NCERT Textbook - खुली अर्थव्यवस्था भुगतान संतुलन, (कक्षा 12), अर्थशास्त्र Commerce Notes | EduRev

अर्थशास्त्र (कक्षा 12) - नोट्स, वीडियोस तथा सैंपल पेपर्स

Commerce : NCERT Textbook - खुली अर्थव्यवस्था भुगतान संतुलन, (कक्षा 12), अर्थशास्त्र Commerce Notes | EduRev

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vè;k; 6
[kqyh vFkZO;oLFkk
lef"V vFkZ'kkL=k
[kqyh vFkZO;oLFkk ,d ,slh vFkZO;oLFkk gS tks fofHkUu ekè;eksa }kjk vU; ns'kksa
ls varZO;ogkj djrh gSA vc rd geus bl igyw ij fopkj ugha fd;k Fkk vkSj
can vFkZO;oLFkk rd lhfer js[kk ftlesa 'ks"k fo'o ls dksbZ tqM+ko gha gksrs rkfd
gekjk fo'ys"k.k ljy jgs vkSj lef"V vFkZ'kkL=k osQ vk/kj ra=k dh O;k[;k
ljy gksA okLro esa] vf/dak'k vFkZO;oLFkk,¡ [kqyh gSaA bu tqM+koksa dks LFkkfir
djus osQ rhu rjhosQ gSaA
1-  fuxZr cktkjµ ,d vFkZO;oLFkk vU; ns'kksa ls oLrqvksa vkSj lsokvksa esa O;kikj
dj ldrh gSA blls p;u foLr`r gksrk gS] bl vFkZ esa fd miHkksDrk vkSj
mRiknd ?kjsyw vkSj fons'kh oLrqvksa osQ chp p;u dj ldrs gSaA
2- foÙkh; cktkjµ vf/d ckj] ,d vFkZO;oLFkk] nwljs ns'kksa ls foÙkh;
ifjlaifÙk;k¡ [kjhnrh gSA blls fofu;kstdksa dks ?kjsyw rd fons'kh ifjlaifÙks;k¡
ls p;u dh volj feyrk gSA
3-  Je cktkjµ IkQEkZ ;g p;u dj ldrh gSa fd mRiknu dks dgk¡ fd;k tk,
vkSj Jfed p;u dj ldrs gSa fd dgk¡ dke fd;k tk;A vusdksa vizoklu
dkuwu] Jfedksa dh ns'kksa osQ eè; vkokxeu dks Ikzfrcaf/r djrs gSaA
Ikkjaifjd :i ls] oLrqvksa osQ vokxeu dks] Je vkokxeu osQ LFkkiuk dh
Hkk¡fr ns[kk x;k gSA ge] Ikgys nks tqM+koksa ij fopkj djrs gSA
bl izdkj] [kqyh vFkZO;oLFkk og gS tks vU; ns'kksa osQ lkFk oLrqvksa vkSj
lsokvksa esa O;kij djrh gS vkSj cgq/k] foÙkh; ifjlaifÙk;ksa esa HkhA mnkgj.kkFkZ]
Hkkjrh; pkjksa vksj fo'o esa mRikfnr oLrqvksa dk miHkksx dj ldrs gSa vkSj Hkkjr
ls dqN oLrqvksa dk vU; ns'kksa dks fu;kZr fd;k tkrk gSA
bl Ikzdkj] fons'kh O;kikj] Hkkjr dh leLr ek¡x dks nks izdkj ls
IkzHkkfor djrk gSA izFke] tc Hkkjrh; fons'kh oLrqvksa dks [kjhnrs gSa rks muosQ
}kjk fd;k x;k O;; leLr ek¡x dks de djrs gq,] vk; osQ orqZy Ikzokg ls
fjlko osQ :i esa fu"dkflr gksrk gSA f}rh;] fons'kksa dks tks ge fu;kZr djrs
gSa og ?kjsyw mRikfnr oLrqvksa osQ fy;s leLr ek¡x esa o`f¼ djrs gq, orqZy Ikzokg
esa var {ksi.k osQ :i esa izos'k djrk gSA
tc jk"Vªh; lhekvksa osQ chp oLrqvksa dk vkokxeu gksrk gS] lkSnksa osQ
fy;s nzO; dk mi;ksx fd;k tkrk gSA varZjk"Vªh; Lrj ij ,slh dksbZ ,d djsalh
ugha gS tks fdlh ,d cSad }kjk fuxZfer dh tkrh gksA fons'kh vkfFkZd ,tsaV]
fdlh jk"Vªh; djsalh dks rHkh Lohdkj djsaxs] ;fn os vk'oLr gks fd ml djsalh
2018-19
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vè;k; 6
[kqyh vFkZO;oLFkk
lef"V vFkZ'kkL=k
[kqyh vFkZO;oLFkk ,d ,slh vFkZO;oLFkk gS tks fofHkUu ekè;eksa }kjk vU; ns'kksa
ls varZO;ogkj djrh gSA vc rd geus bl igyw ij fopkj ugha fd;k Fkk vkSj
can vFkZO;oLFkk rd lhfer js[kk ftlesa 'ks"k fo'o ls dksbZ tqM+ko gha gksrs rkfd
gekjk fo'ys"k.k ljy jgs vkSj lef"V vFkZ'kkL=k osQ vk/kj ra=k dh O;k[;k
ljy gksA okLro esa] vf/dak'k vFkZO;oLFkk,¡ [kqyh gSaA bu tqM+koksa dks LFkkfir
djus osQ rhu rjhosQ gSaA
1-  fuxZr cktkjµ ,d vFkZO;oLFkk vU; ns'kksa ls oLrqvksa vkSj lsokvksa esa O;kikj
dj ldrh gSA blls p;u foLr`r gksrk gS] bl vFkZ esa fd miHkksDrk vkSj
mRiknd ?kjsyw vkSj fons'kh oLrqvksa osQ chp p;u dj ldrs gSaA
2- foÙkh; cktkjµ vf/d ckj] ,d vFkZO;oLFkk] nwljs ns'kksa ls foÙkh;
ifjlaifÙk;k¡ [kjhnrh gSA blls fofu;kstdksa dks ?kjsyw rd fons'kh ifjlaifÙks;k¡
ls p;u dh volj feyrk gSA
3-  Je cktkjµ IkQEkZ ;g p;u dj ldrh gSa fd mRiknu dks dgk¡ fd;k tk,
vkSj Jfed p;u dj ldrs gSa fd dgk¡ dke fd;k tk;A vusdksa vizoklu
dkuwu] Jfedksa dh ns'kksa osQ eè; vkokxeu dks Ikzfrcaf/r djrs gSaA
Ikkjaifjd :i ls] oLrqvksa osQ vokxeu dks] Je vkokxeu osQ LFkkiuk dh
Hkk¡fr ns[kk x;k gSA ge] Ikgys nks tqM+koksa ij fopkj djrs gSA
bl izdkj] [kqyh vFkZO;oLFkk og gS tks vU; ns'kksa osQ lkFk oLrqvksa vkSj
lsokvksa esa O;kij djrh gS vkSj cgq/k] foÙkh; ifjlaifÙk;ksa esa HkhA mnkgj.kkFkZ]
Hkkjrh; pkjksa vksj fo'o esa mRikfnr oLrqvksa dk miHkksx dj ldrs gSa vkSj Hkkjr
ls dqN oLrqvksa dk vU; ns'kksa dks fu;kZr fd;k tkrk gSA
bl Ikzdkj] fons'kh O;kikj] Hkkjr dh leLr ek¡x dks nks izdkj ls
IkzHkkfor djrk gSA izFke] tc Hkkjrh; fons'kh oLrqvksa dks [kjhnrs gSa rks muosQ
}kjk fd;k x;k O;; leLr ek¡x dks de djrs gq,] vk; osQ orqZy Ikzokg ls
fjlko osQ :i esa fu"dkflr gksrk gSA f}rh;] fons'kksa dks tks ge fu;kZr djrs
gSa og ?kjsyw mRikfnr oLrqvksa osQ fy;s leLr ek¡x esa o`f¼ djrs gq, orqZy Ikzokg
esa var {ksi.k osQ :i esa izos'k djrk gSA
tc jk"Vªh; lhekvksa osQ chp oLrqvksa dk vkokxeu gksrk gS] lkSnksa osQ
fy;s nzO; dk mi;ksx fd;k tkrk gSA varZjk"Vªh; Lrj ij ,slh dksbZ ,d djsalh
ugha gS tks fdlh ,d cSad }kjk fuxZfer dh tkrh gksA fons'kh vkfFkZd ,tsaV]
fdlh jk"Vªh; djsalh dks rHkh Lohdkj djsaxs] ;fn os vk'oLr gks fd ml djsalh
2018-19
91
[kqyh vFkZO;oLFkk&&
lef"V vFkZ'kkL=k
dh ,d fuf'pr ek=kk ls os tks oLrq,¡ [kjhn losQaxs] mlesa volj ifjorZu ugha gksxkA nwljs 'kCnksa
esa] djsalh dh Ø; 'kkfDr fLFkj jgsxhA
bl fo'okl osQ cxSj] fdlh djsalh dks varjkZ"Vªh; fofue; osQ ekè;e osQ :i esa mi;ksx
ugha fd;k tk;sxk vkSj u gh ys[kk dh bdkbZ osQ :i esa mi;ksx gksxk D;ksafd ,slk dksbZ varjk"Vªh;
izf/dj.k ugh gS ftlosQ Ikkl ;g 'kfDr gks fd og varjkZ"Vªh; ysu nsu esa fdlh djsalh osQ
mi;ksx dks ykxw dj losQA
Hkwrdky esa] ns'kksa dh ljdkjksa osQ }kjk laHkkO; mi;ksxdrkZvksa dk fo'okl Ikkus osQ fy;s
;g ?kks"k.kk dh xbZ fd jk"Vªh; eqnzk fuokZ/ :i ls fLFkj dher ij nwljh ifjlaifÙk;ksa esa ifjofrZr
gksaxs] ftlosQ ewY; ij tkjhdrkZ dk dksbZ fu;a=k.k ugha gksxkA ;g nwljh ifjlaifÙk cgq/k lksuk ;k
vU; jk"Vªh; eqnzk,¡ FkhA bl opuc¼rk osQ nks igyw gSa ftlus bldh fo'oluh;rk dks izHkkfor
fd;k gS& vlhfer ek=kk esa fuokZ/ :i esa ifjorZu dh lerk vkSj dher] ftl Ikj ifjorZu gksrk
gSA bUgha eqnzksa dk fujkdj.k djus rFkk varjkZ"Vªh; ysunsu esa fLFkjrk ykus osQ fy;s] varjk"Vªh; eqnzk
Ikz.kkyh dh LFkkiuk dh xbZA
ysunsuksa osQ ek=kk esa o`f¼ osQ lkFk] Lo.kZ og ifjlaifr ugha jgk ftlesa jk"Vªh; djsafl;ksa
dks IfjofrZr fd;k tk losQA (ckWDl 6-1 dks ns[ksa)A ;|fi dqN jk"Vªh; djasfl;ksa dh varjkZ"Vªh;
ekU;rk gS] nks ns'kksa osQ chp ysu nsu esa] og djsalh egRoiw.kZ gksrh gS ftlesa O;kikj fd;k tkrk
gSA mnkgj.k osQ fy,] ;fn dksbZ Hkkjrh; vesfjdk esa fufeZr oLrq [kjhnuk pkgrk gS rks ysunsu
dks iwjk djus osQ fy, mls MkWyjksa dh vko';drk gksxhA ;fn oLrq dh dher 10 MkWyj gS rks
mls ;g tkuuk t:jh gksxk fd Hkkjrh; :i;ksa esa bldh ykxr D;k gksxhA ,d ns'k dh eqnzk dh
fdlh vU; ns'k dh eqnzk osQ :i esa dher dks fons'kh fofue; nj vFkok ljy :i esa fofue;
nj dgrs gSaA bl fo"k; nj ge [kaM 6-2 esa foLr`r ppkZ djsaxsA
6-1 vnk;xh&larqyu
vnk;xh larqyu (BOP) fdlh ,d ns'k osQ fuokfl;ksa vkSj 'ks"k fo'o osQ chp] ,d fuf'pr
le;kof/ esa] [kkldj 2 o"kZ esa] oLrqvksa] lsokvksa vkSj IkfjlaifÙk;ksa osQ ysunsu dk fooj.k gSA
vnk;xh larqyu osQ nks eq[; [kkrs gksrs gSa& pkyw [kkrk vkSj iw¡th [kkrk
1
A
6-1-1 pkyw [kkrk
pkyw [kkrk oLrqvksa vkSj lsokvksa osQ O;kikj esa varj.k vnk;fx;ksa dk fooj.k gSA fp=k 6-1] pkyw
[kkrs osQ ?kVdksa dh iznf'kZr djrk gSA oLrqvksa osQ O;kikj esa] oLrqvksa osQ fu;kZrksa rFkk vk;krksa dks
'kkfey fd;k tkrk gSA lsokvksa osQ O;kikj esa minku vk; rFkk xSj minku vk; ysunsu dks 'kkfey
fd;k tkrk gSA varj.k Hkqxrku] ,slh izHkfRr;k¡ gSa tks fdlh ns'k osQ fudkfl;ksa dks fu'kqYd izHkko
gksrh gS vkSj cnys esa dksbZ oLrq,sa vFkok lsok,¡ ugha nsuh iM+rhA buesa migkj] izsf"kr tu vkSj
vuqnku 'kkfey gSaA ;g ljdkj vFkok fons'kksa esa jgus okys futh O;kfDr;ksa }kjk fn;s tk ldrs gSaA
1
,d u;s oxhZxj.k osQ varxZr vnk;xh larqyu dks rhu [kkrksa esa foHkkftr fd;k x;k gS& pkyw [kkrk] foÙkh; [kkrk
rFkk iwath [kkrkA ;g varjkZ"Vªh; eqnzk dks"k vnk;xh larqyu ,oa varjkZ"Vªh; fLFkfr esU;wvy (BPM6) osQ NBs laLdkj
osQ vuqlkj gSA Hkkjr us Hkh bl fuos'k ifjorZu dks dj fy;k gS ysfdu Hkkjrh; fjtcZ cSad iqjkus oxhZdj.k osQ vk/kj ij
gh leadksa dks Nki jgk gSA
2018-19
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vè;k; 6
[kqyh vFkZO;oLFkk
lef"V vFkZ'kkL=k
[kqyh vFkZO;oLFkk ,d ,slh vFkZO;oLFkk gS tks fofHkUu ekè;eksa }kjk vU; ns'kksa
ls varZO;ogkj djrh gSA vc rd geus bl igyw ij fopkj ugha fd;k Fkk vkSj
can vFkZO;oLFkk rd lhfer js[kk ftlesa 'ks"k fo'o ls dksbZ tqM+ko gha gksrs rkfd
gekjk fo'ys"k.k ljy jgs vkSj lef"V vFkZ'kkL=k osQ vk/kj ra=k dh O;k[;k
ljy gksA okLro esa] vf/dak'k vFkZO;oLFkk,¡ [kqyh gSaA bu tqM+koksa dks LFkkfir
djus osQ rhu rjhosQ gSaA
1-  fuxZr cktkjµ ,d vFkZO;oLFkk vU; ns'kksa ls oLrqvksa vkSj lsokvksa esa O;kikj
dj ldrh gSA blls p;u foLr`r gksrk gS] bl vFkZ esa fd miHkksDrk vkSj
mRiknd ?kjsyw vkSj fons'kh oLrqvksa osQ chp p;u dj ldrs gSaA
2- foÙkh; cktkjµ vf/d ckj] ,d vFkZO;oLFkk] nwljs ns'kksa ls foÙkh;
ifjlaifÙk;k¡ [kjhnrh gSA blls fofu;kstdksa dks ?kjsyw rd fons'kh ifjlaifÙks;k¡
ls p;u dh volj feyrk gSA
3-  Je cktkjµ IkQEkZ ;g p;u dj ldrh gSa fd mRiknu dks dgk¡ fd;k tk,
vkSj Jfed p;u dj ldrs gSa fd dgk¡ dke fd;k tk;A vusdksa vizoklu
dkuwu] Jfedksa dh ns'kksa osQ eè; vkokxeu dks Ikzfrcaf/r djrs gSaA
Ikkjaifjd :i ls] oLrqvksa osQ vokxeu dks] Je vkokxeu osQ LFkkiuk dh
Hkk¡fr ns[kk x;k gSA ge] Ikgys nks tqM+koksa ij fopkj djrs gSA
bl izdkj] [kqyh vFkZO;oLFkk og gS tks vU; ns'kksa osQ lkFk oLrqvksa vkSj
lsokvksa esa O;kij djrh gS vkSj cgq/k] foÙkh; ifjlaifÙk;ksa esa HkhA mnkgj.kkFkZ]
Hkkjrh; pkjksa vksj fo'o esa mRikfnr oLrqvksa dk miHkksx dj ldrs gSa vkSj Hkkjr
ls dqN oLrqvksa dk vU; ns'kksa dks fu;kZr fd;k tkrk gSA
bl Ikzdkj] fons'kh O;kikj] Hkkjr dh leLr ek¡x dks nks izdkj ls
IkzHkkfor djrk gSA izFke] tc Hkkjrh; fons'kh oLrqvksa dks [kjhnrs gSa rks muosQ
}kjk fd;k x;k O;; leLr ek¡x dks de djrs gq,] vk; osQ orqZy Ikzokg ls
fjlko osQ :i esa fu"dkflr gksrk gSA f}rh;] fons'kksa dks tks ge fu;kZr djrs
gSa og ?kjsyw mRikfnr oLrqvksa osQ fy;s leLr ek¡x esa o`f¼ djrs gq, orqZy Ikzokg
esa var {ksi.k osQ :i esa izos'k djrk gSA
tc jk"Vªh; lhekvksa osQ chp oLrqvksa dk vkokxeu gksrk gS] lkSnksa osQ
fy;s nzO; dk mi;ksx fd;k tkrk gSA varZjk"Vªh; Lrj ij ,slh dksbZ ,d djsalh
ugha gS tks fdlh ,d cSad }kjk fuxZfer dh tkrh gksA fons'kh vkfFkZd ,tsaV]
fdlh jk"Vªh; djsalh dks rHkh Lohdkj djsaxs] ;fn os vk'oLr gks fd ml djsalh
2018-19
91
[kqyh vFkZO;oLFkk&&
lef"V vFkZ'kkL=k
dh ,d fuf'pr ek=kk ls os tks oLrq,¡ [kjhn losQaxs] mlesa volj ifjorZu ugha gksxkA nwljs 'kCnksa
esa] djsalh dh Ø; 'kkfDr fLFkj jgsxhA
bl fo'okl osQ cxSj] fdlh djsalh dks varjkZ"Vªh; fofue; osQ ekè;e osQ :i esa mi;ksx
ugha fd;k tk;sxk vkSj u gh ys[kk dh bdkbZ osQ :i esa mi;ksx gksxk D;ksafd ,slk dksbZ varjk"Vªh;
izf/dj.k ugh gS ftlosQ Ikkl ;g 'kfDr gks fd og varjkZ"Vªh; ysu nsu esa fdlh djsalh osQ
mi;ksx dks ykxw dj losQA
Hkwrdky esa] ns'kksa dh ljdkjksa osQ }kjk laHkkO; mi;ksxdrkZvksa dk fo'okl Ikkus osQ fy;s
;g ?kks"k.kk dh xbZ fd jk"Vªh; eqnzk fuokZ/ :i ls fLFkj dher ij nwljh ifjlaifÙk;ksa esa ifjofrZr
gksaxs] ftlosQ ewY; ij tkjhdrkZ dk dksbZ fu;a=k.k ugha gksxkA ;g nwljh ifjlaifÙk cgq/k lksuk ;k
vU; jk"Vªh; eqnzk,¡ FkhA bl opuc¼rk osQ nks igyw gSa ftlus bldh fo'oluh;rk dks izHkkfor
fd;k gS& vlhfer ek=kk esa fuokZ/ :i esa ifjorZu dh lerk vkSj dher] ftl Ikj ifjorZu gksrk
gSA bUgha eqnzksa dk fujkdj.k djus rFkk varjkZ"Vªh; ysunsu esa fLFkjrk ykus osQ fy;s] varjk"Vªh; eqnzk
Ikz.kkyh dh LFkkiuk dh xbZA
ysunsuksa osQ ek=kk esa o`f¼ osQ lkFk] Lo.kZ og ifjlaifr ugha jgk ftlesa jk"Vªh; djsafl;ksa
dks IfjofrZr fd;k tk losQA (ckWDl 6-1 dks ns[ksa)A ;|fi dqN jk"Vªh; djasfl;ksa dh varjkZ"Vªh;
ekU;rk gS] nks ns'kksa osQ chp ysu nsu esa] og djsalh egRoiw.kZ gksrh gS ftlesa O;kikj fd;k tkrk
gSA mnkgj.k osQ fy,] ;fn dksbZ Hkkjrh; vesfjdk esa fufeZr oLrq [kjhnuk pkgrk gS rks ysunsu
dks iwjk djus osQ fy, mls MkWyjksa dh vko';drk gksxhA ;fn oLrq dh dher 10 MkWyj gS rks
mls ;g tkuuk t:jh gksxk fd Hkkjrh; :i;ksa esa bldh ykxr D;k gksxhA ,d ns'k dh eqnzk dh
fdlh vU; ns'k dh eqnzk osQ :i esa dher dks fons'kh fofue; nj vFkok ljy :i esa fofue;
nj dgrs gSaA bl fo"k; nj ge [kaM 6-2 esa foLr`r ppkZ djsaxsA
6-1 vnk;xh&larqyu
vnk;xh larqyu (BOP) fdlh ,d ns'k osQ fuokfl;ksa vkSj 'ks"k fo'o osQ chp] ,d fuf'pr
le;kof/ esa] [kkldj 2 o"kZ esa] oLrqvksa] lsokvksa vkSj IkfjlaifÙk;ksa osQ ysunsu dk fooj.k gSA
vnk;xh larqyu osQ nks eq[; [kkrs gksrs gSa& pkyw [kkrk vkSj iw¡th [kkrk
1
A
6-1-1 pkyw [kkrk
pkyw [kkrk oLrqvksa vkSj lsokvksa osQ O;kikj esa varj.k vnk;fx;ksa dk fooj.k gSA fp=k 6-1] pkyw
[kkrs osQ ?kVdksa dh iznf'kZr djrk gSA oLrqvksa osQ O;kikj esa] oLrqvksa osQ fu;kZrksa rFkk vk;krksa dks
'kkfey fd;k tkrk gSA lsokvksa osQ O;kikj esa minku vk; rFkk xSj minku vk; ysunsu dks 'kkfey
fd;k tkrk gSA varj.k Hkqxrku] ,slh izHkfRr;k¡ gSa tks fdlh ns'k osQ fudkfl;ksa dks fu'kqYd izHkko
gksrh gS vkSj cnys esa dksbZ oLrq,sa vFkok lsok,¡ ugha nsuh iM+rhA buesa migkj] izsf"kr tu vkSj
vuqnku 'kkfey gSaA ;g ljdkj vFkok fons'kksa esa jgus okys futh O;kfDr;ksa }kjk fn;s tk ldrs gSaA
1
,d u;s oxhZxj.k osQ varxZr vnk;xh larqyu dks rhu [kkrksa esa foHkkftr fd;k x;k gS& pkyw [kkrk] foÙkh; [kkrk
rFkk iwath [kkrkA ;g varjkZ"Vªh; eqnzk dks"k vnk;xh larqyu ,oa varjkZ"Vªh; fLFkfr esU;wvy (BPM6) osQ NBs laLdkj
osQ vuqlkj gSA Hkkjr us Hkh bl fuos'k ifjorZu dks dj fy;k gS ysfdu Hkkjrh; fjtcZ cSad iqjkus oxhZdj.k osQ vk/kj ij
gh leadksa dks Nki jgk gSA
2018-19
92
lef"V vFkZ'kkL=k
,d ifjp;
fons'kksa ls oLrq,¡ [kjhnuk] gekjs ns'k dk O;; gS rFkk ;g fons'k dh vk; gSA blfy,] fons'kh
oLrqvksa dh [kjhn vFkok vk;kr gS] gekjs ns'k esa ?kjsyw oLrqvksa vkSj lsokvksa dh ek¡x dks de
dj nsrs gSaA blh izdkj] fon'kksa dks eky cspus vFkok fu;kZrksa ls gekjs ns'k dks vk; izkIr gksrh
gS tks gekjs ns'k esa oLrqvksa vkSj lsokvksa dh dqy ?kjsyw ek¡x esa o`f¼ djrs gSaA
fp=k 6-1 pkyw [kkrs osQ ?kVd
pkyw [kkrs esa larqyu
pkyw [kkrk larqyu esa gksrk gS tc] pkyw [kkrs esa IkzkfIr;k¡ pkyw [kkrs osQ Hkqxrkuksa osQ cjkcj gksrh
gSaA pkyw [kkrs osQ vkf/D; dk vFkZ gS fd ,d ns'k dks vU; ns'kksa ysuk gS vkSj pkyw [kkrs osQ
?kkVs dk vFkZ gS fd ns'k vU; ns'kksa dh Í.kh gSA
pkyw [kkrs dk vkf/D; larqfyr pkyw [kkrk pkyw [kkrs dk ?kkVk
IkzkfIr;k¡ > Hkqxrku IkzkfIr;k¡ = Hkqxrku IkzkfIr;k¡ < Hkqxrku
pkyw [kkrs osQ larqyu osQ nks /jd gksrs gSa
• O;kikj dk larqyu osQ nks /jd gksrs gSa
• vn`'; enksa dk larqyu
O;kikj larqyu (BOT) fdlh ns'k osQ ,d fuf'pr le;of/ esa] fu;kZrksa vkSj vk;krksa osQ
ewY;ksa dh varj gSA oLrqvksa osQ fu;kZr dks BOT esa ØsfMV fd;k tkrk gS rFkk vk;kr dks BOT
esa MsfcV fd;k tkrk gSA bldk O;kikj larqyu Hkh dgrs gSaA
BOT dks larqfyr dgk tkrk gS tc oLrqvksa osQ fu;kZr] oLrqvksa osQ vk;kr osQ cjkcj gksrs
gSaA BOT esa vf/D; vFkok O;kikj vf/D; rHkh gksrk gS tc dksbZ ns'k vk;krksa dh vis{kk]
oLrqvksa dk fu;kZr vf/d djrk gSA ?kkVs dh BOT rc gksxkA
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vè;k; 6
[kqyh vFkZO;oLFkk
lef"V vFkZ'kkL=k
[kqyh vFkZO;oLFkk ,d ,slh vFkZO;oLFkk gS tks fofHkUu ekè;eksa }kjk vU; ns'kksa
ls varZO;ogkj djrh gSA vc rd geus bl igyw ij fopkj ugha fd;k Fkk vkSj
can vFkZO;oLFkk rd lhfer js[kk ftlesa 'ks"k fo'o ls dksbZ tqM+ko gha gksrs rkfd
gekjk fo'ys"k.k ljy jgs vkSj lef"V vFkZ'kkL=k osQ vk/kj ra=k dh O;k[;k
ljy gksA okLro esa] vf/dak'k vFkZO;oLFkk,¡ [kqyh gSaA bu tqM+koksa dks LFkkfir
djus osQ rhu rjhosQ gSaA
1-  fuxZr cktkjµ ,d vFkZO;oLFkk vU; ns'kksa ls oLrqvksa vkSj lsokvksa esa O;kikj
dj ldrh gSA blls p;u foLr`r gksrk gS] bl vFkZ esa fd miHkksDrk vkSj
mRiknd ?kjsyw vkSj fons'kh oLrqvksa osQ chp p;u dj ldrs gSaA
2- foÙkh; cktkjµ vf/d ckj] ,d vFkZO;oLFkk] nwljs ns'kksa ls foÙkh;
ifjlaifÙk;k¡ [kjhnrh gSA blls fofu;kstdksa dks ?kjsyw rd fons'kh ifjlaifÙks;k¡
ls p;u dh volj feyrk gSA
3-  Je cktkjµ IkQEkZ ;g p;u dj ldrh gSa fd mRiknu dks dgk¡ fd;k tk,
vkSj Jfed p;u dj ldrs gSa fd dgk¡ dke fd;k tk;A vusdksa vizoklu
dkuwu] Jfedksa dh ns'kksa osQ eè; vkokxeu dks Ikzfrcaf/r djrs gSaA
Ikkjaifjd :i ls] oLrqvksa osQ vokxeu dks] Je vkokxeu osQ LFkkiuk dh
Hkk¡fr ns[kk x;k gSA ge] Ikgys nks tqM+koksa ij fopkj djrs gSA
bl izdkj] [kqyh vFkZO;oLFkk og gS tks vU; ns'kksa osQ lkFk oLrqvksa vkSj
lsokvksa esa O;kij djrh gS vkSj cgq/k] foÙkh; ifjlaifÙk;ksa esa HkhA mnkgj.kkFkZ]
Hkkjrh; pkjksa vksj fo'o esa mRikfnr oLrqvksa dk miHkksx dj ldrs gSa vkSj Hkkjr
ls dqN oLrqvksa dk vU; ns'kksa dks fu;kZr fd;k tkrk gSA
bl Ikzdkj] fons'kh O;kikj] Hkkjr dh leLr ek¡x dks nks izdkj ls
IkzHkkfor djrk gSA izFke] tc Hkkjrh; fons'kh oLrqvksa dks [kjhnrs gSa rks muosQ
}kjk fd;k x;k O;; leLr ek¡x dks de djrs gq,] vk; osQ orqZy Ikzokg ls
fjlko osQ :i esa fu"dkflr gksrk gSA f}rh;] fons'kksa dks tks ge fu;kZr djrs
gSa og ?kjsyw mRikfnr oLrqvksa osQ fy;s leLr ek¡x esa o`f¼ djrs gq, orqZy Ikzokg
esa var {ksi.k osQ :i esa izos'k djrk gSA
tc jk"Vªh; lhekvksa osQ chp oLrqvksa dk vkokxeu gksrk gS] lkSnksa osQ
fy;s nzO; dk mi;ksx fd;k tkrk gSA varZjk"Vªh; Lrj ij ,slh dksbZ ,d djsalh
ugha gS tks fdlh ,d cSad }kjk fuxZfer dh tkrh gksA fons'kh vkfFkZd ,tsaV]
fdlh jk"Vªh; djsalh dks rHkh Lohdkj djsaxs] ;fn os vk'oLr gks fd ml djsalh
2018-19
91
[kqyh vFkZO;oLFkk&&
lef"V vFkZ'kkL=k
dh ,d fuf'pr ek=kk ls os tks oLrq,¡ [kjhn losQaxs] mlesa volj ifjorZu ugha gksxkA nwljs 'kCnksa
esa] djsalh dh Ø; 'kkfDr fLFkj jgsxhA
bl fo'okl osQ cxSj] fdlh djsalh dks varjkZ"Vªh; fofue; osQ ekè;e osQ :i esa mi;ksx
ugha fd;k tk;sxk vkSj u gh ys[kk dh bdkbZ osQ :i esa mi;ksx gksxk D;ksafd ,slk dksbZ varjk"Vªh;
izf/dj.k ugh gS ftlosQ Ikkl ;g 'kfDr gks fd og varjkZ"Vªh; ysu nsu esa fdlh djsalh osQ
mi;ksx dks ykxw dj losQA
Hkwrdky esa] ns'kksa dh ljdkjksa osQ }kjk laHkkO; mi;ksxdrkZvksa dk fo'okl Ikkus osQ fy;s
;g ?kks"k.kk dh xbZ fd jk"Vªh; eqnzk fuokZ/ :i ls fLFkj dher ij nwljh ifjlaifÙk;ksa esa ifjofrZr
gksaxs] ftlosQ ewY; ij tkjhdrkZ dk dksbZ fu;a=k.k ugha gksxkA ;g nwljh ifjlaifÙk cgq/k lksuk ;k
vU; jk"Vªh; eqnzk,¡ FkhA bl opuc¼rk osQ nks igyw gSa ftlus bldh fo'oluh;rk dks izHkkfor
fd;k gS& vlhfer ek=kk esa fuokZ/ :i esa ifjorZu dh lerk vkSj dher] ftl Ikj ifjorZu gksrk
gSA bUgha eqnzksa dk fujkdj.k djus rFkk varjkZ"Vªh; ysunsu esa fLFkjrk ykus osQ fy;s] varjk"Vªh; eqnzk
Ikz.kkyh dh LFkkiuk dh xbZA
ysunsuksa osQ ek=kk esa o`f¼ osQ lkFk] Lo.kZ og ifjlaifr ugha jgk ftlesa jk"Vªh; djsafl;ksa
dks IfjofrZr fd;k tk losQA (ckWDl 6-1 dks ns[ksa)A ;|fi dqN jk"Vªh; djasfl;ksa dh varjkZ"Vªh;
ekU;rk gS] nks ns'kksa osQ chp ysu nsu esa] og djsalh egRoiw.kZ gksrh gS ftlesa O;kikj fd;k tkrk
gSA mnkgj.k osQ fy,] ;fn dksbZ Hkkjrh; vesfjdk esa fufeZr oLrq [kjhnuk pkgrk gS rks ysunsu
dks iwjk djus osQ fy, mls MkWyjksa dh vko';drk gksxhA ;fn oLrq dh dher 10 MkWyj gS rks
mls ;g tkuuk t:jh gksxk fd Hkkjrh; :i;ksa esa bldh ykxr D;k gksxhA ,d ns'k dh eqnzk dh
fdlh vU; ns'k dh eqnzk osQ :i esa dher dks fons'kh fofue; nj vFkok ljy :i esa fofue;
nj dgrs gSaA bl fo"k; nj ge [kaM 6-2 esa foLr`r ppkZ djsaxsA
6-1 vnk;xh&larqyu
vnk;xh larqyu (BOP) fdlh ,d ns'k osQ fuokfl;ksa vkSj 'ks"k fo'o osQ chp] ,d fuf'pr
le;kof/ esa] [kkldj 2 o"kZ esa] oLrqvksa] lsokvksa vkSj IkfjlaifÙk;ksa osQ ysunsu dk fooj.k gSA
vnk;xh larqyu osQ nks eq[; [kkrs gksrs gSa& pkyw [kkrk vkSj iw¡th [kkrk
1
A
6-1-1 pkyw [kkrk
pkyw [kkrk oLrqvksa vkSj lsokvksa osQ O;kikj esa varj.k vnk;fx;ksa dk fooj.k gSA fp=k 6-1] pkyw
[kkrs osQ ?kVdksa dh iznf'kZr djrk gSA oLrqvksa osQ O;kikj esa] oLrqvksa osQ fu;kZrksa rFkk vk;krksa dks
'kkfey fd;k tkrk gSA lsokvksa osQ O;kikj esa minku vk; rFkk xSj minku vk; ysunsu dks 'kkfey
fd;k tkrk gSA varj.k Hkqxrku] ,slh izHkfRr;k¡ gSa tks fdlh ns'k osQ fudkfl;ksa dks fu'kqYd izHkko
gksrh gS vkSj cnys esa dksbZ oLrq,sa vFkok lsok,¡ ugha nsuh iM+rhA buesa migkj] izsf"kr tu vkSj
vuqnku 'kkfey gSaA ;g ljdkj vFkok fons'kksa esa jgus okys futh O;kfDr;ksa }kjk fn;s tk ldrs gSaA
1
,d u;s oxhZxj.k osQ varxZr vnk;xh larqyu dks rhu [kkrksa esa foHkkftr fd;k x;k gS& pkyw [kkrk] foÙkh; [kkrk
rFkk iwath [kkrkA ;g varjkZ"Vªh; eqnzk dks"k vnk;xh larqyu ,oa varjkZ"Vªh; fLFkfr esU;wvy (BPM6) osQ NBs laLdkj
osQ vuqlkj gSA Hkkjr us Hkh bl fuos'k ifjorZu dks dj fy;k gS ysfdu Hkkjrh; fjtcZ cSad iqjkus oxhZdj.k osQ vk/kj ij
gh leadksa dks Nki jgk gSA
2018-19
92
lef"V vFkZ'kkL=k
,d ifjp;
fons'kksa ls oLrq,¡ [kjhnuk] gekjs ns'k dk O;; gS rFkk ;g fons'k dh vk; gSA blfy,] fons'kh
oLrqvksa dh [kjhn vFkok vk;kr gS] gekjs ns'k esa ?kjsyw oLrqvksa vkSj lsokvksa dh ek¡x dks de
dj nsrs gSaA blh izdkj] fon'kksa dks eky cspus vFkok fu;kZrksa ls gekjs ns'k dks vk; izkIr gksrh
gS tks gekjs ns'k esa oLrqvksa vkSj lsokvksa dh dqy ?kjsyw ek¡x esa o`f¼ djrs gSaA
fp=k 6-1 pkyw [kkrs osQ ?kVd
pkyw [kkrs esa larqyu
pkyw [kkrk larqyu esa gksrk gS tc] pkyw [kkrs esa IkzkfIr;k¡ pkyw [kkrs osQ Hkqxrkuksa osQ cjkcj gksrh
gSaA pkyw [kkrs osQ vkf/D; dk vFkZ gS fd ,d ns'k dks vU; ns'kksa ysuk gS vkSj pkyw [kkrs osQ
?kkVs dk vFkZ gS fd ns'k vU; ns'kksa dh Í.kh gSA
pkyw [kkrs dk vkf/D; larqfyr pkyw [kkrk pkyw [kkrs dk ?kkVk
IkzkfIr;k¡ > Hkqxrku IkzkfIr;k¡ = Hkqxrku IkzkfIr;k¡ < Hkqxrku
pkyw [kkrs osQ larqyu osQ nks /jd gksrs gSa
• O;kikj dk larqyu osQ nks /jd gksrs gSa
• vn`'; enksa dk larqyu
O;kikj larqyu (BOT) fdlh ns'k osQ ,d fuf'pr le;of/ esa] fu;kZrksa vkSj vk;krksa osQ
ewY;ksa dh varj gSA oLrqvksa osQ fu;kZr dks BOT esa ØsfMV fd;k tkrk gS rFkk vk;kr dks BOT
esa MsfcV fd;k tkrk gSA bldk O;kikj larqyu Hkh dgrs gSaA
BOT dks larqfyr dgk tkrk gS tc oLrqvksa osQ fu;kZr] oLrqvksa osQ vk;kr osQ cjkcj gksrs
gSaA BOT esa vf/D; vFkok O;kikj vf/D; rHkh gksrk gS tc dksbZ ns'k vk;krksa dh vis{kk]
oLrqvksa dk fu;kZr vf/d djrk gSA ?kkVs dh BOT rc gksxkA
2018-19
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[kqyh vFkZO;oLFkk&&
lef"V vFkZ'kkL=k
tc dksbZ ns'k fu;kZrksa dh vis{kk] oLrqvksa dk vf/d vk;kr djrk gSA fuoy vn`'; ensa
,d ns'k osQ ,d fuf'pr vof/ esa vn`'; enksa osQ fu;kZrksa ,oa vk;krksa osQ ewY;ksa dk varj gksrh
gSaA vn`'; enksa esa fofHkUu ns'kksa osQ chp gksus okyh] lsokvksa] gLrkarj.kksa rFkk vke izokg 'kkfey
gksrs gSaA lsokvksa osQ O;kikj esa] minku rFkk xSj&minku vk; nksuksa 'kkfey fd;k tkrk gSA minku
vk; esa mRiknu osQ lk/uksa tSls O;;] Hkwfe rFkk iw¡th) ls izkIr fuoy varjkZ"Vªh; vk;ksa dks
'kkfey fd;k tkrk gSA lsok&mRiknksa tSls tgktjkuh] cSafdax] i;VZu] lkWÝVos;j lsok,¡ vkfn ls
izkIr fuoy fcØh dks xSj&minku vk; dgrs gSaA
6-1-2- iw¡th [kkrk
i¡wth [kkrk] ifjlaifÙk;ksa osQ leLr varjkZ"Vªh; ysunsuksa dks ntZ djrk gSA ifjlEifÙk /u dks j[kus
dk dksbZ Hkh :i gksrk gSA tSls] eqnzk] LVkWd] ca/i=k] ljdkjh Í.k vkfnA ifjlEifÙk;ksa dh [kjhn
i¡th&[kkrs esa MsfcV dh tkrh gSA ;fn dksbZ Hkkjrh; ,d ;w- osQ- dkj daiuh dks [kjhnrk gS rks
og bl iwath [kkrs osQ ysunsu dk] MsfcV en esa izfo"Vh dj nsrk gS (D;ksafd fons'kh fofue;
dk Hkkjr ls cká izokg gks jgk gS)A nwljh vksj] ifjlaifÙk dh fcØh tSls] ;w- osQ- ls [kjhnh xbZ]
,d Hkkjrh; daiuh osQ 'ks;j dh fcØh ,d phuh O;kikjh dks fcØh djuk iwath [kkrs dh ØsfMV
en gSA fp=k 6-2 mu enksa dk oxhZdj.k djrk gS tks pkyw [kkrs osQ ysunsuksa dk Hkkx gSA ;g ensa
izR;{k fons'kh fofu;ksx (FIIs) fons'kh laLFkkxr fou;ksx (FIIs) fons'kh Í.k rFkk lgk;rk gSaA
iw¡th [kkrk larqyu
iw¡th[kkrk larqyu esa gksrk gS tc i¡wth varZizokg (tSls fons'kksa ls ½.k izkfIr] fons'kh daifu;ksa esa
'ks;jksa dh fcØh) iw¡th cká izokgksa (tSls Í.kksa dh Hkqxrku] fons'kksa esa dEifu;ksa osQ 'ks;jksa ;k
ifjlaifÙk;ksa dk [kjhnuk) osQ cjkcj gksrs gSaA iw¡th [kkrs esa vkfèkD; rc gksrk gS tc iw¡th
varZizokg] iw¡th [kkrs esa ?kkVk rc gksrk gS tc iw¡th varZokg] iw¡th cká izokgksa ls de gksrs gSaA
fons'kh Í.k fons'kh lgk;rk fuos'k
iw¡th [kkrk
fp=k 6-2 iw¡th [kkrs osQ ?kVd
izR;{k fuos'k
iksVZI+kQksfy;ks
fuos'k
mnkgj.kµ
bfDoVh iw¡th] iwuZ&
fuosf'kr vk;as rFkk
vU; izR;{k
iw¡th izokg
FDI,
mnkgj.kµ
fons'kh iaQM
FII,
mnkgj.kµ fons'kh
O;kikfjd Í.k]
vYidkfyd Í.k
mnkgj.kµ ljdkjh
lgk;rk] var%
ljdkjh] cgqi{kh;
rFkk f}i{kh; Í.k
2018-19
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vè;k; 6
[kqyh vFkZO;oLFkk
lef"V vFkZ'kkL=k
[kqyh vFkZO;oLFkk ,d ,slh vFkZO;oLFkk gS tks fofHkUu ekè;eksa }kjk vU; ns'kksa
ls varZO;ogkj djrh gSA vc rd geus bl igyw ij fopkj ugha fd;k Fkk vkSj
can vFkZO;oLFkk rd lhfer js[kk ftlesa 'ks"k fo'o ls dksbZ tqM+ko gha gksrs rkfd
gekjk fo'ys"k.k ljy jgs vkSj lef"V vFkZ'kkL=k osQ vk/kj ra=k dh O;k[;k
ljy gksA okLro esa] vf/dak'k vFkZO;oLFkk,¡ [kqyh gSaA bu tqM+koksa dks LFkkfir
djus osQ rhu rjhosQ gSaA
1-  fuxZr cktkjµ ,d vFkZO;oLFkk vU; ns'kksa ls oLrqvksa vkSj lsokvksa esa O;kikj
dj ldrh gSA blls p;u foLr`r gksrk gS] bl vFkZ esa fd miHkksDrk vkSj
mRiknd ?kjsyw vkSj fons'kh oLrqvksa osQ chp p;u dj ldrs gSaA
2- foÙkh; cktkjµ vf/d ckj] ,d vFkZO;oLFkk] nwljs ns'kksa ls foÙkh;
ifjlaifÙk;k¡ [kjhnrh gSA blls fofu;kstdksa dks ?kjsyw rd fons'kh ifjlaifÙks;k¡
ls p;u dh volj feyrk gSA
3-  Je cktkjµ IkQEkZ ;g p;u dj ldrh gSa fd mRiknu dks dgk¡ fd;k tk,
vkSj Jfed p;u dj ldrs gSa fd dgk¡ dke fd;k tk;A vusdksa vizoklu
dkuwu] Jfedksa dh ns'kksa osQ eè; vkokxeu dks Ikzfrcaf/r djrs gSaA
Ikkjaifjd :i ls] oLrqvksa osQ vokxeu dks] Je vkokxeu osQ LFkkiuk dh
Hkk¡fr ns[kk x;k gSA ge] Ikgys nks tqM+koksa ij fopkj djrs gSA
bl izdkj] [kqyh vFkZO;oLFkk og gS tks vU; ns'kksa osQ lkFk oLrqvksa vkSj
lsokvksa esa O;kij djrh gS vkSj cgq/k] foÙkh; ifjlaifÙk;ksa esa HkhA mnkgj.kkFkZ]
Hkkjrh; pkjksa vksj fo'o esa mRikfnr oLrqvksa dk miHkksx dj ldrs gSa vkSj Hkkjr
ls dqN oLrqvksa dk vU; ns'kksa dks fu;kZr fd;k tkrk gSA
bl Ikzdkj] fons'kh O;kikj] Hkkjr dh leLr ek¡x dks nks izdkj ls
IkzHkkfor djrk gSA izFke] tc Hkkjrh; fons'kh oLrqvksa dks [kjhnrs gSa rks muosQ
}kjk fd;k x;k O;; leLr ek¡x dks de djrs gq,] vk; osQ orqZy Ikzokg ls
fjlko osQ :i esa fu"dkflr gksrk gSA f}rh;] fons'kksa dks tks ge fu;kZr djrs
gSa og ?kjsyw mRikfnr oLrqvksa osQ fy;s leLr ek¡x esa o`f¼ djrs gq, orqZy Ikzokg
esa var {ksi.k osQ :i esa izos'k djrk gSA
tc jk"Vªh; lhekvksa osQ chp oLrqvksa dk vkokxeu gksrk gS] lkSnksa osQ
fy;s nzO; dk mi;ksx fd;k tkrk gSA varZjk"Vªh; Lrj ij ,slh dksbZ ,d djsalh
ugha gS tks fdlh ,d cSad }kjk fuxZfer dh tkrh gksA fons'kh vkfFkZd ,tsaV]
fdlh jk"Vªh; djsalh dks rHkh Lohdkj djsaxs] ;fn os vk'oLr gks fd ml djsalh
2018-19
91
[kqyh vFkZO;oLFkk&&
lef"V vFkZ'kkL=k
dh ,d fuf'pr ek=kk ls os tks oLrq,¡ [kjhn losQaxs] mlesa volj ifjorZu ugha gksxkA nwljs 'kCnksa
esa] djsalh dh Ø; 'kkfDr fLFkj jgsxhA
bl fo'okl osQ cxSj] fdlh djsalh dks varjkZ"Vªh; fofue; osQ ekè;e osQ :i esa mi;ksx
ugha fd;k tk;sxk vkSj u gh ys[kk dh bdkbZ osQ :i esa mi;ksx gksxk D;ksafd ,slk dksbZ varjk"Vªh;
izf/dj.k ugh gS ftlosQ Ikkl ;g 'kfDr gks fd og varjkZ"Vªh; ysu nsu esa fdlh djsalh osQ
mi;ksx dks ykxw dj losQA
Hkwrdky esa] ns'kksa dh ljdkjksa osQ }kjk laHkkO; mi;ksxdrkZvksa dk fo'okl Ikkus osQ fy;s
;g ?kks"k.kk dh xbZ fd jk"Vªh; eqnzk fuokZ/ :i ls fLFkj dher ij nwljh ifjlaifÙk;ksa esa ifjofrZr
gksaxs] ftlosQ ewY; ij tkjhdrkZ dk dksbZ fu;a=k.k ugha gksxkA ;g nwljh ifjlaifÙk cgq/k lksuk ;k
vU; jk"Vªh; eqnzk,¡ FkhA bl opuc¼rk osQ nks igyw gSa ftlus bldh fo'oluh;rk dks izHkkfor
fd;k gS& vlhfer ek=kk esa fuokZ/ :i esa ifjorZu dh lerk vkSj dher] ftl Ikj ifjorZu gksrk
gSA bUgha eqnzksa dk fujkdj.k djus rFkk varjkZ"Vªh; ysunsu esa fLFkjrk ykus osQ fy;s] varjk"Vªh; eqnzk
Ikz.kkyh dh LFkkiuk dh xbZA
ysunsuksa osQ ek=kk esa o`f¼ osQ lkFk] Lo.kZ og ifjlaifr ugha jgk ftlesa jk"Vªh; djsafl;ksa
dks IfjofrZr fd;k tk losQA (ckWDl 6-1 dks ns[ksa)A ;|fi dqN jk"Vªh; djasfl;ksa dh varjkZ"Vªh;
ekU;rk gS] nks ns'kksa osQ chp ysu nsu esa] og djsalh egRoiw.kZ gksrh gS ftlesa O;kikj fd;k tkrk
gSA mnkgj.k osQ fy,] ;fn dksbZ Hkkjrh; vesfjdk esa fufeZr oLrq [kjhnuk pkgrk gS rks ysunsu
dks iwjk djus osQ fy, mls MkWyjksa dh vko';drk gksxhA ;fn oLrq dh dher 10 MkWyj gS rks
mls ;g tkuuk t:jh gksxk fd Hkkjrh; :i;ksa esa bldh ykxr D;k gksxhA ,d ns'k dh eqnzk dh
fdlh vU; ns'k dh eqnzk osQ :i esa dher dks fons'kh fofue; nj vFkok ljy :i esa fofue;
nj dgrs gSaA bl fo"k; nj ge [kaM 6-2 esa foLr`r ppkZ djsaxsA
6-1 vnk;xh&larqyu
vnk;xh larqyu (BOP) fdlh ,d ns'k osQ fuokfl;ksa vkSj 'ks"k fo'o osQ chp] ,d fuf'pr
le;kof/ esa] [kkldj 2 o"kZ esa] oLrqvksa] lsokvksa vkSj IkfjlaifÙk;ksa osQ ysunsu dk fooj.k gSA
vnk;xh larqyu osQ nks eq[; [kkrs gksrs gSa& pkyw [kkrk vkSj iw¡th [kkrk
1
A
6-1-1 pkyw [kkrk
pkyw [kkrk oLrqvksa vkSj lsokvksa osQ O;kikj esa varj.k vnk;fx;ksa dk fooj.k gSA fp=k 6-1] pkyw
[kkrs osQ ?kVdksa dh iznf'kZr djrk gSA oLrqvksa osQ O;kikj esa] oLrqvksa osQ fu;kZrksa rFkk vk;krksa dks
'kkfey fd;k tkrk gSA lsokvksa osQ O;kikj esa minku vk; rFkk xSj minku vk; ysunsu dks 'kkfey
fd;k tkrk gSA varj.k Hkqxrku] ,slh izHkfRr;k¡ gSa tks fdlh ns'k osQ fudkfl;ksa dks fu'kqYd izHkko
gksrh gS vkSj cnys esa dksbZ oLrq,sa vFkok lsok,¡ ugha nsuh iM+rhA buesa migkj] izsf"kr tu vkSj
vuqnku 'kkfey gSaA ;g ljdkj vFkok fons'kksa esa jgus okys futh O;kfDr;ksa }kjk fn;s tk ldrs gSaA
1
,d u;s oxhZxj.k osQ varxZr vnk;xh larqyu dks rhu [kkrksa esa foHkkftr fd;k x;k gS& pkyw [kkrk] foÙkh; [kkrk
rFkk iwath [kkrkA ;g varjkZ"Vªh; eqnzk dks"k vnk;xh larqyu ,oa varjkZ"Vªh; fLFkfr esU;wvy (BPM6) osQ NBs laLdkj
osQ vuqlkj gSA Hkkjr us Hkh bl fuos'k ifjorZu dks dj fy;k gS ysfdu Hkkjrh; fjtcZ cSad iqjkus oxhZdj.k osQ vk/kj ij
gh leadksa dks Nki jgk gSA
2018-19
92
lef"V vFkZ'kkL=k
,d ifjp;
fons'kksa ls oLrq,¡ [kjhnuk] gekjs ns'k dk O;; gS rFkk ;g fons'k dh vk; gSA blfy,] fons'kh
oLrqvksa dh [kjhn vFkok vk;kr gS] gekjs ns'k esa ?kjsyw oLrqvksa vkSj lsokvksa dh ek¡x dks de
dj nsrs gSaA blh izdkj] fon'kksa dks eky cspus vFkok fu;kZrksa ls gekjs ns'k dks vk; izkIr gksrh
gS tks gekjs ns'k esa oLrqvksa vkSj lsokvksa dh dqy ?kjsyw ek¡x esa o`f¼ djrs gSaA
fp=k 6-1 pkyw [kkrs osQ ?kVd
pkyw [kkrs esa larqyu
pkyw [kkrk larqyu esa gksrk gS tc] pkyw [kkrs esa IkzkfIr;k¡ pkyw [kkrs osQ Hkqxrkuksa osQ cjkcj gksrh
gSaA pkyw [kkrs osQ vkf/D; dk vFkZ gS fd ,d ns'k dks vU; ns'kksa ysuk gS vkSj pkyw [kkrs osQ
?kkVs dk vFkZ gS fd ns'k vU; ns'kksa dh Í.kh gSA
pkyw [kkrs dk vkf/D; larqfyr pkyw [kkrk pkyw [kkrs dk ?kkVk
IkzkfIr;k¡ > Hkqxrku IkzkfIr;k¡ = Hkqxrku IkzkfIr;k¡ < Hkqxrku
pkyw [kkrs osQ larqyu osQ nks /jd gksrs gSa
• O;kikj dk larqyu osQ nks /jd gksrs gSa
• vn`'; enksa dk larqyu
O;kikj larqyu (BOT) fdlh ns'k osQ ,d fuf'pr le;of/ esa] fu;kZrksa vkSj vk;krksa osQ
ewY;ksa dh varj gSA oLrqvksa osQ fu;kZr dks BOT esa ØsfMV fd;k tkrk gS rFkk vk;kr dks BOT
esa MsfcV fd;k tkrk gSA bldk O;kikj larqyu Hkh dgrs gSaA
BOT dks larqfyr dgk tkrk gS tc oLrqvksa osQ fu;kZr] oLrqvksa osQ vk;kr osQ cjkcj gksrs
gSaA BOT esa vf/D; vFkok O;kikj vf/D; rHkh gksrk gS tc dksbZ ns'k vk;krksa dh vis{kk]
oLrqvksa dk fu;kZr vf/d djrk gSA ?kkVs dh BOT rc gksxkA
2018-19
93
[kqyh vFkZO;oLFkk&&
lef"V vFkZ'kkL=k
tc dksbZ ns'k fu;kZrksa dh vis{kk] oLrqvksa dk vf/d vk;kr djrk gSA fuoy vn`'; ensa
,d ns'k osQ ,d fuf'pr vof/ esa vn`'; enksa osQ fu;kZrksa ,oa vk;krksa osQ ewY;ksa dk varj gksrh
gSaA vn`'; enksa esa fofHkUu ns'kksa osQ chp gksus okyh] lsokvksa] gLrkarj.kksa rFkk vke izokg 'kkfey
gksrs gSaA lsokvksa osQ O;kikj esa] minku rFkk xSj&minku vk; nksuksa 'kkfey fd;k tkrk gSA minku
vk; esa mRiknu osQ lk/uksa tSls O;;] Hkwfe rFkk iw¡th) ls izkIr fuoy varjkZ"Vªh; vk;ksa dks
'kkfey fd;k tkrk gSA lsok&mRiknksa tSls tgktjkuh] cSafdax] i;VZu] lkWÝVos;j lsok,¡ vkfn ls
izkIr fuoy fcØh dks xSj&minku vk; dgrs gSaA
6-1-2- iw¡th [kkrk
i¡wth [kkrk] ifjlaifÙk;ksa osQ leLr varjkZ"Vªh; ysunsuksa dks ntZ djrk gSA ifjlEifÙk /u dks j[kus
dk dksbZ Hkh :i gksrk gSA tSls] eqnzk] LVkWd] ca/i=k] ljdkjh Í.k vkfnA ifjlEifÙk;ksa dh [kjhn
i¡th&[kkrs esa MsfcV dh tkrh gSA ;fn dksbZ Hkkjrh; ,d ;w- osQ- dkj daiuh dks [kjhnrk gS rks
og bl iwath [kkrs osQ ysunsu dk] MsfcV en esa izfo"Vh dj nsrk gS (D;ksafd fons'kh fofue;
dk Hkkjr ls cká izokg gks jgk gS)A nwljh vksj] ifjlaifÙk dh fcØh tSls] ;w- osQ- ls [kjhnh xbZ]
,d Hkkjrh; daiuh osQ 'ks;j dh fcØh ,d phuh O;kikjh dks fcØh djuk iwath [kkrs dh ØsfMV
en gSA fp=k 6-2 mu enksa dk oxhZdj.k djrk gS tks pkyw [kkrs osQ ysunsuksa dk Hkkx gSA ;g ensa
izR;{k fons'kh fofu;ksx (FIIs) fons'kh laLFkkxr fou;ksx (FIIs) fons'kh Í.k rFkk lgk;rk gSaA
iw¡th [kkrk larqyu
iw¡th[kkrk larqyu esa gksrk gS tc i¡wth varZizokg (tSls fons'kksa ls ½.k izkfIr] fons'kh daifu;ksa esa
'ks;jksa dh fcØh) iw¡th cká izokgksa (tSls Í.kksa dh Hkqxrku] fons'kksa esa dEifu;ksa osQ 'ks;jksa ;k
ifjlaifÙk;ksa dk [kjhnuk) osQ cjkcj gksrs gSaA iw¡th [kkrs esa vkfèkD; rc gksrk gS tc iw¡th
varZizokg] iw¡th [kkrs esa ?kkVk rc gksrk gS tc iw¡th varZokg] iw¡th cká izokgksa ls de gksrs gSaA
fons'kh Í.k fons'kh lgk;rk fuos'k
iw¡th [kkrk
fp=k 6-2 iw¡th [kkrs osQ ?kVd
izR;{k fuos'k
iksVZI+kQksfy;ks
fuos'k
mnkgj.kµ
bfDoVh iw¡th] iwuZ&
fuosf'kr vk;as rFkk
vU; izR;{k
iw¡th izokg
FDI,
mnkgj.kµ
fons'kh iaQM
FII,
mnkgj.kµ fons'kh
O;kikfjd Í.k]
vYidkfyd Í.k
mnkgj.kµ ljdkjh
lgk;rk] var%
ljdkjh] cgqi{kh;
rFkk f}i{kh; Í.k
2018-19
94
lef"V vFkZ'kkL=k
,d ifjp;
6-1-3 vnk;xh&larqyu vkSj ?kkVk
varjkZ"Vªh; vnk;xh dk lkj gS fd ftl izdkj viuh vk; ls vf/d O;; djus okys dks]
ifjlEifÙk;k¡ cspdj vFkok mèkkj ysdj] vk; O;; osQ varj dks iwjk djuk iM+rk gS] mlh izdkj
dksbZ ns'k ftlosQ pkyw [kkrs esa ?kkVk gS (tks 'ks"k fo'o dks fcØh ls izkIr /u ls vf/d /u
O;; djrk gSA mls viuh ifjlEifÙk;ksa dks cspdj ;k fons'kksa ls Í.k ysdj ml deh dks iwjk
djuk gksrk gSA bl izdkj] fdlh Hkh pkyw [kkrk ?kkVs dks fuoy iw¡th [kkrk vf/D; vFkkZr~ fuoy
iw¡th izokg ls foÙkiksf"kr djuk gksrk gSA
pkyw [kkrk $ iw¡th [kkrk ¾ 0
oSdfYid :i esa] ,d ns'k vius ?kkVs dks larqfyr djus osQ fy;s] vius fons'kh fofue;
dks"kksa dk mi;ksx dj ldrk gSA tc ?kkVk gksrk gS rks fjtoZ cSad fons'kh fofue; csprk gSA bls
vf/dkfjd dks"k foØ; dgk tkrk gSA vf/dkfjd dks"kksa esa deh (o`f¼) dk dqy vnk;xh&larqyu
?kkVk (vf/De) dgrs gSaA ewyHkwr rF; ;g gS fd vnk;xh larqyu esa ekSfnzd vf/dkjh vafre
foÙkiks"kd gksrs gSa (vFkok fdlh vf/D; osQ vf/xzgh gksrs gSa)
è;krO; gS fd vf/dkfjd dks"k ysunsu ,d vf/dksfyr fofue; nj voLFkk esa] vLFkk;h
fofue; njksa dh vis{kk vf/d izklafxd gksrs gSaA
Lok;Ùk vkSj lek;ksftr ysunsu
varjkZ"Vªh; vkfFkZd ysunsuksa dks rc Lok;r dgk tkrk gS tc ysunsu] vnk;xh larqyu esa fo"kerk
dks iwjk djus osQ vykok] fdlh vkSj dkj.ko'k fd;s tkrs gSa] vFkkZr tc os BOP dh n'kk ls
Lora=k gksrs gSaA ,d dkj.k ykHk dekuk gks ldrk gSA bu enksa dks vnk;xh larqyu esa ^jksd osQ
mQij dh ensa* dgrs gSA tc Lok;Ùk izkfIr;k¡ Lok;Ùk vnk;fx;ksa ls vf/d (de) gksa] rks
vnk;xh larqyu dks vf/o; (?kkVk) dkgk tkrk gSA
lek;ksftr ysunsuksa (js[kkvksa osQ uhps dh enksa) dk fu/kZj.k vnk;xh&larqyu dh fo"kerk
}kjk gksrk gS vFkkZr tc vnk;xh&larqyu esa ?kkVk gks vFkok vf/D; gksA vU; 'kCnksa esa ;s Lok;Ùk
ysunsuksa osQ fuoy ifj.kkeksa }kjk fu/kZfjr gksrs gSaA D;ksafd vf/dkfjd dks"k ysunsu BOP dh
fo"kerk dks ikVus osQ fy;s fd;s tkrs gSa] mUgsa vnk;xh&larqyu esa lek;ksftr enksa osQ :i esa
ns[kk tkrk gS (vU; lHkh Lok;Ùkk gksa)A
=kqfV vkSj yksi% lHkh varjkZ"Vªh; ysunsuksa dks lgh izdkj ls fjdkMZ djuk dfBu gSA vr%
gekjs ikl BOP dk ,d rhljk vo;o (pkyw vkSj iwath [kkrksa osQ vfrfjDr) ftls =kqfV vkSj
yksi dk izfrfcafcr ekurs gaSA
rkfydk 6-1 Hkkjr osQ vnk;xh&larqyu dk ,d uewuk izLrqr djrh gSA è;ku nhft;s] bl
rkfydk esa O;kikj ?kkVk gS] pkyw [kkrs dk ?kkVk gS ysfdu iwath [kkrs dk vf/D; gSA iQyLo:i
BOP larqyu esa gSA
vnk;xh&larqyu ?kkVk vnk;xh larqyu larqfyr vnk;xh larqyu vf/D;
dqy larqyu < 0 dqy larqyu ¾ 0 dqy larqyu > 0
jf{kr ifjorZu > 0 jf{kr ifjorZu ¾ 0 jf{kr ifjorZu < 0
2018-19
Read More
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