Tag: Corporate Sector

FUNCTION OF MANAGEMENT

According to George R. Terry, “Functions are the main entities around which a manager builds an effective organization structure”. The study of functions of management is an important topic in the field of management, the basic characteristics of efficient management are common whether the unit to be managed is as small as a family or large enough as a business, social, political or religious organization.

The main functions of management are:

  1. Planning
  2. Organizing
  3. Staffing
  4. Directing
  5. Controlling

1. Planning

 Planning is decided in advance and it is an important and vital function of management. Planning is done to chalk out the future course of action and according to M.E. Hurle, “Planning is deciding in advance, what is done and it involves the objectives, policies, procedures programming for attaining enterprise goals”. Planning is a critical evaluation of relative merits and demerits of alternate policies and actions and in choosing the best program for achieving the predetermined objectives and targets.

2. Organizing

To organize means to put into working order and arrange on a system and organizing can be defined as arranging several complex tasks to manageable units and defining the formal relationship among the people who are assigned the various units of tasks and the process of organizing is very essential for accomplishing the objectives of the organization set by the administration and planned by management.

3. Staffing

The staffing of an organization is as important as the structure itself since successful performance by individuals determines whether the structure can produce its results successfully or not and staffing is a process of matching the jobs with the individuals. Staffing requires and involves the recruitment, selection, training, placement, compensating, promotion and demotion, and finally, the retirement of an employee and the sole aim of staffing is to take the right man for the right job and it needs man power-planning, job analysis, and such other staff functions. Psychology and sociology have added a considerable and important of knowledge and practice in this area of the managerial function.

4. Directing

Directing means telling people what to do and seeing that they do it to the best of their ability. As a process of management, directing is concerned with getting work done through, and with people, they require continuous and encouragement to work effectively. According to Terry, “Directing means moving to action and supplying stimulating power to a group of persons”. Good planning and the best organization may fail to deliver goods if the direction is faulty and is not up to the mark. The direction is concerned with the execution of plans and it initiates organized action and breathes life into the organization and speaking, the direction is Management in action and it includes:

  1. Supervision
  2. Communication
  3. Leadership
  4. Motivation

5.Controlling

Control is an important function of management and it is an essential feature of scientific management and control ensure the qualitative and quantitative performance of work in the organization for the achievement of objectives and completion of plans and it is the binding force that orderly links all components of an enterprise. Controlling includes an evaluation to determine whether planned objectives or results have been achieved.

Taxation, Labour and Other Laws being simplified to boost the growth of the Corporate Sector

Prime Minister Shri Narendra Modi said that the goal of achieving the 5 Trillion Dollar Economy is achievable.

Indian Economy
Indian Economy

He was participating at the inaugural session of the Hundred Years of ASSOCHAM in New Delhi today.

Addressing a gathering of leaders from the Corporate World, Diplomats and others, the Prime Minister said that the idea of making India a 5 Trillion Dollar worth economy is not a sudden one.

He said that in the past five years the country had made itself so strong that it not only could set for itself such a target but also make efforts in that direction.

“Five years before, the economy was heading for disaster. Our Government not only stopped this but also brought in a discipline in the economy”

“We brought in fundamental changes in India’s Economy so that it can run with set rules in a disciplined manner. We have met with the decades old demands of the Industrial Sector and we have built a strong foundation for a 5 Trillion Dollar Economy”

He said, “We are building the Indian Economy on two strong pillars of formalisation and modernisation. We are trying to bring in more and more sectors into the horizon of formal economy. Along with this we are linking our economy with latest technology so that we can speed up the process of modernisation”

“Now instead of several weeks it merely takes a few hours to register a new company. Automation is helping quick Trading across borders. Better linking of Infrastructure is reducing the turn-around time at Ports and Airports. And these are all examples of a modern economy. “

“Today we have a Government that listens to the Industry, understands its needs and which is sensitive to its suggestions.

Prime Minister said that the country could make a significant jump in the rankings of Ease of Doing Business due to a sustained effort.

“Ease of Doing Business may sound just like four words, but in order to improve its rankings there is a lot of effort that goes into it including changing the policies and rules at the ground level”

Prime Minister also emphasised the efforts being made towards a faceless Tax Administration in the country in order to reduce the human interface between the tax payer and the authorities.

“In order to bring about transparency, efficiency and accountability in the Tax System, we are moving towards a faceless Tax Administration”, he said.

Prime Minister said that the Government has decriminalised several laws in the Corporate Sector in order to reduce the burden and allow the industry to function in a fearless ecosystem.

“You know that there were several provisions of the Company Act as per which even small deviations were also dealt as a Criminal Offence. Our Government has now decriminalised many such provisions. And we are trying decriminalise many other provisions.”

Prime Minister said that the Corporate Tax at this time in the country is the lowest ever and this would propel a boost in the economic growth.

“The Corporate Tax is the lowest at the moment, meaning if there is any Government that is taking the lowest Corporate Tax from the Industry, then it is ours”

Prime Minister also spoke about the efforts being made towards bringing about Labour Reforms.

He also spoke about the sweeping reforms in the Banking Sector to make it more transparent and profitable.

“Owing to the steps taken by the Government today 13 Banks are on the path of profit which 6 banks are out of PCA. We have also hastened the process of unification of the Banks. Today banks are expanding their countrywide networks and are in the direction of achieving Global recognition”

He said with this overall all round positivity the economy is propelling towards a 5 Trillion Dollar target. Prime Minister said that the Government would invest 100 Lakh Crore Rupees in the infrastructural sector and another 25 Lakh Crore Rupees in the Rural Sector in order to provide support to achieve the target.