Chapter

1 LNATURE AND SCOPE

OF MANAGEMENT
INTRODUCTION

An organisation is a set of people working together to achieve common goals. No

organisation can run successfully unless there is someone to manage its activities. It is not
difficult to realise the consequences of a situation in which an orgnised group has no
management at all. Management is essential to direct and co-ordinate the activities of the
group to achieve organisational goals. Management brings human and material resources
together and motivates people for reaching desired goals. Management is a universal process
in all organised social and economic activities. Whenever there is human activity, there is
management. In our real life also wesee that every activity we undertake involves an
element that ensures co-ordination and cohessiveness to the activites without which our acts
would be unproductive and ineffective.
Meaning of Management
Management is a process of allocating luman and economicresources of the organisation
through managerial functions such as planning, organising, staffing, directing, and controlling
for the purpose of achieving stated objectives. All business organisation such as sole
proprietorship, partnership, joint stock company, co-operative organisation, public sector
enterprises require management to carry on business activities. Other organisations such as
hospitals, educational institutes, clubs, NGO»s also require proper management to run their
activities effectively. Both profit earning organisations and non-profit organisations equally
require management for running their activities in a better way. The success or failure of an
organisation may be greatly influenced by the expertise of management it has.
 PRINCIPLES AND PRACTICES OF M
1.2

some organisations
sucessfully with proper management : The
The organisations grow administration can be cited as follows :
due to0 able
MANAGMstoEiNes
SuccesS
oh

Steve Jobs of USA

Bill Gates of USA
2. Steve Jobs of USA promoted
1, Microsoft of USA became
famous IT company in the world and developed Apple Industries
and was successfully promoted and made it world leader in
and managed by Bill Gates. mobile phones.

Dhiru BhaiAmbani of
Narain Murthy of India Azeem Premjiof India India

3. Narain Murthy was 4. Due to the mana 5. Reliance Industries Ltd.

the pioneer in gerial abilities of was initiated by Late
Azeem Premji, Dhiru Bhai Ambania and
developing Infosys
and making it an WIPRO has made a his unique qualities of
name in computer management made it an
international IT
industry. international company.
company.

CONCEPTS OF MANAGEMENT
It may refer to the functions
The term 'management has been used in different senses.
it undertakes, a body of knowledge, a practice and a discipline, a factor of production, etc.
management, one concept is
There are two schools of thought defining the concept of
traditional and the other is modern.
 h
taroug
NATURE AND SCOPE OF MANAGEMENT e
don 1.3

Traditional or Conventional Concept of Management

Traditional concept of management emphasised the direction and supervision of workers
while they are undertaking their work Workers were treated as afactor of production) and
were required to perform the assigned workj it was also felt that workers should be
compensated for their contribution to the organisation.] So management was considered to
be getting things done through workers.
Traditional Concept of Management
Mary Parker "Management is the art of getting things done through
Follett others,"
Harold Koonz "Management is the art of getting things done through and with
o
help of people in formally organised grouRS:QchieUe
a lm
same

but Same
Modern Concept of Management heonle have
Management is an activity which is necessary wherever there is a group of people
working in an organisation. Though/people in an organisation have diverse functions but their
aim is to achieve same goals.)

Definitions by Different Authors

Henry Fayol "To manage is to forecast and plan, to organise, to command,
to co-ordinate, and to control."
George R. Terry "Management is adistinct process consisting of activities of
planning, organising, activating and controlling, performed to
determine and accomplish stated objectives with the use of
human beings and other resources. '
James L. Ludury "Management is the art of knowing exactly what you want your
men to do and their seeing that they do it in the best and
cheapest way."
Le F.W. Taylor 'Management is the art of co-ordination of all resources through
the process of planning, organising, directing and controlling in
order to obtain stated objectives."
Marrie and "Management is the process by which a co-operative group
Douglas directs actions of others towards common goals."
According to the modern approach, management is the art of getting things done with
the aim of achieving organisational goals effectively and efficiently.
Modern concept insists on the following :
t Process. A process refers to a series of steps necessary to get things done. These steps
are planning, organising, staffing, directing and controlling.
Efficient and effective performance. Modrn concept says that employees must be
efficient and effective to accomplish their tasks. Efficiency is related to optimum
utilisation of resources or no wastage of resources) both are essential for every
organisation. Effectiveness refers to the achivement of targets in time.
 PRINCIPLES AND PRACTICES OF
1.4
3.Achievement of organisational goals. Modern concept of management emn MANAGEMENT
the achievement of organisational goals. All activities of the employees must be
in such a way that the goals of the enterprise are achieved efficiently and
goal should be the individual goal of every employee. thediregrctoeupd
Effectivenss Vs Efficiency
Effectiveness and efficiency are generally used very closely or interchangeably,
both these terms have vervy clear and separate meanings. Effectiveness denotes to a alsitthuoughation
when the goals are achieved within a stipulated time with the given resources and means. The
efficiency, on the other hand, states to a situation when goals are achieved correctly and wit.
minimum of cost. It means that so far as management is concerned both effectiveness and
efficiencv are two sides of the same coin. For example, if firm is required to produce 10.000
units of a product in one year and the firm is able to achieve this target but at a higher cost
this will be a case of effectiveness. In this case the management is eftective but not efficiens
because output target has been reached but cost has been more. If the production target of
10,000 units is achieved within the vear at lesser cost than estimated, then it will be a case
of efficiencv.

The difference in these concepts can be explained as follows :

Effectiveness Efficiency
1. It refers to completion of task within 1. It refers to completion of task correctly
time. with minimum cost.
2. It is concerned with end result i.e. 2. It is concerned with cost-benefit
completion of task. analysis, using less resources and
getting maximum output.
3. It is a multidimensional concept which 3. Efficiency can be measured by cost
cannot be measured by a single criteria. benefit analysis.
4. It is a very broad concept. 4. It is concerned with economic and
technical aspects of the organisation.

SOME OTHER CONCEPTS OF MANAGMENT

hrocucio as lac ok
YManagement as an Economic Resource. Management is one of the productive factors
like land, labour, capital, entrepreneur. Other factors of production cannot produce any
results of their own unless they are co-ordinated by m¡nagement. Therefore, management is
an important factor of production. comhises o ho oght
Management as a Discipline. Management as a discipline refers to a body of
knowledge, afield of study, a practice. It comprises management theory and practice which
helps in tracing various managerial problems. It has become an important subject which is
taught in universities and business schools and offers abright career to the students.
sAManagement as a Process. Management as a process involves inter-related activities
or functions. The functions involve different activities which management is required to
perform for properly remaining in the business.
These functions are :
( Defining the objectives of the organisation.
 NATURE AND SCOPE OF MANAGEMENT 1.5
(j) Formulating plans, policies, procedures to. achieve the objectives
economically. efficiently and
(jä) Acquiring and using various resources of production such as men,
machinery and other factorS. materials,
(i) ldentifying various duties and activities and assigning them to different persons
and fixing their authority and
responsibility.
( Motivating and guiding people to perform their duties as per
plans.
(v Exercising control over the performance of people and taking rernedial steps, if
necessary.

Thus concept of management brings out the fact that all types of managenments have to
nerform the same functions irrespective of the size, nature or country. It also highlights the
utiversal nature of management.
,prManagement as Art of Getting Things. Mary Parker Follett described management
as the art of getting things done. A manager is supposed to direct the activities of others.
This concept states that :
() It is the art of getting things done through others.
(i) The work is to be got done with the co-operation of others.
(in) It also involves motivating the subordinates for achieving objectives.
ohmiacng
(iv) Humarn and technical skills play an important role, for tngs done.
Aanagement as a Team. As a tearm or a group of persons, management consists of
all those individuals who direct the activities of other individuals to achieve organisational
goals. Though managers occupy positions at different levels of the organisation but basically
they perform the same functions. The managers at top-levelmanagement have more authority
than those at middie-level and these marnagers carry more authority and power as compared
to those at operational level (lower level). The management group may consist of professional
managers, family managers (owning and running abusiness), civil servant managers (managing
public sector undertakings9).The managers perform important managerial functions and carry
lot of authority and power.
rs Management as a Human Process. Management deals with human beings in the
ny organisation, s0 a zunber of activities willbe required to be performed for geting better
results. Tese activities include :
() The goals are achieved through and with other people.
of
ich (i) The co-operation of everyone in the organisation is necessary.
1is (ii Decisions have to be taken at every level of management.
(iv Delegation of adequate authority and fixing of responsibility is essential.
ities (} Motivation piays an important roie ir achieving organisational objectives.
d to (V) All manageriai functions are important for getting the things done through others.
Û Management as an Activity. Management is an activity like any other activity such
as playing, studying, teaching, etc. Managers generally perform the following activities.
 PRINCIPLES AND PRACTICES OF
1.6

MANAGEMENT
,Anterpersonal activities. A manager has to interact with his subordinates as wel
superiors. Interpersonal activities consist of attending social functions,
a
subordinates, maintaining contacts with clients and such other activities
necisional activities. A manager has to take several types
motivat
of decisions such
ing
allocation of resources, initiating new products, bargaining with outsiders. at
(iiD Tnformative activity. In order to run the unit efficiently a manager has ..
communicate regularly with inside and outside of the organisation. He receivee
gives information about the tasks, situations and persons.
(HAlanagement as a Creative Process. Management is required to deploy resourCes
judiciouslv for the achievement of organisational goals. It is a creative process where efforts
are made to anticipate new opportunities, new methods of production, new marketing ideas
and so on. The creative ideas are put into action and required resources are provided for the
implementation. The ideas should be transformed into viable realities and utilities.

CHARACTERISTICS OR FEATURES OF MANAGEMENT

The features of management can be described as follows :
1 Management is a group activity. Management is an essential part of a group activity
As no individual can satisfy all his desires himself, he unites with his fellow-beings
and works in an organised group to achieve what he cannot achieve individually.
Wherever there is an organised group of people working towards acommon goal,
some type of management becomes essential. Management makes the people realise
the objective of the group and directs their efforts towards the achievement of these
objectives. Massie has rightly called management as 'co-operative group'.
yManagement is goal-oriented. Management aims to achieve economic and social
objectives. It exists to achieve sonme definite goals or objectives. Group efforts in
management are always directed towards the achievement of some pre-determined
goals. It is concerned with the establishment and accomplishment of these obiectives.
3Management is a factor of production. Management is not an end in itself but a
means to achieve the group objectives. Just as land, labour and capital are factors of
production and are essential for the production of goods and services,
is afactor of production that is required to co-0rdinate the other factors ofmanagement
production
for the accomplishment of pre-determined goals.
AManagement is universal in character. Matagement is aßplicable in all types of
organisations. Wherever there is human activity, there is management. The basic
principles of management are of universal application and can be applied in all
organisations whether they are business, social, religious, cultural, sports, educational,
politics or military.
Ssnogement neededlevelsat all Jevels. Another
important feature of management is that
it is needed at all of the
organisation,
supervisory level. The only difference
d Cg, top
is of the nature oflevel, middle level and
suiy The lowest level superviSor has also to perform thetask and the scope o
making just as the chief-executive function of decision
NATURE AND SCOPE OF MANAGEMENF 1.7
6 Management is a distinct process. Management is a distinct
process performed to
determine and accomplish stated objectives by the use of human beings and other
resources. It is different from the activities, techniques and procedures. The
of management consists of such functions as planning, process
organising, staffing, directing,
co-ordinating, motivating and controlling.
7. Management is a social process. Management consists of getting things done through
others. This involves dealing with people. The efforts of the human beings have to
be directed, co-ordinated and regulated by
management in
desired results. It is in this sense that management is regardedorder to achieve the
as a social process.
Moreover, management has a social obligation to make optimum use of Scarce
resources for the benefit of the community as a whole. In the words of Brech,
"Management is a social process entailing responsibility for the effective and economical
planning and the regulation of the operation of an enterprise, in fulfilment of a given
Prpose or task."
,SManagement is a system of authority. Since management is a process of directing
men to perform a task, authority to accomplish the work from others is implied in
the very concept of management. Authority is the power to get the work done from
others and to compel them to work in a certain manner. Management cannot
in the absence of authority. In real sense, management is a perform
rule-making and rule
enforcing body. There is a chain of authority and responsibility among people working
at different levels of the organisation. There cannot be an
without well-defined lines of command or
efficient management
superior- subordinate relationships at the
varipus levels of decision-making.
9. Tanagement is a dynamic function. Management is a dynamic function and it has
to be performed continuously. It is constantly engaged in the
enterprise in an ever changing business environment. It is concernedmoulding of the
not only with
moulding of the enterprise but also the alteration of environment itself so as to
ensue the success of the enterprise. In real sense, it is never-ending function.
A0. Management is an art as well as a science. Management is a science
because it has
developed certain principles which are of universal application. But the results of
management depend upon the personal skill of managers and in this sense
management is an art. The art of the manager is essential to make the best use of
management science. Thus, management is both science and art. It should, however,
be noted that the science of management is not as exact as
the physical science. It
is still in the evolutionary stage, may be called as an inexact science or
social science.
Management is intangible. Management is intangible, i.e, it can be felt in the formn
of results and not seen. For example, when we are not able to
produce the desired
quantity, we say it is the result of poOr management.
2 Management is Multidisciplinary. Though management has developed as a
separate
discipline but it draws knowledge and concepts from disciplines such as sociology,
psychology, economics, statistics, operations research etc. Management integrates
ideas arnd concepts from these disciplines and uses them for improving the efficiency
of the organisation. The integration of knowledge of various
fields is the major
 PRINCIPLES AND PRACTICES OF
1.8

Management is a
MANAGEMENT
Management is system of authority.
a group activity.

Management is
Management is adynamic function,
goal-oriented.

Management is an
Management is a art as well as a science.
factor of production.
FEATURESOF
MANAGEMENT Management is
Management is intangible.
universal in character.

Management is
Management
needed at all levels. multidiscipinary.

Management is Management emerging

a distinct process. as a profession.

Management is Balancing effectiveness

a social process. and efficiency.

contribution of management. So the disciplines concerned with human beings

contribute immensely to the management.
. z Management Emerging as a Profession. Every profession has a specialised body of
knowledge and principles to run it. Management has also a separate body of knowledge
and has principles for the guidance of managers. Professionals followa code of conduct,
nave specified qualifications for nembers to enter it and have restrictions on entry.
These traits are not yet available in management, but yet it is enmerging as a profession.
Management will cerlainly become a profession in near future.
ylancing Effectiveness and Efficiency. Management is the act of balancing
effectiveness and efficiency for better results. Effectiveness means achieving targets
on time and efficiency refers to the optimum utilisation of resources. Neither
effectiveness alone nor efficiency alone will give good results. A balance between
the two will help in achieving the targets.

NATURE OF MANAGEMENT
Some authors regard management as service because there are well tested and
experimented principles of management. There are others, who are of view that management
 NATURE AND SCOPE OF MANAGEMENT i.9
is an art because more practice is
required in
management is a science, though it may not be management. There is also a view that
compared with physical sciences. Some
authors feel that management is emerging as a profession
of knowledge and its principles are aplicable in all because it has a specialised body
understand the nature of management, we will discuss types of organisations. In order to
various features of art, science and
profession and then will reach certain conclusion.
IS MANAGEMENT AN ART OR SCIENCE
The controversy with regard to the nature of
management as to whether it is an art or
science is very. old and has created a lot of confusion. It is necessary to understand the real
nature of management. The learning of art involves its continuous
science involves assimilation of principles. The earlier captains of practiceandwhile learring of
industry
intuition, commonsense, hunches and experience in managing organisations. managers used
and hard working but still were not professionally trained They were brilliant
reason of controversy about the nature of managers. This was the main
management.
EManagement As An Art
An art is often regarded as the systematic application of skill or knowledge in
effecting
accomplishment of results. It represents the methods or ways of doing specific things
indicates how an objective is to be achieved. The function of art is to effect change and and
accomplish results through deliberate efforts. Art is a personalised process and every artist
has his own style. It is practice-based and perfection in it requires
a long period of time.
continuous practice over
Let us see if the elements of art are present in
managerment or not :
1Eistence of Theoretical Knowledge. In every art there is a systematic and organised
study material available to acquire theoretical knowledge of the art. For example,
dancing, public speaking, acting, music, there is sufficient theoretical
available for those who want to practise that art. Management also has knowledge
and organised material available for acquiring knowledge of systematic
and practices. This feature of art is available in managerial principles
management.
Personalised Application. Art is a personalised concept. Every individual makes
use of the basic knowiedge in his/her own personal way. It varies from
person to
person. For example, two dancers, two singers, two artists will be showing their
talent differently. In management, managers learn same management theories but
their success will depend on the application of those theories under different situations.
So this feature of art is also available in management.
3,ased on Continuous Practice. Art involves continuous practice of existing theoretical
knowledge. Management satisfies this criteria as a manager gains experience through
regular practice and becomes effective. This feature of art is present in management.
dreativity. Art involves creativity. An artist tries to apply his knowledge to improve
his work and brings out for viewer better things. For example, a musician will try
to bring out new Compositions based on the basics of music notes. Like any other
 PRINCIPLES AND PRACTICES OF
1,10

artist, a manager tries to frame his own

MANAGEMENT
policies based on the knowledge aco.s
manager tries different
him/her and use them as per needs. A
by
situations
evervdav and his creative thinking will help him in getting better results. This
feature of art is also present in management.
Conclusion
On comparing the features of art with those of management, we find that all the features
that management is an art.
of art are present in management. We can say
as a Science
Management
The word science literally means knowledge. It is a systematised body of knowled oe
acquired bv mankind through observation and experimentation which is capable of verification
The basic difference between art and science is that art implies knowing, how the application,
whereas science is concerned with knowing, why ?
The main features of science are:
1. Svstenmatised body of knowledge.
2. Continuous observation.
3. Principles based on repeated experiments.
4. Universal validity of principles
5. Replication of results.
Let u_ see whether these principles are present in management or not.
svstematised Body of Knowledge. In science organised and systematic study material
is available which can be used to acquire the knowledge of science. Management has
also developed systematic and organised study material for proper understanding of
the subject as is done in science. The first feature of science is present in management.
2 Continuous Observations. The scientific principles are derived on the basis of logical
may and scientific observations. Before arriving at principles, scientists perform logical
observations and reach objective conclusions.
When managers observe people working in an organisation, their observations may
not be fully objective and logical. There may be some kind of subjectivity in observations
oe
an lueo
when it comes to human beings. The scientific principles have same effect wherever
they may be tried and observed. The effect in management may vary from one
situation to another. This principle of science is not applicableyto management.
3/rinciples Based on Repeated Experiments. Before developing the principles, scientists
test them under different conditions and places. Managers also test different principles
in different organisations, at different places and at different conditions. This principle
of science is present in management also.
Jniversal Validity. Scientific principles have universal application and validity. The
principles will give same result when used at different places. Management principles
are not exact like scientific principles, their application and use is not universal.
Managenment principles have to be modified according to the given situation. This
principle of science is (not) present in management.
 NATURE AND SCOPE OF MANAGEMENT 1.11

5. Replication is Possible. When two scientists working on the same data and working
independently reach the same conclusions and get same results, this will be called
replication. This type of experimentation and results is possible in science. In
management managers conduct research or experiments on human beings. When two
managers are investigating on the same data, on different sets of human beings, the
results may not be the same since human beings do not react similarly at different
times. So this feature of science is (not present jn management.
Conclusion. Some features of science are present in management but these are not
enough to call it a science. Management is not a science like other physical sciences such as
physics, chemistry, astronomy, etc. We may say that management may be called as inexact
science or social science.

MANAGEMENT -SCIENCE AS WELL AS AN ART

Management is both science as well as art. As science, it has systematised body of
knowledge and principles based on experimentations. As art, it requires personal skill, creativity
and practice to apply such knowledge in the best possible way. Science and art are not in
contrast to each other, but exist together in every function of management.

Management As science and Art

As Science As Art
Systmatised body of knowledge Existence of theoretical know ledge
Principles based on repeated experiments Personalised application
Based on continuous practice
Creativity

MANAGEMENTAS A PROFESSION
Another question that arises in regard to the nature of management is whether
management can be regarded as a profession or not. To determine this, we must understand
the meaning and special attributes of profession. The dictionary meaning of profession is a
calling in which one professes to have acquired specialised knowledge, which is used either
in instructing, guiding or advising others." The term profession' has been defined in a
variety of meanings by different authors. In the broad sense, it refers to any occupation by
which a person earns a livelihood. In the restricted sense, it includes only the three learned
professions' of theology, law and medicine. But in real sense, the term profession falls in
between the two extremes.
AProfession has the following features :
1. Well defined body of knowledge. 2. Professional associations.
3. Restricted entry 4. Code of conduct for members.
5. Service Motive
 features
1.12
examine whether the
We willnow profession has a systematiç
Knowledge. Every proper knowledge of that bodyoi
or not:

yell Defined
1. knowledge
Body
which helps
of
organised body of
to gain
professionals knowledge built by
scholars are
management
studying different
prote
thinkers
problems
s
andion
Management has an
period of time.
The this sense,
this feature of and
practitioners
are developing
over a
new principles
to solve them. In
profession
profession, there should
management. of any be
is present in Associations. For the regulation standards of education and
2Professional
representative bodv.
entering
This body lavs down the
For example, doctors have to get
that profession.of India, a Chartered
Accountant has to
traini
themselve,
get the
ng
for those with Medical Council Chartered Accountants.
registered Institute of and
at national
membership of Indian
management, various
management associations
India
internationa
Management Association. New Dlh
In case of
leen set up. For example, All Calcutta have been set up for the benefit
level have Personnel Management, essential that management
National Institute of
Legally, it is not professional;
management cannot)
management professionals. these bodies. As per this feature
should get the
membership of
associations may get statutory backing innear fuh
called aprofession but surely such controlled by its profession.
profession is
Restricted Entrv. The entry to a particular profession must acquire the prescribed
3. to enter that hav.
bodv. A person intending For example, to become a doctor a person must
educational qualifications. profession one must be a law graduate.
law
MBBS degree or to enter a qualification prescribed for becomin
there is no specific
In the case of managemernt, irrespective of educational qualifications
can become a manager
a manager. A person persons with MBA qualification are preferred as
and
The trernd is now changing does not qualify to be a profession on
account of
managers. At present management
this feature but the trend is surely changing.
no
professional bodies prescribe acode of conduct
Conduct. Various
4. Existen ce of Codeareof required to observe. A code of conduct provides rules and
which members professional morality.
regulations, norms of honesty, integrity and AIMA has devised a code
no code of conduct for managers.
In management, there is binding for the managers to get
of conduct for Indian managers but it is not legally
management (cannot )be called a
themselves registered with that association. So
profession on the basis of this feature but things are proceeding in the direction
code of conduct.
when managers may follow a standard
for the
of expert knowledge
Service Motive. A profession involves the application service
service of society) A doctor earns his living out of his medical profession but
to achieve the goals of a
to society is upper most in his mind. A manager aims
business, the main goal may be to mnaximise profits. The things are now changing and
besides profits, business is taking up social responsibilities for the welfare of society.
So presently the feature of profession is(not þresent in management but things may
change in future.
NATURE AND SCOPE OF MANAGEMENT 1.13
Conclusion
The above discussion shows that management does not qualify to be
on most of the accounts. The most of the features of a called a profession
profession are not present in
management. There is a likelihood that statutory backing in near future may make management
as a profession like that of medical, law, chartered
accountancy, etc.
PROFESSIONAL MANAGEMENT IN INDIA
Professional management is enterprise management where major decision making is in
the hands of those persons who have acquired managerial or professional qualifications, have
technical competency and rich practical experience. Professional management can be described
as management conducted by professionally qualified managers.
Following types of management is prevalent in Indian business :
E Family Management
In India management has been mostly 'family management. The features of family
management are:
() The ownership and managerial control of business are in the hands of family members;
() the main objective of business is the maximisation of profits; (i) the members of family
may or may not have managerial qualifications. In this traditional family management or
patrimonial management the authority of decision-making rests with members of the family.
The hierarchy of managerialposition of a person is decided by the position held in the family.
In most of the cases power is personalised in a close-knit group tied with family relationship.
The business is run on the basis of value system followed by the family.
Bureaucratic Management
Another type of managerial system practised in India is bureaucratic style. Since
independence government has invested large amounts in public sector enterprises. These units
are management by civil servants transferred from government departments. These bureaucrats
concentrate more on file work than on practical aspects of the business. They are slow to
changes and have a snobish attitude towards subordinates. The bureaucrats are not
professionally trained managers and are oftenly transterred on different jobs. The main cause
of failure of public sector in India is due to bad management of these units. In some sectors
government is now trying to put professionally trained persons too.
E Professional Management
The profile of a professional manager is totally different from that of the traditional
manager. He has professional qualifications like M.B.A. or Post-Graduate Diploma in
Management or such required education. They pass through the rigorous process of interviews
and tests and then get placements.
After the advent of liberation, beginning from 1991, the managerial trend is changing.
Government has opened many areas for private sector and the entry of multinationals has
been allowed as a matter of policy. The private sector is facing stiff competition from foreign