Page 301 - DECO502_INDIAN_ECONOMIC_POLICY_HINDI

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

tks vad vk,xk ogh dEiuh osQ 'ks;jksa dh cqd oSY;q gksrh gSA uksV
izfr 'ks;j cqd oSY;qμ'ks;jgksYMj iaQM@bfDoVh 'ks;jksa dh oqQy la[;kA
'ks;j gksYMj iaQM tkuus osQ fy, vki dEiuh osQ fjtoZ vkSj bfDoVh oSQfiVy dks tksM+ Hkh ldrs gSaA cqd oSY;q ,d
,sfrgkfld C;kSjk gSA bldk fglkc ml ewy nke ls yxk;k tkrk gS ftl nke ij dEiuh dh lEifÙk dks igys [kjhnk
x;k FkkA blls dEiuh dh lEifÙk dk orZeku ewY; ugha irk pyrkA vr% equkiQk dekrh dEiuh osQ 'ks;j dk
cktkj esa ewY; vkadus osQ fy, ^cqd oSY;q* T;knk Hkjkslsean ugha gksrhA cktkj esa 'ks;j dk Hkko cqd oSY;q ls vkerkSj
ij dgha T;knk gksrk gSA

izfr'ks;j vkenuh (EPS)

izfr 'ks;j vkenuh dh vaxzsth esa ^v²ux ij 'ks;j* ;k ^bZ-ih-,l-* (EPS) Hkh dgk tkrk gSA izfr 'ks;j vkenuh ¾
dj pqdkus osQ ckn cpk equkiQk@bfDoVh 'ks;jksa dh oqQy la[;kA
bu vuqeku ls dEiuh dh oqQy vkenuh dk izfr 'ks;j fgLlk vkadk tkrk gSA tSls fdlh dEiuh osQ 100 'ks;j
gSa] ftUgsa 10 #i;s izfr 'ks;j ewY; ij tkjh fd;k x;k FkkA eku yhft, fd bl dEiuh esa izfr 'ks;j vkenuh 6
#i;s gS] vkSj dEiuh us 20 izfr'kr] ;kfu 2 #i;s izfr 'ks;j ykHkka'k ?kksf"kr fd;k gSA bldk vFkZ gS fd dEiuh
esa izfr 'ks;j vkenuh 6 #i;s gS] vkSj dEiuh us 20 izfr'kr] ;kfu 2 #i;s izfr 'ks;j ykHkka'k ?kksf"kr fd;k gSA bldk
vFkZ gS fd dEiuh gj 'ks;j ij lkykuk 6 #i;s dekrh gSA ftlesa ls fliZQ 2 #i;s vkidks ykHkka'k feyrk gSA cps
gq, 4 #i;s izfr 'ks;j dEiuh osQ IykWmcSd esa pys tkrs gSaA vxj ;g 'ks;j 10 #i;s esa gh [kjhnk x;k Fkk] rks bl
ij [kjhnnkj dks 60 izfr'kr vkenuh gks jgh gSA ftldk 20 izfr'kr ykHkka'k osQ :i esa feyk] vkSj ckdh 40 izfr'kr
IykWmcSd esa Mky fn;k tkrk gSA IykWmcSd osQ c<+us ls 'ks;j dk ewY; Hkh c<+sxkA vkn'kZ fLFkfr esa 'ks;j 40 izfr'kr
p<+dj 10 #i;s dk gks tk;sxkA

vius fuos'k ij feyus okyh vkenuh dks ykHkka'k osQ vk/kj ij ekius dh txg izfr 'ks;j vkenuh osQ vk/kj ij
tkapk tk,A ;gh fuos'k osQ ykHkiw.kZ gksus dh lgh igpku gSA ;fn blh dEiuh osQ 10 #i;s esa tkjh fd, x, bu
'ks;jksa dks 20 #i;s osQ Hkko ls [kjhnkA rc 6 #i;s dh izfr 'ks;j vkenuh dk vFkZ gksxk fd fuos'k ij 30» vkenuh
gqbZ] ftlesa 10 izfr'kr (2 #i;s izfr 'ks;j) ykHkka'k gS vkSj 20» (4 #i;s izfr 'ks;j) IykWmcSdA tc vkn'kZ fLFkfr
og gksxh tgka 'ks;j dk Hkko 20 izfr'kr c<+dj] 20 #i;s ls 24 #i;s gks tk,xkA vr% pkgs fdlh Hkh nke ij
'ks;j [kjhns gksa] izfr 'ks;j vkenuh osQ vk/kj ij fuos'k dk LVhd ewY;kadu dj ldrs gSaA

'ks;jksa osQ nke vkSj vkenuh dk vuqikr (P/E Ratio)

'ks;j osQ nke vkSj izfr 'ks;j vkenuh osQ vuqikr dh tkudkjh Hkh fuos'kd osQ fy, cgqr vko';d gSA bl vaxzsth
esa ^izkbZl&v²ux jsf'k;ks] ;k ^ih@bZ¸ Hkh dgk tkrk gSA
ih@bZ vuqikr ¾ 'ks;j dk nke@izfr 'ks;j vkenuhA
bl vuqikr ls ;g vkadk tk ldrk gS fd 'ks;j ij gksus okyh vkenuh mlosQ pyrs Hkko dk fdruk leFkZu djrh
gSA vxj bl vuqikr dk vad 5 gS] rks bldk vFkZ gS fd 'ks;j dk nke vkenuh ls 5 xquk T;knk gSA vr% vxj
'ks;j dk Hkko blh Lrj ij fLFkj jgs] rks ykHkka'k vkSj IykWmcSd osQ tfj;s gksus okyh fuos'k dh o`f¼ dks feykdj]
bu 'ks;jksa dks [kjhnus esa yxkbZ xbZ jde olwyus esa 5 lky yx tk,axsA vuqikr ftruk de gksxk] iSlk olwyus
esa mruk de le; yxsxkA
ih@bZ vuqikr ls ;g Hkh vkadk tk ldrk gS fd cktkj esa dEiuh dh vkenuh vkSj Hkfo"; osQ laosQrksa osQ ckjs esa
D;k vkadyu gSA ftu dEifu;ksa esa fuos'kdksa vkSj cktkj dk fo'okl gksrk gS mudk ih@bZ T;knk gksrk gSA oqQN
Cyw&fpi dEifu;ksa dk vuqikr rks 20&60 rd jgrk gSA ijUrq Hkkjr esa vf/drj dEifu;ksa dk ih@bZ vuqikr 5&20
osQ chp esa jgrk gSA

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