OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
National economic survey 2019 20 series volume 1 chapter 3 - pro-business ver...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
National Economic Survey 2019-20 Series Volume 1 Chapter 2 - Entrepreneurship...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
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National economic survey 2019 20 series volume 1 chapter 3 - pro-business ver...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
National Economic Survey 2019-20 Series Volume 1 Chapter 2 - Entrepreneurship...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Deloitte India’s Edition IV of India Corporate Fraud Perception Surveyaakash malhotra
Deloitte India has released the India Corporate Fraud Perception Survey, Edition IV to understand the leadership perspective about corporate fraud in the disruptive environment. The survey report has been drawn from the responses of leading CXOs and working professionals to a questionnaire provided to them. The survey highlights fraud schemes, corporate fraud preparedness, fraud risk management framework, and the role of technology in preventing corporate fraud. See More: https://www2.deloitte.com/in/en/pages/finance/articles/in-fa-india-corporate-fraud-perception-survey-edition-IV-noexp.html
The ‘Make in India’ program has opened investment opportunities across sectors. Two years after the launch of the Prime Minister's visionary initiative, there is visible momentum, energy and optimism. Our cover story describes CII's forward-looking plans to boost manufacturing in India, and shares success stories from the specialty chemicals, textiles and electronics sectors.
The rise of the global South is radically reshaping the world and is perhaps the most significant development of recent times. As one of the fastest growing economies, India has emerged as the seventh largest economy globally. Moreover, India’s 16-rung leap in the recently released Global Competitiveness ranking by the World Economic Forum points towards its sharp focus on improving competitiveness.
As India began to enhance its competitiveness journey and given the new direction of its economic and political diplomacy, it has signed FTAs with some of the most important economies like Japan, Korea, Malaysia and the ASEAN countries in the last few years. It is also in the process of negotiating comprehensive trade agreements with EU, Australia, Canada and New Zealand. It has made its presence felt in alliances like the G-20, IBA, and BRICS and has also deepened relations with the East Asian countries. All this points towards India’s growing integration into the Global Economy.
While Indian industry has adapted well to the changing global dynamics, it needs to work hard to integrate itself into the global value chains (GVCs) to boost its global trade, and the country’s economic development.
This edition of Policy Watch looks at some of the important issues that continue to impact the overall trade performance of India and highlights key policy interventions that need to be taken up on priority.
The "5-Institute Budget seminar 2018-19; Reforms and Development Perspectives", was organised by the National Institute of Public Finance and Policy, in partnership with CPR, ICRIER, NCAER and IDF at The Leela Palace, Chanakyapuri, New Delhi, on February 10, 2018.
Presentations were given by Yamini Aiyar, Rajat Kathuria, Shekhar Shah, S.K. Shanthi and Rathin Roy. The panel was chaired by Shyamal Majumdar, Business Standard.
Self Reliant India Need, Pre and Post Pandemic scenarioJyotsna Prasad
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Our recent issue of Communique August 2016 discusses how the Indian taxation system has undergone tremendous reforms during the last decade. The tax rates have been rationalized and tax laws have been simplified, resulting in better compliance, ease of tax payment and improved enforcement. The international taxation scenario, too, has evolved in recent times.
The ‘Make in India’ program has opened investment opportunities across sectors. Two years after the launch of the Prime Minister's visionary initiative, there is visible momentum, energy and optimism. Our cover story describes CII's forward-looking plans to boost manufacturing in India, and shares success stories from the specialty chemicals, textiles and electronics sectors.
The rise of the global South is radically reshaping the world and is perhaps the most significant development of recent times. As one of the fastest growing economies, India has emerged as the seventh largest economy globally. Moreover, India’s 16-rung leap in the recently released Global Competitiveness ranking by the World Economic Forum points towards its sharp focus on improving competitiveness.
As India began to enhance its competitiveness journey and given the new direction of its economic and political diplomacy, it has signed FTAs with some of the most important economies like Japan, Korea, Malaysia and the ASEAN countries in the last few years. It is also in the process of negotiating comprehensive trade agreements with EU, Australia, Canada and New Zealand. It has made its presence felt in alliances like the G-20, IBA, and BRICS and has also deepened relations with the East Asian countries. All this points towards India’s growing integration into the Global Economy.
While Indian industry has adapted well to the changing global dynamics, it needs to work hard to integrate itself into the global value chains (GVCs) to boost its global trade, and the country’s economic development.
This edition of Policy Watch looks at some of the important issues that continue to impact the overall trade performance of India and highlights key policy interventions that need to be taken up on priority.
The "5-Institute Budget seminar 2018-19; Reforms and Development Perspectives", was organised by the National Institute of Public Finance and Policy, in partnership with CPR, ICRIER, NCAER and IDF at The Leela Palace, Chanakyapuri, New Delhi, on February 10, 2018.
Presentations were given by Yamini Aiyar, Rajat Kathuria, Shekhar Shah, S.K. Shanthi and Rathin Roy. The panel was chaired by Shyamal Majumdar, Business Standard.
Self Reliant India Need, Pre and Post Pandemic scenarioJyotsna Prasad
This is a research paper about How India was before the covid 19 pandemic and how it would be after this ends. Where India Should be utilising its finances and how it should be managed to achieve the best.
Our recent issue of Communique August 2016 discusses how the Indian taxation system has undergone tremendous reforms during the last decade. The tax rates have been rationalized and tax laws have been simplified, resulting in better compliance, ease of tax payment and improved enforcement. The international taxation scenario, too, has evolved in recent times.
Indian pharmaceutical history began from Gupta period which was existed from approximately 320 to 550 CE where people were dependent only on indigenous form of medicine before British rule.
In India Allopathic medication was started in British rule, but production of such medicines was not in the country.
In 1901 Acharya P C Ray started first Indian Pharmaceutical Industry, Bangal Chemical in Calcutta.
The government started to encourage the growth of drug manufacturing by Indian companies in the early 1960s, and with the Patents Act in 1970.
However, economic Liberalization in 90s enabled the industry to become what it is today.
Status of pharmaceutical industry in indiaShadab Khan
Status of Pharmaceutical Industry in India
-History
-Evolution
-Current Scenario
-Market Share
-Government Initiatives
-Top 10 Pharmaceutical Industry
-R&D Spendings
-Challenges
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- Facts of the case
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Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
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- Observations and final rulings of Honourable Supreme Court
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- Facts of the case
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- Observations of Honourable Supreme Court
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- Background and Overview of Legal Provision
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LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
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1. Undermining Markets: When
Government Intervention Hurts
More Than It Helps
CA Divakar Vijayasarathy
National Economic Survey 2019-2020
Volume 1 Chapter 4
3. Legends Used in the Presentation
ECA Essential Commodities Act
IEF Index of Economic Freedom
NPPA National Pharmaceutical Pricing Authority
DPCO Drug Prices Control Order
NLEM National List of Essential Medicines
FCI Food Corporation of India
PDS Public Distribution System
4. Presentation Schema
Introduction
Essential
Commodities Act,
1955
Features of the
ECA
Drug Price Controls
under the Essential
Commodities Act
Functioning of the
ECA vis-à-vis
Governmental
Intervention
Drug Price Control
Governmental
Intervention in
Food Grain Market
Food Corporation
of India
Analysis of
Governmental
Intervention in
Grain Markets
Debt waivers
Impact on Credit
Market and
Farmers
Conclusion
5. Introduction - Economic Freedom
India has made significant progress in enhancing economic freedom for firms and its citizens
But it still counts among the shackled economies in the world
In the global indices of economic freedom, India ranks in the bottom half
The Index of Economic Freedom measure economic freedom as the freedom of choice enjoyed by individuals in
acquiring and using economic goods and resources
In the Index of Economic Freedom, India was categorized as ‘mostly unfree’ with a score of 55.2 in 2019 ranking
the Indian economy 129th among 186 countries, i.e., in the bottom 30%
In the component pertaining to “investment freedom”, which measures the ease of flow of investment capital
both internally and across the country’s borders, India scores a low 40.0 on a scale of 0-100 (repressed) against
the world average of 58.5
In the Index of Global Economic Freedom too, India ranks 79th among 162 countries with 108th rank in business
regulation
Economic freedom enhances wealth creation by enabling efficient allocation of entrepreneurial resources and
energy to productive activities, thereby promoting economic dynamism
The low rank in economic freedom makes it evident that India chains opportunities for wealth creation by
shackling economic freedom for its citizens
11. Features of the ECA, 1955
Purpose of the Act : Enacted to control the production, supply and distribution of, and trade
and commerce in, certain goods considered as essential commodities
Allows the States to issue Control Orders related to regulate stock limits, restrict
movement of goods and requirements of compulsory purchases under the system of
levy
Provides for action to confiscate the stock seized; to suspend/ cancel licences, if any
and impose punishments like imprisonment.
Power to implement the provisions of the Act have been delegated to the State
Governments.
The purported aim of this Act is to ensure affordability of essential commodities for the poor
by restricting hoarding.
13. Functioning of the ECA vis-à-vis Governmental
Intervention
As agriculture is a seasonal activity, it is essential for the producers to store produce for the off-season
to ensure smoothened availability of a product at stable prices throughout the year.
Therefore, producers usually build an inventory in the harvest season and draw from the inventory in
the off-season.
The hypotheses proposed is that :
• The ECA interferes with this mechanism by imposing frequent and unpredictable stock limits
thereby discouraging investments in warehousing and storage facilities
• The ECA distorts markets by increasing uncertainty and discouraging the entry of large private
sector players into agricultural-marketing
• These market distortions further aggravate the rapid price fluctuations in agricultural
commodities- the opposite of what the Act is intended for
1. Imposition of stock limits
14. Rise in Onion Prices
There are three harvesting seasons in India for the onion crop viz., Kharif (October-December), Late
Kharif (January-March) & Rabi (March- May)
There is a period from around May to September in the year wherein the demand for onions has to be
met by the stocks kept by the traders/wholesalers
Due to heavy rains in August-September, 2019, the kharif crop of onions was adversely affected leading
to lower market arrivals and upward pressure on onion prices
This kharif crop usually caters to the demand during the period from October to December till fresh
produce from late kharif crop comes in the market
In view of a sustained increase in onion prices, stock limits under the ECA were imposed across the
country on September 29, 2019 (the limits equaled 100 quintals on retail traders and 500 quintals on
wholesale traders which were subsequently reduced to 20 quintals and 250 quintals respectively)
The stock limits were imposed to control the price rise of onions by facilitating the release of stocks in
the market and preventing hoarding by traders to enhance supply in the market
However, the imposition of stock limits has had no effect on the volatility of the wholesale and retail
prices for onions after September, 2019
15. Contd.
Volatility in Retail and Wholesale prices of Onion in 2019 even
after stock limits were imposed under ECA
Wholesale Retail
17. Major Commodity Groups Under the Purview
of ECA
Petroleum and its products, including petrol, diesel, kerosene, Naphtha, solvents etc
Food stuff, including edible oil and seeds, vanaspati, pulses, sugarcane and its products like, khandsari
and sugar, rice paddy
Raw Jute and jute textiles
Drugs- prices of essential drugs are still controlled by the DPCO
Fertilizers- the Fertilizer Control Order prescribes restrictions on transfer and stock of fertilizers apart
from prices
Onion and Potato
Seeds of food crops, fruits and vegetables, cattle fodder, Jute seeds and Cotton seeds
18. 2. Raids by ECA Officials
Under the ECA, states are required to enforce the adherence to any stock limits specified under the Act
by conducting inspections and raids.
The analysis of the relationship between raids conducted to check stock limits and the impact on
volatility of prices has lead to the conclusion that such raids have no impact on the volatility of prices
of the commodity.
As per the reports received from the State Governments/ UT Administrations, the conviction rate
under the Act is very low at 2-4 per cent on an average.
As on 16th December 2019, total raids conducted in 2019 under ECA were 76,033 but number of
persons convicted were only 2941, which equals only 3.8 per cent of the total raids conducted.
This indicates that the raids under ECA may be only leading to harassment of traders, thereby
adversely affecting the role of trade in the marketing of the given commodity.
19. Analysis – ECA and Governmental Intervention
The ECA was enacted in 1955 when speculative hoarding and black marketing was a threat as
agricultural markets were fragmented and transport infrastructure was poorly developed
But the Act, while penalizing speculative hoarding, also ends up penalizing the much desirable
consumption smoothing that storage provides
The anti-hoarding provisions of ECA discourage open reporting of stock holdings, storage
capacities, trading and carry forward positions
Besides discouraging investment in modern methods of storage and in market intelligence,
the lack of information on trades makes it harder for market participants to make accurate
forecasts for the future
The utility of the ECA is irrelevant now and is incompatible with development of an integrated
competitive national market for food
21. Drug Price Control by way of DPCO Under ECA
The hypothesis proposed under this sub chapter is that stock limits and price controls of Drugs imposed under
the ECA leads to negative outcomes than what is sought to achieve.
DPCOs are issued by the Government, in exercise of the powers conferred under section 3 of the ECA to
ensure that the medicines listed under NELM are available at a reasonable price to the general public.
It is based on aspects like prevalence of disease in the population, safety and efficacy of the medicine, and
current affordability.
The National List of Essential Medicines (NLEM), prepared by Ministry of Health and Family Welfare, is a list of
medicines considered essential and high priority for India’s health needs.
In India, the Government has historically relied on price controls to regulate the prices of pharmaceutical
drugs through the National Pharmaceutical Pricing Authority (NPPA) and Drug Prices Control Order (DPCO)
Governments often resort to price controls for drugs to ensure access to essential lifesaving drugs and to
avoid poor households from falling into poverty
22. Illustration - Glycomet and Glimiprex-MF
Glycomet and Glimiprex-MF both of which are used for controlling high blood sugar
Glycomet came under price control in DPCO, 2013 while GlimiprexMF did not
A study of the effect of the DPCO order shows that the price of Glycomet actually
increased more than that for Glimiprex-MF after DPCO, 2013
The DPCO, 2013 appears to have increased the prices of drugs mostly sold through
hospitals but decreased it mildly in the case of drugs sold through the retail chemists
Thus, the DPCO achieved its contra objective which was to ensure affordability of the
drugs
Therefore, the hypothesis that stock limits and price controls of Drugs imposed under
the ECA leads to negative outcomes than what is sought to achieve stands proved with
this illustration
24. Food Corporation of India
In the grain markets in India, Government has sought to achieve food security while ensuring remunerative prices
to producers, on one hand, and safeguarding the interest of consumers by making supplies available at affordable
prices, on the other hand.
The Food Corporation of India (FCI) was set up in 1965 under the Food Corporations Act, 1964 with the primary
duty to purchase, store, move/transport, distribute and sell food grains and other foodstuffs.
(a) procurement of food grains from farmers at Minimum Support
Prices (MSP) announced by the Government;
(b) distribution of food grains to consumers through Public
Distribution System (PDS), particularly the vulnerable sections of
society at affordable prices; and
(c) maintenance of buffer stock of food grains for food security and
price stability.
The main objectives of FCI are :
25. Analysis of Governmental Intervention in Grain
Markets
Government has emerged as the single largest procurer and hoarder of food grains
Government procures around 40-50% of the total markets surplus of rice and wheat emerging as the dominant
buyer of these grains
Thus the Government is virtually a monopsonist in the domestic grain market and is a dominant player
crowding out private trade
This disincentivizes the private sector to undertake long-term investments in procurement, storage and
processing of these commodities
The Economic cost of FCI for acquiring, storing and distributing food grains is about 40% more than the
procurement price
This current mix of policies of assured procurement (at MSPs), storage (through a monopolist administrative
government organization) and distribution under TPDS have contributed to building up of a high cost food grain
economy
28. Reform Proposed
To throw the food grain markets open for active participation of private players with Government as
an equal player as it would competition would lead to more efficiency in the operations and
development of adequate infrastructure in storage and warehousing.
A better alternative would be giving income transfers to consumers through Direct Benefit Transfers
(DBT) and allow switching from physical handling and distribution of food grains through PDS to cash
transfers/food coupons/ smart cards.
31. DEBT WAIVERS
Government intervention in credit markets, in the form of full or partial, conditional or
unconditional, debt relief has become increasingly common at the state level in India
The phenomenon of granting debt waivers to farmers just before or after an election,
which was to fulfill the promise made in the election manifesto has become widespread
after the large-scale farm debt waiver announced by the union government in 2008 and
the same has been followed by all States
Analysis involves a study of the consequences of Debt waivers on both the beneficiaries and
the credit market in general
33. Impact on Credit Market and Farmers
Impact on Credit Market
• Debt waivers impact credit markets negatively as
well
• An anticipated waiver may lead to moral hazard and
destroy the credit culture
• It was found that :
• The waiver led to increased loan defaults on
future loans and no improvement in wages,
productivity, or consumption
• Most worryingly, they find that the loan
performance deteriorated the most in areas that
were headed for election, indicating strategic
default in anticipation of waiver
• Flow of bank credit to waiver beneficiaries
declined after the waiver
Impact on Farmers
• It was found that loan performance of genuinely
distressed borrowers improved by about 9 per
cent due to the loan waiver
• However, the loan performance of non-distressed
beneficiaries deteriorated by about 23 per cent
after the waiver
• Furthermore, full waiver beneficiaries consume
less, save less, invest less and are less productive
after the waiver when compared to the partial
beneficiaries
• This leads to the conclusion that waiver helps
only when the beneficiaries are genuinely
distressed but fuels even greater default when
not made conditional on great distress
34. Reforms Proposed with respect to Debt
Waivers
Debt waivers disrupt the credit
culture and end up reducing the
formal credit flow to the very
same farmers it intends to help
A waiver can at best be an emergency
medicine to be given in rare cases after a
thorough diagnosis and identification of
illness and not a staple diet
Tying up Debt waives with
election manifesto
promises also needs to be
checked
35. Legislative Changes Required To Reduce
Government Interventions
India is still stuck with several forms of Government intervention that are anchronistice with today’s
economy
In several spheres of the economy, India has traversed the transition from a command and control
economy to a market-driven economy
Specifically industrial deregulation, privatizations of several state-owned enterprises, reduced controls
on international trade and investment stand out in this context
However, as highlighted in previous sections, several areas of unnecessary and inefficient government
intervention still remain
36. Conclusion
Competitive markets are effective in allocating resources in an economy
However, while the ideal of a completely efficient market is rare, the costs of Government intervention,
almost always outweigh the benefits when “market failures” (denotes situations where markets may
not work very well in allocating resources) are not severe
Eliminating such instances of needless Government intervention will enable competitive markets and
thereby spur investments and economic growth
Strengths and Weaknesses of Market