_‡K my‡`i wfwˇZ FY MÖnY| e¨emv cwiPvjbvq gvwjK wb‡R mivmwi RwoZ _v‡K
weavq G ai‡bi e¨emv‡qi A_©vq‡bi cwimi Lye †QvU _v‡K| e¨w³MZ m¤ú`B ¯^í A_©vq‡bi g~j Drm|
2) Aswk`vix e¨emv‡qi A_©vqb
Askx`vwi e¨emv‡qi †ÿ‡Î me©wb¤œ m`m¨ msL¨v `yB Rb Ges m‡e©v”P wek Rb| Zuviv Pzw³ Abyhvqx mKj g~ jab
mieivn K‡i Ges †m Abyhvqx wb‡R‡`i g‡a¨ jvf †jvKmvb e›Ub K‡i| G ai‡bi e¨emvq cÖwZôv‡b Znwej
msMÖ‡ni Drm n‡jv Askx`vi‡`i wbR¯^ Znwej, gybvdv, AvZœxqmRb, eÜz-evÜe, †_‡K M„nxZ FY, e¨vsK A_ev
MÖvgxY ÿz`ª FY mieivnKvix cÖwZôv‡bi wbKU †_‡K my‡`i wfwˇZ FY MÖnY| myZivs G ai‡bi cÖwZôvb¸‡jvi
A_©vq‡bi g~j D‡Ïk¨ n‡jv wbR¯^ Znwej Gi h_vh_ e¨envi wbwðZ K‡i gybvdv AR©b Kiv| g~ jZ gybvdv AR©‡bi
j‡ÿ¨B Askx`vwi e¨emvq cÖwZôvb cwiPvwjZ nq|
3) †hŠ_ g~jabx e¨emv‡qi A_©vqb
GK gvwjKvbv Ges Aswk`vix e¨emv‡q gvwjK mivmwi e¨emv cwiPvjbvq RwoZ| wKš‘ †Kv¤úvwbi †ÿ‡Î m¤ú~Y©
Avjv`v| gvwjK Z_v †kqvi gvwjK e¨emv cwiPvjbvq mivmwi RwoZ _v‡K bv| ZvB GB A_©vq‡bi ¯^iƒc m¤ú~Y©
Avjv`v| hv‡K Avgiv K‡c©v‡iU ms¯‹…wZ Aby‡gv`b cvIqvi ci GKwU ZvwjKvfz³ †Kv¤úvwb Zvi Aby‡gvw`Z g~jab‡K
†QvU †QvU As‡k wef³ K‡i †kqvi wn‡m‡e Rbmvavi‡bi wbKU weµq K‡i| †hgb: 10 †KvwU UvKvi g~jab 10
UvKvi 1 †KvwU †kqv‡i wef³ K‡i mvaviY RbM‡Yi Kv‡Q weµq Kiv nq| cÖwZwU †kqv‡ii g~j¨ gvÎ 10 UvKv
nIqvi Kvi‡Y †`‡ki cÖZ¨šÍ A‡ji ÿz`ª wewb‡qvMKvixivI †Kv¤úvwbi †kqvi †Kbvi gva¨‡g D³ †Kv¤úvwb‡Z
wewb‡qvM Ki‡Z cv‡i| †kqvi‡nvìviMYB †Kv¤úvwbi cÖK…Z gvwjK Ges mvaviYZ ‡kqvi‡Kv¤úvwb †_‡K jf¨vsk
†c‡q _v‡Kb| †kqvi‡nvìviiv Zv‡`i µqK…Z †kqvi evRvi †hgb: XvKv ÷K G·‡PÄ, PÆMÖvg ÷K G·‡PÄ BZ¨vw`
evRv‡i µq-weµq Ki‡Z cv‡i| †kqvi Qvov eÛ I wW‡eÂvi weµq K‡iI †hŠ_ g~jawb e¨emvq cÖwZôvb mvaviY
RbM‡Yi wbKU †_‡K Znwej msMÖn Ki‡Z cv‡i| eÛ I wW‡eÂvi weµq Kivi gva¨‡g †h Znwej msMÖn Ki‡Z
cv‡i|
wb‡R‡`i cwiev‡i A_©vq‡bi Drm (Av‡qi LvZ) Ges e¨‡qi LvZ¸‡jv
wjwce× Ki| Avcbvi GjvKvi wZbwU GKgvwjKvbv e¨emv‡qi A_©vq‡bi
wkÿv_©xi KvR Drmg~n wjwce× Ki| †Zvgvi GjvKvi †h‡Kvb GKwU e¨emvq cÖwZôv‡bi
A_©vq‡bi Drm, ¯’vqx LiP I PjwZ LiP wjwce× K‡i Zzwg ‡Zvgvi wkLb
Kvh©wU SvjvB K‡i †bI|

BDwbU GK c„ôv 6
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

mvims‡ÿc :
A_© msMÖn I e¨e¯’vcbv‡K A_©vqb ejv nq| cwiev‡ii Av‡qi Drm I cwigvY wba©viY Kiv Ges †mB Avq Kxfv‡e
e¨q Ki‡j cwiev‡iii m`m¨‡`i mvwe©K Kj¨vY nq, Zv wba©viY Kiv‡K cvwievwiK A_©vqb ejv nq| cÖwZwU
miKv‡ii GKwU mywbw`©ó A_© e¨e¯’vcbv Av‡Q| miKv‡ii evwl©K Avq †Kvb †Kvb Drm n‡Z msMÖn Kiv n‡e Ges
evwl©K e¨q †Kvb †Kvb Lv‡Z Kx cwigv‡Y Kiv n‡e Zv wba©viY Kiv‡K miKvwi A_©vqb eySvq| A_©vq‡bi me‡P‡q
¸iæZ¡c~Y© aiYv n‡”Q e¨emvq A_©vqb| e¨emvq A_©vqb ej‡Z GKwU e¨emvq myôzfv‡e cwiPvjbv Kivi Rb¨ Kx
cwigvY A‡_©i cÖ‡qvRb Ges †Kvb †Kvb Drm n‡Z †m A_© msMÖn Kiv n‡e Ges †Kvb †Kvb Lv‡Z Zv wewb‡qvM
Kiv n‡e Zv‡K eySvq|

cv‡VvËi g~j¨vqb-1.1
mwVK Dˇii cvk wUK () wPý w`b|
1| A_©vqb ej‡Z wK eySvq?
K. ‡kqvi µq L. msiÿwZ Avq
M. bM` cÖevn N. A_© msMÖn I wewb‡qvM
2| wb‡Pi †KvbwU A_©vq‡bi me©cÖ_g KvR?
K. g~jab KvVv‡gv L. g~jab ev‡RwUs
M. Znwej msMÖn N. ¯^í‡gqvw` m¤ú` e¨e¯’vcbv
3| wb‡Pi ‡KvbwU miKvwi Av‡qi cÖavb Drm?
K. FY L. AvqKi
M. g~j¨ ms‡hvRb Ki N. ‰e‡`wkK Drm
4| wb‡Pi †KvbwU †hŠ_g~jabx e¨emv‡q wbR¯^ g~jab msMÖ‡n AwaK ¸iæZ¡c~Y©?
K. †kqvi Bmy¨ L. FccÎ
M. eÛ N. e¨vsK FY
5| AvaywbK A_©vq‡bi hvÎv KLb ïiæ nq?
K. 1950-1960 Gi `kK L.1970-1980 Gi `k‡K
M.1980-1990 Gi `k‡K N.1990-2000 Gi `kK

BDwbU GK c„ôv 7
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

cvV-1.2 A_©vq‡bi Kvh©vewj, f~wgKv I mvgwóK A_©bxwZi KvVv‡gv

(Functions of Finance, Structure of Macroeconomy and Role of Finance)

D‡Ïk¨

G cvV †k‡l Avcwb-

 A_©vq‡bi Kvh©vewj we‡kølY Ki‡Z cvi‡eb;
 A_©vq‡bi f~wgKv e¨vL¨v Ki‡Z cvi‡eb;
 mvgwóK A_©bxwZi KvVv‡gv‡Z A_©vq‡bi f~wgKv eY©bv Ki‡Z cvi‡eb|

A_©vq‡bi Kvh©vewj (Functions of Finance)

…GKwU e¨emvq cÖwZôv‡bi mvsMVwbK KvVv‡gv‡K wewfbœ wefv‡M wef³ Kiv n‡q _v‡K †hgb- e¨e¯’vcbv
wefvM, µq wefvM, weµq wefvM, wnmve wefvM I A_© wefvM BZ¨vw`| Gme wefv‡Mi gva¨‡g e¨emvq mgš^‡qi
cÖwZôv‡bi hveZxh Kvh©vewj cwiPvwjZ nq| wKšÍ Gme wefv‡Mi g‡a¨ me‡P‡q ¸iæZ¡c~Y© wefvM n‡jv A_© wefvM|
cÖwZwU wefv‡Mi mv‡_ Gi †hvMv‡hvM i‡q‡Q| wb‡P A_© wefvM Z_v A_©vq‡bi Kvh©vewj Av‡jvPbv Kiv n‡jv:
(1) Znwej msMÖn
GKRb Avw_©K e¨e¯’vc‡Ki Ab¨Zg KvR n‡jv Kg Li‡Pi m¤¢ve¨ Drmmgyn wPwšÍZ K‡i †mLvb †_‡K cÖ‡qvRbxq
Znwej msMÖn Kiv| GKwU cÖK‡í wewb‡qvM Kivi Rb¨ cÖ‡qvRbxq A‡_©i Kx cwigvY wbR¯^ g~jab (equity) Ges Kx
cwigvY FYK„Z g~jab (debt capital) Gi gva¨‡g A_©vqb Kiv n‡e Zv wba©viY Kiv A_©vqb‡i cÖavb KvR| gvwj‡Ki
wbR¯^ g~jab I FYK„Z g~ja‡bi wgkªY‡K g~jab KvVv‡gv ejv nq| †h wgkÖYwUi LiP me‡P‡q Kg †mUvB Kvg¨
wgkÖY| Avi GUv wbY©q Kivi A_©vq‡bi KvR|
†Kv¤cvwb‡Z †kqvi gvwjK‡`i Avq I SuywKi g‡a¨ mgš^q mva‡bi gva¨‡g wba©vwiZ g~jab wgkÖ‡Y hLb Kg SuywK‡Z
me©vwaK gybvdv AR©b m¤¢e, ZLbB †Kv¤cvwbi †kqvi g~j¨ ev †kqvi gvwjK‡`i m¤c` me©vwaK ch©v‡q DbœxZ Kiv
m¤¢e| Avw_©K e¨e¯’vcK gybvdv Ges S&uzwKi g‡a¨ mgš^qmva‡ib gva¨‡g Kvg¨ g~jab KvVv‡gv iÿv K‡i|
A_©vq‡bi Rb¨ wbqg-bxwZ I kZ©vejx c~iY K‡i cwiKwíZfv‡e cÖ‡qvRbxq A_© msMÖn Kiv Avw_©K e¨e¯’vc‡Ki
KvR| G‡ÿ‡Î wewfbœ Drm ‡_‡K A_© msMÖ‡ni Rb¨ Av‡ivwcZ wewfbœ kZ©vejx we‡ePbv Ki‡Z nq|
(2) g~jab ev‡RwUs wm×všÍ
g~jab ev‡RU wm×všÍ ej‡Z GKwU cÖKí wPwýZKiY, we‡kølY I wbe©vPb Kiv‡K eySvq| A_v©r g~jab ev‡RwUs ej‡Z
`xN©‡gqvw` wewb‡qvM wm×všÍ MÖnY Kiv‡K eySvq| GKwU cÖK‡íi Rb¨ wK cwigvY g~jab cÖ‡qvRb, cÖK‡íi Kvh©Kvj,
H cÖKí †_‡K fwel¨‡Z cÖZ¨vwkZ Avq, Av‡qi AwbðqZv cÖf„wZ welq we‡ePbv I g~j¨vqb K‡i wewb‡qvM wm×všÍ
MÖnY Ki‡Z nq| ZvB `xN© †gqvw` A_©vq‡bi c~‡e© cÖK‡íi g~jab ev‡RwUs-Gi gva¨‡g Avw_©K ¯^¤¢ve¨Zv hvPvB K‡i
†bIqv A_©vq‡bi Ab¨Zg KvR|
GKwU ÷zwWI †`vKv‡bi wcÖ›U †gwkb I K¨v‡giv µq-msµvšÍ wm×všÍ GKwU wewb‡qvM wm×všÍ| Znwej msMÖn Kivi
ci Zv me©vwaK jvfRbK cÖK‡í wewb‡qvM Kiv Avw_©K e¨e¯’vc‡Ki Ab¨Zg KvR| Drcv`bKvix cÖwZôv‡bi Rb¨
Drcv`bgyLx †gwkbb µq, KviLvbv wbgv©‡Yi LiPI GB RvZxq wm×všÍ| aiv hvK †ew·g‡Kv dvg©vwmDwUK¨vjm
†Kv¤úvwb GKwU bZzb †gwkb µ‡qi wPšÍv-fvebv Ki‡Q| †gwkbwUi Avq~¯‹vj n‡e 10 eQi| AvMvgx 10 eQ‡i
†gwkbwU µ‡qi wm×všÍ MÖnY Kiv n‡e| bM` AvšÍ:cÖevn wbY©q Ki‡Z n‡j cÖ_‡gB AvMvgx 10 eQ‡i Kx cwigvY
weµq n‡e Zv wba©©viY Ki‡Z n‡e| weµqjä A_© †_‡K Drcv`b LiP Ges Ab¨vb¨ LiP ev` †`qvi ci bM`
AvšÍ:cÖevn wbb©q Ki‡Z nq| fwel¨r memgqB AwbwðZ| ‡ew·g‡Kv dvgv©wmDwUK¨vjm †Kv¤úvwbi †gwkb µ‡qi

BDwbU GK c„ôv 8
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

wm×v‡šÍi †ÿ‡Î AvMvgx 10 eQ‡i weµ‡qi cwigvY, c‡Y¨i g~j¨ wba©viY BZ¨vw` ¸iæZ¡c~Y© welq| Kvib fwel¨‡Z
Pvwn`vi cwieZ©‡bi d‡j weµ‡qi cwigv‡Yi cwieZ©b N‡U|
(3) ¯^í‡gqvw` m¤ú` e¨e¯’vcbv
GKwU cÖwZôv‡b ¯’vqx I PjwZ GB `yB ai‡bi m¤ú` _v‡K| ¯’vqx m¤cwË PjwZ m¤cwˇZ mgš^q K‡i A_© wewb‡qvM
Ki‡Z nq| GRb¨ GKRb Avw_©K e¨e¯’vcK‡K †h †Kvb e¨emvq cÖwZôv‡bi jÿ¨ AR©‡b PjwZ g~jab e¨e¯’vcbv
myôyfv‡e cwiPvjbv Ki‡Z nq| PjwZ g~ja‡b wewb‡qv‡Mi †ÿ‡Î ‡Kv¤úvwbi gybvdv AR©b ÿgZv (Profitability) I
Zvij¨ ( Liquidity) -Gi g‡a¨ mvgÄm¨ weavb KivB cÖavb KvR| ¯^í‡gqvw` m¤ú` e¨e¯’vcbv ej‡Z cÖwZôv‡bi
bM` A_©, gRy`cb¨, cÖvc¨ wej BZ¨vw`i e¨e¯’vcbv‡K eySvq| Kx cwigvY Ku vPvgvj µ‡qi Rb¨ A_© †Kv_v n‡Z msMÖn
Kiv hv‡e- G msµvšÍ wm×všÍ‡K PjwZ wewb‡qvM wm×všÍ e‡j| †Kvb †Kv¤cvwb hw` PjwZ g~ja‡b AwaK wewb‡qvM
K‡i ev g~jab hw` Ae¨enƒZ _v‡K, Zvn‡j gybvdv AR©b ÿgZv K‡g hv‡e| Avevi hw` PjwZ m¤cwˇZ Avw_©K
wewb‡qv‡Mi cwigvY K‡g hvq Zvn‡j †Kv¤cvwbi PjwZ †`bv cwi‡kv‡a Amyweav nq| G‡Z SyuwKi cwigvY †e‡o hvq|
ZvB PjwZ m¤cwˇZ wewb‡qvM wm×všÍ Ggbfv‡e MÖnY Ki‡Z n‡e hv‡Z gybvdv AR©b ÿgZv K‡g bv hvq, Avevi
†`bv cwi‡kv‡ai AcviMZv msµvšÍ SuywKi m¤gyLxb n‡Z bv nq| PjwZ g~ ja‡bi cÖavb Dcv`vb n‡jv bM` Znwej,
KuvPvgvj ev Drcvw`Z `ª‡e¨i gRyZ, wewea †`bv`vi, cÖvc¨wej BZ¨vw`|
e¨emv‡qi ˆ`bw›`b Kg©KvÛ cwiPvjbvi Rb¨ cÖ‡qvRbxq g~jab‡K ¯^í‡gqvw` ev PjwZ g~jab ejv nq| PjwZ
g~ja‡bi Dcv`vb n‡”Q PjwZ m¤úwË I PjwZ `vq hvi †gqv` 1eQi ev Zvi Kg|
(4) Znwej/gybvdv eÈb
PjwZ e¨emv‡q gybvdv n‡j Zv gvwj‡Ki gv‡S weZiY Kiv nq| GwU‡K jf¨vsk ev Dividend e‡j| e¨emv cÖmv‡ii
Rb¨ GwU A_©vq‡bi GKwU Drm wn‡m‡e KvR K‡i| AwR©Z gybvdvi wK cwigvY †kqvi gvwjK‡`i g‡a¨ e›Ub Kiv
n‡e Ges wK cwigvY †Kv¤úvwb‡Z †i‡L †`Iqv n‡e Zv wVK K‡i wb‡Z nq| ZvB †h jf¨vsk e›Ub nvi †Kv¤cvwbi
†kqvi gvwjK‡`i mš‘ ó †i‡L Ges fwel¨‡Zi wewb‡qvM my‡hv‡Mi mبenv‡ii ms¯’vb †i‡L †kqvi g~j¨ me©vwaK Ki‡Z
cv‡i ZvB ÔKvg¨ jf¨vsk e›Ub' (Optimum dividend payout ratio) ZvQvov, †Kv¤cvwbi jf¨vsk cÖ`v‡bi ¯’vqxZ¡
Ges †evbvm †kqvi I bM` jf¨vsk cÖ`v‡bi e¨vcv‡i Avw_©K e¨e¯’vcK‡K wPšÍ fvebv K‡i wm×všÍ wb‡Z nq|
myZivs Znwe‡ji e›Ub ej‡Z AwR©Z gybvdv n‡Z AMÖvwaKvi †kqvi‡nvìvi‡`i jf¨vsk, †kqvi gvwjK‡`i‡K
jf¨vsk, FY`vZv‡`i my` I miKvi‡K Ki cÖ`vb Kiv‡K eySvq| gybvdvi KZ Ask jf¨vsk AvKZv‡i e›Ub Kiv& n‡e
Ges KZ Ask msiÿY Kiv n‡e Zv wVK Kiv‡K jf¨vsk bxwZ ejv nq, hv Avw_©K e¨e¯’vc‡Ki GKwU ¸iæZ¡c~Y©
KvR| aiv hvK GKwU †Kv¤úvwbi 2015 mv‡ji gybvdv wQj 10 †KvwU UvKv| †Kv¤úvwb hw` gybvdvi 60% jf¨vsk
cÖ`v‡bi AvbycvwZK nvi wnmv‡e wba©viY K‡i Zvn‡j †Kv¤úvwb jf¨vsk wn‡m‡e †kqvi gvwjK‡`i (10 †KvwU 
60%) ev 6 †KvwU UvKv cÖ`vb Ki‡e| G‡ÿ‡Î msiwÿZ Av‡qi cwigvY n‡e 4 †KvwU UvKv hv †Kv¤úvwb fwel¨‡Z
jvfRbK †Kvb cÖK‡í wewb‡qvM Kivi my‡hvM cv‡e| gybvdvi cy‡ivUvB jf¨vsk AvKv‡i e›Ub Ki‡j fwel¨‡Z
wewb‡qv‡Mi my‡hvM _v‡K bv| Avevi jf¨vsk cÖ`vb bv Ki‡j †kqvigvwjKMY Amš‘ó nq|
ZvB †Kv¤úvwb‡K Ggbfv‡e jf¨vsk wm×všÍ MÖnY Kiv DwPZ hv †kqvigvwjK‡`i mšÍyó K‡i Ges †Kv¤úvwbi
`xN©‡gqv`x jÿ¨ AR©bI mnR nq| myZivs jf¨vsk wm×v‡šÍi welqwU A_©vq‡bi KvR|
mvgwóK A_©bxwZi KvVv‡gv Ges A_©vq‡bi f~wgKv (Structure of Macroeconomy and Role of Finance)
Avw_©K e¨e¯’vcbv I mvgwóK A_©bxwZ GB `yB‡qi g‡a¨ GKwU Nwbô m¤cK©I i‡q‡Q| wb‡¤œ G `y'wU wel‡qi AvIZv
Av‡jvPbv Kiv n‡jv:
(K) mgwóK A_©bxwZ (Macro Economics)
e¨emv cÖwZôvb cwiPvjbvi Rb¨ GKwU myôz cwi‡ek cÖ‡qvRb| Avi GB cwi‡ekwU ˆZwi K‡i mgwóK A_©bxwZ|
mgwóK A_©bxwZ Ggb GKwU cÖvwZôvwbK cwi‡ek hvi †fZi GKUv e¨emvq cÖwZôvb Zvi hveZxq Kvh©vejx m¤cv`b
K‡i _v‡K| mgwóK A_©bxwZ g~jZt GKwU mvwe©K A_©‰bwZK cwi‡e‡ki A_© I g~jab evRv‡ii Avw_©K gva¨gmg~n

BDwbU GK c„ôv 9
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

(intermediaries), e¨vswKs c×wZi cÖvwZôvwbK KvVv‡gv, Avw_©K FY I ivR¯^ (Fiscal) bxwZ Ges Avw_©K bxwZ
wba©viY I wbqš¿Y| Avw_©K e¨e¯’vcK‡K Aek¨B e¨vcK A_©‰bwZK cwi‡ek m¤c‡K© AeMZ n‡Z n‡e| Ab¨_vq Zvi
Kvh©vejx cwiPvjbv my ó n‡e bv|
Avw_©K e¨e¯’vcK‡`i wb‡Pi welq¸‡jv Rvbv cÖ‡qvRb:
K) Kxfv‡e Avw_©K bxwZ Znwe‡ji LiP cÖfvweZ K‡i, Avw_©K e¨e¯’vcK‡`i Zv Rvbv DwPZ I KviY wPwýZ Kiv
DwPZ|
L) Kxfv‡e ivR¯^ bxwZ A_©bxwZ‡K cÖfvweZ K‡i Avw_©K e¨e¯’vcK‡`i Zv Rvbv DwPZ |
M) A_©ms¯’vb I m¤¢ve¨ wewb‡qvM cÖKí‡K g~j¨vqb Kivi Rb¨ wewfbœ Avw_©K cÖwZôvbmg~n m¤c‡K© Ges Kg© c×wZ
m¤c‡K© Rvbv DwPZ|
N) g~jab msMÖ‡ni †ÿ‡Î ‡hŠ_g~jawb †Kv¤úvwb †kqvievRv‡i †kqvi, eÛ, wW‡eÂvi Bmy¨ K‡i g~jab msMÖn K‡I
_v‡K| Avevi †h mKj †Kv¤úvwb †kqvievRv‡ii gva¨‡g g~ jab msMÖn Ki‡Z e¨_© nq †m mKj e¨emvq cÖwZôvb
Avw_©K cÖwZôvb n‡Z FY MÖnY K‡i A_© msMÖn K‡i| Avw_©K cÖwZôv‡bi dv‡Ûi mxgve×Zvi Kvi‡Y wKQz e¨emvq
cÖwZôvb AcÖvwZôvwbK Drm †_‡K AwaK my‡` FY MÖnY K‡i _v‡K| D”P my‡`i Kvi‡Y F‡Yi LiPI †e‡o hvq|
G‡ÿ‡Î A_©vqb m¤ú‡K© mwVK aviYv _vK‡j A_©vr
 Avw_©K cwiKíbv cÖbqY
 †Kvb †Kvb Drm n‡Z g~jab ev Znwej msMÖn Kiv n‡e
 Kx cwigvY A_© Kx c×wZ‡Z Ges †Kvb cÖK‡í wewb‡qvM Kiv n‡e
 g~ja‡bi cvwi‡ZvwlK cÖ`vb BZ¨vw`|
my‡`i nvi K‡g Ges Drcv`b e¨q n«vm cvq| Drcv`b e¨q Kg nIqvi Kvi‡Y evRv‡I cY¨g~j¨ Kg n‡e Ges cY¨
`ª‡e¨i Pvwn`v evo‡e Ges Drcv`b e„w× cvq| d‡j Kg©ms¯’vb ev‡o Ges mvgwóªK A_©bxwZ‡Z Zv ¸iæZ¡c~Y© fzwgKv
cvjb K‡i|

FYMÖnxZv Avw_©K cÖwZôvb mÂqKvix

(ev‡RU (e¨vsK, wegv (D×…Ë ev‡RU
NvUwZ †Kv¤úvwb GKK)
GKK) BZ¨vw`

Dc‡ii wP‡Î NvUwZ ev‡RU GKK ev e¨emvq cÖwZôvb A_©vq‡bi mwVK aviYv cÖ‡qvM K‡i PjwZ m¤úwˇZ
wewb‡qv‡Mi Rb¨ ¯^í‡gqv`x Ges ¯’vqx m¤úwˇZ wewb‡qv‡Mi Rb¨ `xN©‡gqv`x FY Avw_©K cÖwZôvb n‡Z MÖnY Ki‡Z
cv‡i Ges †kqvi, eÛ BZ¨vw` Bmy¨ K‡i Zv Avw_©K cÖwZôv‡bi wbKU weµq K‡i `xN©‡gqv`x gyjab msMÖn Ki‡Z
cv‡i| Ab¨w`‡K D×…Ë ev‡RU GKK ev mÂqKvix ev FY`vZv‡`i A_©vq‡b wel‡q mwVK aviYv _vK‡j D×…Ë A_©
cÖ‡qvRb Abyhvqx mÂqx wnmve ev ¯’vqx wnmve A_ev Dfq wnmv‡e Rgv ivL‡Z cv‡i| Gfv‡e Avw_©K cÖwZôvb (e¨vsK,
wegv ‡Kv¤úvwb BZ¨vw`) mvgwóK A_©bxwZ‡Z NvUwZ GKK I D×…Ë GK‡Ki Znwej e¨e¯’vcbvi †ÿ‡Î mnvqK fzwgKv
cvjb K‡i|

Zzwg †h †Kvb GKwU e¨emvq cÖwZôv‡bi Avw_©K Kvh©vewj ch©‡eÿY Ki Ges

wkÿv_©xi KvR A_©vq‡bi †ÿ‡Î mvgwóK A_©bxwZi f~wgKv hwvPvB K‡i Zzwg ‡Zvgvi
wkLYKvh©wU SvjvB K‡i †bI|

BDwbU GK c„ôv 10
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

mvims‡ÿc:
A_© msµvšÍ Kvh©vewji `vwq‡Z¡ wb‡qvwRZ e¨w³‡K Avw_©K e¨e¯’vcK ejv nq| wZwb e¨emv‡qi Avw_©K
cwiKíbv cÖYqb n‡Z ïiæ K‡i hveZxq KvR m¤úv`‡b ¸iæZ¡c~Y© fzwgKv cvjb K‡i _v‡Kb| GKRb Avw_©K
e¨e¯’vc‡Ki Ab¨Zg KvR n‡jv A‡_©i msMÖ‡ni Rb¨ m¤¢ve¨ Drmmgyn wPwšÍZ K‡i †mLvb †_‡K cÖ‡qvRbxq Znwej
msMÖn Kiv| g~jab ev‡RwUs ej‡Z axN©‡gqvw` wewb‡qvM wm×všÍ MÖnb Kiv‡K eySvq| ¯^í‡gqvw` m¤ú` e¨e¯’vcbv
ej‡Z cÖwZôv‡bi bM` A_©, gRy`cb¨, cÖvc¨ wej BZ¨vw`i e¨e¯’vcbv‡K eySvq| Znwe‡ji e›Ub ej‡Z AwR©Z
gybvdv n‡Z AMÖvwaKvi †kqvi‡nvìvi‡`i jf¨vsk, †kqvi gvwjK‡`i‡K jf¨vsk, FY`vZv‡`i my` I miKvi‡K Ki
cÖ`vb Kiv‡K eySvq| gybvdvi †h Ask †kqvi‡nvìvi‡`i g‡a¨ e›Ub Kiv nq Zv‡K jf¨vsk ejv nq| gybvdvi KZ
Ask jf¨vsk AvKZv‡i e›Ub Kiv& n‡e Ges KZ Ask msiÿY Kiv n‡e Zv wVK Kiv‡K jf¨vsk bxwZ ejv nq|
GKwU †`‡ki †gvU Drcv`‡b †gvU RvZxq Avq, †gvU mÂq, †gvU wewb‡qvM, †gvU Kg©ms¯’vb, †gvU Pvwn`v, †gvU
†hvMvb, mvaviY g~j¨ ¯Íi, cywRevRvi, my‡`i nvi, ivRbxwZ I gy`ªvbxwZ, Avw_©K cÖwZôvb ( e¨vsK, wegv †Kv¤úvwb)
BZ¨vw` welq n‡jv mvgwóK A_©bxwZi Av‡jvP¨ welq|

cv‡VvËi g~j¨vqb-1.2

mwVK Dˇii cv‡k wUK () w`b|

1| wb‡Pi †Kvb c×wZi gva¨‡g GKwU †Kv¤úvwb gybvdv e„w× Ki‡Z cv‡i?
K. jf¨vsk Kwg‡q L. †kqv‡ii g~j¨ e„w× K‡i
M. bM` cÖevn n«vm K‡i N. e¨q Kwg‡q
2| wb‡Pi †KvbwUi Kvi‡Y GKRb Avw_©K e¨e¯’vcK gybvdvi †ewkifvM e›Ub bv Kivi wm×všÍ MÖnY Ki‡Z cv‡i?
K. †kqv‡ii evRvi g~j¨ n«vm Kiv
L. †kqvi gvwjK‡`i Avq n«vm Kiv
M. fwel¨‡Z jvfRbK cÖK‡í wewb‡qv‡Mi my‡hvM MÖnY
N. miKvi‡K Ki cÖ` vb Kiv
3| Avw_©K e¨e¯’vc‡Ki Znwej e›Ub msµvšÍ KvR †KvbwU?
K. `xN©‡gqv‡`i Rb¨ Znwej msMÖn
L. †kqvi‡nvìvi‡`i jf¨vsk cÖ`vb
M. cÖ‡`q wej Av`vq
N. Zvij¨ eRvq ivLv
4| Zvij¨ e„w× ‡c‡j wK nq?
K. weµq e„w× cvq L. `vq e„w× cvq
M. gybvdv n«vm cvq N. SuzwK e„w× cvq
5| jf¨vsk Kg cwi‡kva K‡i msiwÿZ Avq e„w× Kiv †Kvb Kvh©vewji AšÍfz©³?
K. Znwej msMÖn L. Znwej e›Ub
M. g~jab ev‡RwUs N. ¯^j‡gqvw` m¤ú` e¨e¯’vcbv
6| GKwU †Kv¤úvwbi †kqvi‡nvìvi‡`i m¤ú` ej‡Z wK eySvq?
K. ‡Kv¤úvwbi mvaviY †kqv‡ii evRvi g~j¨
L. Kg©Pvix‡`i cÖ`Ë †eZ‡bi cwigvY
M. ‡Kv¤úvwbi m¤ú` I `v‡qi eB g~‡j¨i cv_©K¨
N. ‡Kv¤úvwbi Kg©KZ©v Kg©Pvixi msL¨v

BDwbU GK c„ôv 11
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

cvV-1.3 A_©vq‡bi bxwZmg~n, jÿ¨ I mvgvwRK `vqe×Zv Ges A_©vqb

(Principles of Finance, Goals of Finance, Social Responsibility and
Finance )

D‡Ïk¨
G cvV †k‡l Avcwb-
 A_©vq‡bi bxwZmg~n e¨vL¨v Ki‡Z cvi‡eb;
 A_©vq‡bi bxwZmg~‡ni g‡a¨ cvi¯úvwiK m¤úK© e¨vL¨v Ki‡Z cvi‡eb;
 A_©vq‡bi Dci Gi bxwZmg~‡ni cÖfve we‡kølY Ki‡Z cvi‡eb;
 A_©vq‡bi jÿ¨ e¨vL¨v Ki‡Z cvi‡eb;
 A_©vq‡bi mvgvwRK `vqe×Zvi ¸iæZ¡ we‡kølY Ki‡Z cvi‡eb;
 e¨emv cÖwZôv‡b Avw_©K e¨e¯’vc‡Ki mvgvwRK `vwqZ¡‡eva m¤c‡K© ej‡Z cvi‡eb Ges
 mvgvwRK `vwqZ¡ cvj‡bi gva¨‡g †Kv¤cvwbi g~ j jÿ¨ AR©b Kxfv‡e m¤¢e Zv eY©bv Ki‡Z cvi‡eb|

A_©vq‡bi bxwZmg~n (Principles of Finance)

bxwZgvjv nj Kvh©m¤úv`‡bi KvVv‡gv myZivs bxwZgvjv ej‡Z Ggb wKQz †gŠwjK welq‡K eySvq hv wbw`©ó
‡Kvb Kvh© m¤úv`b Kivi †ÿ‡Î Abymib Kiv n‡j cÖwZôv‡bi g~j jÿ¨ AR©b mnRZi nq| ZvB GKRb Avw_©K
e¨e¯’vcK‡K wewb‡qvM wm×všÍ Ges A_©vq‡bi Ab¨vb¨ KvR m¤úv`‡bi mgq A_©vq‡bi Gme bxwZgvjv we‡ePbv Ki‡Z
nq| wb‡¤œ A_©vq‡bi K‡qKwU ¸iæZ¡c~Y© bxwZ m¤ú‡K© Av‡jvPbv Kiv n‡jv:
1) A‡_©i mgqg~j¨ bxwZ
GB bxwZ me ai‡bi wewb‡qv‡Mi mv‡_ RwoZ| mg‡qi cwieZ©‡bi mv‡_ mv‡_ UvKvi g~j¨ cwieZ©b nq| KviY
AvR‡Ki 100 UvKv GKeQi c‡ii 100 UvKvi mgvb bq| †Kbbv wewb‡qv‡Mi h_v_© g~j¨vqb GKwU wbw`©ó evÆvnvi
gva¨‡g A‡_©i mgqg~ j¨ wba©viY Kiv nq| GKRb Avw_©K e¨e¯’vcK ZLbB GKwU wewb‡qvM wm×šÍ MÖnY K‡i hLb
D³ cÖK‡íi cÖZ¨vwkZ bM` cÖev‡ni evÆK„Z g~j¨ cÖv_wgK wewb‡qv‡Mi †P‡q †ewk nq| KviY AvcvZ`„wó‡Z evÆvKiY
Qvov bM` cÖevn †ewk g‡b n‡jI Zv cÖK…Z c‡ÿ wewb‡qv‡Mi †P‡q †ewk bvI n‡Z cv‡i|
2) Zvij¨ I gybvdv
Avgiv cÖwZwbqZ kvwgj Av‡›`v‡bi Lei cÎ cwÎKvq †`‡L _v‡K| †hgb aiæb, e‡Kqv †eZ‡bi `vwe‡Z KviLvbv eÜ
K‡i †bIqvi Lei| A_©vr G cÖwZôvbwU Zvij¨ msKU †`Lv w`‡q‡Q| Zvi‡j¨i welqwU Lye ¸iæZ¡c~Y©| †Kbbv †ewk
Zvij¨ _vK‡j LiP †e‡o hvq Avevi Kg n‡j e¨q wbe©vn Kiv hvq bv| ZvB `yB‡qi g‡a¨ mgš^q †i‡L
2) Zvij¨ I gybvdv:
Avw_©K e¨e¯’vcKMY Zvij¨Zv I gybvdv AR©b ÿgZvi g‡a¨ mgš^q mva‡bi gva¨‡g m¤ú` e¨e¯’vcbv K‡i _v‡K|
Zvij¨Zv I gybvdv AR©b ÿgZvi g‡a© wecixZ m¤úK© we`¨gvb| Df‡qi g‡a¨ mgš^q mva‡bi gva¨‡g Avw_©K
e¨e¯’vcKMY jÿ¨ AR©‡bi ‡ÿ‡Î mdjZv AR©‡bi †Pó K‡i _v‡K| Zvij¨ I gybvdv bxwZ ej‡Z eySvq e¨emv‡qi
cÖwZwU Avw_©K wm×všÍ Ggbfv‡e MÖnY Kiv DwPZ hv‡Z Zvij¨ I gybvdv DfqB eRvq _v‡K| Avw_©K e¨e¯’vcK
A_©vq‡bi Kvh©vewj myôzfv‡e m¤úv`‡bi Rb¨ GB bxwZwU AbymiY K‡i _v‡K| GwU GKwU mgwš^Z bxwZ hv wK bv
Zvi‡j¨i bxwZ I gybvdvi bxwZi g‡a¨ Dchyy³ mgš^q mvab K‡i|

BDwbU GK c„ôv 12
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

GKRb A_© e¨e¯’vcK wm×všÍ †bq †Kvb †Kvb Lv‡Z wewb‡qvM Ki‡j gybvdv m‡e©v”PKiY Ki‡Z mg_© n‡e| gybvdvi
bxwZ AbymiY K‡i A_©e¨e¯’vcK cwiwgZ SzuwKi g‡a¨ †_‡KB gybvdv e„w× Ki‡Z cv‡i| Zvij¨ bxwZ‡K cÖavb¨ w`‡j
gybvdv ÿwZMÖ¯’ nq Avevi gybvdvi bxwZ‡K cÖvavb¨ w`‡j Zvij¨ ÿwZMÖ¯’ nq|
myZivs Zvij¨ I wewb‡qv‡Mi g‡a¨ fvimvg¨ †i‡L Avw_©K e¨e¯’vcbv Kiv Avek¨K| A_©vr GKw`‡K †hgb ‰`bw›`b
Kvh© cwiPvjbvi g‡Zv bM` A_© nv‡Z ivLv cÖ‡qvRb, Ab¨w`‡K gybvdv AR©‡bi Rb¨ †mB A_© wewb‡qvM KivI
cÖ‡qvRb| wb‡¤œ bM` A_© I gybvdvi g‡a¨ wecixZ m¤úK© †iLvwP‡Î Zz‡j aiv n‡jv:

AwaK Zvij¨ Kg wewb‡qvM Kg gybvdv

‡ewk gybvdv
Kg Zvij¨ ‡ewk wewb‡qvM

3) SzuwKÑgybvdv bxwZ
ev¯Í‡e GKRb cvBjU †eZb I fvZvw` wgwj‡q ch©vß Avw_©K myweav †fvM K‡i| KviY Zvi Kv‡Ri g‡a¨ GKwU SuywK
i‡q‡Q| A_©vr SzuwK MÖn‡Yi mv‡_ Av‡qi GKwU wbweo m¤úK© i‡q‡Q|
SuywK I Av‡qi g‡a¨ wecwiZ m¤úK© we`¨gvb| wewb‡qv‡Mi †ÿ‡Î GKRb Avw_©K e¨e¯’vcK SuywK I Av‡qi g‡a¨
mgš^q mvabc~e©K wewb‡qvM wm×všÍ MÖnY K‡I _v‡K| wewb‡qvM n‡Z cÖZ¨vwkZ gybvdv A‡cÿv cÖK…Z gybvdv Kg
nIqvi m¤¢vebv‡K SzuwK ejv nq| SzuwKi Kvi‡YB wewfbœ †ÿ‡Î Avkvbyyiƒc gybvdv AR©b Kiv m¤¢e nq bv Ges
wewb‡qvM ÿwZi m¤§yLxb nq| wewb‡qvM n‡Z cÖvß bM` A_© hw` e¨‡qi †R‡q †ewk nq Zv‡K gybvdv e‡j| SzuwK-
gybvdv bxwZ Abymv‡i wewb‡qvM hZ ‡ewk SzuwKc~Y© n‡e cÖZ¨vwkZ gybvdvi nvi Z‡Zv †ewk n‡e| KviY GKRb
wewb‡qvMKvix hLb AwaK SzuwK MÖnY K‡i ZLb †m AwaK gybvdv cÖZ¨vkv K‡i| Avw_©K e¨e¯’vc‡Ki SuzwK I gybvdvi
g‡a¨ mgš^q mvab K‡i e¨emv‡qi Avw_©K wm×všÍ MÖnY Kiv DwPZ hv‡Z cÖwZôv‡bi jÿ¨ AR©b Kiv hvq|
4) †cvU©dwjI ˆewPÎvq‡bi bxwZ
GKRb wewb‡qvMKvix Zvi mg¯Í A_© GKwU m¤ú‡` wewb‡qvM bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kivi gva¨‡g
SuywK n«vm Kivi cÖ†Póv‡K †cvU© dwjI ˆewPÎvq‡bi bxwZ ejv nq| A_©vq‡b GKwU eûj cÖ PwjZ gZev` n‡”Q
ÔDo not put your all eggs in one basket.’ m¤ú` e¨e¯’vcbvi †ÿ‡Î G bxwZi f~wgKv Acwimxg| aiæb,
Avcbvi me UvKv, gvwbe¨v‡M †i‡L‡Qb| GwU nvwi‡q‡M‡j cy‡iv UvKvB †Lvqv hv‡e| Avi hw` wKQz UvKv
gvwbe¨v‡M, wKQz c¨v‡›Ui c‡K‡U wKQz mv‡U©i c‡K‡U ivLv n‡j g¨vwbe¨vM nviv‡j †Mj cy‡iv UvKv †Lvqv hv‡e
bv| GUvB g~jZ: ˆewPÎvqb|
mvavibZ GKRb wewb‡qvMKvix Zvi mKj m¤ú` GKwU †Kv¤úvwb‡Z wewb‡qvM bv K‡i GKvwaK †Kv¤úvwb‡Z
wewb‡qvM K‡i _v‡K| KviY GKwU †Kv¤úvwb‡Z mKj m¤ú` wewb‡qvM Ki‡j †mB †Kv¤úvwbwU cieZ©xKv‡j
†`Dwjqv n‡q †h‡Z cv‡i| d‡j SzuwK †e‡o hvq| wKšyÍ me †Kv¤úvwb GKmv‡_ †`Dwjqv nIqvi m¤¢ebv Kg|
ZvB GKvwaK cÖK‡í ev m¤úwˇZ wewb‡qvM Ki‡j SzuwK Kgv‡bv m¤¢e| G welqwU‡K wb‡Pi wP‡Îi mvnv‡h¨
†`Lv‡bv n‡jv:

BDwbU GK c„ôv 13
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

GKK wmwKDwiwU‡Z GKvwaK wmwKDwiwU ev

wewb‡qvM †cvU©‡dvwjI‡Z
wewb‡qvM

Awiqb
dvg©vwmwUDK¨vjm miKvwi eÛ e¨w·g‡Kv wWwewm
Gi †kqvi µq †Kv¤úvwbi †Kv¤úvwbi
†kqvi †kqvi

A_©vq‡bi jÿ¨ (Goals of Finance)

†h †Kvb e¨emv cÖwZôv‡bi A_©msµvšÍ wm×všÍ¸‡jv ev¯Íevq‡bi cÖavb D‡Ïk¨ n‡jv H †Kv¤cvwbi wbw`©ó j‡ÿ¨
†cuŠQv‡bv| †Kv¤cvwbi H j‡ÿ¨ †cuŠQv‡bvi Rb¨B c~‡e© ewY©Z wewb‡qvM wm×všÍ, A_©ms¯’vb wm×všÍ I jf¨vsk wm×všÍ
myôyfv‡e MÖnY I Zvi ev¯Íevqb GKvšÍ cÖ‡qvRb| G¸‡jvi ev¯Íevqb Kiv cÖwZôv‡bi GKwU Pjgvb cÖwµqv|
GKwU dv‡g©i me©Rb ¯^xK„Z D‡Ïk¨ n‡”Q H dv‡g©i gvwj‡Ki ev gvwjK‡`i mvwe©K A_©‰bwZK Kj¨vY (economic
welfare) mvab Kiv| gvwjK‡`i mvwe©K A_©‰bwZK Kj¨v‡Yi Rb¨ g~ jZt `y'wU cš’v (approach) Av‡Q| Zv n‡jv-
1. gybvdv me©vwaKKiY (Profit Maximization)
2. m¤c` me©vwaKKiY (Wealth Maximization)
cÖ_gwU‡Z mgv‡jvPbv _vK‡jI c‡iiwU‡K me©Rb ¯^xK…Z cš’v wn‡m‡e †g‡b †bIqv n‡q‡Q|
wb‡P D‡Ïk¨ `ywUi we¯ÍvwiZ Av‡jvPbv Kiv n‡jv-
(1) gybvdv me©vwaKiY (Profit Maximization)
†Kvb e¨emvq cÖwZôv‡bi g~j D‡Ïk¨B n‡”Q gvwjK‡`i Rb¨ gybvdv AR©b Ges Zv me©vwaKiY (Maximization)
Kiv| gybvdv me©vwaKi‡Yi D‡Ïk¨‡K mvg‡b †i‡L GKRb Avw_©K e¨e¯’vcK H dv‡g©i wewb‡qvM wm×všÍ, A_©ms¯’vb
wm×všÍ I jf¨vsk wm×všÍmg~n ev¯Íevqb K‡ib| wKš‘ gybvdv wb‡q bvbv R‡bi bvbv gZ i‡q‡Q|
AvaywbK e¨emvq RM‡Z Ôgybvdv' kãwU `y'wU A‡_© e¨enƒZ nq| (i) gvwjK m¤cwK©Z aviYv (owner oriented
concept) (ii) cwiPvjb m¤cwK©Z aviYv (operational concept)|
(i) gvwjK m¤cwK©Z aviYv Abyhvqx gvwjKiv e¨emv †_‡K †h Ask cvq ZvB n‡”Q gybvdv| Acic‡ÿ (ii) cwiPvjb
m¤cwK©Z aviYvq e¨emvq cwiPvjb `ÿZvi Dci ¸iæZ¡ †`Iqv n‡q‡Q| `ÿZvi Kvi‡Y m„ó DØ„Ë Drcv`b ÿgZv‡K
jvf AR©b ÿgZv (profitability) ejv nq| AvaywbK Kv‡j jvf AR©b ÿgZv‡K GKwU †Kv¤cvwbi g~ j D‡Ïk¨
wn‡m‡e aiv nq| ZvB gybvdv me©vwaKiY ZLbB n‡e hLb †Kvb m¤cwË ev cÖK‡í wewb‡qvM K‡i me©vwaK A_©‰bwZK
Kg©`ÿZvi gva¨‡g †Kv¤cvwbi gvwjK‡`i me©vwaK A_©‰bwZK Kj¨vY mvab m¤¢e| jvfRbK cÖK‡í ev m¤cwˇZ
wewb‡qv‡Mi wm×všÍ MÖnY Ges D³ cÖKí ev¯Íevq‡bi Rb¨ myweavRbK Drm †_‡K Znwej msMÖn K‡i Zvi I myôy
e¨e¯’vcbvi gva¨‡gB gybvdv me©vwaKiY m¤¢e| gybvdv me©vwaKiY m¤cwK©Z wewfbœ aviYv wb‡P Av‡jvPbv Kiv nj:
 e¨q Kgv‡Z cvi‡j gybvdv †e‡o hvq| ZvB A‡b‡K g‡b K‡ib Drcv`b LiP Ges cÖkvmwbK I weµq LiP
Kwg‡q gybvdv me©vwaKiY m¤¢e| cÖwZ‡hvwMZvg~jK evRv‡i DbœZ gv‡bi KuvPvgvj I `ÿ kÖwg‡Ki myôy I `ÿ
e¨e¯’vcbvi gva¨‡g Drcv`b LiP Kwg‡q Ges DbœZgv‡bi `ªe¨ ev †mev Dcnvi w`‡q b¨vqm½Z g~‡j¨
weµ‡qi gva¨‡g gybvdv e„w× ev me©vwaKiY m¤¢e| myZivs e¨q ms‡KvPb Kiv A_©vq‡bi Ab¨Zg D‡Ïk¨|

BDwbU GK c„ôv 14
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

 Avevi A‡b‡K g‡b K‡ib Drcvw`Z c‡Y¨i g~j¨ e„w× K‡i gybvdv e„w× ev me©vwaKiY Kiv hvq| Z‡e
cÖwZ‡hvwMZvg~jK evRv‡i memgq m¤¢e bvI n‡Z cv‡i| Z‡e `ªe¨ ev †mevi ¸YMZ gvb DbœZ †i‡L Zv
m¤¢e n‡Z cv‡i|
 A‡bK mgq we`¨gvb cY¨ ev †mevi bZzb bZzb Pvwn`v m„wó Kiv hvq| `ªe¨ ev †mevi Pvwn`v m„wó K‡i AwaK
cwigvY `ªe¨ Drcv`b I weµq K‡i gybvdv me©vwaKiY Kiv m¤¢e n‡Z cv‡i| cÖwZ‡hvwMZvg~jK evRv‡i ev
evRvi A_©bxwZ‡Z †fv³v‡`i Ges we‡µZv‡`i µq-weµ‡qi Kvh©vejx I ¯^fve ev AvPiY `ª‡e¨i g~j¨
wba©viY K‡i| Pvwn`v m„w ó K‡i †Kv¤cvwbi gvwjK‡`i gybvdv me©vwaKi‡Yi Rb¨ †Kvb m¤cwË ev cÖ K‡í
wewb‡qvM wm×všÍ, A_©ms¯’vb wm×všÍ I jf¨vsk wm×všÍmg~n ev¯Íevq‡bi Rb¨ me©vwaK gybvdv AR©b m¤¢e|
Avi gybvdv AR©b ÿgZv me©vwaKi‡Yi j‡ÿ¨ Avw_©K e¨e¯’vcK cÖKí I wm×všÍmg~‡ni g‡a¨ †h¸wj AwaK
jvfRbK †m¸wj MÖnY Ki‡eb, Avi †h¸wj jvfRbK bq †m¸wj eR©b Ki‡eb|
gybvdv me©vwaKiY †Kb dv‡g©i jÿ¨ nIqv DwPZ?
 Avw_©K wm×všÍ MÖn‡Y gybvdv me©vwaKiY dv‡g©i D‡Ï‡k¨i gvcKvwV ev wb‡`©kK wn‡m‡e LyeB mnR| gybvdv
GKUv A_©bxwZi A_©‰bwZK `ÿZvi cwigvcK wn‡m‡e KvR K‡i| A_©vr GKUv A_©bxwZ‡Z weivRgvb
dvg©mg~‡ni gvwjK ev gvwjKiv Zuv‡`i m¤cwË ev Znwej wewb‡qvM K‡i mgv‡Ri Pvwn`v wgwU‡q m‡šÍvlRbK
gybvdv jvf Ki‡Z cvi‡j GUv ejv hvq †h A_©‰bwZK Dbœqb n‡”Q|
 gybvdv me©vwaKiY n‡j A_©‰bwZK m¤c‡`i myôy I `ÿ e¨envi wbwðZ nq|
 gybvdv me©vwaKi‡Yi gva¨‡g mwVK mvgvwRK Kj¨vY m¤¢e| KviY G‡Z wewb‡qvMKvix cvq gybvdv, †fv³v
cvq m‡šÍvlRbK `v‡g Zvi cÖ‡qvRbxq `ªe¨ ev †mev| Ab¨vb¨ A_©‰bwZK m¤c` myôyfv‡e e¨enƒZ nq hv
mwVK mvgvwRK Kj¨v‡YiB jÿ¨| ZvB gybvdv me©vwaKiY cÖwZôv‡bi Avw_©K wm×v‡šÍi g~j gvcKvwV nIqv
DwPZ|
Dc‡ii Av‡jvPbv †k‡l AvcwbI nqZ ej‡eb gybvdv me©vwaKiY Avw_©K e¨e¯’vcbvi D‡Ïk¨ nIqv DwPZ| wKš‘
eZ©gv‡b GB D‡Ïk¨ wewfbœ mgv‡jvPbvi m¤gyLxb| Zvn‡j Avmyb mgv‡jvPbv¸‡jv m¤c‡K© we¯ÍvwiZ †R‡b †bB|
gybvdv me©vwaKiY j‡ÿ¨i mgv‡jvPbv (Criticism of Profit Maximization)
gybvdv me©vwaKiY n‡”Q c~Y©v½ cÖwZ‡hvwMZvi dj| wKš‘ AvswkK cÖwZ‡hvwMZvg~jK evRv‡i gybvdv me©vwaKiY‡K
†Kv¤cvwbi g~j jÿ¨ ejv hvq bv| DwjwLZ mg‡q dvg© ev e¨emv cÖwZôv‡bi gvwjKvbv wQj GKvšÍ e¨w³MZ| gvwjK
Zuvi wb‡Ri A_©‰bwZK Kj¨v‡YB mxgve× _vK‡Zb, hv gybvdv me©vwaKi‡Yi gva¨‡g AR©b Ki‡Z cvi‡Zb| wKš‘
AvaywbK e¨emvq gvwjK I e¨e¯’vcbvi g‡a¨ †ek `~i‡Z¡i m„wó n‡q‡Q| e¨e¯’vcbv gvwjK‡`i cÖwZwbwa n‡q Zuv‡`i
c‡ÿ Kvh© cwiPvjbv K‡i _v‡Kb| GB cwiewZ©Z cwi‡e‡k gvwjK e¨e¯’vc‡Ki `vwqZ¡ c‡o‡Q †ckv`vi e¨e¯’vcK‡`i
Dci huviv e¨emv‡qi m¤ú„³ cÿ (Stakeholder)-Gi ¯^v‡_©i g‡a¨ mgš^q mvab Kivi KvR K‡i _v‡K| A_©vr,
eZ©gvb DbœZ I AvaywbK e¨emvwqK cwi‡e‡k gvwjK, †fv³v, cvIbv`vi, miKvi, Kg©KZ©v, Kg©Pvix I Dc‡ii ¯Í‡ii
e¨e¯’vcbvi mK‡ji ¯^v_© iÿv K‡i gvwj‡Ki mvwe©K A_©‰bwZK Kj¨vY mvab KivB n‡”Q Avw_©K e¨e¯’vc‡Ki KvR|
ZvB gybvdv me©vwaKi‡Yi D‡Ïk¨‡K GKwU dv‡g© i g~j, ev¯Íe, h‡_vchy³ I gvbweK w`K †_‡K mwVK jÿ¨ ejv hvq
bv| wb‡P Av‡iv K‡qKwU hyw³ †`Iqv nj:
(K) gybvdv aviYvi A¯úóZv (Ambiguity or Vague)
gybvdv kãwUi †h msÁv †`Iqv n‡q‡Q Zv AZ¨šÍ A¯úó| gybvdv ej‡Z wK ¯^í‡gqv`x bv `xN©‡gqv`x gybvdv, Kic~e©
gybvdv bv Ki cÖ`vb Kivi cieZ©x gybvdv, bxU gybvdv bv ‡gvU gybvdv, †gvU gybvdv bv †kqvi cÖwZ gybvdv eySv‡bv
n‡q‡Q Zv ¯úó bq| gybvdvi Giƒc wewfbœ aviYv‡K wewfbœ e¨w³ ev cÖwZôvb wewfbœfv‡e e¨vL¨v Ki‡Z cv‡i| †KD
Avevi g~ja‡bi Dci gybvdvi nvi, †KD Avevi ïay ¯’vqx m¤cwˇZ wewb‡qv‡Mi Dci gybvdvi nvi wnmve Ki‡Z
cv‡ib| D`vniY¯^iƒc ejv hvq, GKwU dv‡g©i 100UvKv `v‡gi 2,000 †kqvi Av‡Q| A_©vr, †kqvi g~jab =

BDwbU GK c„ôv 15
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

2,000 100 = 2,00,000UvKv| aiv hvK, GB wewb‡qvM K‡i MZ eQi dvg©wU bxU gybvdv AR©b K‡i‡Q
40,000UvKv| Zvn‡j, †kqvi cÖwZ gybvdv ev Avq n‡e 40,000  2,000 = 20UvKv| g~ja‡bi Dci Avq kZKiv
40,000  200000 = 20%| wKš‘, Ab¨ dv‡g©i hw` GKB cwigvY †kqvi g~jab Ges Av‡iv 2,00,000 FYK„Z
g~jab wewb‡qvM _v‡K Ges †gvU wewb‡qv‡Mi Dci kZKiv 20% nv‡i Avq K‡i hw` eQ‡i 60,000 UvKv bxU
gybvdv AR©b K‡i _v‡K, Z‡e †kqvi cÖwZ gybvdv n‡e 60,000  2000 = 30 UvKv Ges dv‡g©i wbR¯^ g~ja‡bi
Dci gybvdvi kZKiv nvi n‡e 60,000  2,00,000 = 30%|
Dchy©³ Av‡jvPbv Ies D`vniY †_‡K GUv cwi¯‹vifv‡e ejv hvq †h, Ôgybvdv' k‡ãi A¯úó msÁv I e¨vL¨vi Kvi‡Y
GUv‡K A_©‰bwZK wm×v‡šÍi gvcKvwV wnmv‡e e¨envi Kiv hyw³m½Z bq|
GZÿ‡Yi Av‡jvPbvq Avcwb wbðqB ej‡eb, gybvdv me©vwaKiY (profit maximization) Avw_©K e¨e¯’vcbvi D‡Ïk¨
nIqv DwPZ bq| GB D‡Ïk¨wUi Av‡iv wKQy mgv‡jvPbv i‡q‡Q| wb‡P Av‡jvPbv Kiv n‡jv:
L) gybvdv AR©‡bi mgq I A‡_©i mgqg~j¨ we‡ewPZ nqbv (Timing of profit and time value of money are
ignored)
gybvdv me©vwaKiY‡K GKwU e¨emv cÖwZôv‡bi jÿ¨ wnmv‡e MY¨ Kivi Ab¨ GKwU ÎæwU ev evav n‡”Q, wewfbœ mg‡q
wewfbœ cwigvY ev nv‡i gybvdv| GKwU D`vni‡Yi mvnv‡h¨ e¨vcviwU ¯úó Kiv hvq| g‡b Kiæb, GKRb
wewb‡qvMKvixi nv‡Z wZbwU weKí wewb‡qvM cÖKí i‡q‡Q| Zuv‡`i Ab¨vb¨ Avw_©K Z_¨ wb¤œiƒc :
cÖKí cÖ‡qvRbxq cÖK‡íi eQ‡ii gybvdv (UvKvq)
g~jab Kvh©Kvj
(UvKv) (ermi) 1g 2q 3q 4_© 5g
K 40,000 3 20,000 20,000 20,000 - -
L 40,000 4 0 20,000 10,000 30,000 -
M 40,000 5 15,000 5,000 20,000 5,000 15,000

Dchy©³ †Uwe‡j GUv jÿ¨Yxq ‡h, wZbwU cÖK‡íi g~jab GKB Ges ‡gvU gybvdvI GKB cwigvY| †h‡nZz wewfbœ
mg‡qi gybvdvi cwigvY wewfbœ iKg, †m‡nZz Gme ‡ÿ‡Î gybvdv‡K †Kv¤cvwbi A_©‰bwZK wm×v‡šÍi gvcKvwV wn‡m‡e
e¨envi Kiv hyw³m½Z bq|
ZvQvov A‡_©i eZ©gvb g~‡j¨i aviYvwU‡K we‡ePbv Kiv DwPZ| Dchy©³ wZbwU cÖK‡íi Kvh©Kvj wfbœ nIqvq Ges
wewfbœ mg‡qi gybvdvI wfbœ nIqvq cÖwZwU cÖK‡íi fwel¨‡Z cÖZ¨vwkZ gybvdv‡K A‡_©i eZ©gvb g~‡j¨ iƒcvšÍw iZ K‡i
wm×všÍ †bqv DwPZ, hv gybvdv me©vwaKiY jÿ¨wU we‡ePbv K‡i bv| Dchy©³ cÖKí wZbwUi g‡a¨ cÖKí ÔK' Gi
fwel¨‡Z cÖZ¨vwkZ gybvdvi eZ©gvb g~j¨ †ewk n‡e Ges †mUvB MÖnY‡hvM¨ n‡e|
(M) SuywK we‡ePbv Kiv nq bv (It ignores risk)
gybvdv me©vwaKiY j‡ÿ¨i Av‡iKwU Amyweav ev ÎæwU n‡”Q ‡h, GB jÿ¨ AR©‡bi †ÿ‡Î wewb‡qv‡Mi I gybvdv AR©‡bi
SuywK we‡ePbv Kiv nq bv| Ab¨fv‡e ejv hvq †h, wewb‡qvM †_‡K fwel¨‡Z cÖZ¨vwkZ gybvdv AR©‡b †h SuywK Av‡Q Zv
we‡ePbv Kiv nq bv| Dc‡i DwjwLZ wZbwU cÖK‡íi D`vni‡Yi w`‡K ZvKv‡j †`Lv hv‡e, gyybvdv AR©‡bi ZviZg¨
i‡q‡Q, hv‡K SuywK ejv nq| A_©vr, gybvdvi ZviZg¨ ev AwbðqZvi Kvi‡Y gybvdv me©vwaKiYI AwbwðZ n‡q c‡o|
Dchy©³ KviY¸wji Rb¨ gybvdv me©vwaKiY jÿ¨‡K GKwU dv‡g©i g~j jÿ¨ wn‡m‡e we‡ePbv Kiv hyw³m½Z bq|
Dch©y³ Av‡jvPbvq Avcbvi g‡b cÖkœ n‡Z cv‡i hw` gybvdv me©vwaKiY Avw_©K e¨e¯’vcbvi D‡Ïk¨ bv nq Zvn‡j
Avw_©K e¨e¯’vcbvi D‡Ïk¨ †Kvb&wU? GB cÖ‡kœi DËi cvIqvi Rb¨ Avmyb wb‡Pi welqe¯Íy m¤^‡Ü aviYv jvf Kwi|

BDwbU GK c„ôv 16
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

(2) m¤ú` m‡e©v”PKiY (Wealth Maximization)

GKwU dv‡g©i me‡P‡q MÖnY‡hvM¨ Ges h_vh_ D‡Ïk¨ n‡”Q H dv‡g©i †kqvi‡nvìvi‡`i Z_v, dv‡g©i m¤c`
me©vwaKiY ev bxU eZ©gvb g~ j¨ (Net present value) me©vwaKiY| †Kv¤cvwbi ev dv‡g©i m¤c` me©vwaKiY jÿ¨‡K
mvg‡b †i‡L H †Kv¤cvwb Zvi Avw_©K Kg©KvÛ ev wm×všÍ MÖnY I Zv ev¯Íevq‡b c`‡ÿc MÖnY K‡i _v‡K| GwU gybvdv
me©vwaKi‡Yi D‡Ï‡k¨i `ye©jZv¸wj `~i K‡i mwVKfv‡e m¤c‡`i cwigvc Ki‡Z mÿg nq e‡j G D‡Ïk¨wU GKwU
myôy I hyw³m½Z D‡Ïk¨ wn‡m‡e mve©Rbxbfv‡e M„nxZ| GwU dv‡g©i gybvdv QvovI Ab¨vb¨ ¸iæZ¡c~Y© wel‡qi Dci
¸iæZ¡ Av‡ivc K‡i| dv‡g©i `xN©‡gqv`x g~j¨, Gi cÖe„w×, wewb‡qvMKvix‡`i SuywKi cwigvY, Gi †kqvi g~j¨, jf¨vsk
BZ¨vw` Øviv G D‡Ïk¨ cÖfvweZ nq|
GKwU dv‡g©i m¤c` me©vwaKiY ej‡Z H dv‡g©i †kqv‡ii g~j¨ me©vwaKiY‡K ev bxU eZ©gvb g~ j¨ me©vwaKiY‡K
eySvq| †Kvb wewb‡qv‡Mi bxU eZ©gvb g~j¨ ej‡Z gybvdvi eZ©gvb g~‡j¨i mgwó I wewb‡qv‡Mi eZ©gvb g~‡j¨i ga¨eZ©x
cv_©K¨‡K eySvq| BwZevPK (positve) bxU eZ©gvb g~j¨B (NPV) m¤c‡`i m„wó K‡i|
†Kvb GKwU e¨emv cÖwZôv‡bi mvwe©K ev †Kvb wbw`©ó cÖK‡íi m¤c‡`i cwigvY Avgiv wb‡æv³fv‡e e¨vL¨v Ki‡Z
cvwi-
A1 A2 An
NPV  W   2 . ... .. ... C
1 (1  k ) n
(1  k ) (1  k )
n At
 NPV =  C
t 1 (1  k ) t

A1, A2, An Øviv H †Kv¤cvwbi ev we‡kl cÖK‡í bxU bM` AšÍtcÖevn, K evÆvi nvi, C Øviv cÖv_wgK g~jab Ges
W Øviv m¤c`‡K eySv‡bv n‡q‡Q| Dchy©³ m~Î e¨envi K‡i †h †Kv¤cvwb ev cÖK‡íi m¤c‡`i bxU eZ©gvb g~j¨ hZ
†ewk n‡e, †mB dv‡g©i ev cÖK‡íi m¤c‡`i ev †kqv‡ii g~j¨ ZZ ‡ewk n‡e|
m¤c` me©vwaKiY dv‡g©i jÿ¨ nIqvi †hŠw³KZv (Rationale behind using wealth maximization as the goal
of a firm)
m¤c` me©vwaKiY jÿ¨wU †h †Kvb †Kv¤cvwbi gybvdv me©vwaKiY j‡ÿ¨i `ye©jZv¸wj `~i K‡i Avw_©K Kg©KvÛ
cwiPvjbv K‡i gvwj‡Ki mvwe©K A_©‰bwZK I mvgvwRK Kj¨v‡Yi D‡Ïk¨ AR©‡bi welq we‡ePbv K‡i| ZvB wb‡æv³
KviY¸wji Rb¨ m¤c` me©vwaKiYB †Kv¤cvwbi me©Rb¯^xK„Z jÿ¨ :
(K) ¯úó aviYv (Clear)
G D‡Ï‡k¨ gybvdvi aviYvi †h A¯úóZv i‡q‡Q Zv `~i K‡i m¤c‡`i GKwU ¯úó aviYv Ges Zv cwigv‡ci c×wZ
my¯úófv‡e e¨vL¨v Kiv n‡q‡Q| G‡ÿ‡Î A¯úó gybvdvi cwie‡Z© ¯úó bxU bM` cÖevn‡K (Net Cash Benefit or
NCB) cwigvcK wn‡m‡e e¨envi Kiv nq|
(L) SyuwK, mgq I A‡_©i mgqg~ j¨ we‡ePbv Kiv nq
m¤c` me©vwaKiY j‡ÿ¨i wØZxq ¸iæZ¡c~Y© ˆewkó¨ n‡jv, GwU †Kvb dv‡g©i ev cÖ K‡íi bxU bM` cÖev‡ni msL¨vMZ I
¸YMZ w`KwU we‡ePbv K‡i| ZvQvov bM` cÖev‡ni mgq g~j¨I we‡ePbv Kiv nq, hv gybvdv me©vwaKiY j‡ÿ¨
we‡ePbv Kiv nq bv| †Kvb wewb‡qvM †_‡K cÖZ¨vwkZ fwel¨Z bM` cÖevn hZ wbwðZ, H bM` cÖevn ZZ ¸Ym¤cbœ
Ges m¤c‡`i g~j¨I ZZ‡ewk| fwel¨Z bM` cÖev‡ni AwbðqZv Ges mg‡qi wfbœZv I cwie¨ßZv we‡ePbvq †i‡L
wbw`©ó evÆvi nvi w`‡q fwel¨Z cÖevn‡K eZ©gvb g~‡j¨ iƒcvšÍwiZ Kiv nq| AwbðqZv ev SyuwK Ges mg‡qi e¨vwß
hZ †ewk, DwjwLZ evÆvi nvi (g~jab LiP) ZZ †ewk aiv nq| G e¨e¯’vq AwaKZi hyw³m½Z m¤c‡`i g~j¨
cÖwZdwjZ nq|

BDwbU GK c„ôv 17
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

(M) †kqvi g~‡j¨i Ici ¸iZ¡ (Focus on Market Price of Share)

Avw_©K e¨e¯’vcbvi g~j `vwqZ¡B n‡”Q gvwj‡Ki mvwe©K A_©‰bwZK Kj¨vY| A_©‰bwZK Kj¨vY ZLbB m¤¢e hLb
wewb‡qvMKvixi wewb‡qv‡Mi g~j¨ D‡Ëv‡ivËi e„w× cvq, hv Zuvi †kqv‡ii g~j¨ Øviv cwigvc‡hvM¨| Ab¨ K_vq ejv
hvq, †kqv‡ii g~j¨ me©vwaKiYB n‡”Q m¤c‡`i g~j¨ me©vwaKiY hv bxU eZ©gvb g~j¨ me©vwaKi‡Yi weKí cÖwZdjK
wnmv‡e e¨e¯’vc‡Ki Avw_©K wm×v‡šÍi gvcKvwV|
A_©ms¯’vb ev Avw_©K e¨e¯’vcbvi D‡Ïk¨ Kx Zv wbav©i‡Yi Rb¨ GKwU dv‡g©i mvwe©K jÿ¨‡K mvg‡b bv †i‡L eis
†Kvb we‡kl Avw_©K wm×všÍ mvg‡b ivLv DwPZ| G e¨vcv‡i cÖ v_wgK ch©v‡q gybvdv me©vwaKiYB wQj me©Rb M„nxZ
Zvw˦K D‡Ïk¨ ev gvcKvwV Ges †m mgq gybvdv‡KB A_©‰bwZK `ÿZvi gvcKvwV wn‡m‡e we‡ePbv Kiv n‡Zv| wKš‘
eZ©gvb DbœZ Ges AvaywbK e¨emv RM‡Z †h‡nZz gybvdv me©vwaKiY j‡ÿ¨ †ek wKQy `ye©jZv i‡q‡Q, m¤c`
me©vwaKiY jÿ¨ Øviv †m me `ye©jZv‡K `yi Kiv m¤¢e n‡q‡Q Ges G jÿ¨ AR©b K‡i †MvUv mgv‡Ri Ges gvwjK‡`i
mvwe©K A_©‰bwZK Kj¨vY mvab m¤¢e n‡q‡Q| GRb¨ m¤c` me©vwaKiYB n‡”Q dv‡g©i me©Rb M„nxZ jÿ¨|

mvgvwRK `vqe×Zv Ges A_©vqb (Social Responsibility and Finance)

gvwjK ev †kqvi‡nvìvi, e¨e¯’vcbv, miKvi, †µZv, we‡µZv, Kg©KZ©v I Kg©Pvix, e¨vsK I exgv †Kv¤cvwb Ges
†fv³v mK‡jB e¨emv‡qi m¤ú„³ cÿ Avw_©K e¨e¯’vc‡Ki mvgvwRK `vwqZ¡ nj mKj †Mvwôi ¯^v_© iÿv K‡i
†Kv¤cvwbi m¤c` me©vwaKiY‡KB eySv‡bv nq| Dwjø wLZ †Mvwômg~‡ni ¯^v_© iÿv K‡i Kxfv‡e Avw_©K e¨e¯’vcK KZ„©K
†Kv¤cvwbi g~j jÿ¨ AR©b Kiv m¤¢e ZvB Av‡jvP¨ welq:
mvgvwRK `vwqZ¡‡eva (Social Responsibility)
A_©vq‡bi mvgvwRK `vqe×Zv ej‡Z mKj ¯^v_©mswkøô c‡ÿi ¯^v_©iÿv K‡i cÖwZôv‡bi m¤ú` me©vwaKib‡K eySvq|
mvavibZ GKwU A_©bxwZi mÂq I m¤c` wewb‡qvM Kiv nq gybvdv I SyuywK‡K we‡ePbv K‡i Ges †mRb¨B evRv‡i
†Kvb ‡Kv¤úvwbi †kqv‡ii g~j¨ gybvdv I SyuwKi g‡a¨ mgš^q mva‡bi cÖwZdjb| g~jZt gybvdv I SyuwKi mgš^q
mva‡bi gva¨‡g m¤c‡`i g~j¨ me©vwaKiYB †Kv¤cvwbi g~ j jÿ¨ wn‡m‡e mve©Rbxbfv‡e M„nxZ| Z‡e G jÿ¨ AR©‡bi
cvkvcvwk mvgvwRK `vwqZ¡‡ev‡ai K_vI wew‡Pbv ni‡Z n‡e| ‡Kv¤úvwbi m¤c` me©vwaKiY Ki‡Z wM‡q †fv³vi ¯^v_©,
kÖwg‡Ki b¨vh¨ gRywi, myôy Kg©Pvix wb‡qvMbxwZ, wbivc` Kvg©¯’j, Kg©Pvix‡`i Dbœqb I Zv‡`i wkÿv e¨e¯’v, mvwe©K
cwi‡ek, cvIbv`vi‡`i ¯^v_©, miKv‡ii ¯^v_© BZ¨vw` welqI h_vh_fv‡e we‡ePbv Kiv e¨e¯’vcbvi `vwqZ¡| G mKj
mvgvwRK `vwqZ¡ cvjb Kivi †ÿ‡Î A‡bK mgq †Kv¤úvwbi gvwjK‡`i gybvdv I m¤c` me©vwaKi‡Yi cÖwµqv evavMÖ¯Í
nq| hvi d‡j A‡bK mgq mvgvwRK `vwqZ¡‡eva Ges m¤c` me©vwaKi‡Yi g‡a¨ ؇Üi m„wó nq|
mgv‡Ri gvby‡li wewfbœ ai‡bi Pvwn`v cyi‡bi gva¨‡g gybvdv AR©b KivB e¨emvqxi KvR| mgv‡R ïaygvÎ †µZv ev
†fv³vivB _v‡K bv cÖwZôv‡bi hviv Kg©x ZvivI mgv‡RiB m`m¨|
1. wewb‡qvMKvix‡`i cÖwZ `vwqZ¡ : wewb‡qvMKvixiv Zv‡`i K‡ói mÂq‡K wewb‡qvM K‡i jf¨vsk ev gybvdv cvIqvi
Avkvq| †h‡nZz wewb‡qvMKvix‡`i A‡_©B e¨emvq msMwUZ I cwiPvwjZ nq †m‡nZz e¨emvq Zv‡`i cÖwZ wb‡¤œv³
Dcv‡q `vwqZ¡ cvjb K‡i:
K) wewb‡qvMK…Z A‡_©i hyw³hy³ e¨envi wbwðZ Kiv
L) b¨vh¨ I Drmvne¨ÄK jf¨vsk cÖ`v‡bi †Póv Pvjv‡bv
M) Avw_©K weeiYx mieivn I
N) e¨emv‡qi Dbœqb, m¤úªmviY I wewb‡qvMKvix‡`i mvgvwRK gh©v`v cÖwZôv BZ¨vw`|
2. FY`vZv‡`i cÖwZ `vwqZ¡: †Kv¤úvwb e¨vsK I Ab¨vb¨ Avw_©K cÖwZôvb n‡Z FY MÖnY K‡i A_ev eÛ weµq Kivi
gva¨‡g FY g~jab msMÖn K‡i _v‡K| h_vmg‡q F‡Yi my` I Avmj cwi‡kva Kiv e¨emv‡qi Ab¨Zg ¸iæZ¡c~Y©
`vwqZ¡| KviY e¨vsK RbM‡Yi Avgvb‡Zi gva¨‡g Zvi g~ja‡bi GKwU Ask msMÖn K‡i| cieZ©xKv‡j GB

BDwbU GK c„ôv 18
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

AvgvbZK…Z A_© wewfbœ †gqv‡` wewfbœ dvg© ev †Kv¤úvwb‡K FY cÖ`vb K‡i _v‡K| e¨vsK‡K AvgvbZKvix‡`i RgvK…Z
A‡_©i Dci my` cÖ`vb Ki‡Z nq| ZvQvov eÛ‡nvìviMY‡`i wbqwgZ my` cwi‡kva KivI GKwU ¸iæZ¡c~Y© `vwqZ¡|
3. mvaviY m¤úª`v‡qi cÖwZ `vwqZ¡: mgvR I mgv‡Ri gvbyl‡K wN‡iB e¨emvq Ges Gi Kvh©vewj AvewZ©Z nq|
GB mgvR n‡Z wewfbœ my‡hvM myweav MÖnY K‡iB e¨emvq cÖvZôvb mg„w× jvf K‡i| ZvB wb‡¤œv³ Dcv‡q e¨emvq
mgv‡Ri cÖwZI Zviv `vwqZ¡ cvjb K‡i:
K) mgv‡Ri cÖ‡qvRb gvwdK cY¨ I †mevmvgwMÖ Drcv`b I Zv mieivn Kiv
L) wewfbœ RbKj¨vYg~jK Kv‡R Avw_© K mnvqZv `vb I RvZxq `y‡h©vM gyû©‡Z RbM‡Yi cv‡k `vov‡bv;
M) GjvKq nvmcvZvj, wkÿv cÖwZôvb I Ab¨vb¨ Kj¨vYag©x cªwZôvb M‡o †Zvjv BZ¨vw`|
4. miKv‡i cÖ wZ `vwqZ¡: GKwU †`‡ki miKvi †h‡Kv‡bv mgv‡Ri m‡e©v”P cÖwZwbwaZ¡kxj ms¯’v| †`‡ki e¨emvq
Dbœq‡bi miKv‡ii †hgb `vwqZ¡ i‡q‡Q †Zgwbfv‡e e¨emv‡qiI miKv‡ii cÖwZ `vwqZ¡ _vKv ¯^vfvweK| e¨emvq
cÖwZôvb miKv‡ii cÖwZ wb‡¤œv³fv‡e `vwqZ¡ cvjb K‡i;
K) miKvi‡K h_vmg‡q Ki I ivR¯^ cÖ`vb Kiv
L) miKv‡ii wbqg bxwZi h_vh_fv‡e AbymiY Kiv
M) miKvi‡K wewfbœ welq civgk©¨ cÖ`vb I mn‡hvwMZv Kiv
N) †eKvi mgm¨v mgvav‡b miKvi‡K mnvqZv Kiv BZ¨vw`|
5. m‡MvÎxq e¨emvqx‡`i cÖwZ `vwqZ¡t eZ©gvbKv‡j myôzfv‡e e¨emvq cwiPvjvbi †ÿ‡Î m‡MvÎxq e¨emvqx‡`i
cÖwZI `vwqZ¡ cvj‡bi cÖ‡qvRb c‡o| e¨emvqxiv Giæc `vwqZ¡ cvjb bv Ki‡j Zv‡`i g‡a¨ Ab¨vq I cÖwZ‡hvwMZv I
†ilv‡iwl e„w× cvq Ges G‡Z mK‡jiB ¯^v_© wecbœ nq| G j‡ÿ¨ e¨emvq †h mKj `vwqZ¡ cvjb K‡i Zv wb¤œiæc:
K) cÖwZ‡ewk e¨emvqx‡`i‡K msNe× K‡i msN ev mwgwZ M‡o †Zvjv
L) G‡Ki Amyweavq A‡b¨i mn‡hvwMZv Kiv
M) Ab¨vq cÖwZ‡hvwMZvq wjß nIqv ‡_‡K weiZ _vKv BZ¨vw`|
cwi‡k‡l ejv hvq, eZ©gvbKv‡j e¨emvq ïaygvÎ gybvdv AR©‡bi D‡Ï‡k¨ cwiPvwjZ nq bv eis mgv‡Ri wewfbœ
c‡ÿi cÖwZ `vwqZ¡ cvj‡bi gva¨‡g m¤úK© m„wó I mevi wbKU n‡Z cÖ‡qvRbxq mn‡hvwMZv jv‡fi cÖvqm Pvjvq|
djkÖæwZ‡Z e¨emv‡qi mybvg e„w× cvq Ges Gi mv‡_ e¨emvq m¤úªmviY I AwaK gybvdv AR©b m¤¢e nq| mvgvwRK
`vqe×Zvi KvR¸‡jvi Kvi‡Y e¨emvq cÖwZôv‡bi mybvg e„w× cvq| Gi d‡j †hme myweav¸‡jv cvIqv hvq Zv n‡jv:
K) K‡c©v‡iU fvegywZ©
L) †kqvi‡nvìvi‡`i AvZ¡wek¦vm iÿvq mnvqZv K‡i
M) cÖwZôv‡bi †÷vK‡nvìvi‡`i ¯^v_© mswkøó mKj cÿ †hgb: †kqvi gvwjK, KuvPvgvj mieivnKvix, FY`vZv,
miKvi BZ¨vw`) AvbyMZ¨ A½xKvi Ges kÖ×v AR©b Kiv hvq|
N) m¤¢ve¨ gvgjv Ges wePvi msµvšÍ Kv‡h©i e¨q n«vm cvq;
Gme myweavi Kvi‡Y cÖwZôv‡bi bM` cÖevn e„w× cvq Ges SzuwK n«vm cvq| d‡j cÖwZôv‡bi †kqvi g~‡j¨i Dci
BwZevPK cÖfve c‡o| A_©vr dv‡g©i gvwjK‡`i m¤ú` me©vwaKiY D‡Ïk¨ AR©‡bi Rb¨ mvgvwRK `vqe×Zv ¸iæZ¡c~Y©
Dcv`vb wn‡m‡e we‡ePbv Kiv nq|

GKwU e¨vs‡Ki CSR (Corporate social responsibility) A_©vr mvgvwRK

wkÿv_©xi KvR
`vqe×Zvi GKwU ZvwjKv cÖYqb K‡i|

BDwbU GK c„ôv 19
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

mvims‡ÿc: A‡_©i mgqg~j¨ bxwZ me ai‡bi wewb‡qv‡Mi mv‡_ RwoZ| GB bxwZ Abyhvqx mg‡qi
cwieZ©‡bi mv‡_ mv‡_ UvKvi g~ j¨ cwieZ©b nq| Zvij¨ I gybvdv bxwZ ej‡Z eySvq e¨emv‡qi
cÖwZwU Avw_©K wm×všÍ Ggbfv‡e MÖnY Kiv DwPZ hv‡Z Zvij¨ I gybvdv DfqB eRvq _v‡K| Avw_©K
e¨e¯’vcK A_©vq‡bi Kvh©vewj myôzfv‡e m¤úv`‡bi Rb¨ GB bxwZwU AbymiY K‡i _v‡K| SzuwK-gybvdv
bxwZ Abyhvqx wewb‡qv‡Mi †ÿ‡Î GKRb Avw_©K e¨e¯’vcK SuywK I Av‡qi g‡a¨ mgš^q mvabc~e©K
wewb‡qvM wm×všÍ MÖnY K‡i _v‡K| GKRb wewb‡qvMKvix Zvi mg¯Í A_© GKwU m¤ú‡` wewb‡qvM
bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kivi gva¨‡g SuywK n«vm Kivi cÖ†Póv‡K †cvU©dwjI
ˆewPÎvq‡bi bxwZ ejv nq| †Kvb e¨emvq cÖwZôvb mvaviYZ mgv‡Ri Rb¨ cÖ‡qvRbxq `ªe¨vw` ev
†mev Drcv`b K‡i Zv weZi‡Yi gva¨‡g mgv‡Ri cÖ‡qvRb wgUvq| G cÖwµqvi †cQ‡bi g~j D‡Ïk¨B
n‡”Q gvwjK‡`i Rb¨ gybvdv AR©b Ges Zv me©vwaKiY (Maximization) Kiv| GKwU dv‡g© i m¤c`
me©vwaKiY ej‡Z H dv‡g©i †kqv‡ii g~j¨ me©vwaKiY‡K ev bxU eZ©gvb g~j¨ me©vwaKiY‡K eySvq|
A_©vq‡bi mvgvwRK `vqe×Zv ej‡Z G mKj ¯^v_©mswkøô c‡ÿi ¯^v_©iÿv K‡i cÖwZôv‡bi m¤ú`
me©vwaKib‡K eySvq| Ab¨fv‡e ejv hvq, mgv‡Ri cÖwZ e¨emvqi †h `vwqZ¡ Zv‡KB mnR A‡_©
e¨emv‡qi ev A_©vq‡bi mvgvwRK `vwqZ¡ e‡j|

cv‡VvËi g~j¨vqb-1.3

eû wbe©vPwb cÖkœ (Multiple Choice Questions/MCQ)

mwVK Dˇii cvk wUK () wPý w`b|
1| GKwU †Kv¤úvwbi P~ovšÍ jÿ¨ wK?
K. gybvdv me©vwaKiY L. m¤ú` me©vwaKiY
M. mgvR‡mev N. weµq me©vwaKiY
2| GKwU wewb‡qvM cÖK‡í ÿwZ n‡j Ab¨ cÖK‡íi gybvdv Øviv ÿwZ cywl‡q †bqvi bxwZ‡K Kx aib‡i bxwZ ejv
nq?
K. gybvdvi bxwZ L. SuzwKi bxwZ
M. ˆewPΨvq‡bi bxwZ N. Zvij¨ bxwZ
3| m¤ú` me©vwaKi‡bi †ÿ‡Î wb‡Pi †KvbwU we‡ePbv Kiv nq bv?
K. SuzwKi cwigvY L. †kqvi g~j¨ e„w×
M. bM` cÖevn N. ¯^í‡gqv`x gybvdv
4| cwi‡ek `~lbgy³ ivLv A_©vq‡bi †Kvb welqwUi AšÍfz©³?
K. weµq msµvšÍ `vqe×Zv L. gybvdv msµvšÍ `vqe×Zv
M. SzwK msµvšÍ `vqe×Zv N. mvgvwRK `vqe×Zv
5| gybvdv me©vwaKi‡bi †ÿ‡Î wb‡Pi †KvbwU we‡ePbv Kiv nq?
K. cÖK‡íi †gvU Avq L. cÖK‡íi bM` cÖevn
M. cÖK‡íi SuzwK N. A‡_©i mgq g~ j¨

BDwbU GK c„ôv 20
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

6| SzuwK I gybvdvi g‡a¨ m¤úK© †Kgb?

K. mij ‰iwLK L. wecixZ
M. mgvbycvwZK N. †Kvb m¤úK© †bB
7| gybvdv me©vwaKi‡Yi mxgve×Zv n‡jv-
i. gybvdv AR©‡bi mgq we‡ePbv Kiv nq bv
ii. bM` cÖevn we‡ePbv Kiv nq bv
iii. e¨qmg~n we‡ePbv Kiv nq bv
wb‡Pi †KvbwU mwVK?
K. i I ii
L. i I iii
M. ii I iii
N. i, ii I iii

P~ovšÍ g~j¨vqb
DËi ms‡ÿc
K. Ávbg~jK cÖkœ
1| A_v©qb Kx?
2| cvwievwiK A_©vqb Kx?
3| miKvwi A_© vqb Kx?
4| e¨emvq A_©vqb Kx?
5| Ae¨emvqx cÖwZôv‡bi A_©vqb Kx?
6| AvšÍ©RvwZK A_©vqb Kx?
7| ¯^j¦‡gqvw` m¤ú` e¨e¯’cbv Kx ?
8| g~jab ev‡RwUs wm×všÍ Kx?
9| Zvij¨ I gybvdv bxwZ Kx ?
10| SzwK-gybvdv bxwZ Kx ?
11| ˆewPΨvqb ev eûgyLxKiY bxwZ Kx ?
12| gybvdv me©vwaKiY Kx ?
13| m¤ú` me©vwaKiY Kx ?
14| ‡kqvi‡nvìvi ej‡Z Kx eySvq ?
15| e¨emv‡qi mvgvwRK `vwqZ¡ Kx ?
16| g~jab KvVv‡gv Kx?

L. Abyavebg~jK cÖkœ
1| Zvij¨ I gybvdvii g‡a¨ m¤úK© e¨vL¨v Kiæb|
2| ch©vß cwigvY Zvi‡j¨i Afv‡e †Kvb SzuwK m„wó nq? e¨vL¨v Kiæb|
3| GKRb e¨emvqx †Kb ‡cvU©‡dvwjI ˆewPΨvq‡bi bxwZ AbymiY K‡i? e¨vL¨v Kiæb|
4| gybvdv me©vwaKiY j‡ÿ¨ A‡_©i mgq g~j¨ we‡ePbv Kiv nq bv e¨vL¨v Kiæb|

BDwbU GK c„ôv 21
evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ

5| †Kv¤úvwbi g~j jÿ¨ m¤ú` me©vwaKiY- e¨vL¨v Kiæb|

6| A_©vq‡b †ÿ‡Î mvgvwRK `vqe×Zvi welqwU †Kb ¸iæZ¡c~Y©? e¨vL¨v Kiæb|
7| mvgwóK A_©bxwZ‡Z Avw_©K cÖwZôvbmg~n †Kvb `ywU c‡ÿi g‡a¨ †mZzeÜb wn‡m‡e KvR K‡i e¨vL¨v Kiæb|
8| gybvdv me©vwaKiY †Kb dv‡g©i PyovšÍ jÿ¨ bq? e¨vL¨v Kiæb?

m„Rbkxj cÖkœ (Creative Question)

1. Rbve evkvi dzqvs dzW †Kv¤úvwbi Avw_©K e¨e¯’vcK| Zvi wbKU wewb‡qv‡Mi Rb¨ 200,000 UvKv i‡q‡Q| wZwb
wb‡¤œi `ywU cÖK‡íi †h †Kvb GKwU‡Z wewb‡qv‡Mi wPšÍvfvebv Ki‡Qb| cÖ‡Z¨K cÖK‡íi cÖv_wgK wewb‡qvM
1,00,000 UvKv| cÖKí `yÕwUi AvMvgx 5 eQ‡ii wbU gybvdv wb¤œiæc:
cÖKí evwl©K gybvbv (UvKvq)
1g 2q 3q 4_© 5g ‡gvU gybvdv
K 60,000 40,000 30,000 20,000 10,000 1,60,000
L 20,000 20,000 30,000 30,000 65,000 165,000
Rbve evkvi Zvi cÖwZôv‡bi †kqv‡ii evRvi g~j¨ e„w× Kivi j‡ÿ¨ KvR K‡i hv‡”Qb| Ab¨w`‡K Rbve cvkv Zvi
e¨emvq m¤úªmvi‡Yi j‡ÿ¨ GKwU bZzb †gwkb µ‡qi wm×všÍ MÖnY K‡i‡Qb| †gwkbwUi Avqy®‹vj 20 eQi|
K) e¨emvq A_©vqb Kx?
L) SuzwK I gybvdvi g‡a¨ m¤úK© e¨vL¨v Ki|
M) Rbve cvkv ‡h wm×všÍ MÖnY K‡i‡Q Zv A_©vq‡bi †Kvb Kvh©vewji AšÍfy©³? e¨vL¨v Ki|
N) Rbve evkvi †h jÿ¨ wb‡q KvR Ki‡Qb Zv AR©b Ki‡Z n‡j DÏxc‡Ki D‡jøwLZ `yÕwU cÖK‡íi g‡a¨
†KvbwU MÖnY Kiv DwPZ? Dˇii mc‡ÿ hyw³ `vI|

2. Rbve kvgxg I Rbve ivgxg `yÕRb XvK wek¦we`¨vjq †_‡K wdb¨vÝ I e¨vswKs wel‡q gv÷vm© cvm K‡i `yÕwU
Avjv`v cÖwZôv‡b eo c‡` PvKzix K‡ib| Rbve kvgx‡gi cÖwZôv‡b wewfbœ Ki I ïé †_‡K A_© msM„nxZ nq| wewfbœ
Dbœqb cÖK‡í Gi g~L¨ Ask e¨q Kiv n‡q _v‡K| Rbve ivgxg †h cÖwZôv‡b PvKwi K‡ib †mLv‡b Znwej msMÖ‡n
bvbvb wePvi we‡ePbvi cÖ‡hvRb c‡o| SzuwK _vKvq Znwej e¨e¯’vcbvq mZK© _vK‡Z nq| eo ai‡bi ÿwZ n‡j
cÖwZôv‡bi †`Dwjqv n‡Z cv‡i Ggb fqI Zv‡K ZvwoZ K‡i|
K) A_©vqb Kx?
L) gybvdv me©vwaKiY †Kb dv‡g©i PzovšÍ jÿ¨ bq? e¨vL¨v Kiæb|
M) Rbve kvgx‡gi cÖwZôv‡bi A_©vq‡bi ¯^iæc e¨vL¨v Kiæb|
N) Rbve ivgxg‡i cÖwZôv‡bi A_©vq‡bi ¯^iƒc Zzjbvg~jK wePv‡i SuzwKc~Y©-e³‡e¨i h_v_©Zv we‡kølY Kiæb|

3. Rbve Avhg GKwU K‡c©v‡iU cÖwZôv‡bi A_© e¨e¯’vcK wZwb evwl©K cwiKíbvq AvIZvq Zvi cÖwZôv‡bi
cÖ‡qvRbxq A‡_©i ms¯’vbmn †Kvb Drm †ewk myweavRbK n‡e Zv wbY©q K‡ib| AZtci h_vmg‡q A_© cÖvwßi welqwU
wbwðZ K‡ib| †h †Kv‡bv bZzb cÖKí MÖn‡Yi †ÿ‡Î wZwb cÖ_‡gB †mLv‡b Rwg µq, `vjvb wbg©vY, hš¿cvwZ µqmn
`xN©‡gqvw` LiP Kx cwigvY Ki‡Z n‡e Zv wnmv‡e Av‡bb| cÖZ¨vwkZ Avq Kx n‡e †m¸‡jvI wnmv‡e wb‡q Av‡mb|
Zvi Av‡jv‡K KZ„©cÿ wm×všÍ MÖnY K‡i|
K) e¨emvq A_©vqb Kx?
L) A_©vq‡b †cvU©dwjI ˆewPΨvq‡bi bxwZ †Kb AbymiY Kiv nq?
M) DÏxc‡Ki eY©bv Abyhvqx Rbve Avhg cÖ_gZ A_©vq‡bi †Kvb KvR K‡ib? Zv e¨vL¨v Kiæb|
N) Rbve Avhg †Kv‡bv bZzb cÖKí MÖn‡Y g~jab ev‡RwUs K‡ib Avcwb Kx G e³‡e¨i mv‡_ GKgZ? hw` GKgZ nb
Zvn‡j Avcbvi g‡Zi ¯^c‡ÿ hyw³ w`b|

BDwbU GK c„ôv 22
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg

4. Rbve nvmvb GKwU K‡c©v‡iU cÖwZóv‡bi wW‡i±i| Kg© Rxe‡b `xN©Kvj Avw_©K e¨e¯’vcbv mswkøó Kv‡R hy³ wQ‡jb|
†Kv¤úvwbi Ab¨ wW‡i±iMY cÖwZ eQi AwR©Z gybvdvi AwaKvsk jf¨vsk wn‡m‡e wb‡Z PvB‡j wZwb G wel‡q wfbœgZ
†cvlb K‡ib| wZwb Pvb gybvdvi D‡jøL‡hvM¨ Ask mwÂwZ Znwe‡j Rgv _vKzK| mevB Zvi gZ MÖnY Kivq GK
ch©v‡q ‡Kv¤úvwbi cwiPvjK I †kqvi‡nvìviMY mevB Lywk nb|
K. e¨e¯’vc‡Ki mvgvwRK `vqe×Zv Kx?
L. A_v©qb m¤ú‡K© Rvbv †Kb ¸iæZ¡c~Y©?
M. Rbve nvmv‡bi cÖwZôv‡bii Ab¨ cwiPvjKMY A_©vq‡bi †Kvb jÿ¨ cQ›` K‡ib? e¨vL¨v Kiæb|
N. Rbve nvmvb A_©vq‡bi †h jÿ¨ AR©b Ki‡Z Pvb Zv KZUv h_v_© g~j¨vqb Kiæb|

5. Rbve bxjq GKRb `ÿ e¨vsKvi| MÖvnK‡`i DÌvwcZ †PK hv‡Z KLbI †diZ bv hvq †m wel‡q wZwb AZ¨šÍ
mZK©| †mB mv‡_ Ajm A_© †hb e¨vs‡K †ewk R‡g bv _v‡K †m wel‡qI wZwb m‡Pó _v‡Kb| Ab¨w`‡K Zvi eÜz
Rbve Avkivd †kqvi e¨emvqx| `yÕwU fv‡jv †Kv¤úvwbi †kqvig~j¨ nVvr evRv‡i K‡g hvIqvq Av‡Mi A‡bK †kqvi
weµq K‡i I e¨vsK †_‡K FY wb‡q wZwb H `yÕwU †Kv¤úvwbi †kqvi wK‡b‡Qb| wKšÍ †Kv¤úvwb `Õy‡Uvi †kqvi g~j¨
evo‡Q bv|
K. miKvwi A_©vqb Kx?
L. m¤ú` m‡e©v”PKi‡Yi wb‡`©kK Kx? e¨vL¨v Kiæb|
M. Rbve bxjq A_©vq‡bi †Kvb bxwZ AbymiY K‡ib? e¨vL¨v Kiæb|
N. Rbve Avkivd A_©vq‡bi ‰ewPΨvq‡bi bxwZ f½ Kivq ÿwZi m¤§yLxb n‡q‡Qb Avcwb Kx G e³‡e¨i mv‡_
GKgZ? hw` GKgZ nb Zvn‡j Avcbvi g‡Zi ¯^c‡ÿ hyw³ w`b|

6| m¨vgmvs †Kv¤úvwb AvšÍ©RvwZK †gvevBj †mU e¨emv‡qi mv‡_ RwoZ| †Kv¤úvwbwU evsjv‡`‡ki evRv‡i cÖ‡e‡ki
Rb¨ `xN©‡gqvw` cwiKíbv MÖnY K‡i| h_vh_ wbq‡g †Kv¤úvwbwU Kvh©µg ïiæ K‡i| bZzb cwiKíbv MÖnY Ki‡Z
wM‡q †Kv¤úvwbwU Avw_©K msK‡U c‡o| ZvB Ziv †kqvi weµq Kivi wm×všÍ †bq|
K. A_©vqb Kx?
L. mvgvwRK `vqe×Zv ej‡Z wK eySvq?
M. m¨vgmvs †Kv¤úvwbi †kqvi weµq †Kvb ai‡bi wm×všÍ? e¨vL¨v Kiæb|
N. m¨vgmvs †Kv¤úvwbi †kqvi weµ‡hi wm×všÍ h_v_© wKbv? gZvgZ w`b|

DËigvjv
cv‡VvËi g~j¨vqb- 1.1 : 1. N 2. M 3. L 4. K 5. N
cv‡VvËi g~j¨vqb- 1.2 : 1. N 2. M 3. L 4. M 5. M
6. K
cv‡VvËi g~j¨vqb- 1.3 : 1. L 2. M 3. N 4. N 5. K
6. L 7. N

BDwbU GK c„ôv 23