35
YN OMGNMK
^NV
NVWXN@
GVDQ]
YN6M
MN7
ODONNX
I/)NIU
GVDQ] GV ODONNX
EO YN HVD@ NVWXN GV HNRIN HZ<NDGX GV +NN[ GV L HVD RN= @ YN6M GK RNIN=G NVWXNYNVD YN6M XN6RKD LDS RNK= NVWXN Ñ Ð GV NVN
QNV
RNNVŽ
HVD
ODONNX
WT9NXV
GK
OD+NNRXNYNVD
LM
SSN=
GK
[E=
J6$
ODONNX
WT9NXV
HVD
GVDQ]K
OMGNM YN6M MN7NVD GV IXLNQX GN NVWXN HVD PXGV I\ IXNN=IMU \^NVD GNV NX HVD M>NUV JT
HZ<NDGX IGN [N J6$
NVWXN LZRN=XTHNX
GVDQ] YN6M MN7NVD GK XN6RKD NVWXN GV I\ @@ GMNV0 LV ÑYNNNM RN= GKHU LMÐ GN OMGNMK ^NV
GV
IR¿N
LNVNN
HVD@
G NVWXN LIM2 YXTHNVIQU IGN [N )NN$ EUXV YING LIM2
OMGNMK
^NV
G
P_HNVD
OV
YNDUIMG
YN6M
FW9
FN’
ODONNXNVD
ÑYNE=
E=
FK
YNMÐ GV L HVD @@ GMNV0 LV WT9NXV GK P(HKQ GK [E= )NK GVDQ] HVD ON ^NV
P `NMN
@@
ODFDN HVD
GMNV0
LV
YN6M
MN7NVD
HVD
ON
^NV
P
`NMN
@
YXTHNX \[NN [N )NN IG GVDQ]@ MN7 YN6M OD"N MN7 ^NV
GMNV0
LV$
NVN
GV
O+NK IH\GM @@ GMNV0 LV
FW9K ODONNXNVD ÑFK YNMÐ GV L HVD WT9ND[V$ GT\ LIM2 HVD OI(HI\U J6 @@ GMNV0
LV
GN
GVDQ]
GN
NVWXN
LIM2
IRNNX
HD0\
MIJU
OD"N
LV YN6M MN7NVD U)NN IRNNX HD0\ OIJU OD"N MN7 ^NV
MN7 ^NV
NVD GV I\ GMNV0
NVD GV I\ @@ GMNV0 LV GN
YNFD9X$ EO L]GNM@ GT\ LIM2 GV L]IU
NU GN YNFD9X GVDQ] ÑHD
IRNNXHD0\
MIJU
MN7NVD
IRNNX
YN6M
OD"N
MN7
HD0\
^NV
OIJU
NVD
GV
OD"N
I\
MN7
IGN
^NV
NVD
[N
GV
J6
I\
U)NN
GK
NVN
[E=
N\ YN6M IR+NN[Ð YN6M
J6$
L]IU
NU
QZOMK
GK
YNVM@
2R/)NN
WT9NXV
GK
QCI9 OV@ GVDQ] OV @@ GMNV0 LV Y)NRN @@ GMNV0 LV GV GT\ FW9K ODONNXNVD
GN L]IU
NU WT9NXV GK P(HKQ GK [E= J6@ U)NN MN7NVD YN6M IRNNX HD0\ OIJU OD"N MN7
^NV
NVD OV @@ GMNV0 LV Y)NRN GT\ GN GVR\ L]IU
NU WT9NXV GK P(HKQ J6$ EOGV
IRLMKU@ GVDQ] GNV OHXTQVI
NU MNI
N GVR\ @@ GMNV0 LV J6 WNV GT\ FW9K ODONNXNVD
GN L]IU
NU J6 NVN GVDQ] `NMN WT9NE= WNXV RN\K GT\ GK L]IU
NU MNI
N@ GVDQ]K OJNUN
GV
L
GMXV
HVD
GV
ODONNXNVD
MN7NVD
I\
HVD
YN6M
OD"N MN7 ^NV
IRIXI
SU
MN7NVD
YN6M
J6$
OD"N
EO
MN7
NVD GNV@ PXGK NVWXNYNVD GV IR¿N LNVNN GV RN/UV YDUIMU
L]GNM@
^NV
NVD
GN
PXGV
YLXV
IJ/ON
L]NONVD
L]IU
NU
GNV
JNV[N
IH\NGM
Y)NN=Ua
GT\
FW9K
@@
GMNV0
LV@ QZOMV N&QNVD HVD@ _IL GVDQ] OV GT\ FW9K ODONNXNVD GN L]IU
NU WT9NXV GK P(HKQ
J6@
WFIG
POGV
LNO
YLXK
MJV[K MN7 U)NN OD"N MN7 ^NV
NVWXN
GV
IR¿N
LNVNN
GV
I\
Y8UU
GVR\
L]IU
NU MNI
N
L]IU
NU WT9ND[V IGDUT PXGV LNO YLXK NVWXNYNVD GV IR¿N
LNVNN GV I\ OH[] FW9K ODONNXNVD GN L]IU
NU MJV[N$
GVDQ] GV FW9K ODONNX
GVDQ] XV@ OV UG UKX RNIN=G NVWXNYNVD HVD @@ GMNV0 LV
GK OG\ FW9K OJNUN ÑWK FK OÐ L]QNX GK$ UT\XK GKHUNVD LM J MNI
N@ @@
GMNV0 LV J6 WNV@ @@ GMNV0 LV GV NVWXN LZRN=XTHNXNVD HVD @ GMNV0 LV Y)NRN
L]IU
NU GHK GNV L]QI
N=U GMUK J6$ &N6MV XKSV ONMNK HVD IQ [ J6D [ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 36
ONMNK GVDQ] `NMN WT9N [ ODONNX
ÑSN\Z GKHUNVD LM GMNV0 LVÐ
ODONNX
GV
GV I\
GV QN6MNX
QN6MNX RCI#
LZRN=XTHNX
L]NI,U
GHK ¿ ¾
SN\Z MNW/R OV NVN
ÑÐ@
ÑÐ@
ÑÐ@
IRIRN LZDWK L]NI,UND
ÑÐ@
ÑÐ@
@
PNNM R Y8 QVXQNIMND
@@
@@
@
@@
@@
ÑÐ@
WNV0
cLM
Q
NN=
[
ODONNX
GV
WT9NR#
L]NI,U
HVD
RN=
GV
I\
OD
NNVINU
YXTHNX OI(HI\U J6D$ EO L]GNM@ EX LIMG\XNVD HVD IJONF HVD I\ [ OD
NNVINU YXTHNXNVD GK
UT\XN HVD HVD IGOK FNQ GK GHK OV I/)NIU YN6M +NK >NMNF JNV WN[K$
SN\Z MNW/R OV NVN ¿FK OK YNM¾
NVWXN GV LJ\V UKX RNNVŽ HVD YXT+NR IG [ FK OK YNM XKSV ONMNK HVD Q
NN= [ J6D
ONMNK G
GVDQ] GV SN\Z MNW/R OV NVN ¿FK OK YNM¾
¿ OV ¾ LZRN=XTHNX
ÑSN\Z GKHUNVD LM GMNV0 LVÐ
Š OD
HQ
@@
@@
@@
OG\ GM MNW/R
GM MNW/R GN MN7NVD GN IJ/ON
@
@
@
IXR\ GM MNW/R
@
@@
@@
GMI+N8X MNW/R
@
@
@
GT\ MNW/R L]NI,UND
@@
@@
@@
NVWXNI+N8X MNW/R 2
@@
@@
@@
FK OK YNM
@
@
ONMNK >N
GVDQ] GV SN\Z MNW/R OV NVN ¿FK OK YNM¾
¿ OV ¾ L]NI,U
ÑSN\Z GKHUNVD LM GMNV0 LVÐ
Š OD
HQ
@@
@@
OG\ GM MNW/R
@@
GM MNW/R GN MN7NVD GN IJ/ON
@
@
@
IXR\ GM MNW/R
@
@@
@@
GM I+N8X MNW/R
@
@
@
GT\ MNW/R L]NI,UND
@@
@@
@@
NVWXN I+N8X MNW/R 2
FK OK YNM
@@
@@
@@
@
@
@
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 37
EO L]GNM@ ÑÐ @ GMNV0 LV GV XGNMN5HG NVN GK UT\XN HVD@ NVWXN GV LJ\V
UKX
RNNVŽ
GV
XGNMN5HG
QN6MNX
NVN
RN/UIRG
LZRN=XTHNIXU
FK
/UM
OK
OV
YNM
UKX
GK
[TXN
MNI
N
ÑÐ
YING
@
JNV
[N$
GMNV0
EX
LV
J6@
EO
L]GNM
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QZOMV N&QNVD HVD LZRN=XTHNXNVD GK UT\XN HVD@ MNW/R 2 HVD L]IU
NU GK RCI JTE= WFIG OG\
MNW/R
L]NI,UNVD
HVD
L]IU
NU
GK
GHK
JTE=$
IX(XI\I>NU
YNMV>N
OV
NVWXN I+N8X
MNW/R
YDUM HVD@ IR
NVN L OV XN6RKD NVWXN GV UKX RNNVŽ HVD@ YONNNMN /UM UG RCI JNVXV GN LUN
S\UN J6$
IXR\ MNW/R L]I,UND YN6M NVWXNI+N8X MNW/R 2GVDQ]
250000
Rs. Crore
200000
150000
100000
50000
2000-01
1999-00
1998-99
1997-98
1996-97
1995-96
1994-95
1993-94
1992-93
1991-92
1990-91
0
Non-Plan Rev. Exp. Incld. Defence Capital
SN\Z MNW/R OV NVN HVD VOK IF[0UK JTE= I/)NIU GNV L6QN GMXV GV GNMNNVD LM XKSV SSN=
GK [E= J6
MNW/R L]NI,UND
Y)N=2R/)NN GV IXLNQX GN ONHN8 L OV YN6M GCIN I+N8X OG\ "NMV\Z P5LNQ ÑWK
0K LKÐ RCI GN IR
NVN L OV@ OMGNM GK MNW/R L]NI,UNVD LM L]5^NU L]+NNR L0UN J6$ VON
L]UKU JNVUN J6 IG +NNMU HVD GVDQ]K OMGNM GK GM MNW/R L]NI,UNVD HVD YN6M GV FKS
GK
YRIN
HVD
IXG9RUK=
QV
NNVD
GK
UMJ
JK
X6MNV
F6D0
GK
IQ
NN
HVD
[IU
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J6
W6ON
IG
XKSV
ONMNK HVD Q
NN=N [N J6$
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NU GV L HVD¾
Š OD
QV
N
H\VI
NN
-K \DGN
LNIG/UNX
ED0NVXVI
NN
+NNMU ÑOG\ GM MNW/R GV L HVDÐ
+NNMU ÑIXR\ MNW/R GV L HVDÐ
ÑGÐ
Ñ>NÐ
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 38
IGDUT@ +NNMU GV HNH\V HVD@ O "N P GK UT\XN HVD GM MNW/R HVD XN6RKD NVWXN GV LJ\V
UKX RNNVŽ GV QN6MNX IXMDUM I[MNR9 YNE= J6$ EO ODFDN HVD JHNMN IR[U YXT+NR ONMND
N HVD XKSV
ONMNK HVD L]/UTU J6
ONMNK GVDQ]K GM MNW/R YN6M P5,\NRGUN
IRµK RNNV‹ GV I\ YN6OU
OG\ GM
IX[H
R6I'UG
OKHN
P5LNQ
MNW/R
GM
YN
NT<G
NT<G
G GNMG \N[U LM GCIN I+N8X O "N P GK L]IU
NUUN GV L HVD MNW/R
OV OV OD YXT
F YXT
>N GCIN I+N8X O "N P GV ODFDN HVD GVDQ]K GMNVD GK P5,\NRGUN
OV OV OD YXT
F YXT
cLM IQ [ IRRMN OV LUN S\UN J6 IG GCIN I+N8X O "N P GK L]IU
NUUN GV L
HVD GVDQ] GV OG\ GM MNW/R HVD@ OV GV FKS GV RNNVŽ GK UT\XN HVD OV GV FKS GK YRIN GV QN6MNX GN4K GHK YNE=$ GVDQ] GV GM MNW/R GV ODFDN
HVD EO L]IUGZ\ I/)NIU XV GVDQ]K GMNVD GK P5,\NRGUN GNV +NK L]+NNIRU IGN J6$ OV
GV FKS GK YRIN HVD@ GCIN I+N8X O "N P5LNQ GV ODFDN HVD GVDQ]K GMNVD GK P5,\NRGUN YXT+NR GK [E=$ OV GV FKS GK YRIN HVD J P5,\NRGUN GK
QCI9 OV EX QNVXNVD YRINNVD HVD Y\[Y\[ GVDQ]K GMNVD GN YXT+NR IHI-U MJN$ WFIG O "N
P IRGNO GV ODQ+N= HVD IX[H GM YN6M R6I'UG YN GM OV MNW/R L]NI,UNVD HVD OV GV QN6MNX OTNNM JTYN@ IGDUT OKHN NT<GNVD YN6M P5LNQ NT<GNVD OV L]NI,UNVD HVD GN4K GHK YNE=$
P5,\NRGUN GK QCI9 OV@ EO YRIN GV QN6MNX IX[H GM YN6M P5LNQ NT<G GH X( MJV IGDUT
R6I'UG YN GM YN6M OKHN NT<GNVD HVD OV GK YRIN HVD )NNV0N ON OTNNM
JTYN$ HJ5RLZN= FNU J J6 IG GVDQ]K P5LNQ YN6M OKHN NT<GNVD OV OD[]JN HVD RCI GN OH[]
GM
MNW/R
MNW/R
HVD
OD[]JN
PXGN
YN6M
7NQN
P5,\NRGUN
+NNMND
N
JNVXN
LM
J6$
GN4K
L]5^N
L]+NNR
YN6M
L0UN
YL]5^N
J6$
EOGK
RWJ
OG\
GM
GMNVD R OG\ GM MNW/R GK
P5,\NRGUN GV IR
\VNN OV J YN6M +NK /L9 J6@ IWOV XKSV ONMNK HVD Q
NN=N [N J6
ONMNK GVDQ] GV GM MNW/R HVD P5,\NRGUN
RN=
GCIN I+N8X
RCI
O "N P ¿GMNV0
¿L]IU
NU¾
LV¾
P5,\NRGUN
L]5^N GM
YL]5^N GM
OG\ GM
MNW/R
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 39
XN6RKD
OI(HI\U
FXN
IGN
GM
ONNNMN
NVWXN
WN\
GM
YXTLN\G
GV
[N$
GN
LJ\V
RN=
UKX
RNNVŽ GV ODFDN HVD FW9NVD HVD FJTU OV GM OTNNM PLNNVD GNV
IR/UNM
GMXN
QMNVD
OV
FSUNVD
GNV
IRGNO
HVD
I[MNR9
GV FW9 L]/UNRNVD GN PtV
@ GM QMNVD GNV TI'U OD[U
YN6M
NKN=
QMNVD
GNV
GH
GMXN
)NN$ P(HKQ GK [E= )NK IG
FNRN IH\V[N@ YNI)N=G IRGNO HVD RCI YN[K YN6M /R6I31G
GN@
GCIN
HVD
XGNMN5HG
RCI
YN6M
IRIXHN=N
IRGNO
HVD
LN=,U
I[MNR9 OIJU@ OMGNM GK MNW/R L]NI,UNVD LM L]IUGZ\ L]+NNR L0N$ EOGV YIUIM'U@ GH HN
YN6M
GH
ZIX9
GKHU
GV
GNMN
NT<G
NV;
YNNUNVD
GV
HZ<
HVD
I[MNR9
GN
OKHN
N
NT<G
MNW/R LM L]+NNR L0N$
RN=
GV FW9 HVD YXVG 1Z9NVD YN6M L]NV5ONJXNVD GNV NNIH\ IGN [N$ EOGV
Y\NRN@ 96IM4 HVD NKMV NKMV G9N6UK YN6M OKHN
NT<G GK QMNVD GV F]N0FVI80D[ GNV WNMK M>NN
[N$ LZR=RUK= RN= HVD XGNMN5HG GCIN IRGNO YN6M IRIXHN=N ^NV
G GK IRGNO QM HVD GHK GV
L]+NNR GN@ OH[]@ O "N P IRGNO QM HVD OTNNM GV FNRWZQ@ MNW/R L]NI,UNVD LM XGNMN5HG
YOM
IGDUT@
JTYN$
PI<\I>NU
L]5NI
NU
OTNNM
P5,\NRGUN
PLNNVD
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RN=
OTNNM
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GV
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GMUV
JT
+NK
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M>NN
[N$
L]/UNRNVD
GN
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FW9 YXTHNXNVD GK UT\XN HVD GM MNW/R GN IRS\X IQ>NNN [N J6$
ONMNK GM MNW/R FW9 YXTHNX YN6M RN/UIRG
RN=
OG\ GM
IX[H
YN
OKHN
OD"N P5LNQ
WNV0
GM
GM
NT<G
NT<G
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GM MNW/R FW9 YXTHNX YN6M RN/UIRG
FW9 YXTHNXNVD GK UT\XN HVD RCI ÑÐ# GHK ÑÐ
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OG\
GM
MNW/R
HVD@
GCIN
I+N8X
O
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P
GV
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YN6M
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OV GK YRIN GV QN6MNX GHK YNE=
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NU YN6M L]IU
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XN6RKD
X6MNV F6D0 HVD [IU GK J6
NVWXN
GV
LJ\V
UKX
RNNVŽ
GV
QN6MNX
OD"N
P5LNQ
YN6M
OKHN
NT<GNVD
GN
IJ/ON GT\ GM MNW/R HVD "N9N J6 IGDUT I4M +NK RV SNM L]HT>N GMNVD OV OG\
GM
MNW/R
HVD
L]IU
NU
J6D
YN6M
EOI\
I[MUK
JTE=
L]RCI¿N
GNV
P\9XV
GK
WMU J6
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 40
Ñ"NÐ
EO L]GNM@ GM MNW/R GK P5,\NRGUN HVD I[MNR9 GN GNMN FW9 YXTHNXNVD#
\^NVD@ JND UG IG OD"NK P5LNQ YN6M OKHN NT<G GV HNH\V HVD +NK@ GNV L]N,U
GMXV HVD YO4\ MJXN +NK J6
ÑÏÐ
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HVD
HNHZ\K
GN4K
RCI
XV
L]+NNIRU
NVWXN
IGN$
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YN6M
GV
QN6MNX
IXNN=IMIUNVD
GK
OD>N HVD P3S RCI JNVXV OV L]IU 2I'U MNW/R OD[]JN HVD RCIGNMK IRGNO HVD
GHK YNE=$ EOOV EO IXGN= GNV OH)N=X IH\UN J6 IG GM QVUNYNVD GNV GH
GMXV OV P3S YN R[NVŽ GV FKS YXTLN\X HVD OTNNM XJKD JTYN$ EO L]GNM YN
GM
GV
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GV
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X
LM
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L
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YING NX IQ WNXV GK WMU J6$ QV>NN [N J6 IG GNV FGNNVD
GK MNI
N @ GMNV0 LV )NK YN6M FJTU GH OTNNM GV ON)N G RN= FNQ
Ñ GNVÐ J MNI
N @ GMNV0 LV )NK$
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OV UG GK YRIN GV QN6MNX GVDQ] GK MNW/R L]NI,UNVD HVD GM I+N8X
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GN
QN6MNX
G
IJ/ON
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\[+N[
RN\K
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L]IU
NU
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J6
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GK
L]IU
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J
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G
J6$
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N
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N
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YN6M
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N
R
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LV )NK@ HVD FGM @ GMNV0 LV JNV [E=$ WJND UG GVDQ]K OMGNM GNV GVD ON
^NV P OV \N+NND
NNVD GN ODFDN J6@ HVD I/)NIU IX(X L]GNM J6
ONMNK ON ^NV P OV \N+NND
N
RN=
GT\
\N+N YIW=U GMXV
\N+NND
N YQN GMXV
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N ¿GMNV0 LV¾
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N HVD GVDQ] GV GMI+N8X MNW/R HVD OTNNM GVR\ U+NK OD+NR JNV[N WF OD ^NV P_HNVD
GK GN=GT
N\UN HVD R/UTU OTNNM JNV[N YN6M OMGNM GNV YING \N+NND
N YN L]N,U JNV[K$ EOGV
YIUIM'U@ ONHNIWG OVRN ^NV
G HVD OVRN L]+NNRNVD HVD +NK NVWXN IXRV
N HVD RCI GV YXTL RCI
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 41
IG WNXV GK WMU J6$ EO OH@ GM I+N8X MNW/R HVD ONHNIWG OVRNYNVD GN NV[QNX YNNK
L]IU
NU OV +NK GH J6@ OV GV QN6MNX \[+N[ L]IU
NU F6%UN J6 U)NN WNV
FNQ HVD "N9GM L]IU
NU JNV [N$ &NW L]NI,UNVD HVD LN=,U RCI XJKD JNV OGUK$ J OD+NR
YN6M YNR
G J6 IG GM I+N8X MNW/R GNV YF L]N,U O "N P GV L]IU
NU OV cDSN P%NN WN$
NVWXN I+N8X MNW/R 2
OV GV Q
NG GV QN6MNX NVWXN I+N8X 2 HVD RCI GK L]RCI¿NNVD
XKVSV Q
NN=E= [E= J6D
ONMNK NVWXN I+N8X 2 GK L]RCIµNND GVDQ]
ÑGMNV0 LVÐ
Š
HQ
OD
&NW YQNI[ND
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
OD YXT
FW9
IL1\V RN= GK UT\XN HVD
RCI
M^NN 2
IL1\V RN= GK UT\XN HVD
RCI
OI&OI0ND
IL1\V RN= GK UT\XN HVD
RCI
MN7NVD YN6M OD"N MN7
^NV
NVD GK OMGNMNVD GNV
YXTQNX
IL1\V RN= GK UT\XN HVD
RCI
Y8 NVWXNI+N8X
MNW/R 2
IL1\V RN= GK UT\XN HVD
RCI
MN7NVD YN6M OD"N MN7
^NV
NVD GK OMGNMNVD GNV
BN YN6M YI[]H
IL1\V RN= GK UT\XN HVD
RCI
MN7NVD YN6M OD"N MN7
^NV
NVD GNV \"NT FSU
MN7NVD YN6M OD"N MN7
^NV
NVD GNV BN YN6M
YI[]H Ñ\"NT FSUNVD GNV
1NV0GMÐ
WNV0 Ñ OV Ð
NVWXNI+N8X 2@ \"NT
FSUNVD OIJU
IL1\V RN= GK UT\XN HVD
RCI
WNV0 Ñ OV Ð NVWXN
I+N8X 2@ \"NT
FSUNVD GNV 1NV0GM
IL1\V RN= GK UT\XN HVD
RCI
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 42
&NW YQNI[ND@ M^NN 2 ÑM^NN LM LZDWK[U LIM2 OIJUÐ U)NN OI&OI0ND@ OV GVDQ] GV GT\ NVWXN I+N8X 2 GV L]IU
NU OV L]IU
NU GV FKS )NK$ HVD
V L]IU
NU )NK$ HN
&NW QVUN GN IJ/ON HVD L]IU
NU )NN YN6M POGV
FNQ J FGM L]IU
NU OV L]IU
NU GV FKS LJT–S [E=$ IX(XI\I>NU YNMV>N HVD J L]RCI¿N
Q
NN=E=
[E=
J6$
EOI\
NVWXN I+N8X
MNW/R
2
GH
GMXV
GK
IGOK
+NK
/GKH
HVD
&NW
QVUN HVD GHK GMXN HJ5RLZN= J6$
NVWXN I+N8X 2 HVD OI&OI0NVD@ M^NN 2 YN6M &NW YQNI[NVD GN IJ/ON ¿L]IU
NU¾
100
90
80
Percent
70
60
50
40
30
20
10
Interest Payment
Defence Expenditure
Subsidies
2000-01
1999-00
1998-99
1997-98
1996-97
1995-96
1994-95
1993-94
1992-93
1991-92
1990-91
0
Other Non-Plan Expenditure
&NW +NNM HVD RCI GN GNMN OMGNM GK FUK BN QVXQNMK U)NN OMGNM `NMN YLXV
QV
NW
PNNMNVD
&NW
QMNVD
GK
GN
WNXV
+NNIMU
RN\K
FNWNM ODF
YN6OU@
WNV
&NW
HVD
QM
J6$
GVDQ]K
L]IU
NU
OMGNM
)NN@
GK
L]IU+NZIUNVD
HVD
FGM
LM
L]IU
NU JNV [N U)NN UG L]IU
NU GV XKSV FXN MJN$ POGV FNQ@ J RN= YN6M HVD L]IU
NU GNV LNM GM [N YN6M L]IU
NU R L]IU
NU JNV
[N@ "N9GM HVD L]IU
NU YN6M HVD L]IU
NU JNV [N$ OMGNMK
^NV
G GV QV
NW BN GV Y8 HJ5RLZN= "N9GNVD HT>U \"NT FSU YN6M +NIR IXINND LM
&NW QVXQNIMNVD HVD +NK RCI JNV MJK J6$ VOK QVXQNIMNVD LM YN6OU Y/L9 &NW QM WNV HVD L]IU
NU )NK@ RJ +NK FGM HVD L]IU
NU JNV [E= U)NN HVD
YN6M FGM L]IU
NU JNV [E= J6$
NVWXN GV I\ ODONNXNVD GN HZ<NDGX EO NNMNN LM YNNNIMU )NN IG RN= GV QN6MNX
GVDQ]K
OMGNM
"NN9V
`NMN
OMGNM
GV
LZRN=XTHNXNVD
GN
&NW
)NNHNILU@
QV
NW
OV
EOGV
YIUIM'U
PNNMNVD
GN4K
+NNM@
LM
YING@
`NMN
GW=
&NW
GK
NVWXN
GV
LM
LZR=RUK=
QV
RN=
UKX
IG
L]IU
NU
FNWNM ODF
LJ\V
HVD
RNNVŽ
QM
HVD
WNXV
GK
GV
RN\V@
YN6OU
GNMN@
QM
GVDQ]
GMNV0
OG\
LM
GK
MNWGNVNK
JNV[N$
&NW
IGDUT@
QVXQNMK
LV UG@ JNV [E=$
_IL@ GV QN6MNX ONR=WIXG +NIR IXIN YN6M ONHN8 +NIR IXIN GV \"NT FSU
Q/UNRVWNVD LM &NW HVD GK [E= HNHZ\K OK GHK GNV G OHNNXTGZ\ YN6M PISU PLN GJN
WN OGUN J6@ IGDUT FNWNM ODF &NW QMNVD GK 2R/)NN HVD FUV JT &NW +NNM GN G I/)NM
R ISMGNI\G OHNNNX MNWGNVNK "NN9V HVD LN=,U G9N6UK GMXV HVD IXIJU J6$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 43
M^NN 2@ WNV OV UG GK YRIN GV QN6MNX \[+N[ L]IU
NU )NN@
GH JNVGM HVD NVWXN I+N8X 2 GN L]IU
NU JNV [N$ IGDUT HVD
M^NN
2
GN
YXTLNU
FGM
L]IU
NU
JNV
WNXV
GK
OD+NNRXN
J6
U)NN
M^NN
U6NMK
GK
[TNR¿NN FNXV GK JHNMK L]IUFUN GV GNMN J L]RCI¿N WNMK MJ OGUK J6$
Y8
NVWXN I+N8X
MNW/R
2 GV ODFN HVD NVWXN LZRN=XTHNX RVUX YN6M HWQZMK GNV
1NV0GM@ L]IU
NU GK ONNNMN RCI QM GK YRNNMNN LM YNNNIMU )NV YN6M RN/UIRG GKHU
HVD L]N,U /UM LM FXK MJK$ RVUX YN6M HWQZMK GV ODFDN HVD RN/UIRG QCI9 OV L]IU
NU L]IURN= GK RCI QM YN6M L]IU
NU GK ONNNMN RCI QM EO P(HKQ LM IRSNIMU
)NK IG LNDSRVD RVUX YNNV[ GK IO4NIM
NNVD GNV GNN=I8RU GMXV HVD GVDQ] GN RNIN=G YN6OU +NNM@
NVWXN GV FNQ RN\V RNNVŽ GK UT\XN HVD HVD GH QZ+NM JNV[N$ EO NNMNN GV IRLMKU@
WNV I/)NIU P+NMK RJ IF<GT\ I+N8X )NK$ GVDQ]K IOIR\ IXIHU GH=SNIMNVD GV ODFDN HVD RVUX
YN6M +N¿NNVD LM@ OD"N MN7 ^NV
NVD GV GH=SNIMNVD OIJU@ 2@ HVD FGM @ GMNV0
LV JNV [N@ IL1\V RN= GK UT\XN HVD L]IU
NU GK Y5ING RCI@ IWOGN HT> GNMN
RVUX YNNV[ GN IXN= )NN$ HVD J RCI @ GMNV0 LV )NK@ WNV GK
UT\XN HVD L]IU
NU YING J6$ IGDUT GV ODFDN HVD OD
NNVINU YXTHNX @ GMNV0
LV
LM
L]IU
NU
GK
RCI
Q
NN=UV
J6D$
EO
L]GNM
EO
-VNK
GV
YDU[=U
YLNM
RCI
GV
4\/RL ÊY8 NVWXN I+N8X MNW/R 2† -VNK HVD OH[] RCI JTE= J6@ W6ON IG XKSV ONMNK
HVD Q
NN=N [N J6
ONMNK Y8 NVWXN I+N8X MNW/R 2
RN=
GT\ Y8 NVWXN I+N8X MNW/R 2 ¿GMNV0 RNIN=G RCI ¿L]IU
NU¾
¾
ÑOD YXTÐ
VON L]UKU JNVUN J6 IG Y8 NVWXN I+N8X MNW/R 2 HVD RCI XN6RKD NVWXN GV YNXV
RN\V QNV RNNVŽ HVD GN4K GH JNV[K$ PQNJMNN)N= @ GMNV0 LV GV EO LIM2 GV FW9
YXTHNX@
GK
UT\XN
HVD
GVR\
L]IU
NU GK RCI Q
NN=UV J6D$ IGDUT@
YNXV RN\V QNV RNNVŽ HVD GVDQ]K IOIR\ /9N4 GK OD>N HVD LN=,U G9N6UK JNVXV GK OD+NNRXN XJKD
J6$ EOI\ RVUX YN6M +N¿NNVD GV ODFDN HVD GV FW9 YXTHNXNVD GK UT\XN HVD MNW/R 2
GK
RCI
HVD
YN6M
G9N6UK
JNVXV
GK
YING
[TDWNE
N
XJKD
J6$
EO
L]GNM
M^NN
LM
2
R
Y8
NVWXN I+N8X MNW/R 2@ YN%RKD NVWXN YRIN HVD YXT+NR GK [E= QMNVD OV YING QM LM FXV
OV@ YNXV RN\V RNNVŽ HVD NVWXN I+N8X 2 GNV GH GMXV GV RN/UV@ OI&OI0NVD HVD G9N6UK GMXN
Y5DU
IRIXDI
HJ5RLZN=
FXN
JTYN
J6$
GVDQ]
OMGNM
`NMN
L]Q¿N@
>NN_@
PR=MGNVD
ÑQV
NW@
YNNIUU
R
UÐ LM OI&OI0NVD OIJU /L9 OI&O0K HVD OV HVD Y+NZULZR= QM OV
FNV¿NMK JTE=@ W6ONIG XKSV ONMNK HVD IQ>NNN [N J6
ONMNK OI&O0K LM 2
RN=
OI&O0K GK MNI
N ¿GMNV0 LV¾
RNIN=G RCI ¿L]IU
NU¾
ÑOD YXTÐ
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 44
J P<\V>NXK J6 IG OI&OI0NVD LM RN/UIRG 2 FW9 YXTHNXNVD OV GJKD 7NQN J6$
>NN_ OI&O0K YN6M QV
NW PR=MG LM OI&O0K HVD RN= GV FW9 YXTHNXNVD GK UT\XN
HVD OD
NNVINU YXTHNXNVD HVD @ GMNV0 LV YN6M GMNV0 LV GK RCI JNVXV JK P(HKQ J6
WFIG OI&OI0NVD HVD OH[] RCI IL1\V RN= GK UT\XN HVD L]IU
NU LM GN4K GH JNVXV GK
P(HKQ J6$ EX /L9 OI&OI0NVD GV Y\NRN@ OMGNM `NMN JNIX P%NXV RN\V IR+NN[K PLHNVD
GNV FW9K OJNUN L]QNX GMXV YN6M JNIX P%NXV RN\V OMGNMK ^NV
G F6DGNVD HVD EI'R9K GNV FrV
>NNUV 0N\XV GV WIM GT1 Y/L9 OI&OI0ND J6D@ IWXGN IR
NVN P<\V>N GMXV GK WMU J6@
FKO 0NG OVRNYNVD OV P5L8X MNW/R YN6M PX LM P%NE= WNXV RN\K \N[U GV ODFDN HVD IXD
G
YN6M HJN\V>NNLMK^NG `NMN IG [ G IR
\VNN OV LUN S\UN J6 IG IR+NN[ XV HVD
GMNV0 LV GK IXF\ JNIX P%NE= GV QN6MNX OVRNYNVD `NMN P%NE= [E= GMNV0
LV
GK
JNIX
GK
UT\XN
HVD
L]IU
NU
GK
RCI$ MN9‘KGCU F6DGNVD `NMN P%NE= WNXV
RN\K JNIXNVD GV ODFDN HVD +NK VON JK IR
\VNN IGN [N$ OMGNM XV EX >NNUNVD GNV FrV >NNUV
HVD
0N\
IQN$
RN=
HVD MN9‘KGCU F6DGNVD `NMN P%NE= [E= JNIX GK MNI
N GVR\ GMNV0 LV )NK IGDUT HVD J JNIX FJTU 7NQN FGM @ GMNV0 LV YN6M HVD
@
GMNV0
LV
JNV
[E=$
EO
L]GNM
VON
L]UKU
JNV[N
IG
F6DGNVD
`NMN
U)NN
0NG
IR+NN[ `NMN P%NE= [E= JNIXNVD GNV LZMN GMXV GV I\ FW9K OJNUN GMNV0 LV GV
PO NVWXN LIM2 OV YING )NK WNV GVDQ] `NMN RN= HVD /RN/) YN6M LIM2NM G<NN
HD
N\ GV I\ L]QNX IGN [N )NN$
EO L]GNM NVWXN GV LJ\V UKX RNNVŽ HVD NVWXN I+N8X 2 NVWXN LZRN=XTHNXNVD OV FJTU
YING )NN ÑL])NH QNV RNNVŽ HVD M^NN GNV 1NV0GMÐ$ IX(XI\I>NU ONMNK HVD GVDQ] GK MNW/R L]NI,UNVD
YN6M NVWXNI+N8X MNW/R 2 GV FKS FUV YDUM GNV Q
NN=N [N J6$
ONMNK NVWXN I+N8X MNW/R YDUM
Š
HQ
OD
OD
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
YXT
FW9
GT\ NVWXNI+N8X
MNW/R 2 ÑM^NN
LZDWK OIJUÐ
GT\ GM MNW/R
ÑOG\Ð
ÑÐ
GT\ MNW/R L]NI,UND
ÑOG\Ð
ÑÐ
GM MNW/R ÑIXR\Ð
ÑÐ
GT\ MNW/R L]NI,UND
ÑIXR\Ð
ÑÐ
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 45
M^NN U)NN OMGNMK /)NNLXN LM 2 GV ON)N ON)N@ &NW QVUN NVWXN GV NVN QNV RNNVŽ
HVD +NK NVWXN LZRN=XTHNXNVD OV GN4K YING MJXV GK OD+NNRXN J6$ VON JN\ JK HVD \N[Z GK [E=
&NW HVD G9N6IUNVD GV FNRWZQ J6$ EOI\@ GM YNNNM GNV 2NLG FXNGM YN6M GM YLRDSXN
GNV MNVGGM MNW/R L]NI,UNVD HVD YING RCI GV ON)N ON)N OI&OI0NVD HVD LN=,U STIXDQN D[ OV
G9N6UK GMXV UG JK IRG<L PL\&N J6$ NVWXN IXRV
N GNV RN/UIRG QCI9 OV RU=HNX /UM LM
+NK FXN M>NXV GV I\ +NK QNVXNVD ^NV
NVD HVD [D+NKM L OV YN6M OUU L]NO GMXV YNR
G J6D$
IRQV
NK OJNUN RNLOK YQN[K GK IW(HVQNMK HVD RCI
XN6RKD NVWXN HVD J LIMG<LXN GK [E= )NK IG OMGNMK IR+NN[NVD ÑGVDQ]K@ MN7 YN6M OD"N
MN7 ^NV
Ð GK NVWXN LIMNVWXNYNVD GV IR¿N LNVNN GV I\ FW9 GV HNH OV L]QNX GK WNXV
RN\K IRQV
NK OJNUN GK MNI
N @ GMNV0 LV JNV[K$ EOGV IRLMKU@ NVWXN GV LJ\V UKX
RNNVŽ HVD IRQV
NK OJNUN GV YNL]RNJ GK MNI
N SN\Z GKHUNVD LM @ GMNV0 LV )NK W6ON IG
XKSV Q
NN=N [N J6
ONMNK IRQV
NK OJNUN
ÑGMNV0 LVÐ
XN6RKD NVWXN LZRN=XTHNX
¿ ¾ RN/UIRG ¿RU=HNX GKHUNVD LM¾
GKHUNVD LM
¿OD Y¾
BN
YXTQNX
WNV0
IRQV
NK OJNUN GN YNL]RNJ GKHUNVD LM @ GMNV0 LV F6%UN J6@ WNV
NVWXN LZRN=XTHNXNVD GN L]IU
NU J6$ _IL YNNNM RN= GK UT\XN HVD RN= YN6M
HVD
OG\
IRQV
NK
OJNUN
HVD
GT1
OTNNM
JTYN@
IGDUT
IRQV
NK
PNNMNVD
GN
IXR\
YL]RNJ FJTU UVWK OV "N9 MJN J6 W6ON IG XKSV Q
NN=N [N J6
ONMNK IRQV
NK OJNUN ¿IXR\¾
ÑGMNV0 LVÐ
OG\ IRQV
NK PNNM
RNLOK YQNI[ND
OJNUN ÑIXR\Ð
RN= GV FW9 YXTHNXNVD GV YXTONM IRQV
NK OJNUN ÑPNNMÐ GV IXR\ YNL]RNJ
HVD YN6M I[MNR9 YN[K YN6M J XGNMN5HG YNL]RNJ GMNV0 LV JNV WN[N$
IX(XI\I>NU
ONMNK
HVD
XN6RKD
NVWXN GV LJ\V UKX RNNVŽ GV QN6MNX IRQV
NK OJNUN GV
RN/UIRG MN7RNM PLNV[ GV &N6MV Q
NN= [ J6D
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 46
ONMNK MN7NVD `NMN IRQV
NK OJNUN GN PLNV[
Š OD
MN7
ÑGMNV0 LVÐ
´
´
YNDN] L]QV
N
YOH
IFJNM
[TWMNU
JIMNNN
IJHNS\ L]QV
N
GXN=9G
GVM\
H L]QV
N
GT\ GN M6DG
L]IU
NU
¿ ¾
HJNMN9‘
HINLTM
HV"NN\
P0KON
LDWNF
MNW/)NNX
UIH\ XN0T
P¿NM L]QV
N
L FD[N\
GT\
MN7NVD
OJNUN
GN
`NMN
\N+N
IRQV
NK
P%NXV
OJNUN
RN\V
YN6M
GV
PLNV[
IRQV
NK
HVD
OJNIÃU
/L9
L
OV
LIMNVWXNYNVD
LIMRU=X
GNV
JT
GNN=I8RU
J6D$
IRQV
NK
GMXV
RN\V
MN7NVD GK OD>N HVD RCI JTE= J6 WNV OD>N YN%RKD NVWXN YRIN HVD )NK@ @ GV QN6MNX JNV [E=$ YOH XV@ IWOXV LJ\V IRQV
NK OJNUN GN \N+N XJKD P%NN )NN@
RN= OV IRQV
NK OJNIÃU LIMNVWXNYNVD GN GNN=8RX NT GM IQN J6$ HINLTM YN6M
HV"NN\ XV +NK H
N YN6M OV E= LK L]NMD+N GK J6$ RN= OV
GV QN6MNX IRQV
NK OJNUN GK HN
N GK QCI9 OV OFOV LJ\N /)NNX YNDN] L]QV
N GN
J6 EOGV FNQ L FD[N\@ P¿NM L]QV
N@ HJNMN9‘ YN6M UIH\XN0T GN /)NNX J6$ HJNMN9‘@ IWOXV
YN%RKD NVWXN YRIN GV QN6MNX YINGUH OJNUN GN \N+N P%NN@ GN /)NNX YF SN6)NN J6$
W(HZ YN6M G
HKM IRQV
NK OJNUN L]N,U GMXV HVD YOH)N= MJN J6$ IFJNM GN /)NNX YF +NK OFOV
YDU HVD J6 _IL YNGNM YN6M Y)N=2R/)NN GK QCI9 OV EOV YING IRQV
NK OJNUN GK WMU
J6$ VOV IX(X PLNV[ GV QNV L]HT>N FNGM GNMG J6D IRQV
NK OJNUN GN \N+N P%NXV GV I\
QV
NW ODONNXNVD GV YNXTLNIUG YD
NQNX PL\&N GMNXV GV RN/UV ODONNX UD[K YN6M QNUNYNVD GN
YRFNVNX$
IRIRN LZDWK L]NI,UND
IRIRN LDZWK L]NI,UNVD GK QNV L]HT>N HQVD BNNVD YN6M YI[]HNVD GK ROZI\ND U)NN IRIXRV
N OV
L]NI,UND J6D$ BNNVD YN6M YI[]HNVD GK ROZI\NVD OV RN/UIRG L]NI,UND NVWXN GV LJ\V UKX RNNVŽ GV
QN6MNX @ GMNV0 LV UG NVWXN \^NVD GNV LNM GM [E= J6D$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 47
IRIXRV
N
XN6RKD
NVWXN
GV
IR¿N
LNVNN
GK
/GKH
HVD
L]/UNR
IGN
[N
)NN
IG
ÊIRIXRV
NNVD
OV
L]NI,UNVD† HVD NVWXN GV UKX RNNVŽ@ HVD LN=,U L OV OTNNM GMXN JNV[N UNIG VOK
L]NI,UNVD GK GT\ MNI
N NVWXN YRIN GV QN6MNX GH OV GH @ GMNV0 LV Ñ GKHUNVD LMÐ JNV WN$ _IL NVWXN GV LJ\V QNV RNNVŽ HVD PL\I&NND LZRN=XTHNXNVD GV YXTONM JK
J6D@ U)NNIL HVD L]5NI
NU OTNNM XJKD JTYN J6$ NVWXN \^NVD GK UT\XN HVD IRIXRV
NNVD
OV RN/UIRG L]NI,U XKSV Q
NN=E= [E= J6
ONMNK IRIXRV
N
ÑGMNV0 LVÐ
NVWXN LTRN=XTHNX
L]NI,U# YXTHNX
ÑOD YÐ
ÑF YÐ
NVWXN GV LJ\V UKX RNNVŽ HVD IRIXRV
NNVD OV L]NI,U HVD GHK GK MNI
N @ GMNV0 LV )NK
WFIG Y[\V QNV RNNVŽ GV I\ YXTHNXNVD GK MNI
N @ GMNV0 LV J6$ WF UG IG IRIXRV
N
GN=H
GNV
UVW
XJKD
IGN
WNUN
UF
UG
EO
ODFDN
HVD
NVWXN
YXTHNXNVD
GNV
L]N,U
GMXN
GI%X JNV[N$
OG\ MNWGNVNK "NN9N
YRIN
NVWXN GV IR¿N LNVNN GK /GKHNVD HVD@ P(HKQ GK [E= )NK IG MNWGNVNK "NN9N NVWXN
GV
QN6MNX
O
"N
P
GN
L]IU
NU
OV
GH
JNVGM
L]IU
NU
JNV
WN[N$
MNW/R
L]NI,UNVD HVD YN6M IRIXRV
NNVD OV L]NI,UNVD HVD LN=,U GHK JNVXV YN6M NVWXN LZRN=XTHNXNVD GK UT\XN HVD
NVWXN I+N8X MNW/R 2 HVD P<\V>NXK RCI JNVXV OV@ W6ON IG cLM FUNN [N J6@ OMGNM
GV I\ YLXV 2 ÑNVWXN YN6M NVWXN I+N8XÐ GV IR¿N LNVNN GV I\ YING HN
N HVD OG\
MNWGNVNK "NN9V GN OJNMN \VXN L0N$ GVDQ] GV OG\ MNWGNVNK "NN9V HVD L]RCI¿NND Q
NN=XV RN\N
IRRMN XKSV IQN [N J6
ONMNK MNWGNVNK "NN9N O "N P YXTLNU
ÑGMNV0 LV# L]IU
NUÐ
Š
HQ
OD
MNWGNVNK "NN9NLMDLMN[U
MN7NVD YN6M OD"N MN7 ^NV
NVD
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
OD Y
GNV \"NT FSU
MNWGNVNK "NN9NXE=
LIU ÑÐ
RU=HNX FNWNM GKHU
YNNNM LM O "N P
MNWGNVNK "NN9N
ÑLMDLMN[UÐ# O "N P OK H LK ÑÐ
YXTLNU Ñ#Ð
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 48
Š
HQ
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
OD Y
OD
MNWGNVNK "NN9N ÑXE=
LIUÐ# O "N P OK
H LK ÑÐ YXTLNU
Ñ#Ð
RU=HNX FNWNM GKHUNVD LM
O "N P YNNNM MNWGNVNK "NN9N
ÑLMDLMN[UÐ# O "N P OK H LK ÑÐ
YXTLNU Ñ#Ð
MNWGNVNK "NN9N ÑXE=
LIUÐ# O "N P OK
H LK ÑÐ YXTLNU
Ñ#Ð
ONMNK MNWGNVNK "NN9N GVDQ]K OMGNM GT\ 2 YXTLNU
ÑGMNV0 LVÐ
Š
HQ
OD
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
RN/U
OD Y
F Y
NVWXNI+N8X 2
NVWXN 2
GT\ 2 ÑÐ
MNWGNVNK
"NN9NLMDLMN[U
YXTLNU Ñ#Ð
MNWGNVNK "NN9NXE=
LIU
YXTLNU Ñ#Ð
PLMNV'U ONMNK OV LUN S\UN J6 IG XN6RKD NVWXN GV LJ\V UKX RNNVŽ HVD MNWGNVNK
"NN9V
O
"N
P
HVD
RCI
JNVUK
MJK
J6$
RN/UIRG
YXTLNU@
NVWXN
LZRN=XTHNXNVD
GK
UT\XN
HVD
HVD
GN4K YING MJN J6 W6ON IG XKSV Q
NN=N [N J6
ONMNK OM\ MNWGNVNK "NN9N
ÑRU=HNX GKHUNVD LM GMNV0 LVÐ
RN=
NVWXN LZRN=XTHNX
RN/UIRG
@ ÑÐ
@ ÑÐ
@ ÑÐ
@@ ÑÐ
@ ÑÐ
@@ ÑÐ
GNV%GNVD HVD IQ [ YNDG0VD@ O "N P GK L]IU
NUUN GV L HVD
OG\ MNWGNVNK "NN9N L]QI
N=U GMUV J6D$
PLMNV'U
ONMNK
OV
J
+NK
/L9
JNV[N
IG
RN=
YN6M
MNWGNVNK "NN9N GT\ GVDQ] OMGNM 2 GN L]IU
NU )NN@ WNV YNNNM RN= GV ODFDN
HVD
YXTLNU
OV
YING
J6$
RN=
GV
QN6MNX I/)NIU HVD YN6M I[MNR9 YNE= WFIG L]IU
NU GVDQ] OMGNM 2 GN IR¿N LNVNN MNWGNVNK "NN9V GV HNH OV IGN WN[N$ OMGNMK
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 49
2@ MNW/R L]NI,UNVD@ BN I+N8X LZDWK L]NI,UNVD YN6M MNWGNVNK "NN9V GV FKS ODFDN XKSV YNMV>N
HVD IQ>NNN [N J6$
GVDQ]K OMGNM 2 ¿NVWXN YN6M NVWXN I+N8X¾ GN IRµN LNVNN
100
90
80
Percent
70
60
50
40
30
20
10
Centre's Total Rev.Receipts
2000-01
1999-2000
1998-99
1997-98
1996-97
1995-96
1994-95
1993-94
1992-93
1991-92
1990-91
0
Fiscal Deficit
Non Debt Capital Receipts
GVDQ]K NVWXN GV I\ OG\ FW9K OJNUN YN6M MN7NVD U)NN OD"N MN7 ^NV
NVD GV
I\ GVDQ]K OJNUN
^NV
GVDQ] GK RNIN=G NVWXNYNVD GV I\ OG\ FW9K OJNUN U)NN MN7NVD YN6M OD"N MN7
NVD GK RNIN=G NVWXNYNVD GV I\ GVDQ]K OJNUN GV &N6MV OD\;XG YN6M HVD IQ [ J6D$
J QV>NN WN OGUN J6 IG ODONNX UD[K GV FNRWZQ@ GVDQ]K OMGNM XV@ MN7NVD YN6M OD"N MN7
^NV
NVD GNV@ XN6RKD NVWXN HVD LIMGI<LU LIU GV YXTONM@ GVDQ]K OJNUN L]QNX GK$
GVDQ]K OMGNM ^NV
G P_HNVD GV NVWXN IXRV
N GN IRµNLNVNN
GV O ^NV P G OHK^NN
GK I/)NIU GV YXTONM GT\ GVDQ]K OMGNM ^NV
G P_H ÑGV ON ^NV PÐ
J6D Ñ FKHN GDLIXNVD YN6M IR¿NK OD/)NNYNVD GNV 1NV0GMÐ@ IWXHVD OV S\ MJV J6D YN6M GN
LTX[=%X IGN WN MJN J6$ S\ MJV P_HNVD HVD@ P_H R/UTD IRIXIH=U# P5LNQX GM MJV J6D
YN6M OVRND L]QNX GM MJV J6D$ O+NK P_HNVD HVD IXRV
N GK MNI
N GNV @@
GMNV0 LV )NK$ GVDQ]K OMGNM GV Y\NRN@ WNV IXRV
N GV G F0V IJ/OV GN NNMN GMUK J6
GT1 MN7 OMGNMVD NNMN GDLIXNVD ÑWNV /RD OMGNMK ^NV
G P_H J6DÐ@ IR¿NK OD/)NNX@ F6DG YN6M
IXWK L^NGNMNVD GN +NK NVM NNIMNVD GV L HVD EX P_HNVD HVD IJ/ON J6$ \NVG P_H ORV=^NN GV
YXTONM@ RN= GV QN6MNX S\ MJV P_HNVD HVD OV XV \N+N GHNN XV JNIXND
P%NEŽ YN6M XV X UNV \N+N GHNN YN6M X JK GNVE= JNIX P%NE=$ GT\ IH\NGM EX P_HNVD XV@
JNIX P%NXV RN\V P_HNVD GK JNIX GNV L]IUODUTI\U GMXV GV FNQ @ GMNV0 LV GN IXR\
\N+N ÑGM GV L
SNUa \N+NÐ GHNN@ \[K LZDWK LM L]IU
NU GN L]IU4\ L]QNX IGN$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 50
XN6RKD NVWXN HVD GV ON ^NV P `NMN ODONNX WT9NXN
GVDQ]K P_HNVD `NMN IXRV
N IGN WNXN@ GVDQ] GV NVWXN LIM2 GN G HJ5RLZN= YN6M
L]HT>N
"N9G
NVWXN
IXRV
N
LIM2
XNHU
FW9
J6$
GN
NVWXN
OI(HI\U
OMGNM
FN’
XN6RDKD
L]IU
NU
OV
WNV
J6$
FW9K
ODONNX
OJNUN GK HN
J6
ÑYNE=
LZRN=XTHNXNVD
GVDQ]
EO
FK
I\
IXRV
N
OJNUN
E=
GV
GV
YN6M
YNMÐ$
HVD@
GV
ON
^NV
YNFDI9U
I\
`NMN
@@
IR¿NK
L]5VG
P_H
GV
^NV
O
P
P
GMNV0
ODONNX
`NMN
GV
@@
QNV
WT9N
NVWXN
LV
O]NVUNVD
WNXV
GMNV0
GV
OV
RN\V
LIM2
GV
LV
GT\
L]N,U
NVWXN
JNVUV
YNDUIMG
I\
GN
J6D@
U)NN
FW9K
N@ XRVD Q
NG GV QN6MNX \[+N[ L]IU
NU )NK$ YN%RKD NVWXN GV QN6MNX J
GH JNVGM \[+N[ L]IU
NU MJ [E= U)NN XN6RKD NVWXN HVD L]IU
NU GN LZRN=XTHNX \[NN
[N J6$ QZOMV N&QNVD HVD@ GVDQ]K P_HNVD GV NVWXN LIM2NVD GV L]IU
NU GN@ YNNNIMG ODMSXN
^NV
G U)NN IRIXHN=N ^NV
G HVD JNIX P%NXV RN\V P_HNVD GNV 1NV0GM@ IR¿NLNVNN YNE= E= FK YNM GV
HNH OV IGN WNXN )NN$ P_HNVD GV I\ "N9UK FW9K OJNUN U)NN YLXV IXRV
N GV IR¿N
LNVNN HVD PXGV `NMN YNE= E= FK YNM LM YINGNING IX+N=MUN@ OMGNM GV LNO PL\&N OKIHU
FW9K ODONNXNVD GV 4\/RL J6@ WNV L]HT>N L OV NVWXN HVD ONHNIWG YN6M YNI)N=G ^NV
GNVD
GK WMUVD LZMN GMXV GV I\ YNFDI9U IG WNUV J6D$ J EO XKIU FQ\NR GNV +NK LIM\I^NU
GMUK J6 IWOGN PtV
J OTIXI
SU GMXN J6 IG V P_H PISU OH HVD RNINI7G O^NH
/RUD
EGNENVD GV L HVD P+NMVD YN6M WNV X GVR\ P5LNQX GV RU=HNX /UMNVD GNV FXN M>NXV GV
I\ FI<G YLXV YNNTIXGKGMN U)NN IR/UNM GV I\ +NK LN=,U ODONNX WT9NXV HVD OH)N= JNVD$
EO L]GNM@ GV O ^NV P GV I\ "N9UK FW9K OJNUN GNV QV>NUV JT P_HNVD GV YDQM WT9N
WNXV RN\V ODONNX ÑM>NV [ \N+N YN6M HZ<kNO YNMI^NU IXIN GNV IH\NGM YNDUIMG ODONNXÐ
U)NN PXGV YDQXK R IRQV
NK PNNM@ P_HNVD GN \I^NU IXRV
N L]N,U GMXV GV RN/UV HJ5RLZN= J6D$
NVWXN
GV
I\
L]NVWXN)N=@ GVDQ]K HD
ODONNXNVD
U)NN
GV
ON
^NV
P
N\NVD# IR+NN[NVD GV L]
NNOIXG IXD
`NMN
IXRV
N
GN
YXTHNX
\[NXV
GV
N GV YNKX YNXV RN\V YN6M P_HNVD GV GNHGNW GK@ GVDQ] GK H
N YN6M GK RNIN=G NVWXND U6NM
GMUV OH@ WNDS GK [E= )NK$ ÑRNIN=G NVWXND YN6M U6NM GMXV GV OH
EOK L]GNM H
N YN6M GK WNDS GK [E= )NKÐ$ NVWXN YRIN GV UKX RNNVŽ GV QN6MNX
Ñ Ð P_HNVD GNV YXTHNIXU NVWXN FW9K OJNUN GN L]IU
NU L]N,U JTYN U)NN
NVWXN LZRN=XTHNXNVD GV L]IU
NU UG GV YNE= E= FK YNM WT9N [$ FW9K OJNUN IXRV
N
GK L]IU
NU L]N,U JTE= WFIG IXRV
N HVD YNE= E= FK YNM GN IJ/ON L]IU
NU GN$ EO
L]GNM IXRV
N GK GH HN
N GV FNRWZQ@ YNE= E= FK YNM GN IJ/ON NVWXN LZRN=XTHNXNVD OV GH
MJN J6$ &N6MV IX(XI\I>NU ONMNK HVD IQ [ J6D
ONMNK GV ON ^NV P GV NVWXN IXRV
N
ÑXN6RKD NVWXN LZRN=XTHNX U)NN GV I\ OD
NNVINU YXTHNXÐ
Š
OD
HQ
FW9K OJNUN
YNE= E= FK YNM ÑG >NÐ
G YNDUIMG ODONNX
>N PNNM# E= FK YNM
GV ON ^NV P GV NVWXN LIM2 Ñ Ð
XN6RKD NVWXN GN\H ¿¾ GK L]IU
NUUN GV
LZRN=XTHNX ¿OD Y¾
L HVD GN\H ¿¾
I9,LNK GN\H @ ODFDINU RNIN=G NVWXNYNVD HVD OD
NNVINU YXTHNXNVD GN WNV0 J6$
¾
ÑGMNV0 LVÐ
¾ YNDG0VD I/)NM GKHUNVD GV YXTONM J6D$
XN6RKD NVWXN L]\V>N HVD GVR\ FK O YN6M YNE= E= FK YNM GV ODFDN HVD LZRN=XTHNX IQ [ J6D$ EOGV E= FK YNM YN6M YNE=
YNM GN &N6MN XN6RKD NVWXN GV I\ GVDQ] GV ODONNX ODFDNK GN=Q\ GK IMLNV9= LM YNNNIMU J6$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 51
YNDUIMG ODONNX WT9NXV U)NN FNWNM OV BN LZDWK L]N,U GMXV HVD P_HNVD GNV LV
N YNE=
GI%XNE=
EO
U)
OV
/L9
J6
IG
YNE=
E=
FK
YNM
GV
OD
NNVINU
YXTHNX@
FW9
YXTHNXNVD
GK
UT\XN HVD GN4K GH MJV J6D W6ON IG XKSV ONMNK HVD YN6M OD\;XG HVD Q
NN=N [N J6$
ONMNK NVWXN IXRV
N GK IRµN LNVNN LIU@ Š OD
HQ
¿F Y¾
¿OD Y¾
GHK
ÑGMNV0 LVÐ
GHK HVD NV[QNX
¿L]IU
NU¾
FW9K OJNUN
@
@
EI'R9K
@
@
BN
@
@
@@
@@
@
G YNDUIMG ODONNX
@
@
@
>N PNNM# E= FK YNM
@
@
@
YNE= E= FK YNM ÑG >NÐ
FND0# BNL
@
@
@
E= OK FK
@
@
@
Y8
@
@
@
@@
@@
@
GVD ON ^NV P GN NVWXN LIM2 Ñ Ð
I9,LNK GN\H YN6M @ ODFDINU RNIN=G NVWXNYNVD HVD F Y YN6M OD Y GN WNV0 J6 Ñ I/)NM GKHUNVD LMÐ$
FW9 YXTHNXNVD GK UT\XN HVD FW9K OJNUN HVD GHK GVR\ @ L]IU
NU )NK WFIG
UKX RNNVŽ@ HVD EX P_HNVD GV NVWXN IXRV
NNVD HVD@ YNE= E= FK YNM HVD GHK GN IJ/ON
GT\ GHK GN L]IU
NU )NN$ EOOV /L9 L OV LUN S\UN J6 IG P_HNVD GNV YNDUIMG
ODONNX WT9NXV U)NN FNWNM OV PNNM \VXV HVD GI%XNE= GN ONHXN GMXN L0N$ J /L9 JNV[N
IG P_HNVD `NMN L]SN\X ^NHUN HVD@ NVWXN LZRN=XTHNXNVD# FW9 YXTHNXNVD GK UT\XN HVD YNDUIMG
ODONNX WT9NXV HVD GHK GK HN
+NK
WMK
J6
IG
YNDUIMG
N GNV QV>NUV JT@ LN=,U L OV OTNNM IGN WNXN SNIJ$ J
ODONNX
WT9NXV
GK
^NHUN
OV
GN4K
OKHN
UG@ ODFDINU P_H GK
VI09 MVI9D[ GK QCI9 OV FNWNM OV P[NJK GMXV GK NV;UN@ IXNN=IMU JNVUK J6$ QZOMK YNVM@
PNNMNVD GV HNH OV IXINNVD GK PL\&NUN OV LN=,U GN= LZDWK YN6M IXRV
N GV I\ LZDWK L]N,U
JNVUK
J6$
EO
L]GNM
YNDUIMG
ODONNXNVD
OV
GH
WT9NR
YN6M PNNMNVD HVD GHK OV LM/LM L OV
P_HNVD GK ODONNX I/)NIU L]+NNIRU JNVUK J6$ EO OH YINGND
N GVD ON ^NV P FND0 F6DGNVD YN6M
IR¿NK ODONNXNVD GV ON)N IXWK UN6M LM M>NV J6D$ J G6I,9R FNWNM HT> L OV EX FND0NVD GV
ON)N WT0K OTM^NN GK P3S HN
N GV GNMN IR_HNX J6$ OMGNMK [NMD9K GV FNRWZQ@ P_H PO
OKHN UG FNWNM OV P[NJK GMXV HVD OH)N= XJKD MJV J6D WNV YN6M GV QN6MNX
YLVI^NU )NK@ IWOGN HT> GNMN L]N)NIHG YN6M [N6N FNWNMNVD HVD HDQK GN MJXN J6$ EOK L]GNM@
YDUMN=9‘K FNWNMNVD HVD YIXI
SUUNYNVD XV +NK FN’ RNINI7G PNNMNVD GNV L]+NNIRU IGN$ PNNM
GN GHN
O]NVU@ IWOGN EX UKX RNNVŽ GV QN6MNX LZN= L OV PLNV[ IGN [N@ RJ )NN GM
HT'U FND0NVD GN IX[=H ÑIRIXIQ=9 GV ON ^NV P `NMNÐ$ VOV GM HT'U FND0NVD GV WIM EX RNNVŽ
GV QN6MNX WT9N [ ONNXNVD GN &N6MN OD\;XG HVD IQN [N J6$ GM HT'U FND0NVD GNV OHN,U
GMXV
GV
OMGNM
GV
IXN=
GNV
QV>NUV
JT@
GV
ON
^NV
P GV I\ EO OTIRNN GK YNVM XJKD
MJV[K$ RNIN=G NVWXN GV I\ OMGNM XV GVR\ GMNV0 LV UG GV GMHT'U
FND0 WNMK GMXV GK /RKGCIU L]QNX GK J6 WFIG RNIN=G NVWXN GV I\ YNFD9X
GMNV0 LV )NN$ YING MNI
N GV I\ GMHT'U FND0NVD GV YNFD9X GK HND[ WNMK J6$ VON
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 52
L]UKU JNVUN J6 IG FNWNMNVD OV PNNMNVD GV HNH OV ODONNX WT9NXV GK P_H GK ^NHUN HT>
L OV Y<LNRIN OV IR_HNX &NW QMNVD `NMN IXNN=IMU JNVUK J6$
XN6RKD NVWXN GV LJ\V UKX RNNVŽ GV QN6MNX OD ^NV P_HNVD `NMN WT9N [ YNE= E= FK YNM
GK MNI
N @@ GMNV0 LV J6D WFIG UT\XK GKHUNVD LM LZRN=XTHNX @@ GMNV0 LV
)NN@ WNV NVWXN YXTHNXNVD GN L]IU
NU J6$ GVDQ]K NVWXN GV I\ YF UG L]Q¿N @
GMNV0 LV GK OG\ FW9K OJNUN Ñ GK GKHUNVD LMÐ OV@ XN6RKD NVWXN GV LJ\V
UKX
RNNVŽ
HVD
GVDQ]
GN
GT\
LIM2@
@@
GMNV0
LV
GV
LNDS
RNK=
YXTHNX
GN
L]IU
NU F6%UN J6$
YNE=
E=
FK
YNM
GV
XN6RKD
NVWXN
LZRN=XTHNXNVD
HVD
HT>U
PX
P_HNVD
GN
IJ/ON
J6
Ñ
L]IU
NUÐ WNV LV9‘NVI\H YN6M L]NGCIUG [6O Ñ L]IU
NUÐ@ QZM ODSNM Ñ L]IU
NUÐ@ MV\RV Ñ
Ð@ IR_TU Ñ L]IU
NUÐ@ GNV\N Ñ L]IU
NUÐ YN6M E/LNU Ñ L]IU
NUÐ GV L]HT>N ^NV
GNVD GV
YDU[=U J6D$ IX(XI\I>NU ONMNK HVD EX P_HNVD `NMN WT9N [ ODONNXNVD GV FW9 YXTHNXNVD YN6M
OD
NNVINU YXTHNXNVD GV ODFDN HVD OD[U IRRMN IQ [ J6D$
ONMNK GV QN6MNX GVDQ]K HD
Š
OD
HD N\# IR+NN[
N\NVD GV YNE= E= FK YNM
¿F Y¾
¿O Y¾
ÑGMNV0 LVÐ
GHK GN\H
GHK HVD NV[QNX
¿L]IU
NU¾
QZM ODSNM
@
@
@
LV9‘NVI\H YN6M L]GCIUG [6O
@
@
@
IR_TU
@
@
@
E/LNU
@
@
@
PR=MG
@
@
@
GNV\N
@
@
@
+NZU\ LIMRJX
@
@
@
>NNX
@
@
@
MV\RV
@
@
@
IOIR\ IRHNXX
@
@
@
Y8
WNV0
@
@@
@@
@@
@
YNDG0V I/)NM GKHUNVD LM J6D$
EOI\@ GV ON ^NV P GV ODFDN HVD XN6RKD NVWXN GV I\ IXRV
N GV LZRN=XTHNIXU /UM GK
L]NI,U@ PO O4\UN LM IX+N=M GMUK J6 IWOGV ON)N P_H ODONNX WT9NXV HVD OH)N= MJUV J6D$
ONHN8
L
OV
OMGNMK
^NV
G
P_HNVD
GV
GNHGNW
HVD
OTNNM
GMXV
GV
I\
ONHN8
L
OV
\N[Z IG [ QNV PLNNVD GN P<\V>N GMXV GK WMU J6$ P_H FNV0NVŽ GN 2NRONKGMN G
^NV
J6$ EXHVD LN=,U OD>N HVD [6M OMGNMK IXQV
NGNVD GK IXTI'U GK WN MJK J6$ YWT=X OVX
[T,UN OIHIU GK IMLNV9= GK IO4NIM
NNVD GV YXTOMN HVD LN\X GK WN MJK OJHIU .NLX LIU@
WRNFQVJK
YN6M
/RN¿NUN
GV
FKS
OHTISU
ODUT\X
FXN
M>NXV
GN
G
YN6M
L]NO
J6$
RN=
YN6M GV QN6MNX@ H
N ON ^NV P YN6M ON ^NV P XV@ P_HNVD GN
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 53
GNHGNW
OTNNMXV
GV PtV
OV L]
NNOIXG HD
N\NVD YN6M IR+NN[NVD GV ON)N OJHIU .NLXNVD LM
J/UN^NM IG$
MN7NVD GV ODONNX
MN7NVD
GV
GT\
NVWXN
ODONNXNVD
GNV
QNV
OHZJNVD
HVD
R[K=GCU
IGN
WN
OGUN
J6@
)NN
MN7NVD GV YLXV ODONNX YN6M GVDQ]K OJNUN MN7NVD GV YLXV ODONNXNVD HVD PXGK YLXK IXINND
U)NN
PNNM
NNIH\
LIMNVWXNYNVD
W(HZ
YN6M
GV
J6D@
I\
G
HKM
R
GVDQ]K
OJNUN
GVDQ]K
OJNUN
IJHNS\
L]QV
NÐ@
HVD
GVDQ]K
NNIH\
PXGK
J6$
OJNUN
QO
LR=UK
ÑQV
NWÐ
MN7NVD
UMNE=
GNV
U)NN
YN6M
ÑYN%
IRQV
NK
LZRNV=¿NM
YNI)N=G
OJNIÃU
^NV
IL10VLX
HVD
GV
U)NN
GNMN
IR
NVN -VNK RN\N MN7 R[K=GCU IGN [N J6 NVN LDQ]J MN7NVD GNV [6M IR
NVN -VNK MN7 ÑX
O
LK
OÐ
HZ<NDGX@
GV
L
NVWXN
HVD
R[K=GCU
LZRN=XTHNXNVD
GK
IGN
UT\XN
[N
HVD@
J6$
XN6RKD
MN7NVD
GV
IR¿NK
NVWXN
GV
LJ\V
ODONNXNVD
UKX
RNNVŽ
GN
GV
HNRING
QN6MNX
PXGV
IXLNQX LM YNNNIMU J6@ W6ON IG RN= ÑRN/UIRGÐ@ ÑLZR= RN/UIRGÐ YN6M
ÑF YÐ GV ODFDN HVD MN7NVD GV IR¿NK ODONNXNVD GV YXTHNXNVD HVD LIM\I^NU J6$ XN6RKD
NVWXN LZRN=XTHNXNVD GV ON)N O+NK MN7NVD GV IR¿N LNVNN GK IH\K WT\K /GKH U)NN GKHUNVD
LM
OD\;XG HVD Q
NN=E= [E= J6$ SN\Z MNW/R OV NVN ÑFK OK YNMÐ GV &NVMV
L]NI,U
OD\;XG HVD IQ [ J6D U)NN YIUIM'U ODONNX WT9NR GV &NVMV OD\;XG HVD IQ [ J6D$
MN7NVD GV ODFDN HVD GT\ XN6RKD NVWXN ODONNXNVD GN LZRN=XTHNX @@ GMNV0 LV
Ñ GKHUNVD LMÐ \[NN [N )NN@ IWOHVD @@ GMNV0 LV GK GVDQ]K OJNUN
Ñ
L]IU
NUÐ@
@@
GMNV0
LV
GV
MN7NVD
GV
PNNM
Ñ
L]IU
NUÐ
YN6M
@
GMNV0 LV MN7NVD GV YLXV ODONNX Ñ L]IU
NUÐ NNIH\ J6D$ ÑMN7NVD GV YN%RKD NVWXN GV VOV
LZRN=XTHNXNVD @@ GMNV0 LV )NV Ñ GKHUNVD LMÐ IWXHVD @ GMNV0 LV GK
GVDQ]K OJNUN Ñ L]IU
NUÐ@ @ GMNV0 LV GV MN7NVD GV PNNM Ñ L]IU
NUÐ YN6M
@
GMNV0
LV
MN7NVD
GV
YLXV
ODONNX
Ñ L]IU
NUÐ NNIH\ )NV$ EX LZRN=XTHNXNVD GV
IRLMKU MN7@ XN6RKD NVWXN GV LJ\V UKX RNNVŽ HVD I/)NM GKHUNVD LM GT\ NVWXN ODONNXNVD GN
GVR\ L]IU
NU JK WT9N OGXV HVD OH)N= MJV J6D$ _IL GT\ GVDQ]K OJNUN GN L]NI,U /UM
L]IU
NU J6@ YN6M MN7NVD GV PNNMNVD GN L]NI,U /UM L]IU
NU J6 IGDUT MN7NVD `NMN /RD
GK
IXINND
WT9NXV
HVD
L]NI,U
Y5DU
GH@
Y)NN=U
ÑÐ
L]IU
NU
J6$
QZOMK
YNVM@
YN%RKD
NVWXN GV LJ\V UKX RNNVŽ HVD MN7@ OUU GKHUNVD LM GT\ NVWXN ODONNXNVD GN L]IU
NU
WT9N LNXV HVD OH)N= MJV )NV$ GT\ GVDQ]K OJNUN GN L]NI,U /UM L]IU
NU YN6M MN7NVD GV
PNNM
L]IU
NU )NV$ MN7NVD GK /RD GK IXINND WT9NXV HVD L]NI,U FJTU GH@ Y)NN=U Ñ Ð
L]IU
NU )NK$ ONHN8 L OV EX L]RCI¿NNVD OV MN7NVD GV /RD GV ODONNXNVD GV FJTU IX(X
/UM
YN6M
PNNMNVD
GV
cDSV
/UM
GN
ODGVU
IH\UN
J6$
IR¿NK
ODONNXNVD
GK
IRI+N8X
HQNVD
GK
L]NI,UNVD GN IR/UCU IR
\VNN XKSV IQN [N J6
MN7NVD GK /RD GK IXINND
MN7NVD
GK
YLXK
IXINNVD
HVD@
SN\Z
MNW/R
OV
NVN
ÑFK
OK
YNMÐ@
MN7
/UM
OMGNMK
P_HNVD ÑO X LK E=Ð GN YD
NQNX@ IRIRN LZDWK L]NI,UND ÑH OK YNMÐ@ QORVD IR¿N YNNV[ Ñ9K
4
OKÐ
GV
OHNNVWX
IR
NVN
YN6M
NVWXN
YXTQNX@
YIUIM'U
ODONNX
WT9NR
Ñ
YNM
HÐ@
L]NMDI+NG
NVN
GN
/)NNXK IXGNNVD OV IXR\ YIN
NVN OI(HI\U J6$ XN6RKD NVWXN LZRN=XTHNXNVD HVD@
MN7NVD GK /RD GK IXINND @ GMNV0 LV ÑY)NN=Ua GT\ NVWXN ODONNXNVD GN L]IU
NUÐ
YXTHNVIQU GK [E= )NKD EOGV IRLMKU RN/UIRG L]NI,U Ñ Ð @ GMNV0 LV LM FJTU GH
)NK$
YN%RKD
NVWXN
GV
YXTL
MN7NVD
GK
/RD
GK
IXINND
@
GMNV0
LV
ÑY)NN=Ua
GT\
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 54
NVWXN ODONNXNVD GN L]IU
NUÐ LZRN=XTHNIXU GK [E= )NK WFIG RN/UIRG L]NI,U LJ\V UKX
RNNVŽ GV QN6MNX ÑÐ @ LV )NK$ /RD GK IXINNVD GN IX(X /UM@ GH FK OK YNM@ H
OK YNM@ YNM H R MN ON ^NV P GV YODUNVNWXG IXLNQX GNV LIM\I^NU GMUN J6$ P L]@
YN8N] L]QV
N YN6M H L]QV
N GV ODFDN HVD PXGK /RD GK IXINND FJTU GH QV>NK [EŽ@ POGV FNQ
MNW/)NNX@ HJNMN9‘@ JIMNNN@ LDWNF@ IFJNM@ P0KON YN6M UIH\XN0T GN /)NNX J6$ GH /UM GV
4\/RL NVWXN IR¿N LNVNN GVDQ]K OJNUN YN6M PNNMNVD LM Y5ING IX+N=M MJXN L0UN J6$
MN7NVD GK YLXK IXINNVD GV LZRN=XTHNX YN6M L]NI,U GN /UM OD^NVL HVD XKSV ONMNK HVD Q
NN=N [N J6
ONMNK MN7 GK /RD GK IXINND ¿ GKHUNVD LM¾
ÑGMNV0 LVÐ
HQ
XN6RKD NVWXN
L]NI,U
XN6RKD NVWXN LTRN=XTHNX
LZRN=XTHNX ¿¾
GK L]IU
NU L]NI,U
O+NK MN7
@
ÑÐ @
ÑÐ @ ÑÐ
IWOHVD OV
IR
NVN -VNK MN7 ÑO OK OÐ
[6M IR
NVN -VNK MN7 ÑX O OK OÐ
ÑÐ @
ÑÐ @
@
ÑÐ @
ÑÐ ÑÐ
ÑÐ ÑÐ
BN@
\
¾ GNV%GNVD HVD IQ [ YNDG0V YN%RKD NVWXN GV QN6MNX L]IU
NU L]NI,U Q
NN=UV J6D$
MN7NVD GV PNNM
MN7NVD
GV
PNNMNVD
HVD
MN7
+NIR
IXINND@
\"NT
FSUNVD
GV
IR
ÑO
YNM
YNNNIMUÐ >NT\N FNWNM PNNM@ WK FK IX@ ON FK IX@ XNFN0= YNIQ OV LMNIHG BN YN6M
FND0#
BN
@
L
NNIH\
GMNV0
LV
J6D$
YN%RKD
NVWXN
LZRN=XTHNXNVD
HVD
VOV
PNNMNVD
GK
YXTHNVIQU
MNI
N
)NK IWOGV IR MN7 GVR\ @ GMNV0 LV@ Y)NN=Ua L]IU
NU WT9N OGV ÑYN%RKD NVWXN GV LJ\V UKX RNNVŽ GV QN6MNXÐ$ YN%RKD NVWXN LTRN=XTHNXNVD HVD
PNNMNVD
GK
YXTHNVIQU
MNI
N
GT\
MNI
N
@@
@@
GMNV0
NVWXN
LV
GK
ODONNXNVD
GMNV0
MNI
N
GN
\[+N[
LV
PNNM
J6D
EOGV
\K@
Y)NN=Ua
L]IU
NU
IRLMKU
)NK$
MN7NVD
LZRN=XTHNXNVD
GK
XV
XN6RKD
NVWXN
HVD
UKX
RNNVŽ
LJ\V
\[+N[
J
HVD
L]IU
NU$
_IL XN62NKD NVWXN HVD GT\ NVWXN ODONNXNVD GV GVR\ L]IU
NU GN LZRN=XTHNX \[NN [N
)NN@
IGDUT
L]RCI¿N
PNNM
G
GK
[D+NKM
MNI
N
ISDUN
LJ\V
GN
UKX
HNH\N
RNNVŽ
J6
HVD
NVWXN
IR¿N
L]IU
NU
LNVNN
UG
GV
FJTU
I\
YING
PNNM
\K
F
[E=
[E=D
J
IXINNVD
LMIX+N=MUN HVD ISDUNWXG RCI GV MN7NVD GK GW= I/)NIU LM [D+NKM IXIJUN)N= J6D$ IQ RU=HNX
L]RCI¿N WNMK MJUK J6 UNV EOOV PXGK GW= QVXQNMK XN6RKD NVWXN GV NVN QNV RNNVŽ U)NN FNQ GK
YRIN HVD YODNNMNK /UMNVD UG F WN[K$ IGDUT@ PNNM /UMNVD GNV IXDI
U GMUV OH@ MN7
OMGNMNVD GNV PNNM \K [E= IXINNVD GN MNW/R 2 GV IR¿N LNVNN JVUT PLNV[ LM MNVG \[NXK
JNV[K$
EX
IXINNVD
GN
ONHNWNI)N=G
^NV
GNVD
HVD
IXRV
N@
WNV
MN7
GV
OH[]
IRGNO
GV
I\
HJ5RLZN= J6D@ YNR
G JNV OGUN J6 YN6M GW= GN +NNM EX \N+NL]Q IXRV
NNVD OV P5L8X +NNRK YN
GV WIM L]IUODUTI\U JNV OGUN J6$ MN7NVD GV PNNMNVD GK FUK L]RCI¿N XKSV ONMNK HVD L]/UTU J6
ONMNK MN7NVD GV PNNM ¿ GKHUNVD LM¾
ÑGMNV0 LVÐ
HQ
O+NK MN7
XN6RKD NVWXN
L]NI,U
XN6RKD NVWXN LZRN=XTHNXNVD GK
LZRN=XTHNX
¿ ¾
UT\XN HVD L]IU
NU L]NI,U
@@
@@
ÑÐ
IWXHVD OV
IR
NVN -VNK
[6M IR
NVN -VNK MN7
@
@
ÑÐ
@@
@@
ÑÐ
¾ GNV%GNVD HVD IQ [ YNDG0V YN%RKD NVWXN GV QN6MNX L]IU
NU L]NI,U Q
NN=UV J6D$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 55
GVDQ]K OJNUN
GVDQ]K OJNUN HVD HT>U QNV -VINND OI(HI\U J6D@ Y)NN=Ua GVDQ]K OJNUN ÑQV
NWÐ YN6M
IRQV
NK
OJNIÃU
YNNNIMUÐ
LIMNVWXNYNVD
GVDQ]K
OJNUN
GV
U)NN
I\
^NV
GVDQ]K
OJNUN$
GN=HNVD
GV
I\
L])NH
GV
GVDQ]K
YDU[=U
OJNUN
ONHN8
NNIH\
Ñ4NHZ=\N
J6$
4NHZ=\N
YNNNIMU YNFD9X@ MN9‘K IRGNO LIMNQa ÑX 0K OKÐ `NMN HVD U)NN YXTHNVIQU [N0I[\#
HT>NWK=
^NV
4NHZ=\V
0K OÐ@
5RIMU
LR=UK ^NV
GV
LM
YNNNIMU
J6$
^NV
GN=HNVD
GV
I\
Y8
GVDQ]K
OJNUN
HVD YXVG IR
NVN
GN=H NNIH\ J6D$ FTIXNQK 8ZXUH OVRND ÑFK H OÐ@ HI\X F/UK IRGNO /GKH ÑO
IODSNE=
\N+N
GN=H
Ñ YNE= FK LKÐ@
WXWNUK
PL
NVWXN
Ñ9K O LKÐ@
IRGNO GN=H ÑS 0K LKÐ@ LI
SHK "NN9 IRGNO GN=H ÑFK 0K LKÐ YNIQ$
[N0I[\ HT>NWK= 4NHZ=\V GV YDU[=U MN7NVD GNV@ IR
NVN -VNK MN7NVD GNV@ IR
NVN -VNK MN7NVD
HNH\V
HVD
YXTLNU
HVD
YN6M
[6M IR
NVN
-VNK
MN7NVD
GV
HNH\V
HVD
YXTLNU
HVD
YXTQNX# BN GV L HVD OJNUN L]QNX GK WNUK J6$ EO L]GNM J XNV9 GMXN HJ5RLZN= J6
IG GVDQ]K OJNUN HVD +NK GIUL YXTLNU HVD BN OI(HI\U JNVUN J6 IWOOV MN7 OMGNMNVD GV
GW= +NNM HVD RCI JNVUK J6$
XN6RKD NVWXN GV I\ GT\ @@ GMNV0 LV GK GVDQ]K OJNUN GN LZRN=XTHNX
\[NN [N )NN IWOGV IRLMKU UKX RNNVŽ HVD RN/UIRG L]NI,U @ GMNV0 LV )NK@ Y)NN=Ua
LZRN=XTHNXNVD GN \[+N[ L]IU
NU IRQV
NK OJNIÃU LIMNVWXNYNVD GV I\ GVDQ]K OJNUN GV
GH PLNV[ GV GNMN IR
NVN -VNK MN7 GVDQ]K OJNUN GV LZRN=XTHNIXU /UM GN \[+N[ L]IU
NU YN6M [6M IR
NVN -VNK MN7 GVR\ L]IU
NU GK L]NI,U GM OGV$ IRQV
NK OJNIÃU
LIMNVWXNYNVD GV ODFDN HVD [6M IR
NVN -VNK MN7NVD GK PLNVI[UN L]IU
NUUN L]IU
NU UG GH
)NK YN6M IR
NVN -VNK MN7NVD GV HNH\V HVD LZRN=XTHNXNVD GK L]IU
NU )NK IWOOV MN7NVD HVD IRQV
NK
OJNIÃU LIMNVWXNYNVD GK L][IU HVD FNNNYNVD GN LUN S\UN J6$ YN%RKD NVWXN HVD @
GMNV0 LV GK GVDQ]K OJNUN GN LZRN=XTHNX )NN IWOGV IRLMKU PO NVWXN GV LJ\V UKX
RNNVŽ
HVD
RN/UIRG
L]NI,U
@
GMNV0
IR
NVN
LV@
Y)NN=Ua
LZRN=XTHNXNVD
GN
\[+N[
L]IU
NU )NK$ IR
NVN -VNK MN7@ YN%RKD NVWXN GV I\ LZRN=XTHNIXU GVDQ]K OJNUN GN GVR\
L]IU
NU YN6M [6M IR
NVN -VNK MN7 L]IU
NU L]N,U GM OGVD$
XN6RKD NVWXN LTRN=XTHNXNVD HVD@ GVDQ]K OJNUN GK HN
N [6M IR
NVN -VNK GV GT\ NVWXN
ODONNXNVD GN L]IU
NU YN6M IR
NVN -VNK MN7NVD GV I\ \[+N[ L]IU
NU )NK$ RN/UIRG
L]NI,U GK QCI9 OV@ [6M IR
NVN -VNK MN7NVD GV ODFDN HVD J L]IU
NU YN6M IR
NVN -VNK MN7NVD
GV
ODFDN
HVD
ODONNXNVD
GV
FJTU
IX+N=MUN
GN
LUN
L]IU
NU
IX(X
S\UN
)NK$
/UM
J6$
GV
EOOV@
GNMN
'NVDIG
NVWXN
IR
NVN
ONHN8
GV
IR¿N
-VNK
GVDQ]K
LNVNN
MN7NVD
OJNUN
GK
GV
I\
GVDQ]K
MN7NVD
GV
OJNUN
LIMNVWXN YNNNIMU
/RD
LM
XJKD
GV
FUK
JNVUK
YN6M EOHVD BN "N9G ÑY)NN=Ua [6M IR
NVN -VNK GV HNH\V HVD L]IU
NU YN6M IR
NVN -VNK MN7NVD
GV HNH\V HVD L]IU
NUÐ NNIH\ JNVUN J6@ EOI\ EX IRINNVD GN NVWXN I+N8X@ IRGNO I+N8X
2 GV I\ PLNV[ IG WNXV GNV GH GMXV GK WMU J6$ LZRN=XTHNXNVD GK UT\XN HVD GVDQ]K
OJNUN GK L]NI,U GK L]RCI¿NND XKSV ONMNK HVD L]/UTU J6D
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 56
ONMNK GT\ GVDQ]K OJNUN ¿ GKHUNVD LM¾
ÑGMNV0 LVÐ
HQ
XN6RK NVWXN
L]NI,U
XN6RKD NVWXN LZRN=XTHNXNVD
LZRN=XTHNX
¿ GK UT\XN HVD L]IU
NU L]NI,U
¾
O+NK MN7
@@
@
ÑÐ
@
@
ÑÐ
@@
@
ÑÐ
IWXHVD OV
IR
NVN -VNK
[6M IR
NVN -VNK
¾ GNV%G HVD IQ [ YNDG0V YN%RKD NVWXN GV QN6MNX L]IU
NU L]NI,U Q
NN=UV J6D$
GT\
MN7NVD
GV
NVWXN
PNNM
ODONNXNVD
YN6M
GVDQ]K
GV
UKX
OJNUN@
L]HT>N
GV
PL NKNNVŽ@
ODFDN
HVD
Y)NN=U
PLMNV'U
SSN=
MN7NVD
GNV
GK
WNMK
/RD
M>NUV
GK
IXINND
JT
L]5VG
"N9G GN IR/UCU IR
\VNN XKSV IQN [N J6
SN\Z MNW/R OV NVN ¿FK OK YNM¾
SN\Z
[D+NKM
MNW/R
IRS\X
GN
OV
NVN
LUN
ÑFK
S\UN
OK
J6$
YNMÐ
GV
NVWXN
P+NMUV
YRIN
LIMQC
GV
LJ\V
OV
UKX
XN6RKD
RNNVŽ
NVWXN
GV
LZRN=XTHNXNVD
QN6MNX
FK
OK
OV
YNM
LZRN=XTHNXNVD OV SNM [TXN YING J6D@ WNV LJ\V JK FJTU YING XGNMN5HG OD>N J6$ J U) IG
L]N,U FK OK YNM@ NVWXN GV GVR\ UKX RNNVŽ HVD RNNVŽ GV LZRN=XTHNX GNV GN4K LNM GM [N J6@
EO
FNU
IXLNQX
LZRN=XTHNX
GN
_NVUG
RN\V
MN7
OV
FK
OK
J6
IG
J6D
MN7NVD
JIMNNN@
YNM
GN
YNDN]
IR¿NK
L]QV
N@
ODG9
GVM\@
IGO
[NVYN@
OKHN
UG
HJNMN9‘
LJT–S
YN6M
[N
J6$
YNNS\
VOV
L]QV
N$
GV IRS\X GN GNMN@ NVWXN I+N8X MNW/R 2 HVD UVW RCI GK
UT\XN HVD SN\Z MNW/R HVD NKHK L][IU GN IH\N WT\N L]+NNR J6@ IWOGK RWJ OV NVWXN GV
IR¿N LNVNN GV I\ PNNMNVD LM YING IX+N=MUN GK WMU JNV [E=$ FK OK YNM HVD I[MNR9 U)NN
PNNMNVD LM 4\/RL RCI GNV OD\;XG HVD QV>NN WN OGUN J6$
\^
XN6RKD
GN
NVWXN
GV
L]IU
NU
LJ\V
J6$
UKX
MNW/R
RNNVŽ
HVD MNW/R L]NI,UNVD GK ROZ\K RNNVŽ GV LZRN=XTHNIXU
ROZI\NVD
GN
MN7RNM
IR
\VNN
XKSV
ONMNK
HVD
QV>NN
WN
OGUN J6$ NVWXN YRIN GV LJ\V UKX RNNVŽ GV QN6MNX LZRN=XTHNIXU \^NVD GK L]IU
NUUN GV L
HVD OFOV YING MNW/R ROZ\K LDWNF GV ODFDN HVD J6 Ñ L]IU
NUÐ WFIG [NVYN OFOV XKSV J6
Ñ L]IU
NUÐ$ MN7NVD GK MNW/R ROZI\NVD HVD HT>U GM YN6M GM I+N8X MNW/R YN6M GVDQ]
OV NVWXN I+N8X YXTQNX NNIH\ J6D$ O+NK MN7NVD GV ODFDN HVD GM MNW/R ROZ\K LTRN=XTHNIXU
\^ GN \[+N[ L]IU
NU J6$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 57
ONMNK MNW/R L]NI,UNVD GN ROZ\K /UM YN6M 2
MN7
[6M MNW/R L]NI,UND
HH´´
P3S´
LDWNF
GXN=9G@ GVM\@
MNW/R 2
P3S´
HH´´ IX(Xx
IX(Xx
IFJNM@ [TWMNU@ L
YNDN] L]QV
N@ JIMNNN@
[TWMNU@
[NVYN@
IFJNM
IR
NVN
HJNMN9‘@ P0KON@ UIH\ FD[N\@ [NVYN
GXN=9G@ P0KON@
HJNMN9‘@
-VNK
XN0T@ P¿NM L]QV
N@ H
LDWNF@ MNW/)NNX@ P
H L]QV
N@
L]QV
N@ MNW/)NNX@ YNDN]
L]@ L FD[N\
UIH\ XN0T@
L]QV
N@ JIMNNN
IR
NVN
YOH
-VNK
I9,LNK ¾
GVM\
IJHNS\ L]QV
N@
YNNS\@ W(HZ YN6M
YNNS\@ HINLTM@
XN[N\6D0@
GNVE=
IOI'GH
G
HKM@ HINLTM@
YOH@ IHWNVMH@
HV"NN\
XJKD
HV"NN\@ IHWNVMH@
IOI'GH@ W(HZ YN6M
XN[N\6D0@ I
G
HKM@ I
LTMN
LTMN@ IJ L]
XN6RKD NVWXN \^ GV L]IU
NU N YING ROZ\K /UM RN\V MN7
¾¾
XN6RKD NVWXN \^ GV L]IU
NU OV L]IU
NU ROZ\K /UM RN\V MN7
x
XN6RKD NVWXN \^ GV L]IU
NU N GH ROZ\K /UM RN\V MN7
Y\[ Y\[ /UM LM@ MN7NVD GV FKS GM MNW/R YN6M GM I+N8X MNW/R GK ROZ\K HVD
GN4K I+N8XUND J6$ GM MNW/R@ XN6RKD NVWXN \^ GV@ H O OK MN7NVD GV FKS JIMNNN GV
HNH\V HVD L]IU
NU OV \VGM IFJNM GV HNH\V HVD L]IU
NU GV FKS J6$ O OK MN7NVD GV
FKS J YOH GV HNH\V HVD L]IU
NU OV W YN6M WN GV HNH\V HVD L]IU
NU GV FKS J6$
GM I+N8X MNW/R GV ODFDN HVD J OD>N X O OK MN7NVD GV HNH\V HVD LDWNF HVD \^ GV
L]IU
NU OV [NVYN GV HNH\V HVD L]IU
NU GV FKS J6 U)NN O OK MN7NVD GV FKS I
LTMN
HVD L]IU
NU OV XN[N\6D0 HVD ÑÐ L]IU
NU GV FKS J6D$
MN7NVD
GV
L]NO
GNV
MN7
GMNVD
GK
ROZ\K
LM
G
XWM
0N\XV
OV
Y31K
UMJ
OV
OH!N WN OGUN J6@ WNV XKSV ONMNK HVD L]/UTU@ IJHNS\ L]QV
N YN6M IOI'GH U)NN GH ROZ\K
RN\V MN7 J6D [TWMNU@ GVM\@ L FD[N\@ IFJNM@ YNNS\ L]QV
N YN6M IHWNVMH GH ROZ\K RN\V
MN7NVD GNV MN7 GMNVD GK ROZ\K UVW GMXV GV I\ IR
NVN PLN GMXV JNVD[VD W6OV IG GCIN YN
LM GM \[NGM GM WN\ GN IR/UNM GMXN GM TI'UGMN YN6M FVJUM GM L]
NNOX$
ONMNK MN7 GMNVD GN ROZ\K /UM
MN7
P3S´
O O
HH´´
JIMNNN@ H L]
IX(Xx
[NVYN@ GXN=9G@ HV"NN\@ YND L]@ HJNMN9‘@
OK
P L]@ P0KON@ LDWNF@ MNW/)NNX@ UIH\XN0T L FD[N\@ IFJNM
O OK
YOH@ IJ L]@
W(HZ YN6M G
HKM@ HV"NN\@ XN[N\6D0@ I
LTMN YNNS\ L]QV
N@
IOI'GH
I9,LNK ¾
[TWMNU@ GVM\@
IHWNVMH
XN6RKD NVWXN \^ GV L]IU
NU N YING ROZ\K /UM RN\V MN7
¾¾
XN6RKD NVWXN \^ GV L]IU
NU OV L]IU
NU ROZ\K /UM RN\V MN7
x
XN6RKD NVWXN \^ GV L]IU
NU N GH ROZ\K /UM RN\V MN7
MN7NVD GV NVWXN I+N8X MNW/R 2 HVD L]RCI¿N
0N9N
OV
\^
GN
J
/L9
\[+N[
J6
J6$
IG
XN6RKD
J
MN7NVD
NVWXN
GV
GV
I\
LJ\V
G
OD\;XG HVD QV>NK WN OGUK J6$ EO
UKX
RNNVŽ
HVD
MNW/R
GK ROZ\K LZRN=XTHNIXU
SVUNRXK ODGVU J6$ MN7RNM ROZ\K /UM cLM
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 58
ONMNK
HVD
QV>NV
WN
OGUV
J6D$
NVWXN I+N8X
MNW/R
2
HVD
HN69V
UN6M
LM
IX(XI\I>NU
OI(HI\U J6D NVWXN I+N8X IRGNO I+N8X@ YN6M RVUX HNXNVD U)NN H Y GV OD
NNVNX JVUT 2R/)NN$
NVWXN GV LJ\V UKX RNNVŽ HVD O+NK MN7NVD GV ODFDN HVD NVWXNI+N8X IRGNOI+N8X 2@
NVWXN \^ GN L]IU
NU J6$ GW= LIM
NNVNX@ WNV EOGN G HT> "N9G J6@ HVD
IL1\V
RN=
GK
UT\XN
HVD
\[+N[
L]IU
NU
ÑLZR= RN/UIRGÐ
YN6M
IL1\V
RN=
GK
UT\XN
HVD
ÑF YÐ HVD L]IU
NU GK QM OV F MJN J6$ XKSV ONMNK HVD MN7NVD GV GW=
LIM
NNVNX /UM Q
NN= [ J6D
ONMNK MN7 GV GW= LIM
NNVNX /UM
MN7
P3S´
HH´´
IX(Xx
O O
[NVYN@ JIMNNN@ GXN=9G@
YND L]@ IFJNM@ [TWMNU@ GVM\@ P0KON@
OK
HJNMN9‘@ LDWNF@ P L]@ H L] MNW/)NNX@ UIH\XN0T@ L FD[N\
O OK
IHWNVMH@ IOI'GH@ I
LTMN@
YNNS\ L]QV
N@ HINLTM@ IJ L]@
W(HZ YN6M G
HKM
I9,LNK ¾
IFJNM
GNVE= XJKD
HV"NN\@ XN[N\6D0@ YOH
XN6RKD NVWXN \^ GV L]IU
NU N YING ROZ\K /UM RN\V MN7
¾¾
XN6RKD NVWXN \^ GV L]IU
NU OV L]IU
NU ROZ\K /UM RN\V MN7
x
XN6RKD NVWXN \^ GV L]IU
NU N GH ROZ\K /UM RN\V MN7
&NW YQN[K HVD +NK@ WNV GW= LIM
NNVNX GN G L]HT>N "N9G J6@ IL1\V RN= GK UT\XN
HVD ÑLZR= RN/UIRGÐ HVD L]IU
NU YN6M IL1\V RN= GK UT\XN HVD ÑF YÐ
HVD L]IU
NU GK QM OV RCI JNV MJK J6$ EOGV IRLMKU@ MNW/R L]NI,UNVD HVD HVD ÑLZR= RN/UIRGÐ HVD GVR\ ÑÐ L]IU
NU YN6M HVD ÑF YÐ ÑIL1\V RN= GK UT\XN HVD
RCI
GNV
QV>NUV
JTÐ
L]IU
NU GK QM OV RCI JNV MJK J6$ GW= ODSX@ WFIG MN7NVD GV
ODONNX GW= GK RNLOK YQN[K OV IXL9XV HVD Y+NK +NK YOH)N= J6D@ ISDUNWXG JNV OGUN J6$
NVWXN I+N8X IRGNO I+N8X 2 GN Y8 HJ5RLZN= "N9G ÊY8 IRGNO I+N8X 2† J6 YN6M
EOHVD HT> L OV L]
NNOIXG OVRND@ MNWGNVNK OVRND@ LVD
NX R Y8 OVRNIXRCI¿N \N+N NNIH\
J6D$ J +NK MN7NVD GV 2 GN G NKMV NKMV FUN JTYN "N9G J6 YN6M EOGV I\ NVWXN I+N8X IRGNO I+N8X 2 GK FUK I[MNR9 GNV MNVGXV GV I\ MNWGNVNK YXT
NNOX FMUXV GK
WMU J6$ \NVGIL]UN XKIU IXN=NVD OV I/)NIU YN6M +NK IF[0UK J6 W6OV IG LNDSRVD RVUX YNNV[
GK IO4NIM
NNVD GV FNQ GVDQ]K OMGNM `NMN RVUX RCI GV ON)N S\XV GV I\ MN7 OMGNM GV
GH=SNIMNVD GV RVUXHNX# H +N OD
NNVINU GMXN@ LJ\V JK MN7NVD GV ODONNX IR_HNX NVWXN I+N8X MNW/R 2 GNV RJX GMXV HVD YOH)N= J6D$ XN6RKD NVWXN GV LJ\V UKX RNNVŽ HVD@ MN7NVD `NMN
H +N# RVUXHNX OD
NNVINU GMXV LM 2 FGM @ GMNV0 LV JNV [N J6$ MN7NVD GV
OD+NNIRU "NN9V HVD YN6M +NK RCI JNV[K WF GVDQ]K HWQZMK IXL9NMNVD GK WNXGNMK MN7 OMGNM GV
P_HNVD UG LJT–SV[K$
NVWXN
LZRN=XTHNX
GN
GV
LJ\V
UKX
L]IU
NU
RNNVŽ
MJN
J6$
HVD
MN7NVD
GN
NVWXN I+N8X
IRGNO
2@
XN6RKD
NVWXN
OD\;XG LUN S\UN J6 IG MN7NVD GV 2 QNI5R
PXGV YLXV ODONNXNVD GNV LNM GM [ J6D$
YLV^NNGCU GI%X FW9K UD[K@ GNVE= MNWGNVNK OTNNM XJKD YN6M FUV &NW IF\NVD GNV
QV>NUV JT MN7NVD GNV IODSNE=@ IR_TU YN6M LIMRJX U)NN I
N^NN R /RN/) HVD IXRV
N W6OV HJ5RLZN=
^NV
NVD HVD >NS= HVD G9N6UK GMXV GV I\ FN JNVXN L0 OGUN J6$ FJTU GH MN7 EX ^NV
GNVD HVD
YLXV >NS= GNV FXN M>NXV HVD OH)N= J6D$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 59
XN6RKD NVWXN \^NVD GK L]IU
NUUN GV L HVD GW= LIM
NNVNX YQN[K@ [NVYN@ JIMNNN@
GXN=9G@ LDWNF@ P L]@ H L]@ I
MN7NVD
HVD
FJTU
c–SV
/UM
LM
LTMN@ IHWNVMH@ IOI'GH@ W(HZ YN6M G
HKM YN6M HJNMN9‘ W6OV
LJT–S
[E=
J6
EUXV
c–SV
/UM
LM
IG
IQ
RV
NVWXN I+N8X
MNW/R 2 LM LZN= L OV MNVG \[N QVD UNV +NK FK OK YNM G [D+NKM ISDUN GN IRN FXN
MJV[N$
MN7NVD GV FK OK YNM GK HZ\ OH/N J J6 IG MNW/R L]NI,UNVD HVD RCI@ NVWXN I+N8X
MNW/R 2 OV LN=,U L HVD GH JTE= J6@ IWOOV SN\Z MNW/R GV ODFDN HVD NVN F0K HN
GRM
XJKD
JNVUN
J6$
J
GRM
X
JTYN
NVN
FUN
MJN
J6
IWOOV
FK
OK
YNM
N HVD
LIMQC
YOD"NNMNK FX [N J6$
MN7NVD GNV U5GN\ NVWXN I+N8X IRGNO I+N8X 2 LM MNVG \[NXK JNV[K U)NN NVWXN I+N8X IRGNO 2 GK L]N)NIHGUND IXNN=IMU GMXK JNVD[K$ \^ MNW/R L]NI,UNVD HVD RCI GMXV
GN
JNVXN
SNIJ
WNV
NVWXN I+N8X
MNW/R
2
HVD
RCI
GV
YXTL
JNVD$
L]NMD+N
HVD@
P8JVD
J
OTIXI
SU GMXN SNIJ IG MNW/R HVD RCI@ P¿NMNV¿NM RNNVŽ HVD XGNMN5HG FK OK YNM HVD GH OV
GH YIUIM'U RCI GN IR¿N LNVNN GM OGV$
MN7 /UMK OMGNMK P_HNVD ¿O \ LK E=¾ GN NV[QNX
XN6RKD NVWXN LZRN=XTHNXNVD HVD OI(HI\U O \ LK E= HVD HT> L OV MN7 IR_TU FNV0=
ÑO E= FKÐ YN6M MN7 O0G LIMRJX IX[H ÑO YNM 9K OKÐ J6D$ YN%RKD NVWXN HVD O \
LK E= GK RN/UIRG ROZ\K O+NK MN7NVD GV ODFDN HVD L]IU
NU )NK O OK GV ODFDN HVD L]IU
NU YN6M X O OK GV ODFDN HVD L]IU
NU$ O+NK MN7NVD GV ODFDN HVD@ NVWXN GV LJ\V
UKX RNNVŽ GV QN6MNX RN/UIRG YN%RKD NVWXN ROZ\K ÑÐ L]IU
NU )NK$ XN6RKD NVWXN HVD@
@
GMNV0
LV GV LZRN=XTHNX GV IRLMKU@ RN/UIRG ROZ\K ÑÐ @ GMNV0 LV
MJK J6@ IWOOV J LUN S\UN J6 IG O \ LK E= `NMN MN7NVD GV IR¿N LM IGUXN F0N FNV!
0N\N WN MJN J6$ U)NNIL@ O OK O GV O \ LK E= GN IXLNQX YLV^NNGCU ODUNVNWXG
)NN ÑÐ @ GMNV0 LV GV LZRN=XTHNXNVD GV IRLMKU@ RN/UIRG ROZ\K OTNMGM ÑÐ @
GMNV0 LV JNV [E=$ X O OK O HVD P_HNVD GK I/)NIU HVD I[MNR9 YNE=@ WNV GV
QN6MNX
NV[QNX
IFJNM@
@
GMXV
RN\V
HJNMN9‘@
NVWXN
GMNV0
O
LDWNF
LV
\
YN6M
GV
LK
E=
H
LZRN=XTHNX
GV
ON)N
L]QV
N$
OV
ÑÐ
RN\V
U)NNIL@
@
GMNV0
LV
JNV
[E=$
GH
X O OK O J6D YNDN] L]QV
N@ MNW/)NNX@
[TWMNU
YN6M
GXN=9G
GV
O
\
LK
E=
XV
GV I\ OGNMN5HG NV[QNX IQN$ O E= FK YN6M O YNM 9K OK `NMN NVWXN GV
I\ IR¿NK NV[QNX GN G IR
\VNN XKSV L]/UTU J6$
MN7 IR_TU FNV0= ¿O E= FK¾
ÑÐ
MN7
IR_TU
@
FNV0NŽ
GMNV0
OV@
LV
XN6RKD
GN
NVWXN
NV[QNX
GV
GMXV
QN6MNX
GN
MN7NVD
GK
LZRN=XTHNX
NVWXN
\[NN
GV
[N
IR¿N
)NN@
LNVNN
IGDUT
JVUT
PXGN
RN/UIRG NV[QNX ISDUNWXG L OV ÑÐ @ GMNV0 LV UG I[M [N$ LJ\V UKX
RNNVŽ
GV
QN6MNX
YGN=GT
N\UN
MNI
N
WT9N
FJTU
HVD
OGV
RCI
U)NN
GH
JTE=
/UM
GK
YNM
RN/UIRG
H
YNM
GV
PL\I&N
L
GVR\
H
HVD
ROZ\K
MN7
@
OV
IR
NN\
IR_TU
GMNV0
JNIXNVD
R
L]FDNGK
FNV0= @ GMNV0 LV GK
LV@
Y)NN=Ua
LZRN=XTHNXNVD
GN
\[+N[ L]IU
NU )NK$ IQ JK L]RCI¿N FXK MJK UNV NVWXN GK LZMK YRIN GV QN6MNX YNM
H ROZ\K GVR\ L]IU
NU JNV[K$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 60
U5GN\ XKIU[U PLN GMXV GK WMU J6 IR_TU 96IM4 XKIU YN6M MN7 OI&O0K GK
OHK^NN@ /9N4 GK OD>N GH GMXV@ LNMVNN YN6M IRUMN Ñ9K D0 0KÐ JNIXNVD HVD G9N6UK GMXV@
2
HVD
IR_TU
IG4NU
FNV0NVŽ
GN
ONMK
YN6M
LTX[=%X$
L]FDNGK
POGV
R
ON)N
L]
NNOIXG
JK
IR_TU
GV
YGN=GT
N\UN
LNMVNN
YN6M
QZM
IRUMN
GMXV
OIJU
HVD IXWK ^NV
MN7
G GK
+NN[KQNMK GN LUN \[NXV GK WMU J6$
MN7 O0G LIMRJX IX[H ¿O YNM 9K OK¾
XN6RKD
NVWXN
GMNV0
GV
LV
QN6MNX
GN
MN
NV[QNX
O
L
GMXV
IX[HNVD
GK
OV
P(HKQ
MN7NVD
GK
GK
[E=
NVWXN
)NK@
GV
IR¿N
IWOGV
LNMVNN
IRLMKU
JVUT
RN/UIRG
NV[QNX I[MGM ÑÐ @ GMNV0 LV JNV [N$ MN O L IX[HNVD `NMN @ GMNV0 LV
GV YNM H GN LZRN=XTHNX )NN@ RN/UIRGNVD HVD GVR\ GMNV0 LV GK RCI JCE=$ VOK
OD+NNRXN L]UKU XJK JNVUK IG MN O L IX NVWXN GV Y[\V QNV RNNVŽ HVD NVN YNM H WT9N
OGVD[V$
MN O L IX[HNVD RN\V O OK O GV HNH\V HVD@ XN6RKD NVWXN \^ ÑÐ GMNV0
LV
)NN
U)NN
NVWXN
GV
LJ\V
UKX
RNNVŽ
GV
QN6MNX
RN/UIRG
ROZ\K
OTNMGM
ÑÐ
GMNV0 LV JNV [E=$ MN O L IX XV Y+NK UG GVR\ GMNV0 LV GV YNM H L]N,U
IG J6D$ EOI\ X YNM H U)NN NVWXN GV NVN QNV RNNVŽ HVD P5,\NRGUN FJTU YING JNVXK
SNIJ UNIG GMNV0 LV GN YNM H \^ L]N,U IGN WN OGV$
Y8 O \ LK E=
MN IR FNV0NVŽ U)NN MN O L IX[HNVD GV YIUIM'U@ GIUL Y8 O \ LK E= XV +NK
XN6RKD NVWXN HVD NV[QNX IGN J6$ NVWXN GV I\ O \ LK E= GN RN/UIRG NV[QNX @
GMNV0
NVWXN
)NN@
GV
WFIG
LJ\V
NVWXN
UKX
RNNVŽ
GV
HVD
I\
\^
@
GV
GMNV0
L]IU
NU
LV
GK
GN
L]NI,U$
LZRN=XTHNX
NVWXN
)NN@
GV
Y)NRN
I\
XN6RKD
RN/UIRG
NV[QNX GK UT\XN HVD O \ LK E= GV LZRN=XTHNX XKSV ONMNK HVD L]/UTU J6D
ONMNK NVWXN GV I\ MN7 /UMK OMGNMK P_HNVD ¿MN IR FNV@ MN O L IX
R Y8D¾ GN NV[QNX ¿ GKHUNVD LM¾
ÑGMNV0 LVÐ
HQ L]NI,U
G
NVWXN
GV
I\
O
\
LK
E=
GN
XN6RKD NVWXN
L]NI,U ¿ XN6RKD NVWXN LZRN=XTHNXNVD GK
LZRN=XTHNX
¾
UT\XN HVD L]IU
NUUN
@
ÑÐ @
ÑÐ @
NV[QNX
O+NK MN7 ÑGT\Ð
ÑÐ
IWOHVD OV
MN7 IR_TU FNV0= ÑMN IR FNVÐ
ÑÐ @
ÑÐ @
O+NK MN7
Ñ YNM HÐ
ÑÐ @
ÑÐ
Ñ@Ð
Ñ@Ð
ÑÐ @
ÑÐ Ñ YNM HÐ
@
ÑÐ
Y8 O \ LK E=
@
@
ÑÐ
MN7 O0G LIMRJX IX[H ÑMN O
L IXÐ
O+NK MN7
Ñ YNM HÐ
ÑÐ
¾ GNV%G HVD IQ [ YNDG0V YN%RKD NVWXN GV QN6MNX L]IU
NU L]NI,U Q
NN=UV J6D$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 61
J6A
O \ LK E= GV YODUNVNWXG IXLNQX GNV QV>NUV JT U5GN\ PLN GMXV GK WMU
IRIXRV
N
L]
NNOIXG
YN6M
2
IXWKGMN@
HVD
G9N6UK
LTX[=%X@
GMXV
96IM4
OD
NNVNX@
/9N4
GK
OD>N
GH
GMXV
YN6M
OIJU LZN= L OV P_HNVD GN LTX[=%X$ OHTISU XKIUNVD GV
WIM MNWGNVNK YXT
NNOX YN6M O \ LK E= GK WRNFQVJK HVD OTNNM IG WNXV GK WMU
J6$
\NVGIL]UN
OV
FSXV
YN6M
HWFZU
MNWXKIUG
E31N
OV
+NK
O
\
LK
E=
OTNNMNVD
GK
GNM[MUN YN6M O4\UN L]NV5ONIJU JNV[K$
QORVD IRµN YNNV[ GV IR
NVN NVWXN YXTQNX
QORVD IR¿N YNNV[ `NMN MN7NVD GV I\ IO4NIM
N IG [ NVWXN YXTQNXNVD HVD HT>U
P8XX
YXTQNX@
OI(HI\U
IWOGV
J6D$
IR
NVN
XN6RKD
IRLMKU
OH/NYNVD
NVWXN
LJ\V
UKX
HVD
GV
EX
RNNVŽ
I\
YXTQNXNVD
GV
QN6MNX
YXTQNX
GK
YN6M
MNI
N
/)NNXK
@
RN/UIRG
L]NI,U
IXGNNVD
GMNV0
LV
@
GV
I\
YXTQNX
LZRN=XTHNIXU
GMNV0
LV
)NK@
Y)NN=Ua
LZRN=XTHNX GK L]IU
NU )NK$ O OK O `NMN QORVD IR¿N YNNV[ YXTQNXNVD GK L]NI,U GMNV0 LV LM L]IU
NU )NK WFIG NVWXN LZRN=XTHNX @ GMNV0 LV )NN U)NN
X O OK O `NMN J MNI
N @ GMNV0 LV Y)NN=Ua L]IU
NU )NK@ WFIG NVWXN
LZRN=XTHNX
@
GMNV0
LV
)NN$
WNV
X
O
OK
O
QORVD
IR¿N
YNNV[
YXTQNXNVD
GN
LZN=L OV PLNV[ XJKD GM OGV RV J6D [NVYN@ GXN=9G@ H L]QV
N@ HJNMN9‘@ YNDN] L]QV
N@ LDWNF@
MNW/)NNX YN6M LI
SH FD[N\$
G¾
IR
NVN OH/NYNVD GV I\ YXTQNX@ P8XX YXTQNX YN6M /)NNXK IXGNNVD GV
I\ YXTQNX
QM
IRI+N8X NVWXN YXTQNXNVD HVD OV@ IR
NVN OH/NYNVD GV I\ YXTQNXNVD GK ORN=ING ROZ\K
J6
Ñ
L]IU
NUÐ$
@
GMNV0
LV
GV
LZRN=XTHNXNVD
GV
IRLMKU@
RN/UIRG
ROZ\K
GMNV0 LV )NK$ O OK O@ GMNV0 LV LM L]IU
NU GK ROZ\K GM
OGV WFIG LZRN=XTHNX GMNV0 LV )NN U)NN X O OK O L]IU
NU@ Y)NN=U GMNV0 LV WFIG LZRN=XTHNX GMNV0 LV )NN$
MN7NVD
XV
GMNV0
LV
GK
ROZ\K
GMGV
NVWXN
\^NVD
GV
L]IU
NU
UG
P8XX YXTQNXNVD GN PLNV[ IGN@ WFIG LZRN=XTHNX GMNV0 LV )NN$ O OK O XV
\[+N[ L]IU
NU GK YN6M X O OK XV L]IU
NU GK ROZ\K GK$
OFOV
GH
ROZ\K
/)NNXK
IXGNNVD
GV
I\
YXTQNXNVD
HVD
QV>NK
[E=$
@
GMNV0
LV GV LZRN=XTHNX GV IRLMKU@ RN/UIRG ROZ\K GVR\ @ GMNV0 LV )NK$ O OK O
XV L]IU
NU GK YNVM X O OK O XV L]IU
NU GK ROZ\K GK$ O OK O LZRN=XTHNX
GMNV0 LV YN6M RN/UIRG ROZ\K GMNV0 LV )NK@ X O OK O GV ODFDN HVD
LZRN=XTHNXNVD @ GMNV0 LV YN6M ROZ\K @@ GMNV0 LV )NK$ X O OK O GNV
EX YXTQNXNVD GV PLNV[ HVD RCI GMXV GV I\ YNR
G OJNUN L]QNX IG WNXV GK WMU
J6 'NVDIG ODIRNNX GV RVD YN6M RVD OD
NNVNXNVD GV UJU /)NNXK IXGNNVD GN HJ5R F [N
J6$ ONMNK HVD XN6RKD NVWXN HVD QORVD IR¿N YNNV[ GV LZRN=XTHNXNVD YN6M RN/UIRG ROZ\K Q
NN=E=
[E= J6$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 62
ONMNK QORVD IRµN YNNV[ GV YDU[=U IR
NVN YXTQNX
ÑGMNV0 LVÐ
HQ
G GT\
QORND
XN62NKD NVWXN ROZ\K ¿ XN6RKD NVWXN LZRN=XTHNXNVD GV
LTRN=XTHNX
¾
YXTLNU HVD L]IU
NU ROZ\K
IRµN
YNNV[
@
@
NVWXN YXTQNX ¿O+NK MN7¾
IWOHVD OV
IR
NVN -VNK MN7
@
[6M IR
NVN -VNK MN7
@
@
@
>N P8XX YXTQNX ¿O+NK MN7¾
IWOHVD OV
IR
NVN -VNK MN7
[6M IR
NVN -VNK MN7
@
[ IR
NVN OH/NYNVD GV I\
@
YXTQNX ¿O+NK MN7¾
IWOHVD OV
IR
NVN -VNK MN7
[6M IR
NVN -VNK MN7
"N /)NNXK IXGNNVD GV I\
@
@
YXTQNX ¿O+NK MN7¾
IWOHVD OV
IR
NVN -VNK MN7
[6M IR
NVN -VNK MN7
@
@
YIUIM'U ODONNX WT9NXN ¿ YNM H¾
XN6DRKD
IWOHVD
@
@
NVWXN
GMNV0
GV
I\
GMNV0
LV
LZRN=XTHNIXU
LV
MN
FW9K
YNM
PLNNVD
H
OV@
GK
MNI
N
@
@@
GMNV0
LV
GMNV0
MN
IR
LV
J6
FNV0NVŽ
OV
O L IX OV YN6M @ GMNV0 LV IRI+N8X Y8 PLNNVD OV
OI(HI\U J6D$ IWOHVD OV QNV IUJNE= FK OK YNM OTNNMNVD GV 4\/RL YN6M NVN O \ LK E=
`NMN IRI+N8X MN YNM H PLNNVD GV 4\/RL JNVD[V$ EX LZRN=XTHNXNVD GV IRLMKU@ LJ\V UKX RNNVŽ
GV
QN6MNX
FW9K
RN/UIRG
PLNNVD
OV@
YNM
@
H
ROZ\K
GMNV0
@
LV
MN
IR
GMNV0
FNV0NVŽ
LV
OV@
J6
@
GMNV0
GMNV0
LV
MN
LV
O
L
IX[HNVD OV YN6M GMNV0 LV Y8NVD OV$ UKX RNNVŽ HVD MN7NVD `NMN XRKX YNM H GK
OH[]
ROZ\K
\^NVD
GK
YXTHNXU
L]IU
NU
J6$
IQ
OD[U
HQNVD
GV
YDU[=U
YXTHNXNVD
HVD
OI(HI\U YNM H PLNNVD GK P5,\NRGUN GNV +NK NNIH\ GM I\N WN UNV GT\ YNM
H
GVR\
\[+N[
L]IU
NU
JNVXV
GK
OD+NNRXN
J6$
GH
YNM
H
ROZ\K
RN\V
MN7NVD
GNV
XN6RKD NVWXN GV NVN QNV RNNVŽ HVD LN=,U YNM H GV I\ U5GN\ PLN GMXV JNVD[V$
MN7NVD GV PNNM
GV
W6ON IG LJ\V FUNN [N J6@ MN7 YLXK +NIR IXINNVD OV PNNM \VUV J6D@ \"NT FSUNVD
IR
BN
FND0# BNL
\VUV
J6D
ÑO
\
YNM
YNNNIMUÐ@
>NT\V
FNWNM
OV
PNNM@
RNUN=U
BN
YN6M
NVD GV WIM PNNM \VUV J6D$ XN6RKD NVWXN GV LZRN=XTHNXNVD GK UT\XN HVD EX HQNVD HVD
OV L]5VG GK ROZ\K GN G IR
\VNN XKSV IQN [N J6$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 63
MN7 +NIR IXIN
MN7
OTM^NN UD
+NIR
IXIN@
WNV
MN7
OMGNM
`NMN
YLXV
GH=SNIMNVD
GNV
L]Q¿N G ONHNIWG
J6@ MN7 GV I\ NVWXN IR¿N GN G L]HT>N O]NVU J6$ XN6RKD NVWXN LZRN=XTHNXNVD GV
YXTONM@ MN7NVD GNV @ GMNV0 GK MNI
N WT9NXK )NK@ WNV PXGV YLXV ODONNXNVD GN \[+N[
L]IU
NU
YN6M
GT\
NVWXN
ODONNXNVD
GN
\[+N[
L]IU
NU
F6%UK
J6$
P8JNVDXV
@
GMNV0 LV@ Y)NN=Ua LZRN=XTHNXNVD GV L]IU
NU@ GK ROZ\K GK@ WNV HT>U /9N4 GV OD
NNVINU
RVUX YN6M H +N¿NV GK FGNN MNI
N GNV LIMF GMGV GK [E= )NK$ YN%RKD NVWXN GK UQXTLK
YRIN GV QN6MNX ROZ\K L]IU
NU )NK$ WF UG IG FGNNVD GK +NIR IXIN WHNYNVD GK
Ê\NG EX† YRIN LN=,U L OV YING XJKD JNVUK UF UG +NIR IXINNVD OV IXGNIONVD YN6M
PXGV WNMK GMXV OV LIMFUN GK GNM[MUN IXL]+NNRK JNV OGUK J6$
X
O
OK
O
HVD
OV@
IW8JNVDXV
+NIR
IXINNVD
GV WIM ODONNX WT9N@ LZRN=XTHNIXU
/UMNVD GK QCI9 OV OFOV YING ROZ\K L FD[N\ HVD QV>NK [E=@ POGV FNQ UIH\XN0T@ [TWMNU
YN6M LDWNF GN /)NNX J6$ GVM\ HVD ROZ\K /UM FJTU GH )NN$ O OK O GV ODFDN HVD@ IHWNVMH@
HINLTM YN6M YOH `NMN UT\XK WT9NR@ LZRN=XTHNX OV GJKD YING )NN$ IJHNS\ L]QV
N GV ODFDN
HVD ROZ\K OFOV GH )NK@ POGV FNQ XN[N\6D0@ YNNS\ L]QV
N YN6M I
LTMN GN /)NNX J6$
ROZ\K
XN6RKD
NVWXN
LZRN=XTHNXNVD
GV
IRLMKU
MN7
+NIR
IXINNVD
GK
GN
G
IRRMN
ONMNK HVD IQN [N J6@ O OK O YN6M X O OK O GV ODFDN HVD Y\[Y\[$
ONMNK MN7 +NIR IXINND ¿ GKHUNVD LM¾
HQ
ÑGMNV0 LVÐ
XN6RKD NVWXN
LZRN=XTHNX
ROZ\K ¿
¾
XN6RKD NVWXN LZRN=XTHNXNVD GV
YXTLNU HVD L]IU
NU ROZ\K
@
@
ÑÐ
@
@
ÑÐ
@
@
ÑÐ
G O+NK MN7 ÑGT\Ð
IWOHVD OV
IR
NVN -VNK MN7
[6M IR
NVN -VNK MN7
GNV%GNVD HVD IQ [ YNDG0V YN%RKD NVWXN GV QN6MNX L]IU
NU ROZ\K Q
NN=UV J6D$
\"NT FSUNVD GV IR BN
\"NT
FSUNVD
GV
IR
BN@
NVWXN
IR¿N
LNVNN
GN
G
L]HT>N
O]NVU
MJN
J6
MN7
OMGNMVD@ IXR\ \"NT FSU OD[]JNVD GV L]IU
NU UG GVDQ] OV BNNVD GK JGQNM J6D$ XN6RKD NVWXN
LZRN=XTHNXNVD GV YXTONM@ \"NT FSUNVD GV IR BNNVD OV NVWXN IR¿N LNVNN JVUT @ GMNV0
LV@ Y)NN=Ua MN7NVD GV YLXV ODONNXNVD GV \[+N[ L]IU
NU YN6M GT\ MN7 NVWXN ODONNXNVD
OV
\[+N[
L]IU
NU
GN
NV[QNX
L]N,U
JNVXN
)NN$
XN6RKD
NVWXN
GV
LJ\V
UKX
RNNVŽ
GV
QN6MNX# P3S /UM GK ROZ\K MJK J6 Y)NN=Ua LZRN=XTHNIXU /UM GK L]IU
NU@ IWOGK HT>
RWJ )NK LZDWK FNWNM HVD HDQK GK I/)NIU@ \"NT FSU L
WHNYNVD
IFJNM@
GK
GH
L]IU
NU
XN[N\6D0
YN6M
&NW QMVD ÑYN%RKD NVWXN GK UQXTLK UKX RN= GK YLIN HVD ROZ\K GVR\
)NKÐ$
HJNMN9‘@
NVD GV YNGN=G GM L]NV5ONJX U)NN F6DG
L
OFOV
FD[N\@
YNNS\
YING
H
L]QV
N
GV
ROZ\K
L]QV
N
ODFDN
[NVYN
YN6M
HVD
GV
ODFDN HVD QV>NK [E=@ POGV FNQ MNW/)NNX@
GXN=9G
ROZ\K
GN
cDSK
/)NNX
J6$
J6$
GVM\@
O
OK
P0KON@
O
GV
UIH\XN0T@
FKS@
YNDN]
L]QV
N@ IHWNVMH@ YOH@ IJ L]@ HV"NN\ YN6M W(HZ R G
HKM HVD YLV^NNGCU GH ROZ\K JTE=$ \"NT
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 64
FSUNVD GV YDU[=U MN7NVD GV I\ GW= QVXQNMK +NK YDUIX=IJU J6 YN6M MN7NVD GNV EX FSUNVD LM
Y5ING IX+N=MUN OV FSXV GK WMU J6$ FSUNVD GV IR BNNVD GNV NVWXN I+N8X IRGNO I+N8X
2
GV
SNIJ
IWXHVD
MNW/R
HVD
RN/UV
PLNV[
YNNNIMG
FNV¿NMK
JNV$
GMXV
ODMSXN
\"NT
GV
FSUNVD
GK
FWN
IRGNO
GV
P8JVD
GK
IR
VOK
^NHUN
BNNVD
LIMNVWXNYNVD
JNV@
GV
MNVW[NM
LZRN=XTHNX
HVD
IXRV
N
L]NV5ONIJU
YN6M
JNV
RN/UIRG
IGN
WNXN
YN6M
MN7
ROZ\K
GNV
Q
NN=XV RN\N G IRRMN ONMNK HVD IQN [N J6$
ONMNK \"NT FSUNVD GV IR BN ¿IXR\¾ ¿ GKHUNVD LM¾
ÑGMNV0 LVÐ
HQ
XN6RKD NZWXN
ROZ\K ¿
XN6RKD NVWXN LZRN=XTHNXNVD GV
LZRN=XTHNX
¾
YXTLNU HVD L]IU
NU ROZ\K
@
@
ÑÐ
@
@
ÑÐ
@
@
ÑÐ
O+NK MN7 ÑGT\Ð
IWOHVD OV
IR
NVN -VNK MN7
[6M IR
NVN -VNK MN7
¾ GNV%GNVD HVD IQ [ YNDG0V YN%RKD NVWXN GV QN6MNX L]IU
NU ROZ\K Q
NN=UV J6D$
¿O \ YNM YNNNIMU¾ >NT\V FNWNM PNNM ¿IXR\¾
O \ YNM YNNNIMU >NT\V FNWNM PNNM MN7NVD GV I\ NVWXN GV IR¿N LNVNN GN G
YN6M L]HT>N O]NVU J6$ XN6RKD NVWXN HVD EX PNNMNVD GK MNI
N @ GMNV0 LV LZRN=XTHNIXU J6@
Y)NN=Ua
MN7NVD
GV
YLXV
ODONNXNVD
GK
\[+N[
L]IU
NU
YN6M
MN7
OMGNMNVD
GV
GT\
NVWXN
ODONNXNVD GN \[+N[ L]IU
NU$ EX LZRN=XTHNXNVD GV IRLMKU@ LJ\V UKX RNNVŽ GV QN6MNX ROZ\K
\[+N[ L]IU
NU )NK O OK O GK \[+N[ L]IU
NU YN6M X O OK O GK \[+N[
L]IU
NU$
YN%RKD
NVWXN
HVD
UQXTLK
YRIN
GV
ODFDN
HVD
ROZ\K
FJTU
GH@
Y)NN=Ua
O+NK
MN7NVD GV ODFDN HVD L]IU
NU@ O OK O GV ODFDN HVD L]IU
NU YN6M X O OK O
GV ODFDN HVD L]IU
NU )NK$
O \ YNM YNNNIMU >NT\V FNWNM PNNM@ [NVYN@ GXN=9G IJHNS\ L]QV
N YN6M I
LTMN HVD@
XN6RKD NVWXN \^NVD GNV LNM GM [ J6D$ YND L] YN6M MNW/)NNX GV ODFDN HVD +NK ROZ\K GN4K
YING J6 YN6M O OK O GV FKS YOH@ HV"NN\@ IHWNVMH@ XN[N\6D0 YN6M IOI'GH HVD YING
J6$ P3S /UMK IXLNQX FK OK YNM GV IX(X /UM@ NVWXN GV I\ O \ LK E= GV GH
NV[QNX U)NN NVWXN GV I\ Y8 MN7NVD GK YLXK IXINNVD GV IX(X /UM GV YN0V YNUN J6$
EOGV ON)N JK@ [N0I[\ HT>NWK= 4NHZ=\V `NMN ONHN8 GVDQ]K OJNUN GV I\ QT>NK@ /RD GK
GH IXINNVD RN\V MN7NVD GNV EO L]GNM GV PNNMNVD LM YING IX+N=M MJXN L0UN J6$ ONMNK HVD EX PNNMNVD GV ODFDN HVD XN6RKD NVWXN LZRN=XTHNX YN6M RN/UIRG ROZ\K Q
NN=E= [E= J6$
ONMNK O \ YNM YNNNIMU >NT\V FNWNM PNNM ¿IXR\¾ ¿ GKHUVD¾
ÑGMNV0 LVÐ
HQ
O+NK MN7 ÑGT\Ð
XN6RKD NVWXN
ROZ\K ¿
XN6RKD NVWXN LZRN=XTHNXNVD GV
LZRN=XTHNX
¾
YXTLNU HVD L]IU
NU ROZ\K
@
@
ÑÐ
@
@
ÑÐ
@
@
ÑÐ
IWOHVD OV
IR
NVN -VNK MN7
[6M IR
NVN -VNK MN7
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 65
¾ GNV%GNVD HVD IQ [ YNDG0V YN%RKD NVWXN GV QN6MNX L]IU
NU ROZ\K Q
NN=UV J6D$
RNUN=U BN
NVWXN
MN7@
\
IR¿N
YNE=
LNVNN
OK@
WK
GV
YNE=
I\
OK@
RNUN=U
XNFN0=@
BN
YNM
G
OH)N=XGNMK
L]NRNNX
J6
IWOGV
WIM
E= OK@ YNE= 0K FK YNE= R Y8 W6OV IRGNO
IR¿N OD/)NNXNVD OV NVWXN /GKHNVD GV RN/UV LIMNVWXN YNNNIMU BNNVD GV ODFDN HVD RNUN= GMXV GV
JGQNM J6D$ LIMNVWXN YNNNIMU OJNUN@ IR_TU YN6M YNRNO OV \V GM LIMRJX YN6M []NHKN
ODMSXN UG GV IRI+N8X ^NV
MNW/R
YN6M
YNNNM+NZU
GNVD GV RN/UV PL\&N GMNE= WNUK J6$ IR¿N GN J O]NVU@ MNVW[NM@
IRGNO
OCIWU
GMXV
GK
YLXK
^NHUN
GV
GNMN
HJ5RLZN=
J6$
G
LIMNVWXN YNNNIMU OJNUN JNVXV GV XNUV@ IXINNVD GN PLNV[ NVWXN I+N8X IRGNO I+N8X
2 JVUT GMXV GK FJTU GH OD+NNRXN J6$
YXTHNX
@
L]IU
NU
GMNV0
YN6M
IRLMKU@
J6
IG
LV
MN7
MN7NVD
XV
RNUN=U
GN
OMGNMNVD
NVWXN
BNNVD
OV
XN6RKD
NV[QNX
L]N,U
GV
NVWXN
GV
GT\
LJ\V
UKX
NVWXN
JNV[N$
J
ODONNXNVD
RNNVŽ
GV
GV
QN6MNX
MN7NVD
GN
QN6MNX
GV
NVWXN
YLXV
L]IU
NU
\[+N[
O]NVUNVD
J6$
IR¿N
LNVNN
JVUT
GN
\[+N[
EX
L]IU
NU
LZRN=XTHNXNVD
GK
ROZ\K
GV
GK
ÑYN%RKD NVWXN HVD RNUN=U BNNVD GN NV[QNX MN7NVD GV YLXV ODONNXNVD GN \[+N[ L]IU
NU
YN6M GT\ NVWXN ODONNXNVD GN L]IU
NU )NN NVWXN GV LJ\V UKX RNNVŽ GV QN6MNX RN/UIRG
ROZ\K LZRN=XTHNXNVD GK L]IU
NU )NKÐ$ O OK O XV XN6RKD NVWXN LZRN=XTHNXNVD GV \[+N[ L]IU
NU
GK
YN6M
X
O
OK
O
XV
EXGV
L]IU
NU
GK
ROZ\K
GK$
ÑYN%RKD
NVWXN
GK
UQXTLK YRIN GV QN6MNX O OK O GV ODFDN HVD RN/UIRG ROZ\K L]IU
NU YN6M X
O OK O GV ODFDN HVD L]IU
NU )NKÐ$ RNUN=U BNNVD GV LZRN=XTHNIXU /UMNVD GNV LNM GMXV
RN\V
MN7
J6D
L
FD[N\@
LDWNF@
YNDN]
L]QV
N@
MNW/)NNX@
IHWNVMH
YN6M
IJ
L]$
P0KON@
H
L]QV
N@ JIMNNN@ [NVYN@ GXN=9G@ HV"NN\@ YOH YN6M YNNS\ L]QV
N GV ODFDN HVD ROZ\K /UM
FJTU GH MJV J6D$
IR¿NK
ODONNXNVD
HVD
OV
MN7@
RNUN=U BNNVD GV LZRN=XTHNIXU /UM GN L]IU
NU \
YNE= OK# WK YNE= OK OV@ L]IU
NU XNFN0= OV@ L]IU
NU YNE= 0K FK YNE= OV@ L]IU
NU
YNM E= OK OV YN6M L]IU
NU Y8NVD OV L]N,U GM OGV$ IRI+N8X OD/)NNXNVD OV L]NI,U /UM Q
NN=XV
RN\N G IRRMN ONMNK HVD IQN [N J6
ONMNK RNUN=U BN XN6RKD NVWXN LZRN=XTHNXNVD GK UT\XN HVD GV
QN6MNX OD/)NN RNM L]NI,U ¿ GKHUNVD LM¾
HQ
RNUN=U BN
L]NI,U /UM ¿L]IU
NU¾
O OK O
X O OK O
WNV0
¿¾
¿¾
¿¾
IWXHVD OV
\ YNE= OK# WK YNE= OK
ÑÐ
ÑÐ
ÑÐ
XNFN0=
ÑÐ
ÑÐ
ÑÐ
YNM E= OK
ÑÐ
ÑÐ
ÑÐ
YNE= 0K FK YNE=
ÑÐ
ÑÐ
ÑÐ
Y8
ÑÐ
ÑÐ
ÑÐ
¾ GNV%GNVD HVD IQ [ YNDG0VD YN%RKD NVWXN GV QN6MNX L]IU
NU ROZ\K Q
NN=UV J6D$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 66
FND0 YN6M BN L
LIMNVWXN YNNNIMU FND0 YN6M BN L
@ P3S ^NHUN GV ON)N ODONNX WT9NXV GN G
XRKX O]NVU P+NMN J6$ XN6RKD NVWXN GV I\ EO HQ GV YDU[=U LZRN=XTHNIXU @ GMNV0
LV
GN
GK
MNI
N GV IRLMKU RN/UIRG ROZ\K @ GMNV0 LV JTE=@ Y)NN=Ua NVWXN \^
\[+N[
LDWNF@
L]IU
NU$
MNW/)NNX
YN6M
LZRN=XTHNXNVD
UIH\XN0T$
GNV
IGDUT@
LNM
GMXV
JIMNNN@
RN\V
L
GT1VG
FD[N\@
MN7
[NVYN
YN6M
J6D
GVM\@
P¿NM
HJNMN9‘@
L]QV
N
GN
EO
ODFDN HVD IXLNQX ODUNVNWXG XJKD MJN$
PNNM \K [E= IXINNVD HVD OV@ PLMNV'U IR
\VNN OV J /L9 J6 IG RNUN=U BNNVD YN6M
FND0NVD# BN L
NVD GNV YING L]N)NIHGUN QK WNXK SNIJ PXGN IRS\X XJKD JNV OGUN YN6M
RV GW= QVXQNMK GV GIUL U5R GV FNRWZQ MN7 GN ONHNIWG YN6M YNI)N=G NDSN IRGIOU
GMXV HVD OKNV JK NV[QNX QVUV J6D$ EOGV ON)N JK [6M LIMNVWXN YNNNIMU PNNMNVD GN ÑY)NN=U
O
\
YNM
YNNNIMU
>NT\V
FNWNM
PNNM@
MN7
IXINND
YN6M
\"NT
FSUNVD
GV
IR
BNÐ
LIMNVWXNIRI
N9 PNNMNVD GK IQ
NN HVD NKMV NKMV LTXXT=/)NNLX IGN WNXN SNIJ$
GVDQ]K OJNUN
W6ON
IG
LJ\V
FUNN
[N
J6@
GVDQ]K
OJNUN
GV
YDU[=U
HT>U
GVDQ]K
OJNUN
ÑQV
NWÐ YN6M IRQV
NK OJNIÃU LIMNVWXNYNVD GV I\ GVDQ]K OJNUN OI(HI\U J6$ XN6RKD NVWXN
GV LJ\V UKX RNNVŽ GV QN6MNX GVDQ]K OJNUN ÑQV
NWÐ GK ROZ\K \[+N[ L]IU
NU MJK WFIG
IRQV
NK
OJNIÃU
L]IU
NU
MNI
N
GK
LIMNVWXNYNVD
L]NI,U
JNV
@@
OGK$
GMNV0
GV
I\
XN6RKD
LV
GVDQ]K
NVWXN
)NK
OJNUN
GV
IWOHVD
I\
OV
GV
YDU[=U
LZRN=XTHNIXU
@
LZRN=XTHNXNVD
GVDQ]K
GMNV0
GVR\
OJNUN
ÑQV
NWÐ
GK
ÑY)NN=Ua
\[+N[
LV
GV
L]IU
NUÐ O OK O GV I\ )NV U)NN NVN L]IU
NU Y)NN=Ua @ GMNV0 X O OK O
GV
I\
\[+N[
YN%RKD
)NV$
XN6RKD
NVWXN
L]IU
NU
NVWXN
GK
GV
LJ\V
ROZ\K
LZRN=XTHNXNVD
OV
GK
LUN
UKX
RNNVŽ
WFIG
GV
X
S\UN
J6
QN6MNX
O
IG
OK
GVDQ]K
O
OK
O
XV
O
OJNUN
XV
LZRN=XTHNIXU
L]IU
NU
ÑQV
NWÐ
GK
GK
/UM
ROZ\K
ROZ\K
GV
GK$
YN%RKD
NVWXN GV LJ\V UKX RNNVŽ HVD \[+N[ L]IU
NU )NK U)NN IR O L]N GV ODFDN HVD RN/UIRG
ROZ\K L]IU
NU )NK$ YN%RKD NVWXN GV I\ LZRN=XTHNIXU GVDQ]K OJNUN ÑQV
NWÐ GK MNI
N
@ GMNV0 LV )NK@ IWOHVD OV @ GMNV0 LV O OK O GV I\ Ñ\[+N[ L]IU
NUÐ U)NN @ GMNV0 LV X O OK O GV I\ )NV ÑGT\ GVDQ]K OJNUN ÑQV
NWÐ
GN
\[+N[
L]IU
NUÐ$
YN%RKD
NVWXN
GV
LJ\V
UKX
RNNVŽ
GV
QN6MNX
O
OK
O
XV
LZRN=XTHNIXU /UM GV \[+N[ L]IU
NU GK L]NI,U GK WFIG X O OK O GK L]NI,U L]IU
NU )NK$
W6ON IG LJ\V FUNN [N J6@ ^NV
GN=H ÑY)NN=U FK H O@ O 0K O@ S 0K
LK@ 0&<T WK 0K LK@ FK 0K LK@ 9K O LK YNIQÐ@ WNV /GKH# LIMNVWXN YNNNIMU J6D@ XN6RKD
NVWXN GV LJ\V UKX RNNVŽ GV QN6MNX GT\ GVDQ]K OJNUN GV L]IU
NU OV L]IU
NU F6%UV
J6D$ ^NV
GN=HNVD GV I\ RNIN=G NVWXN YNFD9X HVD @ GMNV0 LV@ HVD
GMNV0
GN=HNVD
GV
LV
I\
YN6M
GVDQ]K
OJNUN
GN
HVD
@
PLNV[
GMNV0
FJTU
LV
)NN$
YODUNVNWXG
YNFD9X GN L]IU
NU$ U)NNIL RN= HVD ÑRN/UIRG LZN=Ð@ ^NV
)NN@
GV
QN6MNX
^NV
Y)NN=U RNIN=G NVWXN
GN=HNVD GV I\ GVDQ]K
OJNUN GV PLNV[ HVD OTNNM JNVGM RNIN=G YNFD9XNVD GN L]IU
NU JNV [N U)NN [ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 67
HVD ÑF YÐ ^NV
GN=H GV I\ GVDQ]K OJNUN GV PLNV[ HVD OTNNM JNVGM J L]IU
NU
JNV [N$ GT\ GVDQ]K OJNUN HVD ^NV
GN=H GV IJ/OV HVD +NK ÑRN LZR=Ð HVD IL1\V
RNNVŽ GK UT\XN HVD GN4K FNV¿NMK JTE=@ Y)NN=U L]IU
NU OV L]IU
NU$ IGDUT@ ÑF
YÐ
HVD
GT\
GT\
GVDQ]K
GVDQ]K
OJNUN
OJNUN
GN
GK
QCI9
L]IU
NU
OV
)NN$
^NV
GN=HNVD
RN=
GV
IJ/OV
HVD
HVD
^NV
OTNNM
JTYN@
GN=HNVD
GV
IL1\V RN= GK UT\XN HVD L]IU
NU 7NQN )NN$ U)NNIL HVD ^NV
'NVDIG J
I\
YNFD9X
GN=H GV I\
YNFD9X HVD IL1\V RN= GK UT\XN HVD GVR\ L]IU
NU GK RCI JTE=$ XN6RKD NVWXN GV LJ\V UKX
RNNVŽ GV QN6MNX MN7NVD XV RNIN=G NVWXN YNFD9XNVD GK L]IU
NU L]NI,U GK WFIG O OK O
XV RNIN=G NVWXN YNFD9X GK L]IU
NU YN6M X O OK O XV RNIN=G NVWXN YNFD9XNVD GV
L]IU
NU GK ROZ\K GK$ 'NVDIG ^NV
GN=H LIMNVWXN YNNNIMU J6D EOI\ ^NV
GN=HNVD
GV I\ GVDQ]K OJNUN GN NVWXN I+N8X IRGNO I+N8X 2 GV I\ IRS\X XJKD IGN WN
OGUN YN6M EO L]GNM J MN7 OMGNMNVD GV ONHNIWG YN6M YNI)N=G NDSV GV IRGNO HVD OKNV
JK NV[QNX GMUK J6$ EOI\ XN6RKD NVWXN GV Y[\V QNV RNNVŽ HVD@ MN7NVD YN6M OD"N MN7 ^NV
GK
NVWXNYNVD
GV
I\
GT\
GVDQ]K
OJNUN
GV
FW9K
ODONNXNVD
GV
YING
IJ/OV
GN
NVD
^NV
GN=HNVD GV I\ IRIXNN=MN GMXV GK WMU J6$
IR O L]N GV I\ GVDQ]K OJNUN GV ODFDN HVD@ XN6RKD NVWXN GV I\ @ GMNV0
LV
GV
LZRN=XTHNIXU
/UM
GV
IRLMKU
MN7NVD
XV
LIMNVWXN
/UM
GV
GVR\
L]IU
NU
GK
L]NI,U GK@ Y)NN=U XN6RKD NVWXN GV LJ\V UKX RNNVŽ HVD @ GMNV0 LV$ IWX MN7NVD XV
FJTU
GH
L]NI,U
IFJNM@
HJNMN9‘@
YN%RKD
NVWXN
LZRN=XTHNIXU
GK
RV
J6D
IOI'GH@
GV
/UM
I\
GV
GVM\@
L
IR
FD[N\@
O
IRLMKU@
[NVYN@
L]N
MN7
LDWNF@
MNW/)NNX@
I
LTMN@
IJHNS\
GV
I\
GVDQ]K
GVR\
@
[TWMNU@
L]QV
N@
HINLTM@
OJNUN
GMNV0
UIH\XN0T@
JVUT
LV
IHWNVMH
@
GK
ROZ\K
P¿NM
YN6M
GMNV0
GM
L]QV
N@
HV"NN\$
LV
OGV@
GV
Y)NN=Ua
RN/UR HVD L]IU
NU GK ROZ\K GK$ O OK O LZRN=XTHNIXU /UM GN L]IU
NU ROZ\
GM OGV WFIG X O OK O XV L]IU
NU GK ROZ\K GK$
IXGN=
cLM
IG
[
IR
\VNN
OV
MN7NVD
GV
IR¿N
GK
IXMN
NNWXG
I/)NIU
P+NM
GM
ONHXV
YNUK J6 WNV MN7NVD GK YLXK IXINNVD GV FJTU IX(X /UM GNV L]G9 GMUK J6 YN6M ON)N JK P3S
/UM GV PNNMNVD GK IR_HNXUN +NK Q
NN=UK J6$ EO L]RCI¿N GNV GVR\ U+NK FQ\N WN OGUN J6
WFIG
GNM[M
2
L]FDNX GV ON)N ON)N UVW YNM H L]NO IG WND$ EOGV Y\NRN@
O \ LK E= GV OTNNM@ O/UK \NVGIL]UN OV FSXV@ LIMNVWXN GNN=8RX HVD L][IU YN6M MN7NVD
GV IR¿N GK L]
NNOIXG RD L]FDNGK GN=GT
N\UN HVD OH[] L OV OTNNM GMXV GV RN/UV MN7NVD
YN6M
GVDQ] `NMN XKIU[U PLN IG WNXV YNR
G J6D$ _IL MN7NVD XV ONHN8 L OV GT\
XN6RKD NVWXN ODONNXNVD GV LZRN=XTHNIXU /UM GV \[+N[ L]IU
NU GK L]NI,U GK J6@ U)NNIL EX
HNVSNVŽ LM YXVG MN7NVD GN IXLNQX FJTU GT1 GMXV GK HND[ GMUN J6$
IFJNM@
YNNS\
P
L]QV
N@
L]@
YOH@
[NVYN@
W(HZ
MNW/)NNX@
YN6M
P0KON@
G
HKM@
LDWNF@
HV"NN\
YN6M
JIMNNN@
IOI'GH
H
GK
L]QV
N@
MN7
XN[N\6D0@
OMGNMVD
GT\
NVWXN ODONNXNVD GV XN6RKD NVWXN \^ L]N,U GMXV HVD IL10 MJK J6D$ JIMNNN@ GVM\@ P0KON@
P L]@ YNNS\ L]QV
N@ HV"NN\@ XN[N\6D0@ W(HZ YN6M G
HKM U)NN YOH GNV YLXV PNNM /UMNVD
GNV L]IUFDINU GMXV GK WMU J6$ GW= QVXQNMK GV FNRWZQ@ RNUN=U BN@ FND0 YN6M BN L
U)NN ^NV
GN=HNVD GV I\ GVDQ]K BNNVD HVD RCI GMXV GK WMU J6 'NVDIG V LIMNVWXN IRI
N9 J6D$ EOGV ON)N JK@ [6M IRI
N9 PNNMNVD GV FUV IJ/OV@ W6OV IG O \ YNM YNNNIMU
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 68
PNNM@ \"NT FSUNVD GV IR BN YN6M MN7 +NIR IXINNVD GV HNH OV ODONNXNVD GK IQ
NN
FQ\XK JNV[K YN6M E8JVD ONHNIWG U)NN YNI)N=G N–SV OV ODFDINU LIMNVWXNYNVD YN6M /GKHNVD GV
I\ IRIXNN=IMU GMXN JNV[N$ [6M LIMNVWXN IRI
N9 PNNM IXINNVD GN IRGNO I+N8X 2 GV
I\ YN6M IR
NVN L OV NVWXN I+N8X IRGNO I+N8X 2 GV I\ IRS\X GNV MN7 /UM LM
GNM[M HNXK9MX LIU GV HNH OV NKMV NKMV GH IGN WNXN SNIJ$ MN7 YN HVD OTNNM
GMXV
YN6M
EO
L]GNM
MN7
GK
MNW/R WT9NXV GK ^NHUN HVD OTNNM GMXV GN GHN
IXINNVD GN PLNV[ NVWXN I+N8X IRGNO I+N8X 2 OV J9NGM OHNWNI)N=G ^NV
OCWG
LIMO(LI¿NNVD
P8HZ\X@
MNVW[NM
HVD
GMXV
OCWX
GN
U)NN
J6$
YNI)N=G
EX
OFGV
IRGNO
YIUIM'U@
R
IRGNO
GV
MN7
IR¿N
P3S
YN6M
GN
IRG<L
GNVD HVD YN
L]FDNX@
OD"NNMNK
IXN=XUN
/UMNVD
GV
PtV
GK ORNV=3S \^ GK L]NI,U GV I\ IGN WNXN SNIJ FWN EOGV IG PXGN PLNV[
MN7
OMGNM
GV
RVUX
YN6M
L]
NNOIXG
>NS=
GV
IR¿N
LNVNN
JVUT
IXINNVD
GV
O]NVUNVD
GV
L
HVD
IGN WN$
YDU HVD@ XN6RKD NVWXN GV Y[\V QNV RNNVŽ HVD GVDQ] YN6M MN7 QNVXNVD GNV YLXN NX NVWXN
IR¿N
LNVNN
JNV[K
UNIG
HVD
GHK
J
RN\V
OTIXI
SU
^NV
NVD
JNV
LM
OGV
YING
IG
QVXN
NVWXN
JNV[N
U)NN
ODONNXNVD
OTNNMNVD
GK
GK
PLT'U
XKIU
YLXNXK
ROZ\K G PISU /UM LM JNV$
NVWXN I+N8X MNW/R 2 ÑX LK YNM E=Ð YN6M PNNMNVD W6OK HQNVD GNV@ NVWXN LZRN=XTHNXNVD GV
ON)N OD[U FXNXN JNV[N 'NVDIG EX ^NV
NVD HVD Y5ING 7NQN RCI GN MN7NVD YN6M GVDQ] GV IR¿N
U)NN LZMK Y)N= 2R/)NN LM [D+NKM IRLMKU L]+NNR L0V[N$ EOGV Y\NRN@ 'NVDIG IR¿NK ODONNX
NVWXN
GK
GNM[MUN
GN
G
L]HT>N
IXNN=MG
J6D$
EOI\
O+NK
^NV
GNVD
GV
ODFDN
HVD
O+NK
LZRN=XTHNXNVD@ GN=XKIUNVD YN6M XKIU[U \^@ L]HT>N L OV GVDQ]K YN6M MN7 OMGNMNVD `NMN Y[\V
QNV RNNVŽ HVD NVWXN GV IR¿N LNVNN JVUT@ IR¿NK ODONNX L]FDNX GK GN=GT
N\UN `NMN IRIXNN=IMU
JNV[VD$
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 69
OD\;XG OG\ FW9K OJNUN
ÑGMNV0 LVÐ
GCIN
RU=HNX GKHUNVD LM
GKHUNVD LM
RN/UIRG
RN/UIRG
OD Y
F Y
GCIN YN6M OJGNIMUN
GCIN YXTODNNX YN6M I
N^NN
L
NTLN\X YN6M 0VMK
MONX YN6M PR=MG
MONX YN6M LV9‘NV MONX
PR=MG
X[M IRHNXX
>NN_ YN6M PL+NNV'UN HNH\V
PL+NNV'UN HNH\V
>NN_ YN6M XN[IMG YNLZIU=
NG=MN YN6M >NN_ UV\
GNV\N
RNIN7
RNIN7
YNLZIU=
ODSNM
0NG
QZM ODSNM
LN=RMN YN6M RX
IRQV
N GN=
IRµN
YNI)N=G GN=
2
MNW/R
>NN_ L]OD/GMN P_NV[
/RN/) YN6M LIMRNM G<NN
/RN/)
LIMRNM G<NN
YNE= O H D0 S
[CJ GN=
HNXR ODONNX IRGNO
L]N I
N^NN YN6M ON^NMUN
TRN GN= YN6M >NV\
OD/GCIU
HIJ\N YN6M FN\
HN I
N^NN YN6M P3S I
N^NN
P_NV[
YNE= 0K YN6M YNE= LK LK
+NNMK P_NV[
\"NT P_NV[ YN6M GCIN[]NHKN P_NV[
\NVG P_H
OZSXN YN6M L]ONMN
-H
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 70
OD\;XG ¿WNMK¾
GNXZX YN6M 8N
[6M LNMDLIMG cWN=
GNIH=G YN6M \NV I
N U)NN LVD
NX
LV9NVI\H YN6M L]NGCIUG [6O
RN/UIRG
RN/UIRG
O Y
F Y
ONDI>GK
IR_TU
[]NHKN IRGNO
[]NHKN ^NV
YN6M MNVW[NM
[]N MNV YN6M IX P
+NZ ODONNX
LV W\ YNLZIU=
IR.NX YN6M L]N6_NVI[GK
IR.NX YN6M L]N6_NVI[GK
IR.NX YN6M YN6_NVI[G YXTODNNX
E/LNU YN6M >NNX
>NNX
E/LNU
GL0N
L=9X
+NZU\ LIMRJX
NJMK IRGNO
NVWXN
W6R L]N6_NVI[GK
GKHUNVD LM
NVWXN
RN9M
NV0 IRGNO
RU=HNX GKHUNVD LM
NJMK MNVW[NM L]IU
NU IXN=XUN
P8HZ\X
W\ ODONNX
ONHNIWG 8N YN6M MNVW[NM
WXWNUK HNH\V
LMHNNT cWN=
E\V'9NIXGK
OZSXN L]N6_NVI[GK
OHTQ] IRGNO
YDUIM^N
MV\RV
G
GVDQ]K NVWXN GV I\ GT\ WK
FK O
[ GK L]IU
NUUN GT\
>N
MN7NVD YN6M OD"N MN7 ^NV
NVD GNV
GVDQ]K OJNUN
[ GK L]IU
NUUN GT\
[
NVWXN GV I\ GT\ WK RK O
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 71
OD\;XG
GV OD ^NV P_HNVD GK NVWXNYNVD GK IRµN LNVNN LIU ¿OD
NNVINU YXTHNX¾
ÑGMNV0 LVÐ
RN=
FW9K OJNUN
YNDUIMG
EI'R9K
ODONNX
BN
Y8 ODONNX
FND0#
Y8
BN L
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YNE= E= FK
YNM WNV0 YNM WNV0
EI'R9K
E= FK
FK O
¿ OV ¾
¿ OV ¾
¾
YXTL\&N
YXTL\&N
LIM2
WNV0 ¿ WNV0 ¿
¾
¾
¾ GV I\ YNDG0V FW9 YXTHNXNVD GN P<\V>N GMUV J6D$
GV OD ^NV P_HNVD GK NVWXNYNVD GK IRµN LNVNN LIU ¿FW9 YXTHNX¾
RN=
FW9K OJNUN
YNDUIMG
EI'R9K
ODONNX
BN
Y8 ODONNX
FND0#
Y8
E= FK
YNE= E= FK
YNM WNV0 YNM WNV0
EI'R9K
FK O
LIM2
WNV0 ¿
WNV0 ¿
¿ OV ¾
¿ OV ¾
¾
¾
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
BN L
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 72
OD\;XG ¿WNMK¾
FW9 YN6M OD
NNVINU YXTHNXNVD GV FKS L]IU
NU I+N8XUN
RN=
FW9K OJNUN
YNDUIMG
EI'R9K
ODONNX
BN
Y8 ODONNX
FND0#
Y8
BN L
E= FK
YNE= E= FK
YNM WNV0 YNM WNV0
EI'R9K
FK O
LIM2
WNV0 ¿
WNV0 ¿
¿ OV ¾
¿ OV ¾
¾
¾
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
YXTL\&N
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 73
OD\;XG
GVDQ]K OD ^NV P_HNVD `NMN WT9NE= [E= IXINN’ YN6M GMHT'U FND0NVD GN YNFD9X ¿ OV ¾
GM HT'U FND0NVD GN YNFD9X
HZ\ HD N\# LMHNNT 0K X E= O IR_TU
x
OD[%X
cWN=
YNE= YNM E=
0K
ON ^NV P → X OK LK
´
MV\RV
+NZU\ LIMRJX
NJMK IRGNO
G<NN
YNE= YNM 4 GV YNM OK X S YNE= JT0GNV X OK YNM FK OK O9K
OK
4 0K \
ÑGMNV0 LVÐ
+NN IM F6DG
XNFN0=
X S FK
WNV0 ¿GN\H
OV ¾
I9,LNK RN= GV I\ XNFN0= GV I\ YNFD9X GV YNDG0NVD HVD O YNE= 0K FK YNE= GV I\ GMNV0 NNIH\ J6D$
ON ^NV P `NMN WNMK GMHT'U FND0´
HZ\ HD N\# LMHNNT 0K X E= O IR_TU
x
OD[%X
cWN=
YNE= YNM E=
0K ON ^NV P → X OK LK
MV\RV
+NZU\ LIMRJX
NJMK IRGNO
G<NN
YNE= YNM 4 GV YNM OK X S YNE= JT0GNV X OK YNM FK OK O9K
OK
4 0K \
O]NVU NVWXN YNNV[ GV YNDUIMG L]\V>NNVD OV ODGI\U U)NN OZSXN@ IR¿N HD
¾ IL1\V RNNVŽ GV YL]T'U YNFD9XNVD GV IR WNMK FND0NVD OIJU
N\ R Y8 GVDQ]K HD
N\NVD# ON ^NV P `NMN L]Q¿N
x ON ^NV P GV I\ FND0NVD GV YNFD9X# PLNV[ GV &NVMV@ IR_TU HD
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ ÑGMNV0 LVÐ
+NN IM F6DG
XNFN0=
X S FK
LK Y/)NNE=
N\ GV YDU[=U Y\[ OV L]Q¿N
WNV0 ¿GN\H
OV ¾
74
OD\;XG
XN6RKD LDS RNK= NVWXN GN HNRING HZ<NDGXMN7NVD GV IRµNK ODONNX
Ñ GKHUVND LM GMNV0 LVÐ
HQ
GT\ ¿ MN7¾
XN6RKD NVWXN
LZRN=XTHNX
Y MN7NVD GV YLXV ODONNX ¿ OV ¾
SN\Z MNW/R OV NVN
IWOHVD OV YNM H
\NVG P_HNVD GN NV[QNX
GÐ
MN7 IR_TU FNV0=
>NÐ
MN7 O0G LIMRJX IX[H
IWOHVD OV YNM H
IWOHVD OV YNM H
[Ð
Y8 ÑIRIXIQ=9Ð
IWOHVD OV YNM H
MN7 +NIR IXINND
IRIRN LZDWK[U L]NI,UND ÑIXR\Ð
Q IR YN GV YDU[=U IR
NVN YXTQNX ÑG>N[Ð
L]NI,U
L]NI,U
RNNV‹ GV QN6MNX
¿¾
¿X Y¾
@
L]IU
NU L]NI,U
Ñ@Ð
Ñ@Ð
ÑÐ
@
@
@
@
Ñ@Ð
Ñ@Ð
ÑÐ
@
Ñ@Ð
ÑÐ
ÑÐ
@
@
ÑÐ
ÑÐ
@
@
@
@
@
@
@
GÐ
P8XX
>NÐ
IR
NVN OH/ND
@
[Ð
/)NNXK IXGN
@
@
@
@
IXR\ \"NT FSUNVD GV IR BN
GV LJ\V UKX
¿RN/UIRG¾
@ @
@
L]IU
NUUN YN%RKD NVWXN
>NT\N FNWNM PNNM ÑIXR\Ð O \ YNM YNNNIMUÐ
@
@
RNUNU= BN ÑG OV SÐ R Y8 IR¿N
@
@
@
@
GÐ
\ YNE= OK# WK YNE= OK
>NÐ
XNFN0=
@
@
[Ð
YNM E= OK
@
@
"NÐ
YNE= 0K FK YNE=
@
@
0Ð
Y8
FND0# BN L
# O \ YNMI+N8X YNNNIMUÐ
PLN^N# HT HD
K SSN=YNVD GV QN6MNX OJHU YNM
@
@
@
@
@
@
@
@
@
H
F
L]NMDI+NG NVN GN OHNNVWX
GVDQ]K OJNUN ¿ YN6M ¾
QV
NW GVDQ]K OJNUN
IR O L]N LIMNVWXNYNVD GV I\ OJNUN
O GT\ NVWXN ODONNX ¿Y F¾
@ @
@ @
[ ¿‹ ª ^ 6 ‹ „ «‚ ‚ »9 [ % ( · Y‚ ‹ ¡Y % ( · ±º‚ % ([ 75
OD\;XG
SN\Z MNW/R OV NVN ¿FK OK YNM¾ XN6RKD NVWXN
LZRN=XTHNX YN6M ROZ\K ¿O+NK MN7¾
Ñ GKHUNVD LMÐ
HQ
XN6RKD NVWXN
LZRN=XTHNX
ROZ\K
XN6RKD NVWXN
¿¾ \^NVD GV YXTLNU
HVD L]IU
NU ROZ\K
Y MNW/R L]NI,UND
GM MNW/R
@
@
GVDQ]K GMNVD GN IJ/ON
@
@
YNNNM /UM QMNVD LM MN7 GM MNW/R
@
@
YNNNM /UM QMNVD LM GMI+N8X MNW/R
@
@
GVDQ] OV YXTQNX ÑNVWXV¿NMÐ
GÐ
GM MNW/R YDUM YXTQNX
@
>NÐ
L]NGCIUG YNLQNYNVD GV I\ YXTQNX
@
@
[Ð
MV\ IGMN LM GM GV RW HVD YXTQNX
@
@
"NÐ
GCIN O(LQN GM
0Ð
Y8 IQ GNVE= JNV
WNV0 ÑG OV 0Ð
@
@
@
@
@
IXINNVD OV YDUMN
NVWXNI+N8X IRGNOI+N8X ÑWNV0 G >NÐ
@
@
WNV0 Y ¿MNW/R L]NI,UND¾
F NVWXNI+N8X MNW/R 2
GÐ
@ @
BN LIM
NNVNX ÑWNV0 FKÐ
@
@
Ð
&NW YQN[K
@
@
FKÐ
GW= GK G9N6UK Y)NRN RDSXN GV I\
@
@
IRIXNVWX
>NÐ
Y8 IRGNOI+N8X
@
@
NVWXNI+N8X IRGNO
@
@
IXINNVD GV I\ YDUMN
@
@
H +N YN6M RVUX HNXNVD GV OD
NNVNX@ FNVXO YNIQ
@
@
@
@
@
@
@
ÑÐ
ÑÐ
GV I\ GT\ L]NRNNX@ PLT='U HQNVD GV YDU[=U
OI(H\U XJKD ÑNVWXNI+N8X 2 GV ODFDN HVDÐ
IWOHVD OV
GÐ
LNDSRV RVUX YNNV[# MN7 RVUX YNNV[ GK
>NÐ
LNDSRVD RVUX YNNV[# MN7 RVUX YNNV[ GK
IO4NIM
NNVD GV GNN=8RX JVUT L]NRNNX
IO4NIM
NNVD GV GNN=8RX HVD HVD H +N¿NV
YN6M RVUXHNXNVD GV OD
NNVNX@ FNVXO YNIQ GV ODFDN
HVD L]NRNNX
O
O
E=
YN%RKD NVWXN YXTM^NN 2
L]IUF QVUN
WNV0 F ¿NVWXNI+N8X MNW/R 2¾
SN\Z MNW/R OV NVN ÑY FÐ
FW9K YNM H¾
YNM H GV ON)N FK OK YNM
@ @
@ @
¾ GNV%GNVD HVD IQ [ YNDG0V@ ODFDINU HQNVD HVD LJ\V OV OI(HI\U YNM H@ L]QI
N=U GMUV J6D$
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OD\;XG
GT\ XRKX YIUIM'U ODONNX WT9NR ¿ YNM H¾
¿ GKHUNVD LM¾
HQ
ÑGMNV0 LVÐ
XN6RKD NVWXN
XN6RKD
NVWXN ¿RN/UIRG¾ OV LZRN=XTHNXNVD GV
LZRN=XTHNX UG YXTLNU HVD
ROZ\K ¿X Y¾ L]IU
NU ROZ\K
IR
NVN -VNK MN7
GT\ YNM H
IWOHVD OV
GÐ
FW9K
>NÐ
MN IR FNV0=
[Ð
O L IX
"NÐ
Y8
@
@
@
@
@
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[6M IR
NVN -VNK MN7
GT\ YNM H
IWOHVD OV
GÐ
FW9K
>NÐ
MN IR FNV0=
[Ð
O L IX
"NÐ
Y8
O+NK MN7
GT\ YNM H
IWOHVD OV
GÐ
FW9K
>NÐ
MN IR FNV0=
[Ð
O L IX
"NÐ
Y8
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