Environmental hazards have become a matter of very serious concern of humanity. The western societies, having been driven by the culture of consumerism, increased their production rapidly to meet the accelerated consumption.
Environmental hazards have become a matter of very serious concern of humanity. The western societies, having been driven by the culture of consumerism, increased their production rapidly to meet the accelerated consumption. This has resulted in mounting wastages and greater damages to the environment. The culture of rampant consumerism of the West has shifted to the East accompanied by vast number of 'use and throw' products.
Further, the pressing developmental needs of the less developed countries like India have resulted in a critical trade-off between growth and environment. The rich countries, after having done enough damage to the environment, now wants to impose many restrictions on the industrial development of less developed countries. At the same time they refuse to transfer many environmental friendly technologies free of cost in order to help the poor countries as well as to protect the environment.
After independence, India launched its heavy industry based development strategy which has resulted in the setting up many new industries, upgradation and modernization of existing industries. Industrialisation and the environmentally unfriendly Green Revolution technology have inflicted heavy damages to the environment. Further, deforestation and aquaculture have also caused severe damages to our environment.
Many legislations and regulatory measures for the protection, conservation and development of the environment have been introduced both by the Union and State governments. Pollution control boards have been set up at different levels of government to address the issues.
The following are some of the recent public policy initiatives in India to control environmental pollution.
Formulation of National Environmental Policy
Setting up of National Clean Development Mechanism (CDM) Authority as per Kyoto Protocol.
Reengineering environmental clearance process
Revising the Coastal Regulation Zones (CRZ)
Developing a National Chemical Management Profile for the country.
Inspite of all such efforts, polluting industries, particularly many large scale industries, aqua culture, thermal and nuclear power plants have been a significant source of air, water and land pollution on a large scale. At the international level, large scale bombardment of cities, oil fields and continuous wars like the one that Americans are waging against Iraq, frequent nuclear tests conducted by big and small countries, etc are the major sources of environmental damage.
Finance is the backbone of industrial development. The financial requirement of industries may be for the short term to meet 'working capital' requirements. Or it may be for a long term to meet the 'fixed capital' requirements. To meet such requirements, the industries raise finance from different sources. In India, as in many other countries, industrial finance is available under two broad sources viz. external and internal sources.
Internal sources of industrial finance consist of funds mobilized from own sources as in the case of small scale units, paid-up capital in the form of equity shares subscription as in the case of large units, own surpluses and reserve funds of industries.
External Sources External sources of industrial finance include raising of borrowed finance from sources such as public deposits, equity capital, debenture issues and availing loans from commercial banks and other financial institutions.
Financial Institutions The short term financial requirements can be met from internal sources like public deposits, share capital and commercial bank loans. However, for long term requirements, industries will approach specialized 'financial institutions'. Financial institutions in developing countries are also referred to as development banks. This implies that their role must be development oriented and not mere lending alone. Thus, they are capable of inducing the course of development through their policies and programmes. The following are some of the financial institutions available at different levels in India. At National Level Industrial Finance Corporation of India (IFCI) Industrial Development Bank of India (IDBI) Industrial Credit and Investment Corporation of India (ICICI) Industrial Investment Bank of India (IIBI) National Small Industries Corporation (NSIC) At State Level Tamil Nadu Industrial Investment Corporation (TIIC) (First of its nature to be set up in India in 1949) State Financial Corporations (SFC) State Industrial Development Corporations (SIDC) At Intermediate Level Unit Trust of India (UTI) Life Insurance Corporation of India (LIC)
General Insurance Corporation of India (GIC)
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