Sunday, May 24, 2020

Role of Smes in National Development - Free Essay Example

Sample details Pages: 7 Words: 1985 Downloads: 5 Date added: 2017/09/21 Category Advertising Essay Type Argumentative essay Tags: Development Essay Manufacturing Essay Did you like this example? ABSTRACT SMEs form the backbone of the Indian manufacturing sector and have become engine of economic growth in India. It is estimated that SMEs account for almost 90% of industrial units in India and 40% of value addition in the manufacturing sector. This paper closely analyses the growth and development of the Indian mall scale sector from opening of the economy in 1991. Third part looks into the present scenario of SMEs and the problems they phases like lending, marketing, licensing issues in detail. The Micro, Small and Medium Enterprises Act, 2006 is intended to boost the sector. The provisions of the Act are examined closely. The final part provides some future policy framework for the sustainability of the sector. INTRODUCTION Worldwide, the micro small and medium enterprises (MSMEs) have been accepted as the engine of economic growth and for promoting equitable development. The major advantage of the sector is its employment potential at low capital cost. The labou r intensity of the MSME sector is much higher than that of the large enterprises. The MSMEs constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth and account for a major share of industrial production and exports. In India too, the MSMEs play a pivotal role in the overall industrial economy of the country. In recent years the MSME sector has consistently registered higher growth rate compared to the overall industrial sector. With its agility and dynamism, the sector has shown admirable innovativeness and adaptability to survive the recent economic downturn and recession. As per available statistics (4th Census of MSME Sector), this sector employs an estimated 59. 7 million persons spread over 26. 1 million enterprises. It is estimated that in terms of value, MSME sector accounts for about 45% of the manufacturing output and around 40% of the total export of the country. The President under Not ification dated 9th May 2007 has amended the Government of India (Allocation of Business) Rules, 1961. Pursuant to this amendment, Ministry of Agro and Rural Industries (Krishi Evam Gramin Udyog Mantralaya) and Ministry of Small Scale Industries (Laghu Udyog Mantralaya) have been merged into a single Ministry, namely, â€Å"MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (SUKSHMA LAGHU AUR MADHYAM UDYAM MANTRALAYA)† SMEs IN INDIA With the advent of planned economy from 1951 and the subsequent industrial policy followed by Government of India, both planners and Government earmarked a special role for small-scale industries and medium scale industries in the Indian economy. Due protection was accorded to both sectors, and particularly for small- scale industries from 1951 to 1991, till the nation adopted a policy of liberalization and globalization. Certain products were reserved for small-scale units for a long time, though this list of products is decreasing due to change in industrial policies and climate. SMEs always represented the model of socio-economic policies of Government of India which emphasized judicious use of foreign exchange for import of capital goods and inputs; labour intensive mode of production; employment generation; non- concentration of diffusion of economic power in the hands of few (as in the case of big houses); discouraging monopolistic practices of production and marketing; and finally effective contribution to foreign exchange earning of the nation with low import-intensive operations. It was also coupled with the policy of de-concentration of industrial activities in few geographical centers. It can be observed that by and large, SMEs in India met the expectations of the Government in this respect. SMEs developed in a manner, which made it possible for them to achieve the following objectives: †¢ High contribution to domestic production †¢ Significant export earnings †¢ Low investment requirements â € ¢ Operational flexibility †¢ Location wise mobility †¢ Low intensive imports †¢ Capacities to develop appropriate indigenous technology †¢ Import substitution †¢ Contribution towards defense production †¢ Technology – oriented industries †¢ Competitiveness in domestic and export markets At the same time one has to understand the limitations of SMEs, which are: †¢ Low Capital base †¢ Concentration of functions in one / two persons †¢ Inadequate exposure to international environment †¢ Inability to face impact of WTO regime †¢ Inadequate contribution towards R D †¢ Lack of professionalism In spite of these limitations, the SMEs have made significant contribution towards technological development and exports. SMEs have been established in almost all-major sectors in the Indian industry such as: †¢ Food Processing †¢ Agricultural Inputs †¢ Chemicals Pharmaceuticals Engineering; Electricals; E lectronics †¢ Electro-medical equipment †¢ Textiles and Garments †¢ Leather and leather goods †¢ Meat products †¢ Bio-engineering †¢ Sports goods †¢ Plastics products †¢ Computer Software, etc. As a result of globalization and liberalization, coupled with WTO regime, Indian SMEs have been passing through a transitional period. With slowing down of economy in India and abroad, particularly USA and European Union and enhanced competition from China and a few low cost centers of production from abroad many units have been facing a tough time. Those SMEs who have strong technological base, international business outlook, competitive spirit and willingness to restructure themselves shall withstand the present challenges and come out with shining colours to make their own contribution to the Indian economy. DEFINITION OF SMEs IN INDIA A well-debated issue, the definition of small and medium enterprises in India was very recently ratified. The Mic ro, Small and Medium Enterprises Bill, 2006, which is likely to take effect from October 2006, define the segment on the basis of investments in plant and machinery. Small enterprises are those with an investment of not more than Rs 50 million in plant and machinery, and medium enterprises with an investment of over Rs 50 million but less than Rs 100 million in plant and machinery. This definition has finally put the segment within a legal framework. SMEs will be as defined in RPCD Circular No. RPCD. PLFNS. BC. 31/ 06. 02. 31/ 2005-06 dated August 19, 2005, which is reproduced below: At present, a small scale industrial unit is an undertaking in which investment in plant and machinery, does not exceed Rs. crore, except in respect of certain specified items under hosiery, hand tools, drugs and pharmaceuticals, stationery items and sports goods, where this investment limit has been enhanced to Rs. 5 crore. A comprehensive legislation which would enable the paradigm shift from smal l scale industry to small and medium enterprises is under consideration of Parliament. Pending enactment of the above legislation, current SSI/ tiny industries definition may continue. Units with investment in plant and machinery in excess of SSI limit and up to Rs. 10 crore may be treated as Medium Enterprises (ME). MICRO, SMALL AND MEDIUM ENTERPRISES FINANCING IN INDIA The Census of Small Scale Industries found that only 14. 26% of the registered units availed bank finance, while only 3. 09% of the unregistered units had access to bank finance. This means that 97% of the smaller among the small enterprises were deprived of the institutional credit. In other words, most of tiny and micro enterprises use self finance or borrowed funds from friends, relatives and moneylenders. Moneylenders continue to play important role after self-finance. The recent All India Debt and Investment Survey has revealed that the share of moneylenders in total dues of rural households rose from 17. 5% in 1991 to 29. 6% in 2002. A recent World Bank survey (August 2006) on the status of flow of credit to SME sector has revealed that in the start-up phase, family constitutes an extremely important source of funds for overwhelming majority (over 85%) of the respondents and trade credit came next in importance, representing extremely important source of funds for 27% of the respondents. In comparison, bank loans from state-owned banks make up an extremely important source for 15% and very important source for about 17% of the firms surveyed 1. Institutional Credit Structure A multi-level institutional structure exists for financing of small enterprises and non-farm enterprises in India. This consists of commercial banks, cooperative banks, RRBs, State Financial Corporations. Credit to small enterprises comes under priority sector lending programme of banks. The Reserve Bank of India (RBI) constantly reviews the flow of credit to this sector. To improve the flow of credit, the R BI has constituted several committees and working groups since 1991. Notable among the committees are Nayak Committee, Kapur Committee and Ganguly Committee. Appropriate measures are taken by the RBI and Government from time to time based upon the decision of the Standing Committee on SSI set up at the RBI. An exclusive refinancing bank, called Small Industries Development Bank of India (SIDBI) was set up in 1990. The issue of providing micro credit to micro-enterprises through development of SHG-Banks Linkage rests mainly with National Bank for Agricultural and Rural Development (NABARD). However, major part of SHG-Bank Linkage credit is in the form of micro credit to meet production and consumption needs and not for micro enterprises CONTRIBUTION TO NATIONAL DEVELOPMENT 1. It is estimated that SMEs account for almost 90% of industrial units in India and 40% of value addition in the manufacturing sector 2. The major advantage of the sector is its employment potential at low capi tal cost; this sector employs an estimated 59. 7 million persons spread over 26. 1 million enterprises 3. The MSMEs constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth and account for a major share of industrial production and exports, i. e. MSME sector accounts for about 45% of the manufacturing output and around 40% of the total export of the country The SMEs in India: Present Scenario In the recent past, small companies have performed better than their larger counterpart. Between 2001-06, net companies with net turnover of Rs. 1 crore – 50 crore had a higher growth rate of 701 per cent as compared to 169 per cent for large companies with turnover of over Rs. ,000 crore (Business World Jan. 2007). The total SSI production, which had reached the all time high of Rs. 1,89,200 crores in 1989-90 dropped dramatically in the next 10 years and only in 2001-02 the level of production was surpas sed. But after 2002, the production has risen at a aster rate. Since 2000, there is a continuous growth in number of units, production, employment and in exports. The average annual growth in the number of units was around 4. 1%. At the Note : Figures in parenthesis Indicate percentage growth over previous years Source: Development Commissioner (SSI) CONCLUSION Small industry in India has found itself in an intensely competitive environment since 1991, thanks to globalisation, domestic economic liberalisation and dilution of sector-specific protective measures. The international and national policy changes have thrown open new opportunities and markets for the Indian small industry. Concerted effort is needed from the government and small industry to imbibe technological dynamism. Technological upgradation and in-house technological innovations and promotion of inter-firm linkages need to be encouraged consciously and consistently. Financial infrastructure needs to be broadene d and adequate inflow of credit to the sector be ensured taking into consideration the growing investment demand, including the requirements of technological transformation. Small industry should be allowed to come up only in designated industrial areas for better monitoring and periodic surveys. A technologically vibrant, internationally competitive small and medium industry should be encouraged to emerge, to make a sustainable contribution to national income, employment and exports. It is essential to take care of the sector to enable it to take care of the Indian economy. REFERENCES †¢ Raju K. D. ,2008, Small and Medium Enterprises (SMEs) in India: Past, Present and Future, PHDCCI Working Paper, Rajiv Gandhi School of Intellectual Property Law, IIT Kharagpur https://papers. ssrn. com/sol3/papers. cfm? abstract_id=1080505 †¢ †¢ Emerging SMEs of India, auto component https://www. dnb. co. in/smes/smes. asp †¢ THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPME NT ACT, (2006) https://www. and. nic. in/C_charter/indust/msmeact2006. pdf †¢ Ministry of micro , small and medium Enterprises (Government of India) 2007 https://msme. gov. in/msme_aboutus. htm Reserve bank of india,2005, â€Å"Debt restructuring mechanism for SMEs in India, https://www. rbi. org. in/scripts/NotificationUser. aspx? Id=2502Mode=0 †¢ SME TIMES 2008, Alternative avenues to SME financing, https://smetimes. tradeindia. com/smetimes/news/top- stories/2008/Aug/14/alternative-avenues-to-sme-financing. html †¢ Prasad C. S. ,Micro, Small and Medium Enterprises Financing in India – issues and concern Issues, https://cab. org. in/CAB%20Calling%20Content/Small%20and%20Medium%20Ent erprises%20- %20Financing%20Need%20for%20Paradigm%20Shift/MSME%20Financing%20in%2 0India%20-%20Issues%20and%20Concerns. pdf Don’t waste time! Our writers will create an original "Role of Smes in National Development" essay for you Create order

Thursday, May 14, 2020

Case Studies - 11079 Words

RISK INSURANCE MANAGEMENT CASE – 1 a. With regard to the fuel oil prices risk: (1) Discuss how Juanita could use futures contracts to hedge the price risk. Futures contracts are one of the most common derivatives used to hedge the price risk. A futures contract is as an arrangement between two parties to buy or sell an asset at a particular time in the future for a particular price. The main reason that companies or corporations use future contracts is to offset their risk exposures and limit themselves from any fluctuations in price. The ultimate goal of an investor using futures contracts to hedge is to perfectly offset their risk. In real life, however, this is often impossible and, therefore, individuals attempt to†¦show more content†¦Less commonly, the focus is on a quintile, or other location parameter of the conditional distribution of the dependent variable given the independent variables. In all cases, the estimation target is a function of the independent variables called the regression function. In regression analysis, it is also of interest to characterize the variation of the dependent variable around the regressi on function which can be described by a probability distribution. Regression analysis is widely used for prediction and forecasting, where its use has substantial overlap with the field of machine learning. Regression analysis is also used to understand which among the independent variables are related to the dependent variable, and to explore the forms of these relationships. In restricted circumstances, regression analysis can be used to infer causal relationships between the independent and dependent variables. However this can lead to illusions or false relationships, so caution is advisable. Results of the regression are as follows: Y = 2.31 + 0.22X GWS trains will travel an estimated 5 locations. Expected derailment = 2.31 + 0.22 x 5 = 2.31 + 0.22 x 5 = 2.31 + 1.1 = 3.41 = 3 nos. CASE – 2 a. Do any of the following parties have anShow MoreRelatedCase Studies : A Case Study Approach Essay1157 Words   |  5 PagesA case study is a specific instance that is frequently designed to illustrate a more general principle (Nisbet and Watt, 1984). Hitchock and Hughes (1995) further suggest that the case study approach is particularly valuable when the researcher has little control over evens. Case studies strives to portray ‘what it like’ to be a particular situation, to catch up reality and ‘thick description’ (Geertz, 1973) of participants’ lives experiences of, thoughts about and feelings for a situation. TheyRead MoreCase Study887 Words   |  4 PagesCHAPTER I INTRODUCTION 1.1 Reasons choose the case 1.2 The Problems The problems of this case are: 1. How would you characterize Lincoln Electric’s strategy? 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She went to the bathroom where she washed her face with cold water and stayed in there long enough to smoke a cigarette. When she went back to the bedroom the being was still there. The being showed her futureRead MoreThe Case Study Of The Company1468 Words   |  6 PagesOverview of Case Study In the case study by Spector titled, Transferring Innovation Across National Boundaries, (Spector, 2012) company named Minnesota Biolabs (MB) provided laboratories with a quality test for contamination of injectable medications. This test required the use of live rabbits that led to the rabbit’s death after the test. 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The theories that would be relevant to the problems with Simon Lucas’ motivation would be the McClelland’s Need Theory and Herzberg’s Two-Factor Theory.Read MoreCase Study Essay1116 Words   |  5 PagesCase Study Objective The Case will focus on issues related to the cultural aspect of international business; sustainable business practices including CSR issues; foreign investment; and the benefits of regional integration for the countries within, and companies doing business in, that region.   The case study analysis will be completed on an individual basis. Instructions THE CASE: Kaizer Consulting Kaizer Consulting is an international management consulting firm that specializes in business strategy

Wednesday, May 6, 2020

Beautiful Landscapes and Scenery of New Zealad Is Dying...

New Zealand, which is known for its beautiful landscapes that are often captured on film in movies and television shows such as The Lord of the Rings Trilogy or Xena: the Warrior Princess, is now facing problems with deforestation, soil erosion, and invasive species that are killing native plants and animals (Central Intelligence Agency). With all countries whose population is growing, there are major effects caused by it. According to The World Factbook, a website created and ran by the Central Intelligence Agency, New Zealand is a country made of multiple islands that lie off the southeast coast of the continent Australia in the South Pacific Ocean. With about 268,000 square kilometers of land, New Zealand is an island that has both†¦show more content†¦Many New Zealanders help harvest and build much of their exports. New Zealand main exports are dairy products, meat, and fish (Central Intelligence Agency). They also export different woods or wood products as well as machi nery. The World Factbook states that the total amount of exports are $38 billion. New Zealand’s partners for exports are Australia, China, Japan, and the United States. They get imports from the countries listed prior in addition to Singapore and Germany. The imported goods total about $37,000 and include electronics, vehicles, machinery, and textiles (Central Intelligence Agency). Some major environment problems New Zealand are facing are deforestation, soil erosion, and harm to native plants and animals because or invasive species (Central Intelligence Agency). Greenpeace, an independent global campaigning organization, states that deforestation is a major problem in New Zealand because the burning of the forests have resulted in too much carbon in the air. This extra carbon in the air adds to the â€Å"greenhouse effect† which in turn causes climate change. This change in climate can result in the destruction of more forests because it causes more forest fires and drought (Greenpeace). Another outcome caused by deforestation is soil erosion. There are many types of soil erosion that happen in New Zealand. Two types that New Zealand deals with the most are steambank erosion and surface erosion

Tuesday, May 5, 2020

Monetary policy

Question: Suppose parliament decided to strip the reserve bank of its monetary policy powers and decided to legislate interest rate changes. How would you expect the policy choices to change ? which arrangement would , most likely, provide price stability? Answer: Monetary policy Monetary policies are the tools or the policies used by the central bank to control the supply of the money in the economy by using interest rates and inflation rates to ensure price stability and economic growth. There are two types of monetary policy. Contractionary monetary policies are used to shrink the total supply of money in the economy and expansionary monetary policies are used to expand the total money supply in the economy. The main goal of the monetary policies is to stable the price in the economy, lower the unemployment rate and increase the growth of the economy. The main tool of monetary policy used by the government and the central banks are the interest rates. Changes in interest rates also affect the Australian economy and individual consumers everyday life. Interest rates are the price that banks and the people have to pay to borrow money (Gal, 2015). Effects of changes in interest rates: The change in interest rates has its effect on various policies and also affects the economy. When the government wants to controls the supply of money in the economy then it instructs the central bank to raise the interest rates. When interest rate rises then the borrowing money becomes expensive. The demand for loan in the economy falls and savings increases. This leads the supply of money to fall in the economy (Malkiel, 2015). Figure: Fall in supply of money due to high interest rate When the government wants to increase the money supply the interest rate is decreased by the central bank. Borrowing money becomes more lucrative and the supply of money increases as people will now invest the money in new projects and businesses (Malkiel, 2015). Rising interest rates in Australia will hamper the economy as it will result in financial crisis. The last time the Reserve Bank of Australia cut the interest rate was in the year 20013. Economy believes in stabilizing the interest rates in order to stabilize the economy. When the RBA raises the interest rates the dollar rises even further that not only dampens investment making exporters hinder its ability for the non mining sector of the economy to grow. Changes in interest rate have effect on inflation rate as well. The main effect of change in interest rate will have its effect in production, consumption, inflation rate, and exchange rate. Changes in interest are also have effect on various other monetary policies such as repo rate and cash reserve ratio. Cash reserve ratio is the certain percentage of money that commercial banks have to keep with central bank. Interest rates also have effect on bank interests rate. Bank interest rate are the rates at which commercial banks borrows money from central bank. If government wants to increase the money supply in the economy then bank interest rates will rise. Commercial banks will have less money to lend people. Automatically the money supply in the economy falls. Reverse will happen if government wants to decrease the money supply in the economy (Malkiel, 2015). Changes in interest rate also have effect on exchange rate. Higher interest rates tend to increase the value of the currency compared to other countries currencies. This leads to increase in foreign investments and the demand for the countries currencies will also increase. The rise in the interest rates will raise the prices of exports of Australian product that will result in fall in for the exports in international market. The value of Australian currency rises with the rise in interest rates. Inflation rate is the rate at which the prices in the economy rises during any given time period. The rise in the interest rate increases the cost of borrowing money in the economy. People will have less money left to spend in the economy so the demand for goods will fall. The economy will slow down that in turn the prices of the goods in the economy falls. Rise in the interest rates also leads the prices of goods in Australia rise. The fall in interest rate will have opposite effect in inflation rate. Hence interest rate and inflation rate are positively related (Afonso Sousa, 2012). Figure: effect of rise in interest rate on inflation rate Repo rate is the rate at which the central bank lends money to commercial bank during the shortfall of funds. The effect of changes in the repo rate on the inflation rate is known as transmission of mechanism. The change in the repo rate has its effect on the interest rate as well in long term and this change in repo rate will have effect on the inflation rate as well (Bekaert et al., 2013). The government of Australia wants the Reserve of Australia to curb the interest rates in order to stabilize the price and the growth of the fragile economy. Price stability is the situation when the prices of various goods and services do not fluctuate in the economy and the economic growth is stable. For the price to be stable in the economy the interest rate specially the nominal interest rate needs to be stable. The changes in the interest rate and its effect on various other policies of output demand and prices are known as transmission of mechanism of monetary policy (Afonso Sousa, 2012). Basically there are three variables or policies that rate affected with the change in interest rates. First one is change in demand, savings, investment and exports. Second is on the production and employment. Third is on real GDP and price inflation (Afonso Sousa, 2012). References: Afonso, A., Sousa, R. M. (2012). The macroeconomic effects of fiscal policy.Applied Economics,44(34), 4439-4454. Bekaert, G., Hoerova, M., Duca, M. L. (2013). Risk, uncertainty and monetary policy.Journal of Monetary Economics,60(7), 771-788. Gal, J. (2015).Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications. Princeton University Press. Malkiel, B. G. (2015).Term structure of interest rates: expectations and behavior patterns. Princeton University Press.

Saturday, April 4, 2020

Platos Idea of the Role of Philosophy in Human Life free essay sample

An examination of Platos beliefs in the function of philosophy in life. This paper attempts to assess Platos obsession with the role of philosophy. The author argues that Plato sees philosophy as the purpose in life and provides reasons for this such as Philosophys ability to provide clarity to to all discussions of fundamental values and principles so important to human life. This paper examines Platos concepts and principles. Everyone knows that for Plato, philosophy is the summit of human life and achievement. Socrates, the grandfather of dialectics, gadfly to Athens, made no bones about it in the Republic: the philosopher is flatly superior to all other men. Why? Socrates formulates the same thought in many related figures. Only the philosopher sees the invisible realities obscured by visible facts. Others see the Many, the philosopher sees the One. Others are beguiled by shadows, the philosopher gazes into light. We will write a custom essay sample on Platos Idea of the Role of Philosophy in Human Life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Others are taken in by simulacra viewed as being in constant motion, but the philosopher knows the unmoving essences that underlie all appearances. For Socrates-Plato, then, the philosopher not only epitomizes man at his finest (there is never a question of women becoming philosophers, not even so much as a murmur one can only imagine the outburst of sardonic laughter the idea might have provoked from Socrates and his entourage), but also ought to be the ruler of the ideal State. Concomitantly, those who are not philosophers deserve to be classed among the ruled. My question, in this short paper, will be: Does Socrates, as quoted by Plato in The Republic, make his case for these claims convincingly, or does he leave the reader feeling dubious?

Sunday, March 8, 2020

A Nation Changed essays

A Nation Changed essays Where were you three years ago on September 11th when our great nation was fallen under attack? It seems as if everyone knew exactly where they were that fateful day. The terror attacks on the Twin Towers and Pentagon changed the lives of Americans forever. After this event, there was greater patriotism through out the United States, greater concern on self-defense against terrorism, and the repeated criticism of the leaders of our country. The event that happened was the September 11th attack on the Twin Towers. Early that morning hijackers boarded two seven forty seven commercial airplanes and hijacked the planes with box cutters. Later, the first plane slammed into the left tower starting a fire. Nobody could believe what was going on. Everyone was really scared because all you saw were flames coming from the building. You couldnt help but think of the innocent people trapped inside. Then the second plane hit the right tower. I was in disbelief, how could this happen? By now, every channel on the T.V was showinWhere g the coverage. America was watching in horror. The New York fire department was there trying to rescue people. Both towers were engulfed in flames. Then without warning the towers, which had been burning for hours, now tumbled straight to the ground. A huge cloud of dust covered Manhattan, where the accident occurred. No one could believe this was actually happening to America. When the tragedy was finished, not even a week went by when you saw almost every American with a flag on their window or flying it outside their homes. America felt grief for all those innocent people dying that they felt they needed to show their patriotism for the U.S.A. Even Hollywood seemed very affected by this tragedy; they started writing songs and movies about this event. Our entire Nation came together in this time of need. More and more people went and visited the troops who would soon go off to battle for our great countr...

Friday, February 21, 2020

Shortcomings of GDP Essay Example | Topics and Well Written Essays - 250 words

Shortcomings of GDP - Essay Example It only sums up the outputs of production and does not include intermediary goods and those consumed households (Tyson and Lund 2014). As a result, it does not measure the social welfare and their lifestyles. A country may have high GDPs annually, but there are still cases of increased poverty among its citizens. Additionally, GDP does not include incomes from black markets and other nonmarket activities that are sources of employments and better economic welfares. Lack of including economic activities that directly contribute to an individuals welfare has become a major setback especially in the United States (Tyson and Lund 2014). GDP includes gross incomes and does not account for economic factors such as depreciating capital stocks. On the other hand, solutions have been introduced to modify GDP as a measure of economic welfare. They include the introduction of indexes in the environmental and personal welfare sectors. The Human Development Index (HDI) and Environmental Sustainability Index (ESI) have been introduced to provide for omissions that the GDP does not cater for in the economy. Since GDP does not account for social welfare, the HDI can be used as a measure of individual qualities of life and later be included in the GDPs final tally. GDP can also be modified by including other measures of income such as the Gross National