Lupercalia the Ancient Origin of Valentines Day Essay Example

Lupercalia the Ancient Origin of Valentines Day Essay Valentines Day and February equal love and romance. In Ancient Rome, this time of year had similar connotations, but they were celebrated very differently. In modern times, the month of February and St. Valentines Day has come to symbolize love and romance, and has been celebrated in this gentile way since the days of courtship and wooing of the Middle Ages. But the origin of February can be connected with love and fertility by be tracking back to the roots of ancient Roman festival of Lupercalia, a fertility celebration celebrated on February 15. The Lupercalia festival was celebrate to honor Lupercus, a god of fertility and farming, and it was celebrated with annual sacrifices and feasts. One of the aims of the festival was to purify the land and the young women of child-bearing age. During the Lupercalia, two priests, called lupercis, sacrificed two male goats and a dog at the sacred cave where Romulus and Remus were supposedly nursed by the she-wolf. After a feast, the young men dressed in nothing but a belt with goats skins, running through the city streets, whipping people (mostly young girls and women) with thongs cut from the sacrificial goat skins. We will write a custom essay sample on Lupercalia the Ancient Origin of Valentines Day specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Lupercalia the Ancient Origin of Valentines Day specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Lupercalia the Ancient Origin of Valentines Day specifically for you FOR ONLY $16.38 $13.9/page Hire Writer This act was thought to purify the girls, ensure their fertility, and lessen the pain of childbirth. Names were also drawn from an urn to pair up young men and women as part of the festivities. This was intended to lead to marriages and children. February occurred later in the ancient Roman calendar than it does today so Lupercalia was held in the spring and regarded as a festival of purification and fertility. It is implied that purification is how the month of February gets its name (February comes from the latin Februare meaning to purify). The Lupercalia occasion was happy and festive. Another unique custom of Feast of Lupercalia was the pairing of young boys and girls who otherwise lived a strictly separated lives. During the evening, all the young marriageable girls used to place a chit of their name in a big urn. Each young man used to draw out a name of a girl from the urn and became paired with that girl for the rest of the year. Quite often, the paired couple would fall in love and marry. As Christianity began to slowly take over the pagan pantheons, it frequently replaced the festivals of the pagan gods with more Christianity celebrations. It was easier to convert the local population if they could continue to celebrate on the same days, the only difference was they would just be instructed to celebrate different people and ideologies. Lupercalia, with its lover lottery, had no place in the new Christian order. In the year 496 AD, Pope Gelasius did away with the festival of Lupercalia, citing that it was pagan and immoral. He chose Valentine as the patron saint of lovers, who would be honored at the new festival on the 14th of every February. The church decided to come up with its own lottery and so the feast of St. Valentine featured a lottery of Saints. After learning the true origin of Valentine’s day, I began to see that many of the gentile ways we show love and romance also goes back to Ancient Rome. Every February 14 since 496 A. D people across the United States and in other places around the world, chocolate, flowers and gifts are exchanged between loved ones, all in the name of St. Valentine. However, after learning about the Lupercalia festival of Ancient Rome, I can see how it all influenced to our modern day Valentine’s Day. In most cases on Valentine’s Day, the male is the one that chooses a Valentine and approaches her with a gift of flowers or chocolate, just as in the Lupercalia festival the male approaches the female with a whipping of goat skin. To modern day society the whipping of goat skin is seen as a wrongdoing. However,women would gladly received the whipping, as they believed that the touch of the goatskin would render them fruitful and bring easy childbirth. It is important to understand that each religion and culture has its own ways of â€Å"seeing† things. Love is one of the main concerns that each religion sees differently. Ancient Romans saw love through their festival of Lupercalia that contributed to mating, fertilizing, and uniting a man and a woman. Our modern day, Christianized society sees love through celebrations of Valentine’s day and the affectionate ways of buying gifts such as flowers and chocolate. I do not believe that either religion is right or wrong with their celebrations and festivals. In my opinion, each religion should have its own unique celebration of love and romance.

buy custom Solving All-Band Interference essay

buy custom Solving All-Band Interference essay The majority of up-and-coming radio technologies for Wireless Personal Area Networks (WPAN), such as the Bluetooth protocol, are intended to function in the 2.4 GHz ISM band. Given that both Bluetooth and IEEE 802.11 devices use an identical frequency band and might aptly collaborate in a laptop or might be crowded on a desktop, interference can set in motion some noteworthy performance disturbances and setbacks. The key purpose of this paper is to explain the interference issue and to accentuate a coexistence structure and few solutions for these technologies to run under an ideal setting. A WPAN is a wireless and extemporized data exchanges structure that permits a number of autonomous devices to correspond. WPAN is differentiated from further kinds of wireless networks in terms of range and capacity. Communications in WPAN are generally restricted to an individual or entity and are able to broaden 10 meters through all paths. This is distinguished to Wireless Local Area Networks (WLANs) that normally cover up a fairly ranged geographic zone, such as a sole building or site. WLANs function in the 100-meter scale and are created to boost, instead of substituting customary cabled LANs. They are frequently employed to generate the closing little distance of connectivity between the central network and client. Users are able to link up the network with no worries of seeking a position to connect their processor or being obliged to put in costly modules and cables. The Bluetooth Specifications In this segment we provide a short outline of the Bluetooth technology (Group B.S.I., 1999). Bluetooth is a limited (0 m-10 m) wireless connection technology intended to substitute non-interoperable proprietary wires that link together phones, laptops, handhelds and additional convenient devices. Bluetooth functions in the ISM frequency band opening at 2.402 GHz and finishing at 2.483 GHz in the USA and Europe. Two or more components conversing on equal channels bring about the formation of a piconet, where one unit works as a master and others function as slaves. A channel is identified as a single pseudo-random occurrence bounding succession originating from the master devices 48-bit address and its Bluetooth regulator rate. Slaves in the piconet coordinate their timing and frequency bounding to the master, via a set up connection. The IEEE 802.11 Specifications The IEEE 802.11 regular [802] identifies both the physical (PHY) and medium access control (MAC) level protocols for WLANs. The IEEE 802.11 standard requires three diverse physical conditions: frequency hopping (FH) broad spectrum, direct sequence (DS) broad spectrum and infrared (IR). The broadcast strength for DS and FH devices is distinct at an upper limit of 1 W, where the recipients sensitivity is adjusted to -80 dBmW. Antenna gain is restricted to 6 dB highest. In this context we concentrate on the 802.11b requirement (DS broad spectrum) as it is mainly and mostly installed in addition to being in the identical frequency band as Bluetooth. Interferences The 2.4 GHz ISM band tolerates prime and minor functions. Minor or secondary operations comprise no authorization however must comply with regulations identified in the Federal Communications Commission Title 47 of the Code for Federal Regulations Part 15 (Com, 1998), corresponding to the overall emitted power and the deployment of the spread/broad spectrum inflection plans. Interference between the different uses is not tackled provided that the regulations are adopted and applied. Hence, the main disadvantage of the unuthorized ISM band is that frequencies are required to be allocated and latent intervention endured. As the spread/broad band and power systems are moderately effectual in coping with numerous users in the band, given that the radios are physically disconnected, the same does not hold true for close immediacy radios. Compound users, counting self-interfering of numerous users of the identical function, comprise the upshot of elevating the noise ground in the band, lea ding to a reduction in performance. The influence of interference might be yet more brutal, when radios of distinct applications employ the same band, while situated in near proximity. Consequently, the interference issue is featured by a time and frequency overlie, as described in Figure a. In such a case, a Bluetooth frequency hopping scheme absorbing 1 MHz of the band is revealed to partly cover a WLAN Direct Sequence Spread Spectrum indication absorbing a channel of 22 MHz bear in mind that the collision overlap instant relies on the frequency hopping model, and the transfer allocation of the Bluetooth and WLAN systems all together. Solutions to the Problem of All-Band Interference Lately, there have been numerous efforts to enumerate the weight of interference on mutually the WLAN and the Bluetooth performance. Printed upshots can be categorized in a minimum of three classes, conditional on whether they hinge on study, model or investigational depths. Systematic products founded on likelihood of packet collision were acquired by Shellhammer (2000), Ennis (1998) and Zyren (1999) for the WLAN packet failure and by Golmie et. al. (2001) for the Bluetooth packet slip. Even though these analytical products are most likely to portray a prior order estimate on the effect of interference and the performance degradation, they frequently generate a number of postulations relating to the traffic allocations and the process of the media access protocol Interference in the 2.4 GHz ISM spread 7, the thing that might make them not as much of a reality. More prominently, for the breakdown to be good, joint interference that can alter the traffic allocation for every scheme is regularly overlooked. Conversely, investigational upshots, counting the ones achieved by Kamerman (2000), Howitt et. al (2001) and Fumolari (2001) can be deemed more precise to the detriment of being excessively explicit to the performance tested. In effect, there is a selection of business-controlled actions oriented upon coexistence in the 2.4 GHz spread. The IEEE 802.15.2 Coexistence Task Group was established so as to assess the performance of Bluetooth devices hindering the WLAN devices and expand a pattern for coexistence, which will comprise of a variety of suggested observations and probably adjustments to the Bluetooth and the IEEE 802.11 standard requirements (802 11, 2007), that facilitate the accurate function of these protocols under a collaborating manner. Together, the Bluetooth Special Interest Group (SIG) created its personal mission group on Coexistence. Both the Bluetooth and the IEEE functioning groups, preserve cooperation affiliations and are observing equivalent approaches for diminishing the force of interference. The suggestions measured by the groups vary from shared systems, aimed for Bluetooth and IEEE 802.11 protocols to be executed and applied within the same mechanism, thus to completely self-re gulating solutions that depend on interference discovery and evaluation. A continuum/spectrum analyzer is the preeminent instrument to verify the occurrence of any movement on a frequency. The Carrier Busy check, presented in the Test list of options of Cisco Aironet links tasks as a replacement for this piece. Spectrum analyzers are mechanisms that one can employ to recognize and calculate the power of interfering RF signals. When a person spots the source, he is either capable of eliminating the source to remove RFI, or appositely protect the source. Narrowband indicators do not interrupt precedent data RF signals crosswise the whole RF band. Thus, one can as well select an exchange channel for the bridge where no narrowband RF intervention exists. For instance, if redundant RF signals disturb a channel, for example channel 12, one can arrange the wireless bridge to employ another channel, say channel 6, where no narrowband RFI takes place. Here are a few constraints one must verify, if there is a big number of cyclic redundancy check CRC slips: Line of Sight (LOS) - Test the LOS linking the transmitter and the receiver and verify that the LOS is apparent. Radio Interference - employ a channel that comprises lesser radio interference. Antennas and Cables - guarantee that the antennas and wires are suitable for the radio link space. Cisco suggests a site survey to facilitate the reduction of such faults. Royal Philips Electronics recently declared new 802.11b low-power Wireless Local Area Network (WLAN) and Bluetooth semi-conductor 'system-in-a-package' (SiP) solutions, purposely crafted to function simultaneously in tiny model-feature devices such as smart phones, PDAs and other handy devices. Philips has expanded specific hardware and software, inserted and integrated within its WLAN and Bluetooth SiPs, in order to respond to this test.Moreover, a user can exploit a cellular phone featured with a Bluetooth wireless receiver to generate a call at the same time as utilizing the exact device to concurrently confirm data on the Internet, through a WLAN network, devoid of any interference. Mobilian Corp. shaped the simulation for the aim of describing Bluetooth and Wi-Fi interference upshots, and furthermore identifies solutions that would make coexistence and simultaneous function, possible. This extremely practical C program precisely outlines the conduct of both the PHY and MAC of Bluetooth and Wi-Fi together. Actually, most of the essential parameters argued, can be assorted to reproduce diverse states. If neither of the mentioned steps adequately tackle the issue, then one should consider employing a 5 GHz (802.11a) NICs and access points at any rate, for the projected future, a user can entirely keep away from RF interference in this spread. He will as well collect a great deal of high throughput; nonetheless, the narrow series might need additional access points and high outlays. Another approach is Ericsson's realization of AFH, Adaptive Frequency Hopping; it is put together on proficient algorithms and filters that allow the link administrator to effectively execute Channel Assessment, and thus, guiding AFH to be significantly more efficient than is needed by the Bluetooth Specification. The subsequent standard has been functional when expanding an AFH result for incorporation with Ericsson's Bluetooth IP model solutions: Trivial effect on CPU weight for nominal power expenditure Minimum trace regarding both software and hardware Simplest integration with a broad selection of radio chips Ericsson's completion of AFH is moreover improved and reinforced by further methods that target an empowerment in sound feature. A good example would be an Extended SCO, an additional new quality of Bluetooth 1.2. This purpose makes it likely to notice and re-broadcast lost or corrupted voice packets through a two-way course, with almost no cutback of instantaneous performance. Buy custom Solving All-Band Interference essay

Child Abuse Essay Example

Child Abuse Essay Example Child Abuse Essay Child Abuse Essay An Attributional or Social-Cognitive Approach to Causality Physical maltreatmentis one of the prima causes of decease for kids worldwide. UNICEF ( 2003 ) has estimated that, in Organization for Economic Cooperation and Development member provinces,kid maltreatment and disregardlead to 3500 deceases per twelvemonth. Furthermore, the entire figure of instances of maltreatment is estimated to be every bit much as two-thousand times higher than the figure of deceases due to maltreatment. What is the account for, or the cause of,kid maltreatment? Attempts to understand and extenuate kid ill-treatment have met withlimited success. A figure of factors have been identified ascorrelates of child ill-treatment. Included in these factors are lowsocioeconomic position, a cultural background tolerant of force, abreakdown of the household, societal isolation, kid morbidity, parentalmental unwellness and substance maltreatment, and parents who were abused duringtheir ain childhood. However, the events that lead to maltreatment arecomplex and are non good understood within any individual theoreticalframework. Frustration with the low impact of aetiologic research inthis country may explicate the displacement of focal point for many research workers, a shiftaway from causes of maltreatment toward intercessions with maltreatment subsisters.While it is improbable that an across-the-board theory is possible, anattributional attack to progressing the apprehension of thismulti-faceted phenomenon has gained some currency in psychologicalliterature. Attribution theory predicts that some signifier of aggressivebehavior, such as kid maltreatment, will be focused on the individual or objectperceived to be the knowing cause of a negative event. Incontrast, individuals or objects perceived as causally-linked with anegative event but in an unwilled manner are less likely to bethe receivers of focussed aggression ; in fact, a sympathetic responseis posited as more likely under these conditions. The followers is a treatment of the application of this theoretical account tothe sphere of child ill-treatment ; in peculiar, physical maltreatment. Inthe specific theoretical account to be discussed, physical maltreatment is conceptualized asan case of aggression, and attributional procedures are imbeddedwithin the context of a social-cognitive attack to aggression. Theutility and restrictions of this theoretical model, and itsimplications as a theoretical account for preventative intercession, will bediscussed.It should be understood at the beginning that wearing any one particulartheoretical position, with its defined and finite set of constructs, concepts and relationships, imposes a needfully restricting conditionon understanding causality as it relates to the comprehensiveness and range ofthekid maltreatment phenomenon. Perforce, a battalion of other lending variables is disregarded. About the Model With a focal point onphysical kid maltreatmentas an incidence ofaggression, it foremost is necessary to understand the social-cognitiveapproach to understanding aggression. The slightly mechanisticfrustration-aggression hypothesis ( Dollard et al. , 1939 ) , whichdominated earlier research on aggression, alerted the research worker andpractitioner to look for a anterior frustrating event. This attack had, and continues to hold, advocators and pertinence in the field ofchild abuse research. By contrast, an deduction of the social-cognitive attack isthat, given the presence of aggressive behaviour, one should look forthe aggressor’s judgement that the victim is personally responsible fora anterior negative event and for the aggressor’s feelings of choler towardthe victim. This theoretical account assumes that the perceptual experiences of negativeevents, illations sing possible motivations for those events, andother information-processing activities are cardinal to understandingthe instrumentality and etiology of hostile behaviours, the how and thewhy of aggression ( Crick A ; Dodge, 1994 ) . Within this position, attributional analyses focus on the procedure of imputing or assigningcausality for the happening of consequence events that are experient aspositive or negative, in changing grades, by the percipient. Attributional theoretical accounts differ from other social-cognitive signifiers ofanalysis in the inclusion of affect as a cardinal concept ( Wei ner,1986, 1995 ) . Adding affect to the mix consequences in a widening of thequality, every bit good as measure, of possible forecasters of aggression. As Weiner ( 1995 ) pointed out, affect takes us beyond the kingdom of coldand nonsubjective cognitive factors. In ascription theory, the perceived intentionality/controllabilityof an consequence event experienced as hostile constitutes the decidingfactor for the anticipation of whether an aggressive response willoccur. If a individual attributes a negative event to the voluntaryactions of another, so some signifier of aggression directed at theperceived cause of the event can be predicted. On the other manus, ifthe perceived cause of the negative event is believed to hold actedinvoluntarily, so a less aggressive response would be predicted. Whether the causal act is perceived as within or beyond the actor’scontrol is polar here, and the assignment of duty for theact determines the quality of the response. Deleterious actions, for illustration, elicit illations of duty if the histrion is perceived to possess cognition of the nature of the actand the purpose to bring down hurt. Conversely, duty is less likely to be assigned to an histrion whose behaviour is deemed to beoutside his control or the negative affect associated with the actionis judged to be unintended ( Graham, Weiner, A ; Zucker, 1997 ) . A ill-famed illustration of this mediational function forvolition/controllability in the assignment of duty may beseen in the Nazi war offenses adjudication proceedings. A less utmost illustration might be the greater assignment of duty for fiscal success to a individual perceived as holding worked difficult than to a lottery victor. These judgements of will and purpose are cardinal to the predictionof aggression from an attributional point of view. An often-replicatedfinding in the literature on childhood aggression is that kids andadolescents who tend to exhibit aggressive behaviour are more likely toassign hostile purposes to others than are their less aggressivepeers ( Crick A ; Dodge, 1994 ) . That perceptual experience can represent amotive for farther aggression in the pretense of requital and justness.In add-on, Averill ( 1983 ) and Weiner ( 1995 ) provided evidencedemonstrating that the perceptual experience of personal duty for aninjurious act can arouse choler and the related, affectively-negativeexperiences. This determination is in line with the thought from appraisaltheory that ideas have the capacity to arouse emotions ( Ellsworth A ; Smith, 1988 ) . In bend, choler has been demonstrated to arouseaggressive, relatiative behaviour ( Berkowitz, 1993 ) . The physiologicalexperience of choler can wor k as a stimulation to hostile action. Judgments sing duty for an consequence event besides canresult in more positive attendant behaviour. Contextual cues provide arich beginning of information for the appraisal of personalresponsibility. For illustration, if one’s remark is ignored by another, the negative affect, choler and aggression that might be generated giventhe premise of an knowing rebuff could be mitigated by theexplanatory cue of a noisy room. If an person is non heldpersonally responsible for doing a negative event, so the door possibly opened for a sympathetic response to that individual ( Schmidt A ; Weiner, 1988 ; Weiner, 1995 ) . In fact, surveies of selflessness ( i.e. , assisting behaviour ) have providedvery strong support for the prognostic value of attributional attacks. This literature testifies to the function of inferred duty in interceding behavioural responses to the perceived cause of an consequence event. It has been demonstrated, time-after-time, that people tend to react with sympathy and selfless behaviour given that the individual in demand of aid is non judged to be responsible for his/her predicament. Conversely, if the cause of a person’s hurt is attributed to actions within the person’s voluntary control, so people tend to react with choler and to keep back aid. For illustration, the inclination tocome to the assistance of a pupil, on crutches and have oning a dramatis personae, who dropsan armful of text editions, should be more marked than assisting behavior manifested toward the same student’s dropping a heap of magazines that extol utmost athleticss. Merely as attributional procedures do non intercede all aggression, altruismmay be found in the absence of responsibility-mediated ascriptions. However, ascription theory has a important differentiation in itsability to be applied to, and have prognostic cogency within, thedomains of both pro-social and antisocial interpersonal behaviour. Formany research workers, this grounds of the rich and robust quality of theattributional model places it among the general theories ofhuman motive. Using Attribution Theory to Child Abuse Two sequences qualifying the etiology of aggressive versusnonaggressive responses to negative consequence events can be derived fromthe theoretical relationships and the empirical grounds cited thusfar: Attribution of causality for a negative consequence event to a peculiar individual ( mark ) ? illation of personal duty for the negative event ? increased choler and decreased sympathy ? aggressive behaviour directed toward the mark. Attribution of causality for a negative consequence event to a peculiar individual ( mark ) ? no personal duty for the consequence event is inferred ? decreased choler and increased sympathy ? no aggressive behaviour directed toward the mark. These attribution-assessment-emotion-behavior sequences can be appliedspecifically to the kingdom of physical kid maltreatment. See thefollowing scenario. Small Janey paths mud into the house afterplaying outside. The female parent knows that Janey is the cause for muddyfootprints on her clean floor ( i.e. , ascription of causality for anegative consequence event to a mark ) . The female parent believes that Janey didthis deliberately, to do her more work ( i.e. , locates personalresponsibility for the event in the mark ) . The female parent becomes angryand work stoppages Janey. Alternatively, the female parent may recognize that Janeydid non purposively muddy the floor ; that she was trying to honorher newly-taught enamored preparation by hotfooting to the bathroom. The muddyfloor remains a negative event and Janey’s behaviour remains the cause ; nevertheless, the purpose to execute a negative action is non assigned toJaney. Therefore, the female parent directs less anger an d more sympathytoward her girl, and aggressive behaviour toward Janey is non thechosen response. The determiners of child ill-treatment include both attributional ( cognitive ) and affectional ( emotional ) constituents. This interpretationof the causes for physical kid maltreatment has received some support in theresearch literature. A cardinal ancestor of maltreatment was, at one clip, believed to be unrealistic outlooks on the portion of the parentsregarding the developmental gait of the kid ( Spinetta A ; Rigler,1972 ) . These false outlooks can be interpreted as illations ofcontrollability that mediated aggressive responses ( e.g. , Bradley A ; Peters, 1991 ) . Other findings related to this point have indicatedthat opprobrious parents tend to comprehend intentionality or control by thechild in the public presentation of negative behaviours ( Bugenthal, 1987 ; Bugenthal et al. , 1989 ; MacKinnon-Lewis et al. , 1992 ) . These informations areconsistent with the attributional analyses of kid maltreatment reported byBauer and Twentyman ( 1985 ) , Graham and co-workers ( 2001 ) , and Larranceand Twentyman ( 1983 ) . Milner and Foody ( 1994 ) reported the resistanceof parents at-risk for kid maltreatment to altering their ascriptions ofintentionality on the portion of the kid, even in the face of mitigatinginformation ( e.g. , contextual cues ) .In drumhead, there are empirical findings in support of an attributionalapproach to understanding physical kid maltreatment. However, the figure ofstudies is comparatively little. Deductions for Intervention The attributional attack and research findings reviewed haveimplications for preventative intercessions with at-risk health professionals. Oneobvious get downing point is attributional alteration, developing health professionals tosee their kids as less in control of, and less responsible for, their negative behaviours. Attributional therapy has been used toproduce alterations in behaviour by changing causal believing in educationaland clinical scenes for more than twenty old ages ( Forsterling, 1985 ) . Abusive health professionals can be instructed sing the meaningresponsibility, how accurately to deduce intentionality, and howcircumstances can alter illations sing incrimination. Decision A shared belief among research worker and theoreticians is that multiplesufficient causes exist and apply to peculiar manifestations ofaggression, includingkid maltreatment. For illustration, Belsky’s ( 1993 ) reappraisal of the literature covering with child ill-treatment concluded that: â€Å"All excessively unhappily, there are many tracts to child abuse† ( p. 413 ) . Were your parents opprobrious? Is it excessively warm in your house? Are you prejudiced? Do you experience frustrated? Are you mentally ill? A â€Å"yes† response to any of these inquiries, aswell as a mark of others, indicates that you are, to some grade, at hazard for mistreating a kid.Any individual history can embrace merely a little part of the dynamicsof aggression, in general, or of child maltreatment, in peculiar. While thetelling of a consistent narrative is the virtuousness of attachment to a particulartheoretical model or way, the way itself, by rights of its ownparticular properties, imposes bounds of understanding on thestory-teller and the audience. Attribution theory promotes a compelling position of the cognitive andaffective factors that can take to physical kid maltreatment or to asympathetic response. Possibly it is most compelling in its offering of intercessions toprevent mistreatment of kids, a virtuousness merely briefly touched upon in this paper. Overall, more research is needed, every bit good as the acknowledgment that the portion of theaetiologic narrativebased on ascription theory is a little portion, so.

Eleanor of Aquitaines Children and Grandchildren

Eleanor of Aquitaine's Children and Grandchildren Eleanor of Aquitaine has been called the â€Å"grandmother of Europe† for the connections of her children and grandchildren to many royal houses.   Here are the children and grandchildren of Eleanor of Aquitaine: First Marriage: to Louis VII of France Eleanor of Aquitaine (1122 – 1204) married Prince Louis of France, later Louis VII of France (1120 – 1180), on July 25, 1137. Their marriage was annulled in 1152, and Louis maintained custody of their daughters. 1. Marie, Countess of Champagne Marie of France (1145 – 1198) married Henry I (1127 – 1181), Count of Champagne, in 1164.   They had four children.   2. Alix, Countess of Blois Alix of France (1151 – 1197) married Theobold V (1130 – 1191), Count of Blois, in 1164.   They had seven children. More details and generations: Eleanor of Aquitaines Children and Grandchildren: Her First Marriage Second Marriage: Henry II of England After Eleanor of Aquitaine’s first marriage was annulled, she married Henry FitzEmpress (1133 – 1189), later Henry II of England. 1. William IX, Count of Poitiers William IX (1153 – 1156), Count of Poitiers 2. Henry the Young King Henry (1155 – 1183) the Young King married Margaret of France (betrothed November 2, 1160, married August 27, 1172).   Her father was Louis VII of France, Eleanor of Aquitaine’s first husband, and her mother was Louis’ second wife, Constance of Castile; Henry and Margaret shared two older half-sisters, Marie and Alix. After Henry’s death she married Bela III of Hungary in 1186. William of England (1177 – 1177), born premature, died three days after birth 3. Matilda, Duchess of Saxony and of Bavaria Matilda (1156 – 1189) of England, married as his second wife, Henry the Lion, Duke of Saxony and of Bavaria. Their children lived in England after their father was deposed in 1180 until their mother’s death; William, the youngest child, was born in that exile period. More details and generations: Eleanor of Aquitaine’s Descendants Through Matilda, Duchess of Saxony 4. Richard I of England Richard I (1157 – 1199) of England, married Berengaria of Navarre (1170 – 1230); they had no children 5. Geoffrey II, Duke of Brittany Geoffrey II (1158 – 1186), Duke of Brittany, married Constance, Duchess of Brittany (1161 – 1201) in 1181. More details and generations: Eleanor of Aquitaine’s Descendants Through Geoffrey II of Brittany 6. Eleanor, Queen of Castile Eleanor (1162 – 1214) of England married Alfonso VIII (1155 – 1214), King of Castile, in 1177 More details and generations: Eleanor of Aquitaine’s Descendants Through Eleanor, Queen of Castille 7. Joan, Queen of Sicily Joan (1165 – 1199) of England, married first William II (1155 – 1189) of Sicily in 1177, then married, as his fifth of six wives, Raymond VI (1156 – 1222) of Toulouse in 1197. More details and generations: Eleanor of Aquitaine’s Descendants Through Joan, Queen of Sicily 8. John of England John (1166 – 1216) of England, known as John Lackland, married first Isabella (~1173 – 1217), Countess of Gloucester, in 1189 (betrothed 1176, annulled 1199, she married twice more), then second, in 1200, Isabella (~1188 – 1246), Countess of Angoulà ªme (she remarried after John’s death). More details and generations: Eleanor of Aquitaine’s Descendants Through John, King of England Two of Eleanors Ancestors (Grandchildren / Great-Grandchildren) were canonized as saints in the Roman Catholic Church:   Ferdinand II, King of Castile and Leà ³n, Isabelle of France The Royal Houses Listed here are some of the descendants of Eleanor of Aquitaine children, grandchildren and great grandchildren only who were kings, queens, empresses (the women usually as consorts though a few ruled in their own right): England: Henry the Young King, Richard I of England, John of England, Eleanor Fair Maid of Brittany was for a time proposed as the rightful ruler of England, Henry III of England. Edward I of England France: Blanche of Castile, Queen of France, Louis IX of France Spain (Castile, Leon, Aragon): Eleanor, Queen of Castile, Ferdinand II, King of Castile and Leà ³n, Berengaria, Queen of Castile and Leà ³n (ruled Castile briefly in her own right), Eleanor of Castile, Queen of Aragon, Henry of Castile Portugal: Urraca of Castile, Queen of Portugal, Sancho II of Portugal, Afonso III of Portugal Scotland: Joan of England, Queen of Scotland, Margaret of England, Queen of Scotland Other: Otto IV, Holy Roman Emperor, Richard of Cornwall, King of the Romans, Isabella of England, Holy Roman Empress, Charles I of Sicily, Marie of Champagne, Empress of Constantinople, Alice of Champagne, Queen of Cyprus, Berengaria of Leà ³n, Queen of Jerusalem, Eleanor of Portugal, Queen of Denmark, Eleanor de Montfort, Princess of Wales More About Eleanor of Aquitaine Eleanor of Aquitaine BiographySiblings of Eleanor of Aquitaine

Law- jurisprudence Essay Example | Topics and Well Written Essays - 3000 words

Law- jurisprudence - Essay Example Self – interests, include the acquisition of pleasure and happiness. A society is a group of individuals who strive hard to obtain the maximum benefit from the resources at their disposal (Utiliatarianism, 2000). The relationships they form with other individuals are aimed at achieving the objective of happiness. The concept of utilitarianism states that deriving pleasure and happiness from life is the best way to lead one’s life (Utiliatarianism, 2000). Utilitarians, in addition to promoting this way of life, declare that if individuals strive to use their rational self – interests, then it will benefit society at large. Jeremy Bentham was a renowned British thinker and reformer. He propounded a moral theory, which promoted the thought that the outcome of human action determined the value of such action. Consequently, humans undertake acts that provide them with happiness, whilst avoiding pain or suffering. The hedonistic value of any act could be determined by considering various factors, such as the intensity of the pleasure experienced, the time for which such pleasure lasts, and the possibility it holds out for avoiding collateral harm (Kemerling, 2002). According to Bentham, the happiness of any community is the sum of its individual human interests. The utilitarian principle provides a definition of the moral obligation of individuals. The happiness of a community is based on the actions of its members, which can be harmed by the actions of individuals in the community. Bentham conjectured that social policies could also be evaluated in a similar manner (Kemerling, 2002). It was his considered opinion that these could be assessed by their effect on the well being of the community and the individuals living in it. The objective behind inflicting punishment on criminals was to reduce crime. Punishment effectively reduces crime as it discourages individuals from committing criminal acts. As such, punishment drastically alters the

Leadership in Practice (MSC Business and management) Assignment

Leadership in Practice (MSC Business and management) - Assignment Example gled with the work and it had led to a situation where pace of work had become slower compared to what it was before the implementation of the system. The productivity of the organization had suffered as a result and the outcome was almost paradoxical. Lack of computer knowledge and miscommunication between departments were the chief factors that had led to the conflict. The employees became frustrated unable to complete their individual tasks let alone the organizational goals. The sales department was exceptionally late in uploading the reports which in turn delayed the marketing department in their course of action. The senior manager was baffled at the outcome and could not comprehend the way in which this impasse could be resolved. The individual departments blamed each other for the delay in work and this made the whole organization suffer. The subordinates started to blame the senior management and the working environment became healthy. I was working in the marketing department of Ledus Manufacturing. I believe that the leadership style was the management was the main reason that had led to this problem in the first place. The idea was a novel one as fast working could result in catering to a large number of clients and improved the profitability of the organization. I think the leadership style exhibited by the CEO of the company was essentially a transactional one which was based on a goal-reward based approach without addressing the internal dynamics of the problems (Northouse, 2012). The CEO had clearly mentioned the benefits that could be achieved if the goals could be met by the employees. This was mainly to motivate the employees and help them achieve their individual goals. The theories of leadership state that, in transactional leadership, the leader uses path goal framework to achieve organizational goals. In this case the classic problem was that clear directives were given to each of the employees by de fining their job roles but the inherent

Write paragraph on (1) Sun Centered Universe and (2) Earth Centered Assignment

Write paragraph on (1) Sun Centered Universe and (2) Earth Centered Universe (Maximum one page, half page for each) - Assignment Example According to the Holy Scriptures (the Genesis), God created the earth and later added sun, moon, stars and planets to beatify it. The earth centered model also projected heaven and hell as the outermost space (Wils S, Wils S R, 2001, p.31). Aristarchus (310 BC-230 BC) introduced Heliocentrism (Sun Centered model) but was unfortunately ignored for centuries. However, the theory was later revived by Nicholaus Copernicus in 16th century AD. Heliocentric model challenged the Earth Centered theory stating Sun as the center of the universe. Although Copernicus could not gain appreciation for his findings, Johannes Kepler (1571-1630) and Galileo Galilei (1564-1642), the supporters of heliocentrism, contributed to the growth of the theory. Kepler introduced the law of motion and described how satellites revolving the sun and how the moon orbiting the earth (Kuhn K F & Koupelis, 2004, pp.41-42). Galileo invented telescope and made star observation rather easy. However, Catholic Church which was the emerging political and religious power of the age opposed and persecuted Galileo for his

A close reading of Life is a dream by Pedro Calderon De La Barca Essay

A close reading of Life is a dream by Pedro Calderon De La Barca - Essay Example II. Spanish Society Spanish society, in the Golden Age, was concerned about what was real and what was false. At a time when politics were unstable in Spain, De La Barca sought to capitalize on this national anomaly of sorts. As Clotaldo, the jailer of Segismund said in the play, â€Å"Dreams are rough copies of the waking soul.†1 Therefore, what people dreamed about was not necessarily in vain. They were having dreams for a reason. With the idea that life was a dream, De La Barca was playing with notions of whether the consciousness present in life actually existed in Golden Age Spain. De La Barca, in his play, predicted that Segismund would one day grow up to revolt against his father the King. In chaining Segismund to the floor in a prison, he thought that he could keep his son sequestered, far enough away so that he could not hurt the King. However, this sense of fatalism that the King had felt in terms of his son growing up in the future to one day kill him, scared the Ki ng so much that he decided to do something about it (by chaining up his son). However, as one shall see, the idea of fatalism is a key Spanish value that we shall examine in the next portion which we will be reading. III. Spanish Values Spanish values included an unshakeable sense of fatalism, as Segismund speaks about the illusion and reality present in life—a dualism, if one will. He also speaks of the inevitable end of the world with precocious wit, intimating with a fatalistic sense that his suffering is only temporary. â€Å"Whether wake or dreaming, this I know, How dream-wise human glories come and go; Whose momentary tenure not to break, Walking as one who knows he soon may wake, fairly carry the full cup, so well Disorder'd insolence and passion quell, That there be nothing after to upbraid Dreamer or doer in the part he play'd, Whether To-morrow's dawn shall break the spell, Or the Last Trumpet of the eternal Day, When Dreaming with the Night shall pass away.†2 The Spanish people also believed very much in destiny (â€Å"el destino†) and how it related to their outlooks on life. Believing in destiny, many people in Spanish culture had the specific idea that one was supposed to be somewhere at a specific time in order to fulfill their destinies. As Segismund describes in this soliloquy, â€Å"Once more, you savage heavens, I ask of you— I, looking up to those relentless eyes That, now the greater lamp is gone below, Begin to muster in the listening skies; In all the shining circuits you have gone About this theatre of human woe, What greater sorrow have you gazed upon Than down this narrow chink you witness still; And which, did you yourselves not fore-devise, You registered for others to fulfil!†3 With the idea that values were important in Golden Age Spain—as well can one imagine—also important was the idea of having social mores. These were prescriptive ideals which were vanguards of the values of th e people, which will now be discussed at length. IV. Spanish Social Mores Spanish social mores in the Golden Age were very strict. That is why the King warned Segismund once he approached the kingdom with rage and anger after having been chained up for so many years: â€Å"Beware! Beware! Subdue the kindled Tiger in your eye!†4 The Golden Age was an era of restriction and prudence. If ladies wanted to visit with their beaus, they had to be accompanied by chaperones—

Team Dynamics - Conflict Resolution Strategies for Students and Essay

Team Dynamics - Conflict Resolution Strategies for Students and Workplace - Essay Example Teamwork is a gratifying and often crucial part of employment and many leisure activities. Moreover, today one's ability to work in a team is sought after and highly valued. It seems that working in groups is very easy, though as the experience shows, it may be one of the most challenging tasks one faces at university and in the workplace. This is caused by the fact that all people are different as well as not all traits of characters of different people can be combined successfully. The biggest drawback of working in a team is that usually not every member of the team is prepared to put in the same amount of effort. Moreover, in every team, there are "free riders", who come to the group meetings to socialize instead of doing what they are supposed to do and do not complete their tasks. Because of the other team members end up having to do work that they fail to complete or start an assignment over because someone did not do it right. Of course, such situations are very stressful and after a couple of experiences of this kind one may get a strong feeling and he/she is better off, though doing more work, completing the project alone. However, working in teams has strong advantages. When working in the team it is possible to combine the strengths of all the members and direct them to the completion of the project. Whilst being a member of a team, a person acquires such useful skills these days as the ability to plan and organize the time. In a group, one learns to negotiate and compromise and to practice decision-making skills. Moreover, one gains additional knowledge from another person, meets new people, and discovers how to identify the needs of others and build positive relationships, and develop cooperative learning strategies (University of Phoenix, 2004). As it was mentioned earlier, groups do not exist without conflicts. According to Wisinski (1993) conflict is defined as "a disagreement or disharmony that occurs in groups when differences regarding ideas, methods, and members are expressed". What is important to remember that conflict does not always lead to negative outcomes, furthermore, a healthy conflict may lead to a rise in motivation and successful completion of the project. Thus, the primary goal for the administration of the company or a team leader is to learn how to use conflict as a tool that can benefit, rather than destroy the group (Krivis, 2006). For this, one should be familiar with conflict resolution methods. Lower I would like to mention two of them: the "4 R's" method, and the A E I O U method. Â  

Growth and Future of Private Equity Essay Example for Free

Growth and Future of Private Equity Essay 1. Overview of Private Equity Private equity is an important source of funds for start-up firms, and firms in financial distress. This type of funding has gained great significance in the past two decades and as such is a relatively new concept. It is one of the fastest growing sectors in the world of corporate finance with extensive applications across all industry segments. Businesses across the globe depend on capital investment for their growth and survival. The capital investment is generally raised through public issues, financial institutions, loans from banking institutions, mutual funds, and lease financing options available in the market. Investment in start-up business venture has high risks associated where business returns are uncertain. Private equity broadly refers to investment in companies that are privately owned. This form of investment generally uses funds raised from pension funds, financial institutions and wealthy individuals for investing in high growth businesses or for acquiring businesses with higher rates of return. â€Å"The private equity market involves large block transactions, which are privately negotiated, generally involving unlisted companies† (Business Standard publication). This type of investment is not listed in the stock exchange and has become popular financing instrument for new business ventures. This kind of investment broadly covers management buy-outs and buy-ins, development capital and venture capital. Management buy-ins and buy-outs In this case private equity funds are used to purchase the company or controlling stake in it using debt and equity capital. Development capital – This form of investment generally refers to money borrowed for development or growth purposes. Capital borrowed under this category can be used for any organizational purpose ranging from financing new lines of production to ensuring smooth completion of on going projects. Venture capital – This refers to investment in new business ventures that has promising growth potential and higher financial returns. Private equity firms establish funds that raise capital from investors who form limited partners. The private equity firms, referred to as the general partners invest this capital along with funds collected from banking and other commercial institutions to buy businesses that have significant growth and increased profitability potential. The general partners have certain guidelines for selecting a company or business for acquisition. A business that combines the ability to generate cash, and significant market value along with a strong managerial team to steer growth in the desired direction is an ideal investment option. The general partners objective is to infuse well-planned growth strategies backed by a strong team to improve the company’s performance and generate higher returns on investment. This is accomplished through strategic advice, market analysis, restructuring of existing operational framework, change management strategies and financing. They make money from the cash flow of the acquired business and then sell them for profitable gains. The relationship is generally of a short-term nature ranging from three to ten years of ownership after which the proceeds are used to acquire another business or finance another venture. Once the company has grown in terms of valuation and profitability it is sold to a larger company or floated on a stock market. The private equity investment has its own cycle that is extended through long periods of activity to support sustained business growth and gains. Private equity firms raise funds every three to five years to fund specific activities within the acquired business. The best time for acquiring a business is when the markets and prices are low. Similarly the ideal time for exiting or selling stakes in the acquired business is when the prices are high to maximize gains from proceeds. Investments within a company are usually held for several years to give time to the business to mature and reach a stage of high profits and market value. The private equity market constitutes of the organized market and the informal market. The organized private equity market includes professionally managed equity investments in unregistered securities of private and public companies. Specialized firms and institutional investors provide professional management services that build on the company’s assets and managerial talent. The private equity managers have large ownership stakes in the business and get actively involved in the overall management of the company. These businesses are profit-building machines for them that are nourished and nurtured to provide higher returns on investment. Once the businesses are established and reap profitable returns they are either listed for public offers in the market or sold to larger companies for higher gains. The organized private equity market has four major players comprising of private equity issuers, intermediaries, investors, and the agents or advisors. The issuers comprises of firms that cannot raise financing in the debt market or the public equity market. These firms are relatively younger in comparison to other firms in the market and they seek to raise capital for new product development or technology to show very high growth rates in the future. These firms are still in the research and development stage. In some cases firms with years of operation in the market venture out to new technologies or lines of service also come into this bracket for financing needs. This segment has assumed great importance in the private equity market with rising statistics and more private equity investors taking active interest in their potential growth capacity and highly profitable ventures. High yields and increasing returns are one of the most attractive features of this market segment. Intermediaries comprise of nearly 80 percent of private equity investments. This market sector mostly constitutes of limited partnership firms managed by independent partnership organizations or by affiliates of financial institutions. This segment also includes small business investment companies, or publicly traded investment companies that account for marginal share of the private equity market. Investors comprise of the public and corporate pension funds forming the largest investor groups accounting for 40 percent of global capital out standings. Public pension funds are the fastest growing group of investors and have overtaken private pension funds in terms of amount of private equity holdings. Endowments, foundations, bank holding companies, and high net worth individuals accounting for almost 10 percent each of the total private equity funds follow the pension funds. The other investors include insurance companies, investment banks, financial investors, and non-banking financial institutions. Agents and advisors form a significant section of the private equity market. They are mainly referred to as the information producers, who place private equity, raise funds for private equity partnerships, and evaluate the feasibility of the partnerships for the potential investors. Their sole purpose is to reduce the cost of information gathering that is required for private equity investment. They facilitate the search of companies in need of private equity funding, and institutional investors who are willing to enter into partnership agreement. They advise on the structure, timing, and pricing of private equity issues and assist in the process of negotiation between the two parties. Their role assumes greater significance in the context of financial investors who are unfamiliar with the local market or economy.   In the informal private equity market unregistered securities are sold to institutional investors, where the number of investors is larger and minimum investments smaller than the organized private equity market. Investors in this segment are mostly insiders in the company who have stake in the company. The companies that are financed through private equity funds benefit in terms of better management and increased efficiency since the investors take active interest in monitoring and improvising changes for better financial performance. The private equity firms have access to specialized management expertise for acquired businesses. Moreover, the private equity managers conduct extensive market research and analyze the feasibility of business ventures from every angle to draw risk assessment and opportunities before deciding on investment. This equips them with indepth market knowledge to make well-planned strategic moves that can reap higher productivity and gains for the private equity investors. The concept of private equity dates back to the year 1946 with the establishment of the American Research and Development Corporation with the sole objective of providing financing to new and start up businesses in the private sector. It was setup as an institution that provided finance as well as management expertise to ailing organizations. Since then the private equity market has witnessed a booming presence across the globe especially in the last 15 years. The sector has generated profits of more than $430 billion for their investors between the years 1991 and 2006. The recent corporate trends in the private equity market have shifted towards consolidations and buyouts. This is mainly attributed to seeking good investments by private equity firms and the benefits of cost advantage and minimizing risks across various channels of distribution. The private equity firms look for companies that are market leaders in terms of product and service offering having a strong management team and high barriers to market entry, attractive growth opportunities and profit margins. The growth of private equity funds is evident with increasing investment in large number of private companies as well as taking public companies private. Private equity has played an important role in economic development contributing to enhanced productivity, competitiveness, and improved performance of businesses in the private sector. The private equity market in India has also grown from US$20 million in 1996 to US$1.75 billion in 2004. The country is emerging as the major market for private equity investments. 2. Growth of Indian Economy The Indian subcontinent having population of over 1.1 billion, diverse cultures, religion, and languages has one of the largest and successfully running democracies in the world. Post independence it has been successful in eroding poverty and illiteracy to a great extent. The low per capita income combined with fewer manufacturing industries and a service sector at the base level had labeled the country as poor and underdeveloped. The economy was primarily agrarian and lack of facilities and infrastructure posed great difficulties in its progress. Initially the government controlled everything from banks to major industries. Facing such extreme situation the country has emerged as one of the fastest growing economies in the world with an annual growth rate of 8% in the last three years. It is also seen as the destination for information technology and global process outsourcing. Increased foreign investments and growth in real per capita income has transformed the economy largely over the last decade. Now India is a rapidly growing economy experiencing a fast growth rate in the past few years. The path of economic development and progress that India has taken is spectacular and has emerged the new market for the world with immense growth potential. Various economists have predicted that India will become a major economic power in the years to come. This is largely attributed to the rising Gross Domestic Product (GDP) of the countries and the major economic transformation that has taken place in the countries recently. The Indian economy had very poor growth rate post independence with a predominantly agrarian economy and underdeveloped manufacturing and service sectors. Rise in privatization of various sectors paved the way for economic progress in the subsequent years. The government sought to implement policies to ensure overall development of the manufacturing and service sectors. These measures brought about major changes in the industrial landscape and economic growth rate accelerated. The annual economic growth rate was 5.5% in the 1980s. Industrial growth rate was recorded at 6.6% annually and 3.6% in the agricultural sector. The 1990s witnessed a rapid change in the economic growth and development with the liberalization of the economy. A GDP growth of 9% was observed in the 2005-06 and 9.5% during 2006-07. With rising GDP and increased investment the economy is poised for enhanced growth rate. The economy was largely boosted by growth in tourism, financial sectors, and manufacturing industries. It is now the fourth largest economy in terms of purchasing power parity. High growth rates in the industrial and service sector combined with a slump in the major economies across the world in the last few years have provided the Indian economy a boost. The mid 1990s saw a rise in the Information Technology sector in the country. The rapid penetration of computers and the Internet in nooks and corners of the country attributed largely to this rise. Moreover, the abundance of skilled professionals armed with latest technical know-how and the zeal to prove their abilities in this direction provided the necessary impetus. India soon became the hub of IT activities across the globe with surging demand for professionals from the country. Government reforms and policies provided the necessary infrastructure for the growth of this sector. This was a major achievement for the country. The growth in IT sector led to the rise in other associated service and industrial sectors contributing to overall development of the economy. Currently the service sector dominated by IT, financial services, and construction contributes more than 50% of the GDP. Business Process Outsourcing (BPO) is yet another arena contributing to overall economic development. This segment has attracted huge foreign investments into the country. A large portion of the Indian population comprises of young people. The educated young people have benefited the service sector with the availability of skilled labor and this contributed largely to the development of the country. Despite the slump in global economy that has hit hard some of the most developed economies like United States, Indian economy has remained immune to the effects of this recession. This is primarily due to the strong economic reforms adopted by the country. The low dependence of the economy on export trade is one of the reasons. The Indian economy is more driven by domestic demand than foreign investment. Moreover, the banking system has minimal exposure to foreign currency assets. This has rendered the economy relatively immune to the effects of the global slump. While other economies across the world are facing economic turmoil, India remains on steady footing. Being one of the fastest growing economies in the world India is attracting huge amounts of foreign investment. The total amount of foreign investment reached US$ 8.5 billion in the year 2006. Real GDP Growth Rate during 2003 to 2007   Ã‚   2003   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2004   Ã‚   2005    2006   Ã‚   2007 4.30% 8.30% 6.20% 8.40% 9.20% The chart shows the real GDP growth rate in percentage during the period 2003 to 2007. (Data collected from economywatch.com) The current GDP of the country is at 9.2% per annum that is quite an impressive figure. Growth of merchandise exports and rise in exports of services have strengthened the foreign reserves of the country. The major destinations for exports are United States, United Arab Emirates, and the OPEC (Organization of Petroleum Exporting Countries). The active participation of India in international commerce has created enough opportunities for economic growth and development. The impressive growth rates and statistics predict the emergence of a strong economy in the coming future. Economists predict that the Indian economy will become a super economic power in the next two decades. Some of the major development indicators of Indian economy are summarized below: High rate of savings, almost 32% of the GDP and higher rate of investment – approximately 34% of the GDP indicate accelerated growth rate. A young population of the country is another factor contributing to the overall economic growth and development. Highly educated masses contributing to skilled labor force is yet another factor contributing to the rise in the IT and BPO sector. Economic growth has created huge employment opportunities that have helped in reducing poverty considerably. Economic reforms and policies adopted by the Government of India towards social upliftment with particular stress on education, health, and infrastructure has greatly assisted the process of economic growth. 3. Issues facing the Indian Economy India may be reckoned as the emerging economic power of the future, but it has its share of challenges that need to be overcome. Lack of adequate institutional and infrastructure facilities may create bottlenecks in the growth and development of the economy. Since independence the country has faced huge challenges in its way to modernization and political, economic and social growth. Impediments in the form of poverty, illiteracy, unemployment, poor health facilities, and socio-cultural barriers posed grave problems in its road to development. The fast rate of growth aided by effective economic reforms helped in overcoming these challenges to a great extent. Poverty and illiteracy were reduced considerably with adequate measures adopted in the form of Five-year plans implemented by the successive governments. The upliftment of the masses by creating employment opportunities and provision for free and compulsory education for all across the country did have significant effect on the economy. Infrastructure also received considerable attention in the development plans resulting in the emergence of a new and modern India. In spite of tremendous progress India still faces major challenges that need to be overcome if the country wants to become a superpower in the near future. The issues and challenges faced by the Indian economy currently are given below: Sustaining a growth rate of 8% per annum for the consecutive five years will be one of the biggest challenges for the Indian economy. The entry of companies and business ventures into the Indian soil requires extensive paperwork and legal procedures. Most foreign companies find it a little intimidating to enter the Indian market due to these reasons. Relaxation and simplification of the entry procedures will definitely work in the interest of the Indian economy. The huge population density of the country affects the gross per capita income of the country. The country’s economy is primarily agrarian but with rapid industrialization and governments boosting the service sector, agriculture has taken a backseat. The government needs to boost this sector as well giving it a more organized look.   Providing proper infrastructure to attract large scale foreign investment is much required for sustainable economic growth. The economy faces widespread problem of electricity supply, proper roads, and communication channels that can affect the economy adversely. Extending proper health care to all is another important issue facing the country. Health care has definitely improved over the past few years but it still remains inadequate by world standards. Poverty is still posing a stiff challenge to the economic growth and development. Inequality of wealth distribution is quite high across the country. Education is yet another challenge faced by the country. The government needs to implement effective policies and reforms to increase the overall standard of living of the poorer section and provide basic amenities to them. Reducing income inequalities along with social reforms are much required for overcoming these discrepancies faced by the Indian economy. The foreign direct investment has become a key feature of growing economic development and the focus of national development strategies in almost all countries across the globe. It is considered an important economic growth indicator that assists boost in domestic capital, productivity, and employment. It is considered to be the lifeblood of any economy. The Indian Government has initiated several promotional efforts to attract more foreign direct investment into the country in the form of private equity. There are several trends that are reinforcing traditional patterns in foreign direct investment across economies that include access to natural resources, markets, and low-cost labor. Globalization and liberalization of the economy added to the attraction of private equity funds in to the country. In addition to these economic factors the expansion in information and communication technologies, and improvement in logistics has greatly shaped the Indian economic attractiveness to foreign investors. Private equity investors across the globe are increasingly shifting their focus to India. Big names in private equity market across the globe like Blackstone Group, Texas Pacific Group, Kohlberg, Kravis and Roberts, Carlyle Group, Actis Partners and General Atlantic Partners have ventured into the Indian markets in search of higher returns on investment. 4. Growth Trends of Private Equity in India The market for private equity in India has emerged quite recently. The private equity market grew from a US$ 20 million in 1996 to US$ 7.5 billion in 2006. The country is now reckoned as one of the top ten destinations for private equity investments. Investors across the globe are eyeing the growing Indian market that offers extensive investment opportunities. Local and foreign investors are eyeing the domestic market investment opportunities with increased interest. The major sectors of investor interest are the IT and BPO sectors that continue to dominate the economy but manufacturing concerns are not far behind. Investors are taking avid interest in this rapidly growing market parallel to the Chinese economy that has shown immense potential in the past few years. The rise in entrepreneurship, skilled workforce, rising percentage of people with fluent English speaking capability and the country’s status as the world’s largest democracy have greatly contributed to its rising economy. The private equity market has risen both in terms of greater number of deals and greater number of firms’ capitalizing on this increasing opportunity. The Indian private equity market also saw an increase in exits and improved liquidity in the recent years. The Asian market has largely been perceived as difficult for exits in the private equity sector. Investors are wary of the fluctuating market trends and risk proposition involved in capitalization of their funds. Unlike the Asian market the Indian market has been strengthening over the years this has attracted the investors greatly. The increasing liquidity of the market has played in favor of these investors providing higher gains and returns from public offer deals and trade sales. As per K.P. Balaraj, the Managing Director and co-founder of West Bridge Capital Partners, â€Å"In India, the markets are in their third or fourth year of a bull run. The companies have a number of avenues to raise money at low cost. There’s a lot of liquidity in the debt system. The IPO markets and capital markets are very strong in India, and there’s lot of appetite overseas for Indian securities.† The Indian market has gained the investors’ confidence due to the stable environment and growth statistics that has worked to its advantage in the past few years. The foreign investment growth in the private equity market is seen as yet another boost to this finance segment contributing to a market capitalization of more than US$ 3.56 million in the year 2005. The private equity funds invest mostly in unlisted companies that have good growth potential and cash out option through public offers. In some cases the private equity firms invest in both seed capital and development ventures that have potential high rates of returns on investment. According to a study conducted by Venture Intelligence, a Chennai based research firm, â€Å"Private equity firms invested a record $7.46 billion over 299 deals in India during 2006,† that is three times greater the previous year figures. The biggest deal clichà ©d in 2006 involved Idea Cellular, the fifth largest wireless operator in India, raising a funding of $950 million from a group of private equity investors that included Providence Equity Partners, ChrysCapital, and Citigroup. Another important deal involved Kohlberg Kravis Roberts that paid $900 million for 85% stake of Textronics Software. Warburg Pincus’s $300 million investment in the year 1999 in Bharti Tele-Ventures the largest mobile service provider in India was subsequently sold in several stages for $1.6 billion. This is considered one of the most profitable private equity deals in the country to date. These high rates of returns and attractive gains lured many foreign private equity investors to the Indian market. The tremendous growth of the private equity market in the country is largely attributed to a combination of country-specific factors that distinguish the Indian environment in terms of investment opportunities from other emerging markets across the globe. These factors include: Sustained rapid economic growth of 8% per annum over the past five years consecutively. Rising domestic consumer market of India has given rise to potential business opportunities. A well-established public equity market of India has given rise to increasing breed of private equity investors in the country. The Mumbai stock exchange dating back to 1875 has more than 6000 listed companies recording extensive trading volumes comparable to no other exchange in the world. A highly educated population combined with widespread knowledge of the English language provides a distinctive advantage. The skilled workforce has resulted in the rising development of certain sectors like information technology, business process outsourcing, software development, pharmaceuticals, and automobile components. The country has one of the oldest and largest democracies in the world running successfully across decades. The stable political scenario combined with an effective legal framework has provided the economy with sound base for development and growth. The distinctive advantages mentioned above have created a huge market for private equity funds investors. Private equity firms are investing in retail, manufacturing, healthcare, real estate, infrastructure, media, and telecom sectors in India. India is the second largest market for private equity firms in Asia after Japan. It has surpassed China and Singapore with large amounts of investment in private equity and venture capital in the year 2006. (Source: Indiaopportunitiesfund.com) Research conducted by global research firm Evalueserve suggest that India will receive almost US$ 20 billion private equity funding by the year 2010 making it one of the top ranking countries in the world in terms of private equity investment. The lucrative Indian market has attracted foreign private equity investors in the past couple of years. As per a market analysis report released by Venture Intelligence the foreign capital investment reached US$ 2.2 billion in the year 2005 that increased to US$ 5.4 billion in the year 2006. The market research and analysis conducted by Evalueserve reveals that the Indian market needs an in-depth understanding and evaluation for the investors in private equity market to maximize returns. The investors need to conduct proper market research, adopt subtle managerial skills, and instill patience in order to maximize gains since the market is unique in many aspects. The research shows that there are over 366 firms currently operating in the private equity market in India and another 69 are in the process of starting funding operations. These private equity firms have targeted to raise funds totaling US$ 48 billion for investment between July 2007 and December 2010. This predicted growth statistics may face challenges in the face of economic slowdown in India or a liquidity crunch in the economy. The first firm to initiate private equity investment in India was the Risk Capital Foundation set up in the year 1975. Till the year 1995 very few financial institutions provided capital for investment in private equity or venture capital sector. These institutions were the Industrial Finance Corporation of India (IFCI), Industrial Development Bank of India (IDBI), and Industrial Credit and Investment Corporation of India (ICICI Bank). A number of private equity firms started raising capital from various international and domestic sources to invest in business ventures in the country. This market trend gained momentum during the period 1996 to 2000. The total amount of investment in the private equity and venture capital segment rose from US$20 million in 1996 to US$ 80 million in the year 1997. The market attracted increasing investment from foreign as well as domestic players largely due to the boom in the information technology sector. A crash in the market during the period of 2000 to 2003 brought down the levels of investment. The total number of deals in private equity finance reduced from 280 in 2000 to 110 in 2001. The economy recovered in 2003 and the market growth rate accelerated from 8% GDP to 9% annually. 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Number of deals 5 18 60 107 280 110 78 56 71 146 299 Value of deals 20 80 250 500 1160 937 591 470 1650 2183 7460 (Source data: Private equity market in India Evalueserve Market research report 2007) Out of a total GDP of US$ 910 billion in India in the year 2006 approximately US$ 7.5 billion accounted for private equity investment. This amounts to 0.8% of the total GDP. A comparative analysis of the private equity investment in other developed countries reveal that the percentage spent on private equity is far below countries like United States and United Kingdom. Private Equity Investment as a percentage of Total GDP of some major economies: (Source: Evalueserve Market research reports 2007) A global stock market review conducted by Standard and Poor ‘s in May 2007 reveals that the Indian equity market has far surpassed the markets of emerging and developing nations for the past three months growing at a rate of 25.87 percent as opposed to other key economies that reported a growth rate of 13.83 percent. The Chinese market reported a growth rate of 16.82 while the Mexican market growth rate stood at 24.4 percent. The equity market in South Africa rose by 11.48 percent. It was observed that the Indian stocks were cheaper than the Chinese stocks. The appreciating rupee in India has led to higher capital inflow from foreign investors to the Indian economy and this is accounted for higher growth rate in the Indian economy. The increase in interest rates of banks across the globe has a positive impact on the Indian economy. This trend will result in reduced external borrowings and consequently the export segment of Indian companies will not be affected. Similarly other developments in the global economy has had very little or negligible effect on the Indian economy so far and this has proved conducive for the private equity market in the country. The Securities and Exchange Board of India (SEBI) has specified the regulatory framework for investment in private equity and venture capital segment in India. A foreign investor proposing for investing in the Indian private equity market needs to fulfill the following eligibility criteria and other requirements specified in the SEBI foreign venture capital investor guidelines: The applicant’s track record, competence, financial soundness, and experience in the related industry are evaluated. The applicant needs to obtain an approval by the Reserve Bank of India for making investments in the country. The applicant needs to be an investment company, trust, partnership, pension fund, mutual fund, endowment fund, charitable institution or any other entity incorporated outside India. The applicant can be an asset management company, investment manager, or investment management company incorporated outside India. The applicant must possess the authority to invest in venture capital or operate as foreign venture capital investor. Evaluate if the applicant is regulated by an appropriate foreign regulatory authority or is an income tax payer. Check if the Board has not refused the applicant a certificate. Check if the applicant is a fit individual with proven track record. Besides the above-mentioned eligibility criteria the SEBI lays down certain investment guidelines that need to be followed by the foreign investors: The foreign investor must disclose its investment plans and strategies to the SEBI. At least 66.67% of the investment funds must be invested in unlisted equity shares. Not more than 33.3% of the investable funds may be invested in: Subscription of initial public offer of a venture capital undertaking whose shares is not listed. Debt or debt instrument of a venture capital undertaking in which the investor has already made an investment by way of equity Preferential allotment of equity shares of a listed company, subject to a lock-in period of one year The equity shares or equity linked instruments of a financially weak or sick industrial company whose shares are listed. 5. Sector Wise Growth Trends in Private Equity Market The primary feature of growth in private equity market in India has been the increased domestic market investment opportunities that are dominated by both local and foreign investors. In addition to the increase in investment in Information Technology and Business Process Outsourcing sectors a large number of deals have been made involving the domestic market in India with particular emphasis on the manufacturing sector. In the year 2006 the total investments in the private equity market ranged from IT and IT-enabled industries, to banking and financial services, insurance and health care sectors, engineering and construction to manufacturing. While the IT and IT-enabled industries accounted for more than a fifth of the total investment, the manufacturing sector attracted approximately $1 billion. Another significant sector receiving substantial private equity funding was the real estate sector that received almost $1 billion funding in 2006. But a greater portion of this amount was used to acquire physical assets. Shankar Narayanan, the Mumbai based Managing Director of Asia Growth Capital at the Carlyle Group states â€Å"We’re sector agnostic. Broadly we see two investment themes: One, the growth of outsourcing, whether IT, IT-enabled services, generic pharmaceuticals, clinical research, contract manufacturing, engineering and design or any other knowledge based service; and two, the huge infrastructure and consumption needs this growth fuels.† Most of the foreign investors are channeling funds to the Indian and Chinese market that have shown tremendous growth potential. These investors scale up the operations of the acquired firms and facilitate all-round transformation that spruces up the firm’s processing capabilities. It is widely felt that the family owned businesses in India that have so far been conducted in an orthodox traditional managerial approach can widely benefit from the private equity funding. The financial, strategic, and managerial support provided by these private equity-investing firms can transform the company’s operations to provide larger scales of operation and world-class business outlook. The various industrial sectors comprising of financial services, manufacturing industries, construction and information technology are attracting the foreign investors to India. In the year 2006 the service sector accounted for 55% of economic growth rate while the contribution of manufacturing and industries’ sector was 26% and the agriculture sector accounted for 19% of the overall economic growth in India. There are basically three industry sectors that are proving highly lucrative for the private equity investors in the country. These are broadly categorized as below: Hi-tech products and service sector comprising of the following segments: Information technology and software application development Business process outsourcing Knowledge process outsourcing Drug research and clinical research outsourcing Engineering services outsourcing Software and solutions related to e-commerce Telecommunication products and related services The market trend reveals that this sector will grow at approximately 22% per year during the next five years. The investment in this sector is of high value with higher rates of return. Service and retail sector that caters to the Indian domestic market needs including – Retail market of consumable goods Travel and hospitality sector (airlines, hotels) Health care (spas, hospitals) Entertainment (movie and television industry) Private education sector   This sector is expected to grow at approximately 19% per annum in the next five years. Products and services related to high-end manufacturing and infrastructure that includes automobiles, automotive components, electronic components, chemicals, pharmaceuticals, gems and jewellery, textiles, real estate, and construction. The growth rate of this sector is expected to reach 19% annually in the next five years. The pie chart below gives an insight into the sector wise private equity investment trend in the past three years. The financial services received the highest foreign private equity funding totaling US$ 277.8 million that constitutes 19.8% of the total funds invested. The total funding in this sector including the domestic investment accounted for 32%. (Source: Thompson Financial) The next industry that received most funding in the private equity form was the consumer related sector totaling US$ 196.7 million. This was approximately 14% of the total foreign private equity financing. The overall financing in this sector was 23%. The Medical Health industry accounted for 16% of the total funding, with total foreign equity investment amounting to US$ 134.4 million, followed by construction accounting for 15% and the Internet related sector accounted for 14% of the total private equity investment including foreign and domestic sources. The graph below shows the breakup of domestic and foreign funds invested in the private equity market in India. As is evident from the graph the amount of foreign investment far exceeds domestic funds invested in the private equity market in India over the past five years. Private Equity investments in India – breakup of foreign and domestic investment over the past five years (Source: Thomson Financial) The private equity market is thriving due to the huge influx of foreign funds in the recent years. The appreciation of the rupee combined with a strengthening stock market and controlled inflation rates are responsible for the huge attraction that the Indian private equity market is having for foreign investments. Among recent activities in the private equity market in India is the acquisition of Hutchinson Essar Ltd, a cellular carrier by Reliance Communications facilitated by private equity players like Blackstone, Texas Pacific, and Kohlberg Kravis and Roberts with a funding of almost $10 billion. Private equity emerged as the single most largest investment segment in the year 2006 with private equity deals overtaking both foreign and domestic strategic investors. Private equity investment in India crossed the global average by 20 percent of investment as a proportion of total merger and acquisition deals accounting for 28 percent of total value of deals. 6. Problems Facing the Private Equity Market in India The rapid pace of economic growth in India has raised concerns regarding the stability of the economic environment. The economy poses certain risks and challenges to the emerging and developing market of private equity investment. The country’s population demographics present a confusing picture – 54% of its population is below 25 years of age that works in favor of the economic growth and development. But at the same time statistics reveal a large gap in income distribution. The economy is widely imbalanced in terms of income distribution. It has a large chunk of population still under the poverty lines and at the same time the number of high net worth individuals is increasing. Some of the important sectors of the economy like Information Technology and IT enabled services, telecom services, airlines services and construction services are experiencing shortage of skilled labors. Most of these sectors depend heavily on the human resource for survival and growth. With rising inflation and increasing wages the companies are finding it difficult to retain employees. Better pay packages are luring the skilled staff to hop companies and this has become a matter of grave concern for most organizations. Increasing attrition rates and rising wages are posing a serious challenge to existing companies and start-up business ventures. A few years back the economy was known for providing cheap and skilled labor but with rising inflation the wages have also gone up thereby increasing the cost to companies in addition to high levels of attrition. The rapid economic growth and rising GDP has resulted in increasing cost of commercial as well as residential property. The boom in real estate is reaping benefits for most landowners but the purchasing power of the people have not increased at the same rate. This might have a negative impact on the economy in the long run. The real estate prices will be forced to crash with lesser number of people being able to afford the rising prices. The crash in the real estate market will result in substantial losses for the investors. The Indian stock market is currently on a strong footage with number of companies listed in the Bombay Stock Exchange rising steadily. A market fluctuation might topple the stock market any time and this could lead to severe losses for the investors. Foreign investments in the Indian economy in the last four years have been on the rise and this is one of the major factors contributing to the overall development and progress. Short-term foreign institutional investors invested more than US$ 40 million in the country while long-term foreign direct investment was US$ 23 million in the last four years. The short-term investment can be pulled out in any moment of crisis and this could result in severe economic setback for the country. The rapid inflow of capital in the form of these short-term investments for purchasing equities and securities has no doubt strengthened the stock market, but an outflow of this capital will depress the stock market and cause the economy to fumble. The economy needs more of long-term foreign direct investment to stabilize growth. Lately the Indian rupee has appreciated by more than 10% with respect to the US dollar, 8% with respect to British pounds, 7% with respect to Euros and 11% with respect to Yen. On one hand this appreciation has benefited the economy by making imports cheaper and controlling inflation to a considerable extent. The price of crude oil has been kept in check in India due to this reason. On the other hand the valuation of exports has gone down and this has hit some of the small-scale exporters hard. Moreover the Indian goods have to compete with Chinese goods in the market that are relatively cheaper and has captured larger market share. Broadly the Indian economy presents high risks to investors in terms of possible depreciation of rupee, high inflation, policies adopted by the Indian government for further liberalization of the economy and the highly volatile nature of the Indian stock market. Since the markets present high risks to foreign investors in the Indian market, they expect higher returns as compared to investments made in other developed economies of United States and Europe. The private equity firms that invest in these developed countries for a period of five to seven years expect an average net annual return of 13% to 15%. But the private equity firms investing in India have a time frame of three to five years and expect an average net annual return of 25% to 27%. 7. Future Trends in Private Equity Market in India Several factors have contributed to the growth and rise of private equity market in India. Among these the most prominent is the stable economic and political environment of the country that has triggered economic growth and prosperity in the past few years. The Indian economy is witnessing increasing number of high net worth individuals with increasing assets. The country has a large number of family-owned businesses that present excellent opportunities for investment and growth. Most of these businesses are changing their operational structure to accommodate new and better technology for higher returns. Tatas, Ambanis, Wipro (Azim Premji), Birlas,   Singhs (Ranbaxy) and Bajajs are all family-run business. The Bombay Stock Exchange lists 47 companies that are partially or fully family-owned businesses with a total market capitalization of US$ 345 billion in the year 2007. The changing faces of the traditional modes of conducting business have created huge scope for investment. The existing modes of operations require re-modeling and re-structuring requires adequate investment. The family-run businesses lack effective management and vision to expand in the domestic and global market. The infusion of appropriate capital funds with strategic management moves and planning can create a huge difference in this type of business ventures. An investment in such companies can prove mutually beneficial for both parties. This has created a huge demand for private equity investment. Rising disposable income in the middle and higher income group has led to significant changes in their lifestyle. This has created markets for new sectors of commerce. One of the sectors affected by the changing lifestyle of these classes is the growth in domestic flight service sector. The country currently has 325 airplanes on the domestic route but this figure is projected to reach 750 by the end of 2010 that is expected to generate annual revenue of US$ 12 billion. The rise in this sector has created the need for more airline maintenance companies that are so few in numbers currently. Likewise it has also created market need for airline certification companies that will certify and check the audit requirements of the airplanes and the airlines companies. This is just an illustration of how emerging economic trends have given rise to new service sectors that require financing. Similar trends are visible in the food and beverage industry sector. Rising demand for quality processed food and beverages are slowly making their presence felt with changing tastes and lifestyles. The automobile industry is yet another industrial sector witnessing immense market growth potential. Finer tastes and longing for world-class cars engineered with latest technological specifications is changing the face of this industry. This sector is expected to generate revenue of US$ 165 billion by the end of the year 2016. E-commerce is yet another avenue of potential growth and development. The sector being in its nascent stages has a long way to go in the Indian market. Industries are slowly realizing the revenue and growth potential of this medium and are revising their existing strategies to exploit the advantages of increased market share and global outreach. The need for skilled professionals for the rising industries and opportunities presented by the growing economy has driven the educational institutes to adopt new strategies and expansion models to cater to changing market needs. More and more companies are entering this sector to satisfy the growing market requirements. The real estate and hospitality service sectors are also experiencing widespread changes owing to changing lifestyle and increased disposable income. Investment in this sector needs to be carefully examined and studied since the real estate prices in India are overpriced as compared to other economies in Asia. A growth in market demand has resulted in subsequent rise in demand for capital investment. Favorable economic conditions have lured private equity investors both domestic and foreign to start operations in India. The country’s extensive pool of skilled labors has produced excellent managerial and entrepreneurial talent who has ventured into new and promising business ventures. The private equity market in the country is still in its initial phases of development and hence promises immense scope and potential in the near future. The increasing interest of global firms in the Indian market has overcome the challenge of attracting more funds into the private equity sector. The real challenge now lies in extracting maximum value from these investments and retrieve higher gains. Government policies have raised the foreign direct investment (FDI) limit in various sectors to attract more funds. The retail sector now has 51 percent foreign investment limit while in the telecom sector the FDI limit has been raised from 49 percent to 74 percent. Absolute ownership of foreign firms is allowed in some selected infrastructure sectors like development of new airports, petroleum, mining of coal and lignite, natural gas pipelines and mining of diamonds and precious stones. 8. Conclusion The impact of private equity funding on the country’s economy has been quite significant since this financing sector has added new dimensions to the booming industrial and service sector in India. The financing alternative available to the firms has not only assisted them in improving financial and market valuations but has also provided them with the necessary backing to fulfill expansion and diversification strategies to the existing line of products or services. Max Calderon, a senior partner of Apex Partners Worldwide, which is a $20 billion firm is of the opinion that the â€Å"drivers of the private equity investment in the Indian market include consolidation in fragmented industries, international expansion, increasing domestic market spend, and continued growth in value added services. â€Å" It is only recently that the private equity funds have adopted segmentation and specialization strategies in acquiring investment portfolios. Some of the private equity firms target early stage investment in technology or matured stage investment in manufacturing. The strengthening stock market is witnessing increased volumes of trading and this has eased the exit process for private equity funds investors. Multinational financial institutions like Citigroup Venture Capital, Barings and Westbridge Capital, Warbug Pincus and Actis Partners have taken strong interest in this emerging market. Global private equity players like Blackstone and Goldman Sachs have established permanent operations in the country to reap the benefits of this promising market. The key factor to successful operations in this market will depend largely on one sole factor – the right leadership and availability of a strong team of professionals. The private equity market requires adequate managerial talent for designing effective business strategies for successful acquisitions made by the investors. It is therefore essential that the private equity firms focus on specific industry sectors to build their professional expertise and specialized areas of operations. This builds on the firms’ value and potential for higher rates of returns over their invested funds. The private equity firms hence not only need to look into the experience and skill sets of the professionals they hire but also need to train them on the finer aspects of the business requirements. The team of executives need to take overall responsibilities of entire operations and functioning within the company and think as owners while devising strategies and business plans. An in-depth knowledge of the business and market area is an essential asset for this venture. Experienced professionals are hence much in demand and a valuable asset for this market segment. The private equity firms also need to conduct extensive and in-depth market research and analysis activity before investing in any company. The Indian economy presents a diverse and variable growth indicators across the geographical boundaries. An understanding of the existing socio-cultural and political environment of the region helps to understand better the market and consumer behavior pattern. The investors across the globe are increasing fund allocations for the private equity market in India. It is boom time for this market segment and the trends of growth will continue over the coming years with the adoption of adequate government policies and measures to ensure a strong market performance.   The private equity market is reaping benefits on the one hand from expanding into overseas market through acquisitions and on the other hand investing into private equity assets managed by global fund managers. Reference: What PE firms look for in Private Companies – Financial Executive Journal from British Council, December 2007 Private Equity: How long can the perfect storm last? 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