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Hkkjrh; vkfFkZd uhfr




                    uksV          djsalh iQkWjoMZ
                                  iQkWjoMZ dkaVªSDV osQ vUrxZr Hkfo"; dh ,d r; rkjh[k dks fons'kh eqnzk cktkj esa eqnzk dh dher r; dj ysrs gSa]
                                  ftl ij mls cspk ;k [kjhnk tk ldrk gSA bldks ^vkmVjkbV iQkWjoMZ djsalh VªkatD'ku*] ^djsalh VªkatD'ku*] ^iQkjoMZ
                                  vkmVjkbV*] ;k ^,iQ,Dl iQkWjoMZ* osQ uke ls Hkh tkurs gSaA djsalh iQkWjoMZ dkaVªSDV esa tks dkaVSªDV gksYMj gksrk gS]
                                  tks fdlh [kkl r; gks pqdh dher ij] r; ek=kk vkSj r; rkjh[k dks gh mls csp ;k [kjhn ldrk gSA bldh [kkfl;r
                                  ;g gS fd vki djsalh iQkWjoMZ dks djsalh Ý;wpj osQ nwljs vuqca/ksa dh rjg gLrukarfjr ugha dj ldrs gSaA

                                  djsalh Ý;wpj

                                  djsalh Ý;wpj ,d ,slk gLrkukarj.kh; oknk vuqca/ gS] ftlesa Hkfo"; osQ fdlh Hkh r; dh xbZ rkjh[k ij fdlh
                                  r; dher ij djsalh dh [kjhn&iQjks[r gks ldrh gSA Hkfo"; esa djsalh dh [kjhnnkjh ;k fcØh fdl dher ij gksrh
                                  gSA djsalh Ý;wpj dkaVªSDV osQ vUrxZr fuos'kdksa dks fons'kh eqnzk fofue; osQ tksf[ke ls cpus osQ fy, gs¯tx djus
                                  dh vuqefr nh tkrh gSA djsalh Ý;wpj dkaVªSDV esa gj jkst ekosZQV esa mrkj&p<+ko dks è;ku esa j[kk tkrk gSA fuos'kd
                                  dks vxj yxrk gS fd vkxs mls uqdlku mBkuk iM+sxk rc ;g vuqca/ dh fMyhojh dh rkjh[k ls igys Hkh eqnzk
                                  dks csp ;k [kjhn ldrs gSaA ;fn fMyhojh dh rkjh[k ls igys dkaVªSDV ls ckgj fudyuk pkgs rks ml rkjh[k esa cktkj
                                  esa tks eqnzk dh dher gksrh gS] mlosQ fglkc ls mldk fuiVku fd;k tk,xk u fd dkaVSªDV ls ckgj fudy tkrs
                                  gSaA blfy, T;knkrj le; dkaVªSDV dHkh Hkh fMyhojh dh rkjh[k rd ugha igqaprh gSaA

                                  'ks;j dk ^bafVªafld oSY;w*

                                  fuos'kd 'ks;j [kjhnus ls igys dEiuh dh fcØh equkiQk] ykHkka'k vkSj vU; vk£Fkd eqíksa dks vè;;u djrs gSaA
                                  bu rF;ksa osQ vk/kj ij os ;g vuqeku yxkrs gSa fd ml 'ks;j dk okLrfod ewY; D;k gksuk pkfg, vkSj blh ewY;
                                  dks 'ks;j dk ewyHkwr ewY; ;k ^bafVªafld oSY;w* (Intrinsic Value) ekurs gSaA

                                  'ks;j cktkj lwpdkad
                                  'ks;j cktkj lwpdkad dk eq[; mís'; cktkj esa 'ks;jksa osQ Hkko dh lexz fLFkfr o >qdko dks vkadukA lwpdkad
                                  ewyr% mu pq¯unk 'ks;jksa dk vkSlr gksrk gS tks yxHkx iwjs 'ks;j cktkj dk izfrfuf/Ro djrs gSaA
                                  E;wpqvy iaQM Hkh lwpdkad osQ gh ekè;e ls vius iksVZiQksfy;ks dk ewY;kadu djrs gSaA oqQN E;qpqvy iaQMksa us rks bUMsDl
                                  iaQM Hkh 'kq: fd, gSa ftuesa lwpdkad esa 'kkfey dEifu;ksa esa fuos'k fd;k tkrk gSA blls fuos'kdksa dks lwpdkad osQ
                                  gh leku ykHk feyrk gSA ;s bUMsDl iaQM rc 'kq: fd, x, tc vejhdk esa ik;k x;k fd vf/drj E;wpqvy iaQM
                                  lwpdkad ls de ykHk ns jgs FksA gj 'ks;j dks cktkj esa mlosQ iwathdj.k (oqQy 'ks;jksa dh la[;k × 'ks;j dk ewY;)
                                  ls vkadk tkrk gSA blfy, 'ks;jksa osQ ewY; esa fdlh Hkh cnyko ls lsUlsDl cgqr tYnh izHkkfor gksrk gSA

                                  'ks;j [kjhnus o cspus dk rjhdk
                                  ch,lbZ o ,u,lbZ ij osQoy MheSV izfrHkwfr;ksa dk gh dkjksckj gksrk gSA

                                  IykmcSd

                                  IykmcSd cgqr egRoiw.kZ gksrk gS D;ksafd dEiuh osQ fodkl vkSj foLrkj osQ fy, blh /u dk iz;ksx gksrk gSA lHkh
                                  fodkl'khy dEifu;k¡ vPNk&[kklk IykWmcSd tek djosQ j[krh gSaA

                                  'ks;j dh ^cqd oSY;q*
                                  lEifÙk osQ ewY; esa ls nsunkjh ;k dtks± dks ?kVk nsa rks tk cpk] ml ij 'ks;jgksYMjksa dk vf/dkj gksrk gS vkSj mls
                                  ^'ks;jgksYMj iaQM dgrs gSaA bl jde dks dEiuh }kjk tkjh fd, x, bfDoVh 'ks;jksa dh la[;k ls Hkkx djus ij



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