Importance of directing:
(i) Initiates action:
- Directing helps to initiate action among people in an organisation towards attainment of desired objectives.
(ii) Integrates employees’ efforts:
- Directing integrates employees’ efforts in the organisation in such a way that every individual effort contributes to the organisational performance. Thus, it ensures that individuals work for the organisation’s goals.
(iii) Guides employees to fully realise their potential:
- Directing guides employees to fully realise their potential and capabilities by motivating and providing effective leadership.
(iv) Facilitates introduction of needed changes:
- A manager reduces resistance to change through motivation, communication, and leadership, and develops required cooperation in introducing changes in the organisation.
Aryan and Adya were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet on 31st March, 2024 was as follows :
Balance Sheet (Before Dev's Admission)
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Capital: Aryan | 3,20,000 | Machinery | 3,90,000 |
| Capital: Adya | 2,40,000 | Furniture | 80,000 |
| Workmen’s Compensation Reserve | 20,000 | Debtors | 90,000 |
| Bank Loan | 60,000 | Less: Provision for Doubtful Debts | (1,000) |
| Creditors | 48,000 | Net Debtors | 89,000 |
| Stock | 77,000 | ||
| Cash | 32,000 | ||
| Profit and Loss A/c | 20,000 | ||
| Total | ₹6,88,000 | Total | ₹6,88,000 |
(a) (i) Import substitution policy, if not applied carefully, can be a double-edged sword for any economy. Do you agree with the given statement? Justify your answer with valid arguments.
(ii) State how multilateral trade is different from bilateral trade.
OR
(b)
(i) Discuss briefly, causes and consequences of the tax reforms initiated during economic reforms in India.
(ii) Give one example each of a Navratna and a Maharatna company in the public sector in India.