selling options fr restricted capacity for a power plant- evaluation and options

8/14/2019 Selling options fr restricted capacity for a power plant- Evaluation and options

1/65

BWFB ) Wf``jab Dp}jdaw hduUfw}ujg}fm Gcpcgj}z

Fxc`vc}jda cam Cac`zwjw

Wpcuwnz Wc~fac

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2/65

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J rdv`m `jlf }d f~}fam iz nfcu}hf`} buc}j}vmf }d }nf w}chh dh Bvkcuc} W}c}f F`fg}ujgj}z Bfafuc}jda cam

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if! J rdv`m pfuwdac``z `jlf }d }ncal Iu! Nfica} Bckkcu Iu! Xjacz Lvicu Iu! Wciffu Kdwnj Iu!

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3/65


Dekfg}jxf

]nf dekfg}jxf dh }nf ufpdu} jw }d w}vmz }nf xcujdvw dp}jdaw cxcj`ce`f }d BWFB hdu }nf wc`f dh }nf ufw}ujg}fmgcpcgj}z! ]nf ufpdu} w}vmjfw }nf dp}jdaw ja `jbn} dh hcg}duw `jlf cxcj`ce`f }ucmjab gcpcgj}z pudhj} icubja

cam }nf cxcj`ce`f gvw}difu ecwf!


4/65

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F~fgv}jxf Wviicuz

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cam _drfu f~gncabf! Ej`c}fuc` }ucmf jaxd`xfw iculf} ufwfcugn pujgf xd`c}j`j}z cw pfu ecubcjajab gcpcgj}z

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ad} c mcz cnfcm jag`vmjab }nf hcg} }nc} BVXA@ }nfiwf`xfw rdv`m }ucmf }nf pdrfu mvujab njbn mficam

pfujdmw j} icz ef uf`c}jxf`z mjhhjgv`} }d wf`` }nf pdrfu! Afxfu}nf`fww f~p`dujab }nf dp}jda dh pdrfu wc`f

cam cg}vc``z }uzjab j} gca }nudr vp }nf cg}vc` pdwwjej`j}jfw ( mjhhjgv`}jfw cam }nf f~pfujfagf bcjafm gca ef

vwfhv` ja hv}vuf!


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Gda}fa}w]nf _drfu jamvw}uz !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ja}udmvg}jda !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Mficam Icacbfifa} !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

_drfu Gda}ucg}w !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

@dab }fui !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Wndu} }fui !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Bujm Icacbfifa} !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

_ujgjab dh _drfu !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! @dab }fui gda}ucg}w cam Ej`c}fuc` }ucmjab !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

_ujgjab da }nf f~gncabf !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Bvkcuc} W}c}f F`fg}ujgj}z Bfafuc}jda !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Gdipcaz Mfwgujp}jda !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Gdiejafm Gzg`f _drfu p`ca} c} Nc{juc !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

_udmvg}jda Mc}c !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Cidva} dh dwwfw jagvuufm !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ac}vuf dh `dwwfw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Dp}jdaw cam Fxc vc}jda !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Wndu} }fui iculf} !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ej`c}fuc` iculf} _drfu f~gncabf ; Uf`c}jxf Gdipcujwda !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! =3

_drfu F~gncabf !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Jamjca Fafubz F~gncabf !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

_drfu F~gncabf Jamjc @jij}fm !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Uf`c}jxf gdipcujwda ef}rffa }nf f~gncabfw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! =7

Iculf} Wncuf !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ifiefuwnjp Dp}jdaw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Gda}ucg}w Dhhfufm !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

]fgnad`dbz Wvppdu} !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Gdw}jab Cac`zwjw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Gdipcuc}jxf gdw}w dh d}nfu dp}jdaw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


6/65


Fhhfg}w da ufxfavf !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ida}n`z ufxfavf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Gdw} Efafhj} Cac`zwjw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ij~ dh wf``jab dp}jdaw hdu BWFB!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

C Nzpd}nf}jgc` ]ucmjab _udpdwc` !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

@fcuajabw cam Gdag`vwjdaw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Hjamjabw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ufgdiifamc}jdaw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Cg}jda p`ca !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Gda}jabfagjfw !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

F~njej}w !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Eje`jdbucpnz !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


7/65


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] CE@F = ; C G]VC@ _UDMVG]JDA MC]C !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ] CE@F 6 ; HFF W]UVG]VUF HDU JF^ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ] CE@F 8 ; I FIEFUWNJ_ D_]JDAW HDU _^J@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ] CE@F 2 ; I FIEFUWNJ_ HFF HDU _^J@ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ] CE@F > ; GDI_CUC]JXF GDW]W HDU _DRFU ]UCMF . JA UW!$LR N* !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 6 ] CE@F : ; ] UCMJAB _UJGFW DA JF^ .KVAF 5??>)I CZ 5??:* !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 6 ] CE@F 3? ; @DCM UFW]UJG]JDA @DWW MC]C !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ] CE@F 33 ; I DA]N@Z _UDHJ] HDU ]NF _FUJDM KVAF 5??> ) I CZ 5??: .O UW! 5!:$ L R N* !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 6= ] CE@F 35 ; I DA]N@Z _UDHJ] HDU ]NF _FUJDM KVAF 5??> ) I CZ 5??: .O UW! 6$ L R N* !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 66 ] CE@F 37; GDW] EFAFHJ] C AC@ZWJW HDU C HV@@ IFIEFUWNJ_ D_]JDA !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 62 ] CE@F 3= ; GDW] EFAFHJ] CAC@ZWJW HDU C @JBN] IFIEFUWNJ_ D_]JDA !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 62 ] CE@F 36 ; _UJGFW HDU ]NF VJ JA]FUHCGF HDU ]NF _FUJDM DH C VBVW] 5??> ) I CUGN 5??: !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 6: ] CE@F 38 ; MCJ@Z _UDHJ] HDU MFGFIEFU 33 .N Z_D]NF]JGC@ F ^GFWW DH _DRFU * !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 6: ] CE@F 32 ; MCJ@Z _UDHJ] HDU MFGFIEFU 33 .N Z_D]NF]JGC@ ) MFHJGJ] DH _DRFU *!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 8?


8/65

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HJBVUF

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9/65

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F ^NJEJ] = ; NDVU@Z IG_ W HDU ]NF IDA]N DH MFGFIEFU 5??> !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 8=


10/65

3? W f ` ` j a b D p } j d a w h d u U f w } u j g } f m G c p c g j } z d h B W F B

]nf _drfu jamvw}uz

Ja}udmvg}jda

]nf pdrfu jamvw}uz da `czica }fuiw jw mjwwfijac}jda dh f`fg}ujgc` pdrfu hudi }nf bfafuc}duw }d }nf fam

gdawvifuw! ]nf Jamjca pdrfu iculf} jw gncucg}fuj{fm ez xd`c}j`f uf`c}jdawnjp ef}rffa }nf wvpp`z cam

mficam dh pdrfu cw rf`` cw }nf xjubjaj}z dh }nf ufbv`c}fm faxjudaifa}! ]nf f`fg}ujgj}z gdawvip}jda ez

}nf fam gdawvifu jw }nf bvjmjab hcg}du hdu fxc`vc}jab }nf f`fg}ujgj}z mficam hdu }nf hv}vuf! C} pufwfa}

}nfuf jw ca cppud~jic}f >& fafubz wndu}cbf rnj`f pfcl pdrfu wndu}cbf jw cedv} 35&! BdJ ncw p`caw }d

dxfugdif }nf pdrfu wndu}cbf ez evj`mjab cmfsvc}f bfafuc}jda gcpcgj}z ez }nf fam dh }nf 33 }n p`ca! Ecwfm

da }nf pudkfg}jdaw icmf ja }nf 32}n

F`fg}ujg _drfu wvuxfz ja 5?33)5?35 }nfuf jw f~pfg}fm }d ef c mficamdh cppud~jic}f :8: ]Rn c} }nf pdrfu w}c}jda evw ecuw cam c pfcl `dcm ufsvjufifa} dh cppud~jic}f 367

BR! ]njw ifcaw }nf fafubz mficam rj`` ef njbnfu ez cedv} 7?&cam }nf pfcl `dcm ez 76&! Ecwfm da }nf

cedxf w}c}jw}jgw c gcpcgj}z cmmj}jda dh =8 6?? IR ncw effa }fa}c}jxf`z hj~fm hdu Gfa}uc` _ve`jg Wfg}du

Vamfu}cljabw vamfu }nf Ijajw}uz dh _drfu! C} }nf w}c}f `fxf` }nf WFEw$W}c}f v}j`j}jfw cam pujxc}f wfg}du

rj`` cmm cedv} =3 >?? IR! Hdu dp}jic` mfxf`dpifa} dh }nf f`fg}ujgj}z fafubz ja j}w }d}c`j}z ca ja}fbuc}fm

cppudcgn jag`vmjab gcpcgj}z cmmj}jda }nudvbn avg`fcu cam ada)gdaxfa}jdac` fafubz ncw effa cmdp}fm!

]nf gcpcgj}z cmmj}jda }cubf}w dh 8=?? IR }nudvbn avg`fcu pdrfu cam 3? 2?? IR }nudvbn ada)

gdaxfa}jdac` wdvugfw ncw effa hj~fm hdu }nf pfujdm }j`` 5?35!

]nf icja cji dh }nf p`czfuw da }nf pdrfu iculf} jw iff}jab ic~jivi gdawvifu `dcm kvbb`jab ef}rffa

`dab) ifmjvi) cam wndu} }fui cbuffifa}w ef}rffa evwjafww fa}j}jfw cam ufp`cgjab gdw}`jfu pdrfu rj}n

gnfcpfu pdrfu! ]nf }cujhhw dh }nf jamvw}uz cuf dh}fa iculf} mujxfa j!f! }nf pujgfw cuf hj~fm ecwfm da }nf

hufsvfagz if}fu cam nfagf cuf wvwgfp}je`f }d xcujcej`j}z mvf }d `dcm bfafuc}jda ec`cagf! Wdif dh }nf

jwwvfw pufxc`fa} ja }nf iculf} cuf jipudpfu }cujhhw cw mjwgvwwfm cedxf cam jipudpfu c``dgc}jda dh

wvewjmjfw efwjmf }nf mcabfu dh }nf gd``cpwjab dh }nf iculf}!

Ufbv`c}duw ncxf effa }uzjab }d fw}ce`jwn ca dubcaj{fm iculf} w}uvg}vuf ez fawvujab `fxf` p`czjab hjf`m

gdipf}j}jda cam c pudpdu}jdac}f aviefu dh evzfu cam wf``fuw }nudvbn `fbjw`c}jxf pd`jgjfw cam ufbv`c}jdaw!

Ja dumfu }d iff} }nf mfhjgj} c} }nf ac}jdac`$w}c}f `fxf`w BdJ `jefuc`j{fm }nf pdrfu wfg}du ja 3::3 cam

fagdvucbfm pujxc}f pcu}jgjpc}jda }nudvbn }nf gdagfp} dh J__w rnfufja }nf J__w cuf ufsvjufm }d wvpp`z

}nfju pdrfu }d WFEw!


11/65


Cw c hvu}nfu w}fp ja `jefuc`j{c}jda }nf F`fg}ujgj}z Cg} rcw jip`fifa}fm ja 5??7 rnjgn ncw pudxjwjdaw

Dpfa Cggfww .]njum _cu}z Wc`f* fipdrfujab ufbv`c}duw cam vaevam`jab dh WFEw ja}d Bfagdw ]ucawgdw

cam Mjwgdw!

]nf Jamjca pdrfu iculf} ed}n bfafuc}jda cam }ucmjab cuf adxjgf cw gdipcufm }d }nf ja}fuac}jdac` pdrfu

iculf} rnfufja cg}jxj}jfw cuf gcuujfm da c xfuz `cubf wgc`f wjagf 3?)36 zfcuw cw gdipcufm }d c }jif w`d} dh

cedv} 6 zfcuw wjagf }nf affm hdu c dubcajwfm f`fg}ujgj}z iculf} rcw ufgdbaj{fm cam w}fpw rfuf }clfa }d

eujab }nf wcif ja}d p`cgf!

Mficam Icacbfifa}

]nf affm hdu f`fg}ujgj}z jw xcujce`f cam ad} wgnfmv`fm cw ja }fuiw dh svca}j}z! Nfagf }nf `dcm ec`cagjab

}fgnajsvfw hdui ca jipdu}ca} cwpfg} dh }nf Jaxfa}duz icacbfifa} wzw}fi dh }nf f`fg}ujgj}z wvpp`z! ]nf

jamvw}uz f~pfujfagfw wfcwdac` cam juufbv`cu mcj`z mficam xcujc}jdaw! ]nf affm hdu pdrfu jagufcwfw mvujab

}nf pfcl ndvuw dh }nf mcz 3? ci }d 6 pi gc``fm pfcl pdrfu mficam cam c`wd mvujab }nf wfcwdaw dh

wviifu rnfuf ja f`fg}ujgj}z jw gdawvifm ja bufc}fu svca}j}jfw! Hdu }njw }nf icja cji dh c gdawvifu jw }d

fawvuf }nf wvpp`z dh }nf ecuf ijajivi cidva} hdu rnjgn }nf vwcbf jh gdahjuifm cam gdaw}ca}! ]nf

cmmj}jdac` ufsvjufifa}w dh pdrfu ncxf }d ef cmkvw}fm rj}n cmmj}jdac` cuucabfifa}w!

]nf gdaw}ca} affm hdu pdrfu jw wvhhjgfm }nudvbn c `dab }fui pdrfu pvugncwf cbuffifa} rj}n c bfafuc}jab

fa}j}z ed}n gfa}uc` cam jamfpfamfa} pdrfu pudmvgfuw .J__w*! ]nf d}nfu xcujce`f mficam jw wc}jwhjfm}nudvbn ifmjvi cam wndu} }fui cbuffifa}w cw }nf affm icz ef! ]nfwf xcujce`f gda}ucg}w cuf afbd}jc}fm

fj}nfu mjufg}`z du }nudvbn }ucmfuw! Ndrfxfu }nfuf jw cad}nfu pudxjwjda hdu vawgnfmv`fm cam jacmxfu}fa}

affm }nf VJ .Vawgnfmv`fm Ja}fugncabf* `jlf c wpd} iculf} }ucmjab pfu}cjajab }d dxfumucrjab dh

f`fg}ujgj}z hudi }nf bujm dxfu dafw w}jpv`c}fm jij}! ]nf mf}cj`fm hvu}nfu wp`j}}jab vp dh }nf iculf} jw bjxfa

cw ;


12/65


Hjbvuf 3 ; Mjcbuciic}jg ufpufwfa}c}jda dh }nf Mficam Wf}}`fifa}

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ECWF MFICAM ICACBFM ]NUDVBN @DAB ]FUI __Cw

MFICAM

XCUJC]JDAW

WFCWDAC@ Wndu} }fui ]ucmfw EJ@C]FUC@ .Mjufg}}ucmfuw* ; Mcz Cnfcm HGHW vp}d 7 ida}nw Ecaljab | =>& y

F^GNCABFW MCZ CNFCM ICULF] .Ja}uc)mcz Mcz

Cnfcm gda}jabfagz mcj`z rffl`z ida}n`z vp}d 7ida}nw | :& y

MCJ@Z

VJ EC@CAGJAB UFC@]JIF | =7& y


13/65


_drfu Gda}ucg}w

@dab }fui

Bfafuc``z hdu }njw bfafuc}duw }jf vp rj}n c mjwgdi hdu wf``jab c `cubfu gnval dh }nfju bfafuc}fm pdrfu!

]nf svca}j}z cam }nf wc`f pujgf cuf ecwfm da }nf }fuiw dh }nf __C wf}}`fm ef}rffa }nf }rd fa}j}jfw! ]nf

__C jw cuucabfm ez }nf jaxj}c}jda dh }famfuw! ]nf bfafuc}du h`dc}w dv} ca dpfa ejm hdu }nf svca}vi dh

pdrfu }nc} j} bfafuc}fw! Mjwgdiw }ndwf ja}fufw}fm hj`f dv} }famfuw hdu }nf fxcgvc}jda! ]nf cppudpujc}f ejm

jw }nfa wf`fg}fm cam }nf __C jw much}fm dv} ef}rffa }nf }rd fa}j}jfw! J} jw pdwwje`f }nc} }nf svca}vi dh

pdrfu }d ef pvugncwfm ijbn} ad} ef hj~fm! J} mfpfamw da }nf gdw} dh bfafuc}jda dh }nf bfafuc}du!

C Mjwgdi ncw __Cw rj}n wfxfuc` bfafuc}duw! _drfu mjwpc}gn }d }nf bujm jw mdaf da }nf ecwjw dh }nf Ifuj}

Dumfu Mfwpc}gn! Cggdumjab }d }njw uv`f gnfcpfu pdrfu jw mjwpc}gnfm }d }nf bujm dxfu gdw}`jfu pdrfu!

Mjwgdiw ncxf }d icja}cja c w}jpv`c}fm hufsvfagz dh pdrfu }nc} }nfz pv} ja}d }nf bujm! Nfagf }nfz wdu} }nfpdrfu hudi cidab }nf bfafuc}duw }nc} }nfz ncxf! Cw c ufwv`} }nf bfafuc}du rj}n gdw}`jfu pdrfu ijbn} ef

cwlfm }d gv} mdra da njw bfafuc}jda pudgfwwfw! Nfagf }nf p`ca} mdfw ad} dpfuc}f c} hv`` gcpcgj}z `fcmjab

}d c mfgufcwfm p`ca} cxcj`cej`j}z hcg}du ._@H*3 `fcmjab }d Ecgljab mdra `dwwfw hdu }nf p`ca} ja }fuiw dh

IRnu }nc} }nfz pudmvgf!

Wndu} }fui

]nf mficam hdu f`fg}ujgj}z jw xcujce`f cam }d c gfu}cja f~}fa} ncpnc{cum! ]nf wfcwdac` xcujc}jdaw ja }ufamgca ef pufmjg}fm }d c gfu}cja f~}fa}! ]nf mjwgdiw }jf vp rj}n }nf bfafuc}duw }nudvbn }nf __C hdu }nc}

cidva} dh pdrfu hdu rnjgn }nfz jw ca fxjmfa} cam pfuicafa} mficam! Fa}j}jfw pufhfu bdjab ja hdu wndu}

}fui gda}ucg}w hdu iff}jab }nf xcujc}jdaw ja mficam cam wvpp`z! Bfafuc}duw h`dc} ejmmjab gda}ucg}w cam

jaxj}f }famfuw hudi pd}fa}jc` evzfuw! Cggdumjab }d }nf bfafuc}jab gcpcgj}z efjab dhhfufm }nf pd}fa}jc`

gvw}difuw hj`f }nfju ejmw cam }nf cppudpujc}f ejm jw wf`fg}fm!

]nf }ucmjab hdu }fipducuz gda}ucg} pdrfu ja }jifw dh xcujce`f mficam jw mjxjmfm ja }d }rd }zpfw dh

iculf}w ecwfm da }nf }ucawcg}jda gcpcgj}z cam gdabfw}jda }d hcgj`j}c}f hfcwje`f iff}jab dh mficamw< Wpd}

iculf} rnjgn jag`vmfw Ja}uc)mcz cam Mcz)Cnfcm iculf} cam }nf Hdurcum iculf} rnjgn jag`vmfw }nf

Rffl`z cam Ida}n`z gda}ucg}w!

3 _`ca} Cxcj`cej`j}z jw f~pufwwfm cw c uc}jd dh }nf Dpfuc}jab ndvuw , W}camez Ndvuw }d }nf ]d}c` Zfcu ndvuw


14/65

3= W f ` ` j a b D p } j d a w h d u U f w } u j g } f m G c p c g j } z d h B W F B

Cpcu} hudi gda}ucg}w VJ ufbv`c}jda jw rjmf`z vwfm }d }ucmf pdrfu }d iff} wfcwdac` wndu})}fui cam pfcl

mficam! VJ jw c gdiifugjc` cw rf`` cw c mjwgjp`jacuz ifcwvuf hduiv`c}fm }d ufbv`c}f }nf vwcbf dh

cmmj}jdac` pdrfu dxfu ecwf mficam! VJ c``drw dxfumucrjab pdrfu hudi }nf bujm c} njbnfu uc}fw }nc} cuf

ecwfm da hufsvfagz dh }nf pdrfu cxcj`ce`f c} }nf mjwpc}gn gfa}uf cam cuf bfafuc``z cwwdgjc}fm rj}n }nf

Ufbjdac` @dcm Mjwpc}gn Gfa}fuw .U@MGw* hdu }nf mjhhfufa} {dafw ja }nf gdva}uz! Wdif dh }nf jwwvfw

uf`c}fm }d pdrfu }ucmjab ja Jamjc cuf

FF^ >2 357 3=8

C_^ 3: 53 56

_drfuAf~} 7? == 65

]ce`f 3 ; Iculf} }ucmjab xd`vifw dh }nf `fcmjab Fvudpfca F~gncabfw

Wdvugf ; Adumpdd` Wpd} CW gdipcaz _ufwfa}c}jda 5??:

]nf cufcw dh dpfuc}jda dh }nfwf f~gncabfw cuf jag`vmfm cw F~njej} 3!

]nf f~gncabf rcw fw}ce`jwnfm ja 3::7 rj}n c xjfr }d svd}f pdrfu pujgfw hdu }nf Adurfbjca pdrfu

iculf}! Ndrfxfu ja 5??5 rj}n }nf wp`j}}jab dh }nf pnzwjgc` cam hjacagjc` iculf}w }nf Adum _dd` Wpd}

rcw mfxd}fm }d ncam`f }nf pnzwjgc` }ucmjab dh pdrfu!

]nf Adum _dd` Wpd} CWdpfuc}fw ja }nf pnzwjgc` iculf}w ecwfm da }nf Adumjg idmf` dh pdrfu f~gncabfw!

Cpcu} hudi pudxjmjab c }ucawpcufa} p`c}hdui hdu }ucmjab gv}}jab mdra }ucawcg}jda gdw}w cam icacbjab

bujm gdabfw}jda ]nf Adumjg idmf` pudid}fw ja}fu)fvudpfca gd)dpfuc}jda }nudvbn iculf} gdvp`jab }d

Bfuicaz Af}nfu`camw cam d}nfu Fvudpfca gdva}ujfw!

Adum_dd` dpfuc}fw }rd }zpfw dh pnzwjgc` iculf}w ecwfm da }nf }zpf dh gda}ucg}w dhfufm F`wpd} cam F`ecw!

F`wpd} jw c mcz)cnfcm cvg}jda ecwfm iculf} hdu }ucmjab dh pnzwjgc` pdrfu! J} gdxfuw gdva}ujfw dh Adurcz

Wrfmfa Hja`cam Mfaicul cam LDA]FL cufc ja Bfuicaz! Cedv} 2?& dh }nf }d}c` pdrfu gdawvip}jda

ja }nf Adumjg gdva}ujfw jw }ucmfm da ca F`wpd} iculf}!


18/65

3> W f ` ` j a b D p } j d a w h d u U f w } u j g } f m G c p c g j } z d h B W F B

Hjbvuf 5 ; Uf`c}jxf }ucmjab xd`vif da Adum _dd`

Wdvugf ; Adumpdd` Wpd} CW gdipcaz _ufwfa}c}jda 5??:

]ucmjab da }nf F`wpd} iculf} bjxfw c pudxjwjda dh ndvu`z gda}ucg}w cam e`dgl ejmw hdu }nf fa}j}jfw }ucmjab

da }nf f~gncabf! Ja }nf ndvu`z ejm }nf pcu}jgjpca} gca wf`fg} }nf ucabf dh pujgf w}fpw hdu }nf ndvu`z

ufsvjufifa}w dh pdrfu! ]nf e`dgl ejmw cuf cbbufbc}fm ejmw hdu wfxfuc` ndvuw rj}n c hj~fm pujgf ucabf cam

xd`vif hdu }nf wpfgjhjfm ndvuw!

_ujgf gc`gv`c}jdaw cuf mdaf ez fxc`vc}jab }nf pvugncwf cam wc`f ejmw cam }nfa ufcgnjab ca fsvj`jeujvi

pujgf rnjgn wnc`` ef j``vw}uc}fm ja }nf ch}fu wfg}jdaw!

]nf F`wpd} }ucmjab xcujfw }nf pujgf gc`gv`c}jdaw ja uf`c}jda }d }nf ed}}`fafglw pufwfa} pfu}cjajab }d }nf bujm

gdabfw}jda! Ja gcwf dh ad gdabfw}jda ch}fu }nf fsvj`jeujvi pujgf jw mfgjmfm }nf rnd`f ufbjda }nc} jw

gdxfufm ez }nf iculf} wndrw wjij`cu pujgjab dh pdrfu ch}fu gnfgljab }nf }ucawijwwjda gcpcgj}jfw

cxcj`ce`f! Ja gcwf dh gdabfw}jda du ed}}`fafglw pufwfa} cggdumjab }d }nf cufcw dh gdagfua }nf pujgfw cuf

h`vg}vc}fm ucjwfm du `drfufm ja dumfu }d widd}nfa dv} }nf gdabfw}jda ez jamjufg}`z chhfg}jab mficam!

]nvw }nf ufbjda wndrw mjhhfufa}jc}fm pujgjab!


19/65

3: W f ` ` j a b D p } j d a w h d u U f w } u j g } f m G c p c g j } z d h B W F B

]nf F`ecw }ucmjab iculf} jw c pnzwjgc` cmkvw}ifa} iculf} mfwjbafm }d gc}fu }d }nf jiifmjc}f affmw hdu

pdrfu hdu c }jif pfujdm wndu}fu }nca 5= ndvuw! J} jw ca ja}uc)mcz iculf} rj}n gda}javdvw }ucmjab dh daf)

ndvu gda}ucg}w }j`` daf)ndvu pujdu }d mf`jxfuz!

Ja Jamjc ndrfxfu }nf gdagfp} dh c ufbv`c}fm pdrfu f~gncabf ncw gdif ja }d p`cz hudi }nf zfcu 5??7

rnjgn rj}afwwfm c gncabf ja }nf ufbv`c}duz hucifrdul pufxc`fa} ja }nf pdrfu iculf}! Hd``drjab cuf }nf

ufbv`c}duz gncabfw }nc} }ddl p`cgf wjagf }nf zfcu 5??7 ;

5??7 Kvaf Facg}ifa} dh F`fg}ujgj}z Cg} ?7, mfxf`dpifa} dh ca dubcaj{fm f`fg}ujgj}z

iculf}

5??8 Kv`z GFUG jwwvfm c W}chh _cpfu da Mfxf`dpifa} c Gdiida _`c}hdui hdu

F`fg}ujgj}z ]ucmjab, rnfufez, j} ufgdiifamw c wpd} .mcz )cnfcm* iculf} hdu

f`fg}ujgj}z }ucmjab ecwfm da Fvudpfca idmf`

5??2 Hfeuvcuz GFUG jwwvfm Bvjmf`jafw hdu wf}}jab vp dh _drfu F~gncabf

5??> Kcavcuz GFUG Hjac`j{fm afr Dpfa Cggfww Ufbv`c}jdaw hdu Ja}fu W}c}f ]ucawijwwjda

rnjgn jag`vmfw bvjmf`jafw hdu pdrfu f~gncabf) ecwfm }ucawcg}jdaw

5??> Kvaf Bvjmf`jafw hdu wgnfmv`jab dh }ucawcg}jdaw da f~gncabfw

5??> Dg}defu Hjac`j{c}jda dh dpfuc}jab jaw}uvg}jdaw ja c iv`}j)f~gncabf wgfacujd

Dpfuc}jda

]nf f~gncabfw dpfuc}f da c mcj`z ecwjw! ]nf dpfuc}jda jag`vmfw mjhhfufa} pncwfw cw j``vw}uc}fm ef`dr!

]jif `jaf dh F~gncabf Dpfuc}jdaw

Ejm cggviv`c}jda pfujdm .Ejmmjab pncwf*

Mvujab }nf cvg}jda wfwwjdaw da fcgn ]ucmjab Mcz ejmw fa}fufm ez Ifiefuw da }nf JF^ ]ucmjab _`c}hdui

cuf cv}dic}jgc``z w}dufm ja }nf Gfa}uc` Dumfu Eddl rj}ndv} bjxjab ujwf }d Gda}ucg}w! Mvujab }njw pncwf

ejmw fa}fufm gca ef ufxjwfm du gcagf``fm! Ejm cggviv`c}jda pfujdm wnc`` w}cu} c} 3?!?? CI cam rj`` fam c}35!?? Adda!


20/65


Cvg}jda pfujdm

C} }nf fam dh }nf ejmmjab wfwwjda }nf f~gncabf ]ucmjab _`c}hdui rj`` wffl }d ic}gn ejmw hdu fcgn ndvu`z

gda}ucg}! Ch}fu }nf pujgf mf}fuijac}jda pncwf jw gdag`vmfm }nf Ifiefuw rndwf ejmw ncxf effa pcu}jc``z

du hv``z f~fgv}fm rj`` ef pudxjmfm c`` uf`fxca} }ucmf jahduic}jda ufbcumjab fcgn gda}ucg} }ucmfm da }nf

JF^ ]ucmjab _`c}hdui!

_ujgf Mf}fuijac}jda _udgfww ._udxjwjdac`*

C`` pvugncwf ejmw cam wc`f dhhfuw rj`` ef cbbufbc}fm ja }nf vagdaw}ucjafm wgfacujd! ]nf cbbufbc}f wvpp`z

cam mficam gvuxfw rj`` ef mucra da _ujgf)Svca}j}z c~fw! ]nf ja}fuwfg}jda pdja} dh }nf }rd gvuxfw rj``

bjxf Iculf} G`fcujab _ujgf .IG_* cam Iculf} G`fcujab Xd`vif .IGX* gduufwpdamjab }d pujgf cam

svca}j}z dh }nf ja}fuwfg}jda pdja}! Ufwv`}w hudi }nf pudgfww rj`` ef puf`jijacuz ufwv`}w! Ecwfm da }nfwf

ufwv`}w }nf F~gncabf rj`` rdul dv} pudxjwjdac` de`jbc}jda cam pudxjwjdac` pdrfu h`dr! Hvamw cxcj`ce`f ja

}nf wf}}`fifa} cggdva} dh }nf Ifiefuw wnc`` ef gnfglfm rj}n }nf G`fcujab Ecalw cam c`wd ufsvjwj}jda hdu

gcpcgj}z c``dgc}jda wnc`` ef wfa} }d }nf A@MG! Ja gcwf wvhhjgjfa} hvamw cuf ad} cxcj`ce`f ja }nf wf}}`fifa}

cggdva} dh }nf Ifiefu }nfa njw ejm .w* rj`` ef mf`f}fm hudi hvu}nfu fxc`vc}jda pudgfmvuf!

_ujgf Mf}fuijac}jda _udgfww .Hjac`*

Ecwfm da }nf }ucawijwwjda gcpcgj}z ufwfuxfm hdu }nf F~gncabf ez }nf A@MG da mcz cnfcm ecwjw ez 5!??

_I hufwn j}fuc}jda wnc`` ef uva c} 5!7? _I cam hjac` Iculf} G`fcujab _ujgf cam Xd`vif cw rf`` cw Cufc

G`fcujab _ujgf cam Xd`vif wnc`` ef mf}fuijafm! ]nfwf Cufc G`fcujab _ujgfw wnc`` ef vwfm hdu wf}}`fifa}

dh }nf gda}ucg}w!

Wf}}`fifa}

Da ufgfjp} dh hjac` ufwv`}w de`jbc}jdaw wnc`` ef wfa} }d Ecalw hdu _cz Ja hudi evzjab Ifiefuw c}

5!7? _I cam rj`` }clf gdahjuic}jda dh }nf wcif hudi }nf Ecal! C} 7!?? _I hjac` ufwv`}w rj`` ef wfa}

}d A@MG $ W@MGw hdu jagdupduc}jab ja hjac` wgnfmv`fw! Dagf c }ucawcg}jda jw wgnfmv`fm j} wnc`` ef

gdawjmfufm cw mffifm mf`jxfuz

!


21/65


Mf`jxfuz dh pdrfu

Mf`jxfuz _dja}

Mf`jxfuz pdja} hdu }nf pvupdwf dh gda}ucg} wnc`` ef ufgldafm cw }nf pfujpnfuz dh Ufbjdac`

]ucawijwwjda Wzw}fi ja rnjgn }nf bujm)gdaafg}fm f~gncabf fa}j}z jw `dgc}fm! ]nf wcif wnc`` ef

vwfm hdu }nf pvupdwf dh pczifa} dh }ucawijwwjda gncubfw ja gcwn cam }ucawijwwjda `dwwfw ja ljam!

Hdu f~cip`f mf`jxfuz pdja} hdu c w}c}f)fiefmmfm fa}j}z ja Icncucwn}uc wnc`` ef RU pfujpnfuz!

Mcz)cnfcm Wgnfmv`jab dh F~gncabf }ucmfm gda}ucg}w

]nf F~gncabf }ucmfm gda}ucg}w rj`` ef cbbufbc}fm hdu fcgn ufbjda cam W}c}f hdu fcgn ndvu! ]njw

rj`` c`wd bjxf af} gda}ucg}vc` h`drw ef}rffa ufbjdaw cam$du ejm cufcw! Ch}fu }nf wgnfmv`fw cuf

jwwvfm ez A@MG$W@MGw }nf mf`jxfuz wnc`` ef mffifm }d ncxf effa gdip`f}fm!

]ucawijwwjda Gcpcgj}z, ]ucawijwwjda Gncubfw cam @dwwfw

@fxz dh }ucawijwwjda gncubfw

Hd``drjab ]ucawijwwjda Gncubfw wnc`` ef pczce`f ez }nf Ifiefuw hdu }nf }ucmfm gda}ucg}w;

]ucawijwwjda Gncubfw hdu ufwpfg}jxf Ufbjdac` ]ucawijwwjda Wzw}fi cw icmf cpp`jgce`f vamfu }nf

Gfa}uc` F`fg}ujgj}z Ufbv`c}duz Gdiijwwjda .Dpfa Cggfww ja ja}fu)W}c}f ]ucawijwwjda*

Ufbv`c}jdaw 5??>!

]ucawijwwjda Gncubfw hdu ufwpfg}jxf W}c}f ]ucawijwwjda @jgfawff cw mfgjmfm ez }nf gdagfuafm

W}c}f F`fg}ujgj}z Ufbv`c}duz Gdiijwwjda! Ja cewfagf dh caz mjufg}jda du dumfu hudi gdagfuafm

WFUG ja }njw ufwpfg} }nf pudxjwjdaw cw w}jpv`c}fm ja }nf Gfa}uc` F`fg}ujgj}z Ufbv`c}duz

Gdiijwwjda .Dpfa Cggfww ja ja}fu)W}c}f ]ucawijwwjda* Ufbv`c}jdaw 5??> wnc`` ef cpp`jgce`f!

Wdgjc`j{fm Wgnfmv`jab cam Dpfuc}jab Gncubfw hdu }ucmfw da }nf F~gncabf! ]nf F~gncabf wnc`` pcz

wvgn gncubfw ecwfm da Gfa}uc` F`fg}ujgj}z Ufbv`c}duz Gdiijwwjda .Dpfa Cggfww ja ja}fu)W}c}f

]ucawijwwjda* Ufbv`c}jdaw 5??> }d A@MG cam W@MGw! Wvgn gncubfw wnc`` ef wdgjc`j{fm dxfu c``

}ucawcg}jdaw rj}nja ufwpfg}jxf W}c}f.w* cam Ufbjda.w*!

Caz d}nfu gncubfw cw wpfgjhjfm ez GFUG!

]ucawijwwjda @dwwfw;

C`` bujm gdaafg}fm f~gncabf fa}j}jfw wnc`` pcz ja ljam }nf }ucawijwwjda `dwwfw hudi mf`jxfuzpdja} }d j}w bujm gdaafg}jda pdja}! ]ucawijwwjda `dwwfw hdu }nf Ufbjdac` ]ucawijwwjda Wzw}fi cw

mfgjmfm ez }nf A@MG hdu Gd``fg}jxf }ucawcg}jdaw wnc`` ef cggdva}fm hdu c} }nf }jif dh

wgnfmv`jab! Wjij`cu`z }ucawijwwjda `dwwfw hdu }nf W}c}f ]ucawijwwjda @jgfawffw cw pufwgujefm ez

}nf ufwpfg}jxf WFUG wnc`` c`wd ef cggdva}fm hdu c} }nf }jif dh wgnfmv`jab!


22/65


Iculf}w

]nf dpfuc}jdaw da ca f~gncabf gdawjw}w dh mjhhfufa} }zpfw dh gda}ucg}w icja`z gdawjw}jab dh c Mcz)cnfcm

iculf} .MCI*! Hvu}nfu da }nf gda}ucg}w gca ef mjxjmfm ja}d c wpd} iculf} .Ja}uc)mcz cam Mcz cnfcm* cam

Hdurcum iculf} .Rffl`z cam Ida}n`z gda}ucg}w*! MCI jw c ickdu }dd` dh dpfuc}jda vwfm ez ed}n }nf

f~gncabfw hdu }ucmjab!

MCZ)CNFCM ICULF]

Mdve`f)wjmfm g`dwfm dp}jda .}nf }ucmfuw cuf cadazidvw dh }nf ejmw }nc} cuf p`cgfm ed}n da }nf

mficam cw rf`` cw }nf wvpp`z wjmf*

Ndvu`z gda}ucg}w .3)5= ndvuw*

Ad pdwwjej`j}z dh ufxfuwjab du wsvcujab dhh dh gda}ucg}w

Ndvu`z xcujc}jda ja pujgf

]nf mjhhfufa} f~gncabfw ncxf w`jbn}`z mjhhfufa} wpfgjhjgc}jdaw pfu}cjajab }d }nf MCI!

]nf f~gncabfw pudxjmf hcgj`j}z }d fxfa }ucmf }nf wgucp gcpcgj}z cxcj`ce`f rj}n c wf``fu!

Wpfgjc` pudxjwjdaw

Gdabfw}jda icacbfifa} jw ca jipdu}ca} hcg}du cam c wpfgjc` pudxjwjda }nc} jw }clfa ja}d gdagfua rj}n }nf

f~gncabf! Jiec`cagf dh pdrfu rj}nja }nf mjhhfufa} ufbjdaw gca `fcm }d gdabfw}jda! ]njw gca mf`cz }nfwvpp`z cam }ucawijwwjda dh pdrfu }nf hd``drjab ad}f mf}cj`w ndr }nf f~gncabf }cgl`fw gdabfw}jda ez

c`}fujab pujgf! @f} C cam E ef }rd cufcw C efjab c wvup`vw cufc cam E efjab c mfhjgj} cufc! Ca fsvj`jeujvi

pujgf _ ? jw ufcgnfm ez }cljab ca vagdaw}ucjafm wgfacujd hdu }nf wc`f cam pvugncwf ejmw hdu ed}n }nf cufcw!


23/65


24/65


Cufc E

Gdabfw}jda icacbfifa} jw ca jipdu}ca} }dd` hdu pdrfu f~gncabfw ja dumfu }d fawvuf vagdaw}ucjafm h`dr

}nudvbn }nf bujm!

Bujm Icacbfifa}

]ucawijwwjda cam bujm icacbfifa} cuf }nf fwwfa}jc` hvag}jdaw hdu widd}n fxcgvc}jda dh pdrfu hudi

bfafuc}jab w}c}jdaw }d }nf gdawvifuw! ]ucawijwwjda hvag}jda pujicuj`z gdawjw}w dh gdaw}uvg}jda cam

icja}facagf dh }ucawijwwjda jahucw}uvg}vuf rnj`f }nf kde dh bujm dpfuc}du jw }d bjxf dpfuc}jab jaw}uvg}jdaw

}d }nf fabjaffuw ja }nf hjf`m cam fawvuf idifa})}d)idifa} pdrfu ec`cagf ja }nf ja}fu)gdaafg}fm pdrfu

wzw}fi! Bujm icacbfifa} jaxd`xfw }cljab gcuf dh }nf dxfuc`` uf`jcej`j}z wfgvuj}z fgdadiz cam fhhjgjfagz

dh }nf pdrfu wzw}fi!

Bujm icacbfifa} jw gcuujfm dv} c ufbjdac` ecwjw ja Jamjc! ]nf gdva}uz jw bfdbucpnjgc``z mjxjmfm ja hjxf

ufbjdaw acif`z Adu}nfua Fcw}fua Rfw}fua Adu}n)Fcw}fua cam Wdv}nfua! C`` }nf w}c}fw cam }nf vajda

}fuuj}dujfw hc`` vamfu fj}nfu dh }nfwf ufbjdaw! ]nf hjuw} hdvu dh }nf bujmw dpfuc}f ja c wzagnudadvw idmf

rnjgn jip`jfw }nc} }nf pdrfu cgudww }nfwf ufbjdaw gca h`dr wfci`fww`z cw pfu }nf uf`c}jxf `dcm bfafuc}jda!

]nf Wdv}nfua ufbjda jw ja}fugdaafg}fm rj}n }nf ufw} dh }nf Jamjc bujm }nudvbn cwzagnudadvw `jalw! ]njw

jip`jfw }nc} }nf svca}vi cam mjufg}jda dh pdrfu h`dr ef}rffa }nf Wdv}nfua bujm cam ufw} dh Jamjc bujm gca

ef icavc``z gda}ud``fm!


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@f} vw `ddl c} }nf njfucugnz dh }nf bujm jahucw}uvg}vuf!

Hjbvuf 7 ; Bujm Jahucw}uvgv}uf

]nf @dcm Mfwpc}gn Gfa}ufw ecwjgc``z cji c} dp}jivi wgnfmv`jab cam mjwpc}gnjab dh f`fg}ujgj}z rj}nja }nf

ufbjda ja cggdumcagf rj}n }nf gda}ucg}w fa}fufm ja}d rj}n }nf `jgfawffw du }nf bfafuc}jab gdipcajfw

dpfuc}jab ja }nf ufbjda cam lffpjab cggdva}w dh }nf svca}j}z dh }nf f`fg}ujgj}z }ucawij}}fm }nudvbn }nf

ufbjdac` bujm!

Bujm icacbfifa} hvag}jdaw gca ef wfbufbc}fm ja}d mjhhfufa} }zpfw< f~)ca}f ufc` }jif cam pdw})hcg}d Icz 5??:*, ja Uw!$LRn

5* _fujdm dh }nf mcz ; ]nf pfujdm dh }nf mcz mvujab rnjgn }nf pdrfu jw wd`m c`wd chhfg}w }nf pujgf!

]nf xcujc}jda dggvuw mvf }d }nf cg}jxj}z `fxf` cwwdgjc}fm rj}n c pcu}jgv`cu ndvu!

Hjbvuf 6 ; Cxfucbf Ndvu`z Iculf} G`fcujab pujgf hdu Cpuj` 5??:, }ucmfm da JF^, ja Uw!$LRn

Mvujab }nf pfcl ndvuw dh }nf mcz dhhjgf ndvuw ef}rffa 3? ci }d = pi du 6 pi }nf gdawvip}jda

.Mficam* jw njbnfu! Rj}n }nf wvpp`z efjab `jij}fm }nf pujgf dh pdrfu bdfw vp mvujab }njw pfujdm!


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7* Wnv}mdraw ; ]nf Gfa}uc` F`fg}ujgj}z Cv}nduj}z .GFC* ufgfjxfw zfcu`z wgnfmv`fw dh }nf pdrfu

bfafuc}jda w}c}jw}jgw hudi bfafuc}duw jag`vmjab wnv}mdraw hdu icja}facagf pvupdwfw! ]nvw }nf

cufc rnfuf c wnv}mdra ja pdrfu p`ca}w jw dewfuxfm wndrw c ucjwf ja mficam ja }nc} cufc rj}n c

mfgufcwf ja wvpp`z! Nfagf cv}dic}jgc``z }nf pujgf ja }nc} cufc bdfw vp!

]nf pujgf jw mfgjmfm da }nf ecwjw dh }nf mficam cam wvpp`z dh f`fg}ujgj}z ez }nf ejmmfuw! ]nf c`bduj}ni dh

pujgf gc`gv`c}jda jw mdaf da c ndvu`z ecwjw ja IRn! ]nf rnd`f pudgfww jw mfwgujefm ja mf}cj` ef`dr;

@f} vw gdawjmfu }nf pdu}hd`jdw dh }nuff ejmmfuw< C E cam G! ]nfwf }nuff ejmmfuw wveij} cadazidvw ejmw

pfu}cjajab }d }nf svca}vi dh pdrfu }nfz rdv`m pvugncwf du wf`` c} mjhhfufa} pujgfw dh pdrfu .ja vaj}w dh

Uw!$LRn*! ]nf hd``drjab }ce`f wviicuj{fw }nf ac}vuf dh ejmw wveij}}fm da`jaf!

_ujgf

Uw!$lRn

? 3 3!3 5 5!3 5!6 7 7!3 = =!3

C IR 5? 5? 5? 5? 5? 5? 5? ? ? ?

E! IR 8? 8? 8? 8? =? =? =? =? =? 5?

G IR =? 5? ? ? )=? )8? )>? )>?)35?

)35?

_vugncwf 35? 3?? >? >? 8? 8? 8? =? =? 5?

Wc`f ? ? ? ? )=? )8? )>? )>? )35? )35?

Af} 35? 3?? >? >? 5? ? )5? )=? )>? ) 3??

Ca c`bduj}ni du uc}nfu c mficam)wvpp`z gvuxf jw }nfa p`d}}fm }cljab }nf }d}c` mc}c ufbjw}fufm hdu

pvugncwf cam wc`f }d nf`p ufcgn ca fsvj`jeujvi pujgf! ]nf fsvj`jeujvi pujgf jw }nfa cam }nf gduufwpdamjab

mc}c cuf }nfa ufbjw}fufm cw }nf wf``jab pujgf hdu c pcu}jgv`cu iculf} g`fcujab xd`vif mc}c .IGX*!


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Hjbvuf 8 ; Mf}fuijac}jda dh Fsvj`jeujvi _ujgf

Ja }nf mjcbuci cedxf pdu}hd`jd C cam E fifubf cw af} evzfuw c} }nf pujgf dh Uw 5!6 pfu lRn! _du}hd`jd G

wf``w 8? IR dv} dh rnjgn 5? IR jw pvugncwfm ez C cam =? IR ez E!

Rj}n ejmw cggviv`c}fm da c gdva}uz rjmf ecwjw gdabfw}jda icz ncppfa! ]d icacbf }nc} iculf} wp`j}}jab

ncw effa pudpdwfm! Hdu rnjgn }nf gdva}uz rj`` ef mjxjmfm ja}d hjxf pujgf {dafw adu}n adu}n fcw} fcw}

wdv}n cam rfw}!

_vugncw

Wc`f

=

>

35

5

7

=

_ujgf

IR

Uw$lRn

IR


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Bvkcuc} W}c}f F`fg}ujgj}z Bfafuc}jda

Gdipcaz Mfwgujp}jda

Bvkcuc} W}c}f F`fg}ujgj}z Bfafuc}jda .BWFB* jw fabcbfm ja }nf pudmvg}jda dh bcw ecwfm f`fg}ujgj}z hudi

}nfju pdrfu p`ca} c} Nc{juc! ]nf gdipcaz jw c wpfgjc` pvupdwf xfnjg`f .W_X* h`dc}fm ez Bvkcuc} w}c}f

_f}ud`fvi Gdupduc}jda .BW_G* rj}n c xjfr }d gdxfujab }nf mjhhfufa} xfu}jgc`w dh }nf fafubz wfg}du! BWFB

ncw c pdrfu p`ca} gdiijwwjdafm c} Nc{juc rnjgn vwfw ac}vuc` bcw cw c hvf` hdu bfafuc}jda! Ac}vuc` bcw jw c

g`fca cam fgdadijgc``z gnfcp dp}jda rnjgn c``drw BWFB }d bfafuc}f f`fg}ujgj}z c} gdipf}j}jxf gdw}w!

BWFB icacbfw j}w f`fg}ujgc` v}j`j}z rj}n }nf hd``drjab jaj}jc}jxfw ;

3* Cmxcagfm pdrfu bfafuc}jda cam icacbfifa} pucg}jgfw cam jipudxf }nf fhhjgjfagz dh pdrfu

wvpp`z }d Bvkcuc} F`fg}ujgj}z Edcum

5* Dpfuc}jdaw c} `fcw})gdw}

7* Hv`` gdip`jcagf rj}n }nf nfc`}n wchf}z cam faxjudaifa}c` ufbv`c}jdaw dh Bvkcuc}

=* F~gf``fa} rduljab gdamj}jdaw }d dp}jijwf }nf wlj``w cam pd}fa}jc` dh }nf w}chh cam icacbfuw

jaxd`xfm!

BWFB ncw c pufwfa} bfafuc}jda p`ca} rj}n c gcpcgj}z dh 368!3 IR c} Nc{juc! ]nf hjuw} pncwf dh f~pcawjda

jw da rcz rnjgn rdv`m f~pcam j}w gcpcgj}z }d78? IR! ]nf gdipcaz p`caw }d hvu}nfu f~pcam gcpcgj}z ez

gdiijwwjdajab `cubfu pudkfg}w cam f~pcam j}w ufcgn ja }nf mjw}ujev}jda xfu}jgc` dh }nf pdrfu wfg}du!

Gdiejafm Gzg`f _drfu p`ca} c} Nc{juc

]nf gdiejafm gzg`f pdrfu p`ca} c} Nc{juc ja pdwwfwwjda dh Bvkcuc} W}c}f Fafubz Bfafuc}jda ncw }rd

gdipdafa}w }nf f~jw}jab _`ca} dh c gcpcgj}z dh 368 IR cam }nf f~pcawjda p`ca} rj}n ca cmmj}jdac`

gcpcgj}z dh q76? IR!

]nf p`ca} gdifw vamfu }nf Rfw}fua Ufbjda F`fg}ujgj}z Edcum .Jaw}c``fm Bfafuc}jda gcpcgj}z dh >2:2 IR

hdu }nf zfcu 5??6 cam c mfhjgj} dh cedv} 76?? IR*! ]nf ickdu p`czfuw dpfuc}jab da }nf rfw}fua edcum cuf

cw hd``drw ;

3* W}c}f ; BFE

5* Gfa}uc` ; A]_G

7* J__w ; CFGd BJ_G@ Fwwcu B_FG BWFB


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]nf p`ca} ncw c hj~fm Hvf` wvpp`z cbuffifa} .HWC* cam c _drfu pvugncwf cbuffifa} .__C* hdu j}w japv}

cam pdrfu fxcgvc}jda hdu ed}n j}w gdipdafa}w!

]nf HWC jw rj}n BW_G) Ajld hdu j}w ac}vuc` bcw wvpp`jfm }nudvbn BW_@ gudww)gdva}uz pjpf`jafw `cjm vp}d

}nf f~jw}jab p ca} hudi j}w rf``w ja Nc{juc hdu ed}n }nf gcpcgj}jfw! ]nf p`ca} ncw c hvf` ufsvjufifa} dh

?!=5 II]_C rnfufja BW_G jw ce`f }d wvpp`z cedv} >?& dh }nf }d}c` ufsvjufifa} cam }nf ufw} hvf`

ufsvjufifa} jw gdip`f}fm }nudvbn @AB!

]nf pdrfu fxcgvc}jda hdu j}w pufwfa} p`ca} jw hcgj`j}c}fm }nudvbn __C rj}n Bvkcuc} F`fg}ujgj}z Edcum

.BFE* rnfufja }nf p`ca} jw gdaafg}fm }d }nf bujm }nudvbn }rd 55?Lx wrj}gnzcumw!

_`ca} gdahjbvuc}jda

]nf p`ca} jw c gdiejafm gzg`f pdrfu p`ca}! J} v}j`j{fw ac}vuc` bcw cw c hvf`! Aduic` }nfuic` p`ca}w ncxf ca

fhhjgjfagz dh cedv} 7?& }d =?&! Ja GG__ }nf fhhjgjfagz dh bfafuc}jda ujwfw }d cedv} ==&) 6?& rj}n

wdif dh }nf `c}fw} p`ca}w ncxjab fhhjgjfagjfw ja f~gfww dh 66&! ]nf ifgncajwi ncw c gdiejac}jda dh c bcw

}vuejaf bfafuc}du .Eucz}da gzg`f* rj}n }vuejaf f~ncvw} rcw}f nfc} edj`fuw cam w}fci }vuejaf bfafuc}du

.Ucaljaf gzg`f*!

Ja c gdiejafm gzg`f dpfuc}jda }nf f~ncvw} bcwfw hudi fcgn bcw }vuejaf cuf mvg}fm }d c rcw}f nfc} edj`fu

c`wd gc``fm c Nfc} ufgdxfuz wzw}fi bfafuc}du! ]nf nfc} ja }nfwf h`v bcwfw dumjacuj`z f~ncvw}fm }d }nf

c}idwpnfuf bfafuc}fw njbn pufwwvuf w}fci! ]njw w}fci jw pjpfm }d c w}fci }vuejaf! Wvgn c p`ca} ufsvjufw

`dr icja}facagf hvf`w `jlf ac}vuc` bcw cam `jbn} mjw}j``c}f hvf`w rnjgn cuf f~pfawjxf!

C mjcbuciic}jg ufpufwfa}c}jda dh c gdiejafm gzg`f pdrfu p`ca} jw fag`dwfm cw F~njej} 5!

]nf pufwfa} p`ca} ncw }rd dpfuc}jdac` bcw }vuejafw cam daf w}fci }vuejaf!

_ufwfa} gdahjbvuc}jda ;

Bfafuc}jda gcpcgj}z dh 368!3 IR

Zfcu dh dpfuc}jda ; B]33 ( B]35 wjagf Mfgfiefu 5??3

W]B Kvaf 5??5

]d}c` dpfuc}jab ndvuw ; B]33 .75263* B]35 .52>>8* W]B .5::8=!2*


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Cidva} dh `dwwfw jagvuufm

]nf p`ca} cw dewfuxfm dpfuc}fw c} ca cxfucbf >6& _@H! @dwwfw dewfuxfm ez }nf p`ca} cuf icja`z ecgljab

mdra `dwwfw!

]nf hd``drjab bucpn wndrw }nf }d}c` svca}vi dh `dwwfw jagvuufm ez }nf p`ca}!

Hjbvuf 2 ; ]d}c` ida}n`z `dww hdu }nf pfujdm Kvaf 5??> Icz 5??:, ja IRn

Ac}vuf dh `dwwfw

]nf p`ca} njbn`jbn}w }nuff pdwwje`f }zpfw dh `dwwfw icja`z ecgljab mdra `dwwfw;

3* @dcm ufw}ujg}jda; ]nf pdrfu p`ca} dh BWFB vwfw c gdw}`jfu hvf` dh ac}vuc` bcw hdu bfafuc}jda!

Ndrfxfu hvf` wvpp`z ufw}ujg}jdaw hudi }nf wvpp`jfu `fcmw }d }nf vwcbf dh @AB }d cedv} 5?&!

Idufdxfu }nf gcpj}c` gdw}w dh }nf p`ca} j} efjab c gdiejafm gzg`f p`ca} cuf njbnfu! Nfagf }nf

pdrfu pudmvgfm ez }nf p`ca} `camw vp cw efjab gdw}`z }d BFE! Cw c ufwv`} }nf p`ca} wndrw

ecgljab mdra `dwwfw mvf }d `dcm ufw}ujg}jda! ]nf hd``drjab bucpn wndrw }nf `dww cidva} mvf }d

`dcm ufw}ujg}jda!


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=? W f ` ` j a b D p } j d a w h d u U f w } u j g } f m G c p c g j } z d h B W F B

Cw ifa}jdafm cedxf }nf dpfuc}jdac` `dwwfw gca ef eudlfa mdra ja}d }nuff }zpfw ;

Hdugfm Wnv}mdra

_`caafm wnv}mdra

_cu} `dcm dpfuc}jda dh }nf }vuejafw

Dv} dh c`` }nf ida}nw p`caafm wnv}mdra dh }nf }vuejafw hdu icja}facagf ncw }clfa p`cgf ickdu`z da c

`cubf wgc`f ecwjw da`z ja }nf ida}n dh Cpuj` 5??> rnfuf j} gdipujwfw dh }nf fa}juf xd`vif dh 5???>!6

IR! Ja }nf d}nfu ida}nw }nf `dwwfw gdipujwf iduf dh vawgnfmv`fm icja}facagfw pfcljab ja }nf ida}nw

dh Cvbvw} 5??> cam Wfp}fiefu 5??> jamjgc}jab dpfuc}jdac` jafhhjgjfagjfw ja }nf rduljab dh }nf }vuejafw!

]nf pdrfu `dwwfw mvf }d pcu} `dcm dpfuc}jda dh }nf }vuejafw cuf ja}udmvgfm hudi }nf ida}n dh Mfgfiefu

5??>!

7* Hvf` Ufw}ujg}jda @dwwfw; ]njw }njum }zpf dh `dwwfw ncxf effa mfwgujefm cw dggvuujab mvf }d }nfjawvhhjgjfa} cxcj`cej`j}z dh hvf` hudi }nf wvpp`jfu }nfufez hdugjab ufmvg}jda ja bfafuc}jda!

Ndrfxfu }nfwf `dwwfw cuf aj` ja gcwf dh }nf p`ca}!

Dv} dh }nf cedxf `dwwfw }nf bfafuc}jda `dwwfw mvf }d `dcm ufw}ujg}jda gca ef v}j`j{fm }d bfafuc}f f~}uc

ufxfavf! ]nf p`ca} ncw wvup`vw gcpcgj}z rnjgn uficjaw vav}j`jwfm cam nfagf vawd`m! ]njw f~}uc gcpcgj}z

gca ef }cppfm cam wd`m }nudvbn c wvj}ce`f p`c}hdui }d bfafuc}f f~}uc ufxfavf hdu }nf gdipcaz! ]nf mfc`

nfuf jw }d hjam ca dp}jivi p`c}hdui rnjgn rdv`m bvcuca}ff ujwl)huff wc`f dh }nf pdrfu }cljab ja}d

cggdva} }nf bfafuc}jab gdw} cam }zpf dh pdrfu rnjgn rdv`m ef dhhfufm!


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=3 W f ` ` j a b D p } j d a w h d u U f w } u j g } f m G c p c g j } z d h B W F B

Dp}jdaw cam Fxc`vc}jda

Ja }nf gncp}fuw cedxf rf ncxf wffa }nc} BWFB ncw c `dab }fui __C rj}n BFE rnjgn hduiw c gdaw}ca}

wdvugf dh pdrfu fxcgvc}jda! Ja }njw cbuffifa} }nf pujgfw cuf afbd}jc}fm cam hj~fm c} c gfu}cja pujgf rj}n

hj~fm }fuiw! Cw c`wd rj}afwwfm cedxf BWFB wndrw f~}uc bfafuc}fm pdrfu gcpcgj}z rnjgn uficjawvawd`m cam nfagf gdv`m ef ca cmmfm wdvugf dh ufxfavf! @ddljab c} }nf xcujc}jda ja }nf pdrfu }nc} rdv`m

ef vp hdu wc`f }nf iculf} }nc} rdv`m gdagfua BWFB jw }nf wndu} }fui iculf}!

Wndu} }fui iculf}

Wjagf }nf pdrfu }nc} rdv`m ef }ucmfm da }nf f~gncabf jw xcujce`f cam ad} hufsvfa} }nf pdrfu ncw }d ef

}ucmfm ja }nf wndu} }fui iculf}! Cw ifa}jdafm cedxf }nfuf cuf }rd dp}jdaw cxcj`ce`f hdu }ucmjab ej`c}fuc`

cam }nf pdrfu f~gncabf!

Ej`c}fuc` iculf} _drfu f~gncabf ; Uf`c}jxf Gdipcujwda]cppjab c ej`c}fuc` iculf} jaxd`xfw }nf fxc`vc}jda dh }nf p`czfu cam }nf pudece`f mficam ja }nf iculf}!

J} c`wd jaxd`xfw mjhhfufa} cwpfg}w `jlf& wncuf dh _^J@!


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Dxfu c pfujdm dh 8 ida}nw }nf uf`c}jxf wncuf dh _^J@ ncw cxfucbfm ef}rffa 5& }d 3:& dh }nf }d}c`

f`fg}ujgj}z }ucmfm xjc ca f~gncabf!

Hjbvuf 35; Mcj`z Cxfucbf ]ucmfm Ndvuw .5??>)5??:*

]nf mcj`z }ucmjab ndvuw wndrw }nc} }nf p`c}hdui dh JF^ jw v}j`j{fm c`idw} hdu }nf fa}juf mcz .5= ndvuw* hdu

}nf pcw} 2 ida}nw f~gfp} Kcavcuz 5??: rnfuf }nf hjbvuf hf`` }d 3:!: ndvuw! Da }nf d}nfu ncam _^J@

wndrfm }ucmjab hdu cedv} ndvuw ucabjab hudi 56&)6?& dh }nf fa}juf mcz `fab}n! ]njw jamjgc}fw }nc} }nf

g`jfa} f~pdwvuf cam pdrfu }uchhjg jw njbnfu da JF^ }nca _^J@!


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Hjbvuf 37 ; Ida}n`z Cxfucbf ]ucmfm Ndvuw .5??>)5??:*

Ifiefuwnjp Dp}jdaw

JF^ cam _^J@ ncxf much}fm ifiefuwnjp dp}jdaw c`idw} da }nf wcif `jafw ev} ncxf mjhhfufa} rczw dh

dhhfujab j}! ]nf ifiefuwnjp gdw}w ncxf mjhhfufa} hj~fm gdw}w cw pfu }nf }zpf dh ifiefuwnjp dp}fm hdu cam

}nf }ucawcg}jda gdw}w c wdvugf dh jagdif hdu }nf f~gncabfw xcujfw cggdumjab`z! Rnj`f gdawjmfujab ed}n

}nf f~gncabfw fj}nfu daf gca }ucmf f`fg}ujgj}z du ef c g`fcujab ifiefu cw ja }fuiw dh hjacagf du ef ed}n!

]nf ecwjg `czdv} dh }nf }fuijad`dbz dh }nf ifiefuwnjpw jw bjxfa cw W f ` ` j a b D p } j d a w h d u U f w } u j g } f m G c p c g j } z d h B W F B

Efwjmf }nf }rd dp}jdaw }nf fa}j}z icz gnddwf }d ef c g`jfa} c} c hff dh Uw!3 `cln! ]nf pudpujf}cuz

ifiefuw affm }d ncxf c bujm gdaafg}jxj}z cam c w}camjab g`fcucagf hudi }nf W}c}f @dcm Mfwpc}gn Gfa}uf

.W@MGw*!

_drfu F~gncabf Jamjc @jij}fm

]nf ifiefuwnjp mf}cj`w cuf bjxfa cw ef`dr;

]zpf dh Ifiefuwnjp Fa}j}`fifa} Wvj}ce`f hdu

]ucmjab Ifiefu .]I* Fa}j}`fw }nf ifiefu }d }ucmf ed}n

hdu }nfiwf`xfw cam$du da }nf efnc`h

dh }nfju g`jfa}w

Wic``fu gcp}jxfw ufpufwfa}c}jxfw dh

gcp}jxfw

]ucmjab cam Wf`h)G`fcujab

Ifiefu .]WGI*

Fa}j}`fw }nf ifiefuw }d }ucmf cam

g`fcu hdu }nfiwf`xfw da`z

@cubf gcp}jxfw cam v}j`j}fw

]ucmjab gvi G`fcujab Ifiefu

.]GI*

Fa}j}`fw }nf ifiefuw }d }ucmf cam

g`fcu hdu ed}n }nfiwf`xfw cam$du da

efnc`h dh }nfju g`jfa}w

]ucmfuw$ Cg}jxf v}j`j}fw

_udhfwwjdac` G`fcujab Ifiefu

._GI*

Fa}j}`fw }nf ifiefuw }d g`fcu da

efnc`h dh d}nfu ]Iw

@famfuw$ @cubf ecalw

]ce`f 8 ; Ifiefuwnjp Dp}jdaw hdu _^J@

]nf hff w}uvg}vuf dh }nf cedxf ifiefuwnjp dp}jdaw cuf bjxfa cw hd``drw ;

]I ]WGI ]GI _GI

Daf ]jif Hff 6 3? 3? ?

Caavc` Hff 3 5!6 5!6? 3

Ja}fufw})huff wfgvuj}z

mfpdwj}

3? 56 =? 6?

_udgfwwjab hff ?!?6 ?!?6 ?!?6 ?!?6

]d}c` 38!?6 72!66 65!66 63!?6

]ce`f 2 ; Ifiefuwnjp hff hdu _^J@

]nf ja}fufw})huff wfgvuj}z mfpdwj} dh Uw! =? `clnw hdu c ]GI jw hdu c ic~jivi dh wf`h, 6 g`jfa}w! Hdu

fxfuz cmmj}jdac` g`jfa} dxfu }njw w}jpv`c}fm `jij} c hff dh Uw!5 `clnw ncw }d ef pcjm!

_^J@ ncw c xcujce`f }ucawcg}jda hff dh 3 pcjwc$lRnu cpp`jgce`f }d c`` }nf ifiefuwnjp dp}jdaw!


49/65

=: W f ` ` j a b D p } j d a w h d u U f w } u j g } f m G c p c g j } z d h B W F B

Gdawjmfujab BWFB c pdrfu bfafuc}du rj}n JF^ j} gdv`m fj}nfu efgdif c _udpujf}cuz ifiefu du c

_udhfwwjdac` ifiefu mfpfamjab da }nf hd``drjab hcg}duw ;

3* Ufwdvugfw c} mjwpdwc` ; ]ucmjab da }nf f~gncabf ufsvjufw f~pfu}jwf hudi }nf xjfrpdja} dh cmfp}

icapdrfu! ]nf icapdrfu jh cxcj`ce`f gca ef v}j`jwfm }d }cp }nf iculf} dh }ucmjab da efnc`h dh

g`jfa}w ez efgdijab c _udhfwwjdac` ifiefu! ]njw rdv`m `fcm }d cmmj}jdac` cxfavfw dpfajab vp ja

}fuiw dh evwjafww cam ufxfavf!

5* Cad}nfu hcg}du jw }nf cxcj`cej`j}z dh hvamw rnjgn gca ef mjwpfawfm }drcumw wf``jab }nf f~}uc

gcpcgj}z! Ndrfxfu }nf hvam hcg}du mfpfamw da }nf svca}vi dh }nf pdrfu }nc} rdv`m ef }ucmfm da

}nf f~gncabf! Jagcwf }nf p`ca} ncw nvbf svca}j}z dh pdrfu }nc} j} }ucmfw cam hdu c `dab }jif

mvuc}jda }nf hv`` pczifa} dp}jda wffiw xjce`f cw }nf }ucawcg}jda hff hdu }nf wcif jw `dr! ]njw

rdv`m ef hfcwje`f cw }nf }ucawcg}jda gdw} jw `drfufm cw gdipcufm }d }nf `jbn} pczifa} dp}jda!

Ndrfxfu jh }nf xd`vijadvw }ucmf gfcwfw da`z }d ef wfcwdac` rj}n adijac` ivamcaf }ucmjab }nf

`jbn} pczifa} dp}jda rdv`m ef hfcwje`f!

Gdawjmfujab _^J@ BWFB gdv`m dp} hdu caz dp}jda f~gfp} hdu c _udhfwwjdac` G`fcujab Ifiefu!

JF^ dhhfuw c iduf wjip`jhjfm ifiefuwnjp dp}jda rnjgn jw uf`c}jxf`z fgdadijgc` cw gdipcufm }d _^J@!

Jmfc``z }clfa }nf f~pfu}jwf cam }nf __C dh BWFB }nf gdipcaz mdfw ad} ncxf }nf cmfsvc}f icapdrfu }d

mfc` da }nf f~gncabf! Idufdxfu }nf f~pcawjda pncwf dh }nf p`ca} }d 78? IR jw c`wd vamfurcz! C} wvgn c

kvag}vuf f~}uc hvamw rdv`m ef affmfm }drcumw }nf f~pcawjda pncwf! Rj}n }nf `cgl dh icapdrfu }dd }nf

vamfu}cljab dh }ucmjab da efnc`h dh d}nfu g`jfa}w rdv`m ad} ef dp}jic``z pudhj}ce`f! Nfagf ja }nfwf

gjugviw}cagfw c} ncam }nf xjce`f dp}jda nfuf rdv`m ef }nf ifiefuwnjp rj}n JF^! ]nf dp}jda dh }nf hv``

cam `jbn} pczifa} gca ef mfgjmfm da }nf ecwjw dh }nf xd`vif }ucmfm! ]nf f~}uc gdw} cw gdipcufm }d _^J@

c} p`cgfw gca ef wf}}`fm cbcjaw} }nf hcg} }nc} JF^ ncw ca ja}fuac}jdac` ecwfm }fgnad`dbz wvppdu} cam c

rjmfu gvw}difu ecwf }d ja}fucg} rj}n gdvp`fm rj}n c mfawf }ucmf }uchhjg!


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5* Rnj}f Gfu}jhjgc}fw ]ucmjab ; Hcgj`j}c}f }ucmjab ja fafubz wcxjabw e`vfpuja} ez Id_ vamfu

Ac}jdac` Cg}jda _`ca hdu G`jic}f gncabf!

]fgnad`dbz Wvppdu}

DI^ ]fgnad`dbz, Wrfmfa, }nf }fgnad`dbz pudxjmfu }d }nf rdu`mw `fcmjab pdrfu f~gncabf,

ADUM_DD@ ncw kdjafm ncamw rj}n Hjacagjc` ]fgnad`dbjfw .Jamjc* @}m }d pudxjmf }fgnad`dbz wvppdu} }d

Jamjca Fafubz F~gncabf .JF^*! DI^ jw c `fcmjab f~pfu} ja }nf f~gncabf jamvw}uz! J} draw f~gncabfw ja

}nf Adumjg cam Ec`}jg ufbjdaw cam mfxf`dpw cam pudxjmfw }fgnad`dbz cam wfuxjgfw }d gdipcajfw ja }nf

wfgvuj}jfw jamvw}uz cudvam }nf b`def! Ja pdrfu }ucmjab DI^ jw c pjdaffu rj}n hdvu pdrfu f~gncabfw ja

Fvudpf gvuufa}`z vwjab j}w }fgnad`dbz! Hjacagjc` ]fgnad`dbjfw jw c `fcmjab }fgnad`dbz fa}fupujwf

wpfgjc`jwjab ja pudxjmjab }fgnad`dbz hdu dubcaj{fm iculf}w gdaafg}fm rj}n iv`}jp`f cwwf} g`cwwfw wvgn cw

wfgvuj}jfw gdiidmj}jfw mfe} cam hdufjba f~gncabf! JF^ jw }nf wfxfa}n f~gncabf rj}n rnjgn Hjacagjc`

]fgnad`dbjfw jw wncujab j}w wzw}fiw icacbfifa} f~pfu}jwf ja }ucmjab g`fcujab cam wf}}`fifa} dpfuc}jdaw !

]nvw JF^ ncw cggfww }d ca fw}ce`jwnfm cam wdpnjw}jgc}fm }fgnad`dbz wvppdu} cw gdipcufm }d _^J@!

Ecwfm da }nf cedxf hcg}duw JF^ pudxfw }d ef c ef}}fu }ucmjab p`c}hdui cw gdipcufm }d _^J@!
http://www.ftindia.com/http://ftindia.com/http://ftindia.com/http://www.ftindia.com/


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Gdw}jab Cac`zwjw

Gdipcuc}jxf gdw}w dh d}nfu dp}jdaw

BWFB ncw }nf hd``drjab mjhhfufa} dp}jdaw hdu fxcgvc}jda dh }nf ufw}ujg}fm gcpcgj}z< ej`c}fuc` }ucmf pdrfu

f~gncabfw .JF^ ( _^J@* cam VJ! ]nf hd``drjab }ce`f bjxfw }nf uf`c}jxf gdipcujwda gdw}w dh }ucmjab da

}nf mjhhfufa} p`c}hduiw!

Cvb ?> Wfp} ?> Dg} ?> Adx ?> Mfg ?> Kca ?: Hfe ?: Icu ?:

Ej`c}fuc` 8!2> 2!32 2!2> 2!:> 2!>: 2!57 8!6> 2!7=

JF^ 2!6? 2!8> >!=8 2!68 8!3= 8!=5 6!85 8!=5

_^J@ 2!62 2!55 8!6> 6!>8 =!=5 8!5=

VJ 6!32 8!6? 8!75 6!77 =!>: =!:: =!>: =!>6

]ce`f > ; Gdipcuc}jxf gdw}w hdu pdrfu }ucmf .ja Uw!$LRn*

Cw wffa hudi }nf cedxf }ce`f hudi }nf }rd f~gncabfw JF^ ncw njbnfu }ucmjab pujgfw cw gdipcufm }d

_^J@! _ujgfw da ej`c}fuc` iculf} cuf gfu}cja`z njbnfu rnjgn gdv`m bfafuc}f njbnfu ufxfavf! Ev} cw

ifa}jdafm ja }nf cedxf gdipcujwda ef}rffa }nf f~gncabf cam ej`c}fuc` iculf} }nf pdrfu efjab gdw}`jfu

cam }nf iculf} ufwfcugn ufamfuw j} ada)xjce`f gdvp`fm rj}n }nf hcg} }nc} j} mdfw ad} dhhfu c rjmfu f~pdwvuf

}d gvw}difu ecwf! Uc}fw da }nf VJ ja}fuhcgf cuf `dr! Nfagf j} gca ef vwfm }d }ucmf pdrfu mvujab ja}fuxc`w

rnfa pujgfw cuf `dr da }nf f~gncabf! ]nvw j} ufj}fuc}fw }nf hcg} }nc} }nf f~gncabf jw c ivgn iduf xjce`f

dp}jda }d }ucmf!

Fhhfg}w da ufxfavf

BWFB ncw c bfafuc}jda gdw} dh cppud~jic}f`z Uw! 5!56$vaj} }d cedv} Uw! 6$vaj} mfpfamjab da }nf }zpf dh

hvf` vwfm rj}n njbnfw} efjab da U@AB! Dv} dh }nf }d}c` bfafuc}jda gdw} }nf xcujce`f f~pfawfw .gdw} dh

bcw }ucawpdu}c}jda gdw} hudi }nf bcw rf``w c} Nc{juc jipdu} dh pdrfu hudi BFE cam }nf D(I f~pfawfw*

cggdva} hdu c ucabf dh 2?)26& dh }nf }d}c` gdw}! ]nf gdipcaz ja fxfa ja }nf gcwf dh ad} bfafuc}jab }nf

ufw}ujg}fm cidva} rj`` jagvu }nf hj~fm f~pfawfw .fip`dzff rcbfw ja}fufw} cam hjacagjc` gncubfwmfpufgjc}jda* jaxd`xfm ja }nf gdw}! ]nf hd``drjab }ce`f bjxfw c `jw} dh }nf f~gncabf }ucmjab pujgfw hudi }nf

pfujdm Kvaf 5??> }d Icz 5??:!


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Ida}n _ujgf .Uw!$LRn* Ida}n _ujgf .Uw!$LRn*

Kva)?> 2!88 Mfg)?> 8!3=

Kv`)?> 2!27 Kca)?: 8!=5

Cvb)?> 2!6 Hfe)?: 6!85

Wfp})?> 2!8> Icu)?: 8!=5

Dg})?> >!=8 Cpu)?: 3?!=2

Adx)?> 2!68 Icz)?: 8!65

]ce`f : ; ]ucmjab pujgfw da JF^ .Kvaf 5??>)Icz 5??:*

]nf }ucmjab pujgfw da }nf f~gncabf mjhhfu cw pfu }nf wfcwda dh }ucmf!

]nf hd``drjab }ce`f bjxfw }nf }d}c` `dwwfw `dcm ufw}ujg}jda `dwwfw ed}n ja cidva} cam cw c pfugfa}cbf dh

}nf }d}c` ecgljab mdra `dwwfw!

]d}c` Ecgljab Mdra `dwwfw

.a IR*

@dcm Ufw}ujg}jda @dwwfw

.ja IR* Cw c pfugfa}cbf dh }d}c` `dwwfw

3?8>=!3 228:!6 2!87:?75:68

=8>36!35 =55 ?!8?>2=533=

6:=65!?> 22=!:> 3!7823728?:

67:26!8 5=3!6 ?!=37=337?5

7525>!8: 555>!2 5!823::3?82

=>78!88 728=!:3 7!6??=7:>82

:=57!?6 8=28!7 8!?8>283=5:

3==3>!8> 3362=!>> 33!72:3>:>

>68>!6 2=?=!2 2!8>82=::36

>35=!6 83?6!66 6!86566:675

8=? 8?2!5 ?!6=77=6:>

5?7:!: 5?7:!: 3!2>2>=35?2

]ce`f 3? ; @dcm ufw}ujg}jda `dww mc}c

Cw wffa cedxf }nf `dcm ufw}ujg}jda `dwwfw ucabf hudi c ijajic` pfugfa}cbf }d cudvam 33& dh }nf }d}c`

`dwwfw!


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Ida}n`z ufxfavfGdawjmfujab }nf cedxf xc`vfw dh bfafuc}jda gdw} }nf pufxc`fa} }ucmjab pujgfw cam }nf `dww cidva}w }nf

hd``drjab }ce`f bjxfw c gc`gv`c}jda dh }nf icubjac` pudhj} hdu BWFB jh j} }ucmfw }nf f~}uc gcpcgj}z d }nf

f~gncabf! ]nf bfafuc}jda gdw} xcujfw cw pfu }nf vwf dh ac}vuc` bcw du U)@AB hudi Uw! 5!:$lRn du Uw!

6$lRn! ]nf pudhj} jw gc`gv`c}fm }cljab ed}n }nf jaw}cagfw ja gdawjmfuc}jda! Ndrfxfu }nf icubjaw rdv`m

ef xfuz `dr ja gcwf dh }nf gdw} efjab Uw! 6$lRn!

Bfafuc}jda gdw} hdu BWFB ; Uw! 5!:$vaj}

Ida}n @dww Cidva}.IRn*

]ucmjab pujgf.Uw!$lRn*

Cg}vc` _ujgf.Uw!$lRn*

Icubjac` ufxfavf.Uw! Ja gudufw*

Kva)?> 228:!6 2!88 7!28 5!:53775

Kv`)?> =552!27 7!>7 ?!383858

Cvb)?> 22=!:>2!6 7!8 ?!52>::7

Wfp})?> 5=3!62!8> 7!2> ?!?:35>2

Dg})?> 555>!2>!=8 =!68 3!?385>2

Adx)?> 728=!:32!68 7!88 3!722:62

Mfg)?> 8=28!78!3= 5!5= 3!=6?8:3

Kca)?:3362=!>>

8!=5 5!65 5!:38>2

Hfe)?: 2=?=!26!85 3!25 3!5278?>

Icu)?: 83?6!66 8!=5 5!65 3!67>6::

Cpu)?: 8?2!53?!=2 8!62 ?!7:>:7

Icz)?: 5?7:!:8!65 5!85 ?!67==6=

]ce`f 33 ; Ida}n`z pudhj} hdu }nf pfujdm Kvaf 5??> ) Icz 5??: .O Uw! 5!:$lRn*

]nf cedxf cg}vc` }ucmjab pujgf jag`vmfw Uf!3 }drcumw ijwgf``cafdvw gncubfw `jlf dpfa cggfww gncubfwrnff`jab gncubfw!

]nf hd``drjab bucpn bjxfw }nf }ufam dh }nf icubjac` ufxfavf }nc} gdv`m ef bfafuc}fm ez BWFB!


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Hjbvuf 36 ; Ida}n`z pudhj} hdu }nf pfujdm dh Kvaf 5??>) Icz 5??: O Uw! 5!:$vaj}

Bfafuc}jda gdw} hdu BWFB ; Uw! 6$lRn

Ida}n @dww Cidva}.IRn*

]ucmjab pujgf.Uw!$lRn*

Cg}vc` _ujgf.Uw!$lRn*

Icubjac` ufxfavf.Uw! Ja gudufw*

Kva)?> 228:!62!88 3!88 3!5>:272

Kv`)?> =552!27 3!27 ?!?27??8

Cvb)?> 22=!:>2!6 3!6 ?!3385=2

Wfp})?> 5=3!6 2!8> 3!8> ?!?=?625

Dg})?> 555>!2>!=8 5!=8 ?!6=>58

Adx)?> 728=!:32!68 3!68 ?!6>2758

Mfg)?> 8=28!78!3= ?!3= ?!?:?88>

Kca)?: 3362=!>>8!=5 ?!=5 ?!=>83=6

Hfe)?: 2=?=!2 6!85 )?!7> )?!5>37>

Icu)?: 83?6!668!=5 ?!=5 ?!568=77

Cpu)?: 8?2!53?!=2 =!=2 ?!523=3>

Icz)?: 5?7:!:8!65 ?!65 ?!3?8?26

]ce`f 35 ; Ida}n`z pudhj} hdu }nf pfujdm Kvaf 5??> ) Icz 5??: .O Uw! 6$lRn*


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Hjbvuf 38; Ida}n`z pudhj} hdu }nf pfujdm dh Kvaf 5??>) Icz 5??: O Uw! 6$vaj}

]nf cedxf gc`gv`c}jdaw wndr }nc} }nf }ucmjab jw pudhj}ce`f da`z rnfa }nf bfafuc}jda gdw} jw cedxf Uw!

6$vaj}! Vamfu Uw! 6$vaj} }nf }ucmjab wndrw afbc}jxf pudhj}! ]nf njbn gdw} cw ifa}jdafm cedxf jw

c}}ujev}fm }d }nf vwf dh U)@AB!

Gdw} Efafhj} Cac`zwjw

@f} vw gdawjmfu }nf hd``drjab cwwvip}jdaw cam mc}c }d mfujxf c gdw} efafhj} cac`zwjw hdu BWFB }nudvbn

}ucmjab da }nf f~gncabf! ]nf cac`zwjw ncw effa mdaf }cljab ja}d cggdva} ed}n }nf bfafuc}jda gdw}w!

Cxfucbf cxcj`ce`f }ucmjab gcpcgj}z ; =332!63 IR

Ijajivi cxcj`ce`f }ucmjab gcpcgj}z ; 5=3!6 IR .]clfa ja}d gdawjmfuc}jda rnj`f gc`gv`c}jda*

Aviefu dh Mczw }ucmfm ; 363

Aviefu dh ndvuw }ucmfm ; 35

]d}c` IRNuw ]ucmfm ; =72 6:> IRNuw =

]nf hd``drjab }ce`f bjxfw }nf }d}c` pudhj} gc`gv`c}jda cwwvijab }nc} BWFB }clfw vp c ifiefuwnjp rj}n

JF^ da c hv`` pczifa} dp}jda!

= ]d}c` IRnu }ucmfm 9 xd`vif }ucmfm+Aviefu dh mczw }ucmfm+Aviefu dh ndvuw }ucmfm


57/65


58/65


jag`vmjab }nf hcg} }nc} BVXA@ }nfiwf`xfw rdv`m }ucmf }nf pdrfu mvujab njbn mficam pfujdmw j} icz ef

uf`c}jxf`z mjhhjgv`} }d wf`` }nf pdrfu! Afxfu}nf`fww f~p`dujab }nf dp}jda dh pdrfu wc`f cam cg}vc``z }uzjab

j} gca }nudr vp }nf cg}vc` pdwwjej`j}jfw cam }nf f~pfujfagf bcjafm gca ef vwfhv` ja }nf hv}vuf!

Ij~ dh wf``jab dp}jdaw hdu BWFB]nf cedxf cac`zwjw bjxfw }nf pudhj}cej`j}z dh }nf pdrfu wc`f }nudvbn }nf f~gncabf! Ndrfxfu }nf f~gncabf

wd`f`z gcaad} ef vwfm cw ifmjvi dh }ucmf cw }nf gdipcaz jw ad} c ifugnca} p`c} cam ncw c __C }nc}

fxcgvc}fw pdrfu cw pfu mficam! Cw ifa}jdafm cedxf }nf iculf} wzw}fi pufxc`fa} da }nf f~gncabf jw }nf

Mcz)cnfcm iculf}! ]njw rdv`m fa}cj` }nf gdipcaz }d gdiij} c wc`f svca}j}z c mcz pujdu }d }nf cg}vc` wc`f!

]nf `dww }nc} }nfz jagvu mvf }d `dcm ufw}ujg}jda jw ad} ladra c} }nc} fcu`jfu mc}f! Nfagf j} iclfw }nf

gdiij}ifa} dh c hj~fm svca}j}z c pude`fi! Nfagf }nf gdipcaz gca cmdp} c ij~ dh wf``jab dp}jdaw }nf

f~gncabf cam }nf VJ ja}fuhcgf!

C Nzpd}nf}jgc` ]ucmjab _udpdwc`

@f} vw gdawjmfu c nzpd}nf}jgc` pudpdwc` hdu }ucmjab ecwfm da njw}dujgc` mc}c .}clfa dh Mfgfiefu ida}n hdu

}nf zfcu 5??>*! ]nf mcj`z pujgfw }ucmfm da hdu }nf ida}n dh Mfgfiefu jw fag`dwfm cw F~njej} =!

@f} vw gdawjmfu }nc} }nf gdipcaz mfgjmfw }d }ucmf da Mfgfiefu 33! ]nvw j} cpp`jfw hdu c ejm da Mfgfiefu

3? cw pfu }nf pudxjwjdaw dh }nf MCI! ]nf jwwvf nfuf rdv`m ef mfg`cujab }nf }ucmjab cidva} hdu }nf af~}

mcz! C} }nf fam dh fxfuz mcz BWFB mfg`cufw }nf cxcj`cej`j}z hdu }nf af~} mcz }nf cidva} }nc} }nfz rdv`m

ef pudmvgjab! Ja gcwf BFE rca}w }nf p`ca} }d gv} mdra }nf gcpcgj}z j} jahduiw }nf p`ca} 36 ijav}fw ja

cmxcagf!

Mvujab }nf }ucmjab rjamdr da }nf 3? }n }nf cxfucbf dh }nf pcw} mczw dh }nf ida}n cw ja hudi Mfgfiefu 3

}d Mfgfiefu : jw gc`gv`c}fm 326!> IR cam pv} vp hdu }ucmjab! Cw pfu }nf mcj`z IG_ cam IGX da }nf

3? }n }nf }jif w`d} hdu ef}rffa 8 pi cam 2 pi wndrfm }nf njbnfw} IG_! ]nf hjbvuf 38 wndrw }nf cxfucbf

IG_ cam IGX hdu }nf pcw} Nfagf }nf pcu}jgv`cu }jif w`d} jw ejm hdu }nf af~} mcz j!f }nf 33 }n cw rf``!

Ch}fu }nf fsvj`jeujvi pujgf jw mfgjmfm }nf IG_ hdu }nc} pcu}jgv`cu e`dgl da }nf 33}n gdifw mdra cw Uw!

:!33$lRn! Hvu}nfu da }nfuf gca ef }rd gcwfw ch}fu }njw!


59/65

6: W f ` ` j a b D p } j d a w h d u U f w } u j g } f m G c p c g j } z d h B W F B

3* ]nf cg}vc` wpcuf pudmvg}jda cidva}w }d 588 IR! ]nvw }nf p`ca} ncw ca f~gfww dh gcpcgj}z dxfu

}nf }ucmfm cidva}! C} }nf IG_ dh Uw! :!33$lRn }nf gdiij}}fm 326!> IR jw }ucmfm }nudvbn }nf

f~gncabf! Hdu }nf ufw} dh }nf :?!5 IR }nf VJ gca ef vwfm! ]ce`f 3= bjxfw }nf pujgfw da }nf VJ

ja}fuhcgf hdu }nf pfujdm dh Cvbvw} 5??> }d Icugn 5??:!

Ida}n _ujgf da VJ

.Uw!$lRn*

Fhhfg}jxf pujgf

.Uw!$lRn*

Cvb)?> 6!32 3!:5

Wfp})?> 8!6? 7!56

Dg})?> 8!75 7!?2

Adx)?> 6!77 5!?>

Mfg)?> =!>: 3!8=

Kca)?: =!:: 3!2=

Hfe)?: =!>: 3!8=

Icu)?: =!>6 3!8

]ce`f 36 ; _ujgfw hdu }nf VJ ja}fuhcgf hdu }nf pfujdm dh Cvbvw} 5??> ) Icugn 5??:

]nvw }nf uficjajab gcpcgj}z gca ef }ucmfm c} c pujgf dh Uw! =!>:$lRn! ]nf pudhj} }nc} }nfz rdv`m fcua da

}nf mcz dh Mfgfiefu 33 }n jw gc`gv`c}fm cw ;

Bfafuc}jda gdw} Uw! 5!:$vaj} Uw! 6$vaj}

Ifmjvi F~gncabf VJ F~gncabf VJ

IG_$_ujgf Uw! :!33$vaj} Uw! =!>:$vaj} Uw! :!33$vaj} Uw! =!>:$vaj}

Svca}j}z 326!> IR :?!5 IR 326!> IR :?!5 IR

_udhj} ?!?:38 ?!??: ?!?6=2 )?!?3

]d}c` pudhj} Uw! ?!3??8 gudufw Uw! ?!?==2 Gudufw

]ce`f 38 ; Mcj`z pudhj} hdu Mfgfiefu 33 .Nzpd}nf}jgc`

F~gfww dh pdrfu*


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5* ]nf cg}vc` wpcuf pudmvg}jda cidva}w }d 3=3!?> IR! ]njw rdv`m ifca c wndu}cbf dh pdrfu ez

7=!25 IR cw pfu }nf hj~fm cidva}! ]nf ufw} cidva} gca ef mucra hudi }nf VJ c} }nf pufxc`fa}

uc}f da }nf bujm!

Bfafuc}jda gdw} Uw! 5!:$vaj} Uw! 6$vaj}

Ifmjvi F~gncabf VJ F~gncabf VJ

IG_$_ujgf Uw! :!33$vaj} Uw! =!>:$vaj} Uw! :!33$vaj} Uw! =!>:$vaj}

Svca}j}z Wf`` 3=3!?> IR Evz 7=!25 IR Wf`` 3=3!?> IR Evz 7=!25 IR

_udhj}$Gdw} jagvuufm Uw! ?!?276 guduf Uw! ?!?38: guduf Uw! ?!?=7> guduf Uw! ?!?38: guduf

]d}c` pudhj} Uw! ?!?688 Gudufw Uw! ?58: Gudufw

]ce`f 32 ; Mcj`z pudhj} hdu Mfgfiefu 33 .Nzpd}nf}jgc` ) mfhjgj} dh pdrfu*

Nfagf ja `jbn} dh }nf cedxf }rd pudece`f gcwfw }nf cedxf }rd if}ndmw gca ef cmdp}fm ja dumfu }d }ucmf

da }nf f~gncabf! Ja gcwf dh c ladra mfhjgj} c mcz fcu`jfu pdrfu gca ef pvugncwfm hudi }nf f~gncabf

rnfa }nf uc}fw cuf `drfu! Bfafuc``z }ucmjab pujgfw cuf `drfu da }nf f~gncabf mvujab `c}f ndvuw dh }nf

ajbn} 33 pi }d 35 ci cam rff ndvuw dh }nf iduajab 35 ci }d 6 ci! ]nf uc}fw ndxfu cudvam Uw! 5$lRn

}d Uw! 7$lRn! _drfu pvugncwfm gca }nfa cbcja ufjakfg}fm ja}d }nf bujm mvujab pfcl ndvuw rnfa }nf uc}fw

cuf njbn bfafuc``z ef}rffa dhhjgf ndvuw }d bjxf c ufcwdace`f cidva} dh }ucmjab icubja!

J} rdv`m ufsvjuf ncxjab c gda}javdvw }ce da }nf pujgfw da }nf f~gncabf! Wd }nc} }nfz rj}nmucr hudi }nf

f~gncabf rnfa }nf pujgfw cuf wvhhjgjfa}`z `drfu cam }nfa wf`` j} ecgl }d }nf f~gncabf cw cam rnfa

ufsvjufm du iduf cp}`z rnfa }nf pujgfw cuf njbn!


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Cg}jda p`ca

]nf hd``drjab w}fpw affm }d ef vamfu}clfa ja dumfu }d jaj}jc}f }ucmjab rj}n }nf f~gncabf!

3* C mf}cj`fm cac`zwjw dh }nf }jif cxcj`cej`j}z dh pdrfu }nf mficam c} }nc} }jif cam }nf pujgf gca ef

vamfu}clfa hdu hvu}nfu rduljab dv} }nf pdwwjej`j}z dh pdrfu wc`f!

5* Mfpfamjab da }nf svca}vi dh pdrfu cxcj`ce`f }d }ucmf ja uf`c}jda }d }nf `dcm ufw}ujg}jda `dwwfw

gdipj`c}jda dh }nf fa}juf pdrfu }nf uc}jd dh }nf pdrfu }nc} jw }d ef }ucmfm }nf aviefu dh ndvuw

hdu rnjgn }ucmjab ncw }d }clf p`cgf mf}fuijajab }nf }jif e`dgl mvujab rnjgn }nf f~gncabf pujgfw

cuf njbn fadvbn cam }d bfafuc}f ic~jivi ufxfavf cw rf`` cw ef hfcwje`f fadvbn }d fawvuf wc`f dh

}zpf dh pdrfu ja ncam!

7* Cpp`jgc}jda }d ef fa`jw}fm ja }cljab ja}d cggdva} }nf cidva} dh pdrfu }nc} }nf gdipcaz ja}famw

}d }ucmf!

=* _udxjwjda dh cmfsvc}f icapdrfu }d hcgj`j}c}f }ucmjab da }nf f~gncabf!

C wpfgjc` ufsvjufifa} ez }nf F~gncabf jw }nf pufwfagf dh }nf CE] if}fu cam c w}camjab g`fcucagf hudi}nf W@MG hdu }ucmjab rnjgn affmw }d ef cgsvjufm!

Gda}jabfagjfw

]nf hd``drjab pude`fiw gdv`m gudp vp ja }nf cg}jda p`ca zfcuw }d 7 zfcuw ufwpfg}jxf`z!


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F~njej}w

F~njej} 3 ; Cufc dh dpfuc}jdaw dh }nf `fcmjab f~gncabfw ja Fvudpf

F~njej} 5 ; Mjcbuciic}jg ufpufwfa}c}jda dh c Gdiejafm Gzg`f _drfu _`ca}


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Ac}vuc` Bcw @AB Jipdu}fm gdc` Mdifw}jg gdc`Cxcj`cej`j}z Mfpfamw da ac}vuc`

Bcw hjamwMfpfamw daMfxf`dpifa} dh

@AB pudkfg}w

Ad pude`fi Cevamca} ijaf mfxf`dpifC pudece`f jwwvf

H`f~jej`j}z ja dpfuc}jdaw Njbn Njbn Affmw }d ef dpfuc}fm cw c ecwf `dcm p`ca}Rj}n hfr w}cu} cam w}dpw

Jahucw}uvg}vuf Bcw pjpf`jaf af}rdul cxcj`ce`f G`dwf }d pdu}Hdu c gcp}jxf kf}}zCevamca} rc}fuaffmfm

G`dwf }d ucj`rcz `jaf@cam camCevamca} rc}fu

Ufbv`c}duz Bcw @jalcbfGdiij}}ff

Ad jwwvfw Jipdu}fm vamfu DB@ Gdc` @jalcbfGdiij}}ff

Faxjudaifa}c` dp}jdaw G`fcafu hvf` G`fcafu hvf` Ef}}fu }ncaMdifw}jg gdc`

Ucalw `fcw}

Gdaw}uvg}jda Ifmjvi Njbn Njbn @drUcal ecwfm da }nf gdw}dh bfafuc}jda

3 5 7 =

F~njej} 7 ; Uf`c}jxf gdipcujwda dh hdvu hvf` c`}fuac}jxfw

F~njej} = ; Ndvu`z IG_w hdu }nf ida}n dh Mfgfiefu, 5??>


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Eje`jdbucpnz_camfz X! .5??2 Adxfiefu*! F`fg}ujgj}z Bujm Icacbfifa} ja Jamjc ) Ca Dxfuxjfr! "F`fg}ujgc` Jamjc" )Xd` =2 Ad 33 !

Wddaff W! Acucwjinca W! ( _camfz X! .5??8*! Wjbajhjgcagf dh Vawgnfmv`fm Ja}fugncabf Ifgncajwija }nf Jamjca F`fgujgj}z Wvpp`z Jamvw}uz! Mfpcu}ifa} dh F`fg}ujgc` Fabjaffujab, J]ENV !

Wujxcw}cx W! .5??: Icz*! Hcgf}w dh }nf rduljab dh }nf _drfu F~gncabfw! .W! Wc~fac Ja}fuxjfrfu*

selling options fr restricted capacity for a power plant- evaluation and options

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