Page 297 - DECO502_INDIAN_ECONOMIC_POLICY_HINDI

bdkbZ—21% Hkkjr esa iw¡th cktkj ,oa lsch dh dk;Zfof/

ekeyksa esa lEiw.kZ er dk vf/dkj j[krs gSaA dEiuh dks vPNk equkiQk gksus ij mldk lcls cM+k Hkkx bUgha 'ks;j uksV
gksYMjksa dks tkrk gSA dEiuh dks uqdlku gksus ij mldk Hkkjr Hkh bUgha ij iM+rk gSμvkSj mUgsa de ;k 'kwU; ykHkka'k
feyrk gSA
bfDoVh 'ks;jksa dk vlyh ykHk ;g gS fd dEiuh dh rjDdh vkSj c<+r dk lcls T;knk iQk;nk bUgha dks feyrk
gSA izsiQjsUl 'ks;jksa ij tgk¡ ykHkka'k igys ls r; gksrk gS] ogha bfDoVh 'ks;jksa ij equkisQ osQ lkFk ykHkka'k Hkh c<+rk
tkrk gSA lkFk gh dEiuh dh c<+r gksus ij bfDoVh 'ks;j dh dher 'ks;j cktkj esa c<+ tkrh gS ysfdu izsiQjsUl
'ks;j ij ,slk ugha gksrkA bfDoVh 'ks;j gksYMj dks le;≤ ij dEiuh ls ^jkbZV* vkSj ^cksul* 'ks;j Hkh feyrs
gSaA vr% bfDoVh 'ks;jksa ij T;knk [krjk] vkSj mlh osQ fglkc ls T;knk iQk;nk ;k uqdlku cuk jgrk gSA blfy,
'ks;jksa esa fuos'k djus dk vlyh ykHk bfDoVh 'ks;jksa esa feyrk gSA

LVkWd ,Dlpsat
LVkWd ,Dlpsat 'ks;jksa vkSj izfrHkwfr;ksa (Securities) dh [kjhn&iQjks[r osQ fy, cuk ,d cktkj gSA fdlh Hkh vU;
cktkj dh rjg LVkWd cktkj esa Hkh izfrHkwfr [kjhnus vkSj cspus osQ bPNqd yksx vkrs gSaA izfrHkwfr;ksa esa bfDoVh vkSj
izsiQjsUl 'ks;j] fMcsUpj (Debenture) vkSj ljdkjh rFkk xSj&ljdkjh laLFkkuksa osQ ckW.M (Bond) 'kkfey gksrs gSaA
Hkkjr esa nks izeq[k LVkWd ,Dlpsat gSμckWEcs LVkWd ,Dlpsat o us'kuy LVkWd ,DlpsatA
dksbZ O;fDr lh/s LVkWd cktkj esa tkdj 'ks;j [kjhn ;k csp ugha ldrsA blfy, LVkWd czksdj ;k 'ks;j czksdj dh
vko';drk iM+rh gS] vkSj buosQ ikl LVkWd ,Dlpsat dh lnL;rk dk ykblsal gksrk gSA blosQ fy, mUgsa nykyh
(Brokerage/Commission) feyrh gS] tks fd, x, dkjksckj osQ ewY; dk yxHkx <kbZ izfr'kr gksrk gSA
Hkkjrh; LVkWd ,Dlpsatksa ij osQoy lwphÑr] ;kuh fyLVsM (Listed) izfrHkwfr;ksa dk gh dkjksckj gksrk gSA ,Dlpsat
esa viuh izfrHkwfr;ksa dk dkjksckj djkus osQ fy, dEifu;k¡ mUgsa lwphÑr djkrh gSaA ifCyd fyfeVsM dEifu;ksa osQ
fy, ,slk djuk dkuwuu vfuok;Z ugha gSA lwphÑr 'ks;jksa dks [kjhnuk vkSj cspuk rks vklku gksrk gh gS] lkFk gh
mudk dkjksckj LVkWd ,Dlpsat osQ fu;eksa ls ca/s gksus osQ dkj.k muesa fuos'kdksa dk T;knk Hkjkslk jgrk gSA

rstfM+;s vkSj eUnfM+;s (Bull and Bear)

vf/drj lV~Vsckt ;k rks rstfM+;s (cqy) gksrs gSa ;k eanfM+;s (fcvj)A rstfM+;s cktkj osQ izfr vk'kkoknh gksrs gSa]
vkSj fudV Hkfo"; esa 'ks;jksa osQ nke c<+us dh mEehn j[krs gSaA blfy, ;s yksx pyrs Hkko ij vius ilan osQ 'ks;j
[kjhn ysrs gSa] rkfd nke p<+us ij bUgsa equkisQ ij csp losaQA rstfM+;ksa osQ vf/d dkjksckj djus ls cktkj esa rsth
vk tkrh gS vkSj vf/drj 'ks;jksa osQ nke p<+us yxrs gSaA ,sls cktkj dks rstfM+;ksa dk cktkj (Bull of Market)
dgk tkrk gSA blls Bhd foijhr eanfM+;s] tks cktkj osQ izfr fujk'kkoknh gksrs gSa vkSj izR;k'kk djrs gSa fd 'ks;jksa
osQ Hkko fudV Hkfo"; esa fxjsaxsA ;s yksx pkyw Hkko ij 'ks;j csp nsrs gSa] rkfd Hkko fxjus ij mUgsa nksckjk [kjhn losaQA
eanfM+;s vDlj os 'ks;j csprs gSa tks muosQ ikl ugha gksrs] vkSj ckn esa mUgsa xzkgd dks nsus dh ea'kk ls [kjhn ysrs
gSaA 'ks;j cktkj dh Hkk"kk esa bls ^'kkVZ&ls¯yx* dgrs gSaA eanfM+;ksa osQ vf/d izHkko ls cktkj esa eanh vk tkrh gS]
vkSj bls eanfM+;ksa dk cktkj (Bear Market) dgk tkrk gSA

'ks;jksa esa ^ck;&cSd* (Buy-Back) (1999 ls ykxw)

'ks;jksa esa ^ck;&cSd* ml fLFkfr dks dgrs gSa tc dEiuh viuh iwath ls vius gh 'ks;j okil [kjhnrh gSA blls
dEiuh dk bfDoVh oSQfiVy de gks tkrk gS] D;ksafd cktkj ls okil [kjhns x;s 'ks;j [kkfjt gks tkrs gSaA 1956
osQ dEiuh ,DV osQ fu;eksa osQ vuqlkj bu 'ks;jksa dks nksckjk tkjh ugha fd;k tk ldrkA vr% dEiuh dk bfDoVh
oSQfiVy de gksus osQ lkFk cktkj esa miyC/ dEiuh osQ 'ks;j Hkh de gks tkrs gSaA blls izfr vkenuh
(bZ-ih-,l-) c<+ tkrh gS] D;ksafd mruk gh 'kq¼ ykHk vc igys ls de bfDoVh ij oSQfiVy foHkkftr gks tkrh gSA
dbZ ckj eSustesUV viuh dEiuh esa lkoZtfud LokfeRo de djus gsrq Hkh 'ks;j okil [kjhnrh gSA ;g LVkWd

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