Chapter 1

Introduction

1.1
Importance of education in today’s world
Education is the fourth necessity for man after food, clothing and shelter, in today’s
competitive world. Education is indeed a powerful tool to combat the cut-throat
competition that man is faced with at every junctures in life. The importance of education
in India is indeed rising with passing time. Though India has always been a great source
of learning for many years, it still needs to improve not just on the quality of education
but also on the number of people being educated.
It is after the 1991 reforms that India entered into a different phase all together.
Privatization and globalization helped to bring world class education to India. Today
universities across the world are joining hands to open their branches in India. While
Some of the country’s top universities are IITs (Indian Institute of Technology), IISc
(Indian Institute of Science), IIMs (Indian Institute of Management), AIIMS (All India
Institute of Medical Science), ISI (Indian Statistical Institute), NITs (National Institute of
Technology), BIT’s (Birla Institute of Technology), TIFR (Tata Institute of Fundamental
Research) and ISB (Indian School of Business) which are known for their quality
education. Higher education in India is indeed gaining distinct importance in specific
cities across India. Even though the private sector is strong in imparting higher education
in India, there are systems of accreditation that are required by law. With the growing
needs of the industry for world class managers, the institutes offering MBAs has also
gone up in the last few years. There are over thousand recognized institutes offering
MBA in India. By law. With the growing needs of the industry for world class managers,
the institutes offering MBAs has also gone up in the last few years. There are over
thousand recognized institutes offering MBA in India.

Why is education important for development?

Education is central to development; it empowers people and strengthens nations. It is a

powerful “equalizer”, opening doors to all to lift themselves out of poverty. It is critical
to the world’s attainment of the Millennium Development Goals (MDGs). Two of the
eight MDG’s pertain to education-namely, universal primary completion and gender
parity in primary and secondary schooling. Moreover, education-especially girls’
education-has a direct and proven impact on the goals related to child and reproductive
health and environmental sustainability. Education also promotes economic growth,
national productivity and innovation, and values of democracy and social cohesion.
Education and Economic Development
Prior to the nineteenth century, systematic investment in human capital was not
considered especially important in any country. Expenditures on schooling, on-the-job
training, and other similar forms of investment were quite small. This began to change
radically during this century with the application of science to the development of new
goods and more efficient methods of production, first in Great Britain, and then gradually
in other countries. During the twentieth century, education, skills, and the acquisition of
knowledge have become crucial determinants of a person’s and a nation’s productivity.
One can even call the twentieth century the “Age of Human Capital” in the sense that the
primary determinant of a country’s standard of living is how well it succeeds in
developing and utilizing the skills and knowledge, and furthering the health and
educating the majority of its population. No country has achieved constant economic
development without considerable investment in human capital. Previous studies have
shown handsome returns to various forms of human capital accumulation: basic
education, research, training, learning-by-doing and aptitude building. The distribution of
education matters. Unequal education tends to have a negative impact on per capita
income in most countries. Moreover, controlling for human capital distribution and the
use of appropriate functional form specifications consistent with the asset allocation
model make a difference for the effects of average education on per capita income, while
failure to do so leads to insignificant and even negative effects of average education.
Investment in human capital can have little impact on growth unless people can use
education in competitive and open markets. The larger and more competitive these
markets are, the greater are the prospects for using education and skills.

1.2Need of effective financial management in to-days scenario.

An educational institution is a place where hundreds of children or adolescents keep
going and coming for their education. There are many kinds of people in all these
institutions. There are some who do well in their education and there are others who are
not good in their education. The education in the institution should be such that all the
differences between the kids should not be a problem. There are various factors that can
be used to modify these differences between children to make sure that they get the same
attention. It depends on factors that can be modified and also those that cannot be. There
are various factors that play a role in the provision of good quality education in an
institution and they are all listed here:-

*Good Infrastructure: The infrastructure of the school is very important because

this is the part of the institution that is most visible from the outside. This is a factor that
should be considered by the school authorities to make the school to be the best.
 *Good curriculum models: The fact that an educational institution provides quality
education depends mainly on what is being taught here, though other factors to play a
role in it. This makes the curriculum model that is followed in that place to be very
important. There are different curriculum models and following the best one is very
important to improve the quality of education.

*Good instructional methods & staffing policy: The students in the place of
education also need good instructional methods and also need a very good staffing policy.
The reason for this is that unless the instructional methods are new, varied and
interesting, the new age children will get bored. This needs the teacher to be innovative in
the teaching. All these make it very important for the staffing policy and instructional
methods to be good.

*Educational resources for the student & Good Library facility: The resources
for the student that includes the library facility should be state of the art and also have the
latest books and other things for the student to be able to have quality education with
good reference materials.

*Lecture Halls: Lecture halls should be built in such a way that all the students are
able to view the person giving the lecture. This will help more students to concentrate on
the classes.

*Laboratories: The labs form a very important part of the educational institution.
These laboratories should be well equipped and also have the latest things for research
and also for the regular education. This is in fact one of the most important aspects of the
educational institution to impart quality education.

*Computers with internet: Computers with internet is another important part of the
educational institution. Computers and also internet have become indispensable for the
person wanting to have good quality education. This should be understood by the
management and adequate number of computers should be provided to the students. All
these factors play a role in the improvement of the quality of education that is provided to
the students in a particular educational institution
Thus the entire requisite mentioned above can only be archive by the means of effective
financial management.
1.3 Introduction to Company
History

Sat Chikitsa Prasarak Mandal a public Trust was established in 1953. The founder
Of the Trust is Dr. Babasaheb Nandurkar. He was an eminent personality in
Yavatmal. He was freedom fighter who worked in freedom movement with great
Personalities like Pandit Nehru, Loknayak Bapuji Ane etc.Post Independence, he
Represented Kalamb constituency of erstwhile CP & Berar in legislative Assembly
As MLA. He had a vision about requirements of society and has founded education
Institute trust to ensure Impart quality professional education.

The first initiative towards education was to establish Homeopathic College in

The year 1953.The Satchikitsa Prasarak Mandal under the able leadership of Dr.
Prakash Nandurkar did not limit the activities to Education field having full
Understanding about Social responsibility the Satchikitsa Prasarak Mandal has
Undertaken various social activities.

Present profile of company

The institution is growing with the time and gained experience of more than 5 decades
now at present the Nandurkar institution is renowned not only in city of Yavatmal or
state of Maharashtra but also all over in India for it state of art infrastructure and world
class infrastructure regarding sports facilities and technology. The institution is having its
own campus spread over 70 acres of land it includes world class facilities like Olympic
level swimming pool, state of art health center, auditorioum, video conference rooms,
computer labs, library with more than 70’000 of re known literatures, gymnastic hall,
play grounds for basket ball cricket, badminton, kabbadi, kho-kho the institution is
having its own air rifle shooting range and A-grade instruments required. The institution
is also having state of art class rooms and infrastructure required. The institution is
having wholly residential hostel facility and mess facility for students.
The institution has been honored by winning various awards like chhatrapati award Arjun
award, etc by their members and students.
The institution does not work for business purpose only but the “Mandal” is much
renowned for their various social activates like
  Samuhik vivah.
 Narayan sewa (providing food to the poor people).
 Blood donation camps.
 Upliftment of tribal people (like pardhi samaaj).
That’s the only reason why the organization have sustain and grown in various
difficult and unfavorable situations.
The institution in now having various departments like:
 Satya Sai English Medium Convent School

 Shri Sai Vidya Niketan

 Shri Sai Balvidyamandir

 Shri Nandurkar Vidyalaya

 Department of Computer Science.

 Dr. Babasaheb Nandurkar Physical Education college

 Dr. Bhausaheb Nandurkar College of Engineering & Technology

Coerces available-
1. School from std 1 to 10
2. Higher secondary school 11-12th
3. Biped
4. M.p.ed
5. D.y.ed
6. B.c.a
7. M.c.a
8. Engineering-
 Bio-medical
 Computer science
 InfoTech
 Electronic and tele communication

Administrative body:-
 President- D.r Satish .g khode
 Vice-president- D.r Ullhas .b Nandurkar
 Secretary- D.r Prakash.b Nandurkar

Now the institution is planning to open Management College in the city to encourage the
growth of the institution, students and the area concern.
1.4 About the location (Yavatmal)
Country-India
State-Maharashtra
Population-122,906 (2001[update])
Time zone-IST (UTC+5:30)
Area
• Elevation
445 meters (1,460 ft)
Codes
• Pin code• 445001
• Telephone• +07232

Yavatmal (Marathi: यययययय) is a city and a municipal council in Yavatmal

District in the Indian state of Maharashtra. The name derives from Yavat,
Meaning mountain and mal, meaning row.

Demographics
Yavatmal contains 7 cities-abdeali batawala as of 2001[update]
India census, [1] the district of Yavatmal had a population of 24, 60,482. Males
Constitute 51% (12, 67,117) of the population and females 49 %( 11, 93,365).
Yavatmal has an average literacy rate of 74%, higher than the national average
Of 59.5%: male literacy is 83%, and female literacy is 74%. In Yavatmal, 12% of
The population is under 6 years of age. Density of population is 181 persons per
Square kilometer. Total rural population is 20, 01,034 and urban population is
4, 59,448. Percent age of population belonging to Schedule Casts is 10.92% and
For Scheduled Tribes it is 21.46. Sex ratio is 942 females for 1000 males. 34%
Of the population is below poverty line.

Economy
The town is also the chief trading centre in the district, and is connected by road with
Dhamangaon station, which is 29 miles (47 km) from this town.
It is also known as cotton city. During the time of British rule, it was
Considered to be a hill station.
A narrow gauge railway called the Shakuntala Express has passed through since
The British era, now running on diesel rather than the original coal. The train
runs once a day between this station and Murtizapur railway station.
Major business establishment in Yavatmal includes the Raymonds factory which
produces the Jeans Fiber. It is 100% export unit from Raymonds, which is a
Famous clothes brand.
There is a brand new 106-acre (0.43 km2) textile SEZ coming up in the city. HLL
Unilever has also decided to restart the plant they currently have in the city.
Government sources reveal that the city will have railway connectivity by 2012.
The airport is being face lifted too and flights to Mumbai and Pane will be
starting shortly.
Other local businesses in town are dominated by presence of agricultural supply
Facilities which are very useful for the nearby farmer community.
New generation is joining the workforce of 21st century slowly and there are a
Number of computer learning centers and educational institutes.
Yavatmal District has major industrial areas at places like- MIDC Lohara,
Darwha, Digras, Pusad, Umerkhed, Wani, Umari, Pandharkawada, Ralegaon and
Babhulgaon, Ner and Wani-Maregaon
Main market places in the Yavatmal district are: Yavatmal City, Wani, Darwha,
Digras, Akola Bazar, Pusad, Umerkhed, Pandharkawada.
Main banking places are: Yavatmal, Pusad, Digras, Ghatanji and Pandharkawada,
Wani.
Educational institutes :
 Medical :-
Government medical college Shri Vasantrao Naik Government Medical
College, daya bhai ayurvedic mahavidyalaya

 Technical :-
Government Polytechnic, Government Residential Women's
Polytechnic, Nandurkar college of engineering and technology , Jawaharlal Darda
Engineering and Technical Institute(private),
Babasaheb Nandurkar College of Engineering, Jagdamba College of
Engineering,ITI Institute,Late Rupeshkumar Ingole Chitrakala Mahavidyalaya

 Other formal Education:-

Amolakchand Mahavidyalaya, Nandurkar college, Date College (Kala and
Wanijya Mahavidyalaya), Pharmacy College.

 Colleges for Physical Education

Nandurkar college of physical education, dayabhai patel college of physical
education,'Hanuman Akhada'.

 Private schools
Such as St.Aloysius High, Free Methodist English High School, Nandurkar high school
Giant’s English medium school etc. provides good quality English medium education.
Tutorial facilities are found largely across the city.

History:-
Yavatmal City was main town of Berar. Yavatmal was earlier also
Spelled as YEOTMAL or YAVATMAL. It was settled by British colonial people and
also
it was made in the form of a tourist place also according to old writings
Yavatmal is termed as"THE SAFEST PLACE IN THE WORLD" Region of Yavatmal
(now
District of Yavatmal) was part of the dominion of Allauddin Bahamani Shah-The
Founder of Bahaman dynasty since 1347. In 1572 ruler of Ahmadnagar (Now
another district of Maharashtra state of India which is also referred as
"Sambhaji Nagar" or simply "Nagar")annexed the Yavatmal District. In 1596, Chand
Bibi the queen of Ahmadnagar, ceded the district of Yavatmal to Moughals (One of
the ruler of India). After the death of Aurangzeb the moughal king in 1707,
Yavatmal was paased on to the Great Marathas. When Raghuji Bhosle became the
Ruler of Nagpur in 1783, he included the Yavatmal district in his kingdom. After
British East India Company took over Berar in 1853, by 1863, Yavatmal became
part of East Berar District and later of South East Berar district which were
districts of Central Provinces. Quite late before the 1947, Yavatmal was part of
Madhya Pradesh but in 1956 after the reorganization of states in India District
of Yavatmal was transferred to Bombay state. When the state of Maharashtra came
into existence in 1960 (1st of May), Yavatmal District became part of part of
Maharashtra. This District has given two chief minister to Maharashtra State
(Shri Vasantrao Naik and Shri Sudhakarrao Naik) and many more great politicians
& great Personalities like Loknayak Bapuji Ane the great Freedom fighter &
Babaji Daate the gret social worker in Yavatmal. Post-independence, this
district of Yavatmal has consistently favored Congress Party (Indira) in its
political leanings. So the state government representatives (known in India as
Member of Legislative assembly or MLA) and central government representatives
(known in India as Member of Parliament or MP) elected by people in Yavatmal
have been largely from Congress party (Indira). In the 90's, the trend has
reversed, though; with the election of members of Bharatiya Janata Party (BJP)
to the prominent positions of MP and MLAs to represent Yavatmal both at state
and central government levels.

Agriculture and other industries

Yavatmal is also considered as tribal
district of Maharashtra. It is the land of farmers. Major crops are- COTTON
(Kapoos), Toor (Yellow beans), Wheat (Gahu), Sugarcane (Oos), Groundnut
(Bhooimung), Chillies (Mirchi). Even though district has many major rivers like-
Painganga, Wardha, Arnavati, Pus, Kuhu, Waghari, Benbala Yavatmal's agricultural
condition always suffer because of unavailability of water in most of part of
the district. Even Yavatmal Main City itself has a problem with drinking water.
Agriculture many times gets impacted by either Droughts or Floods or heavy
rains. Nowadays the situation is so bad that Yavatmal district tops the list of
districts in India with number of farmer suicides. The prime minister has
Personally visited the place to get the feel of the situation.
Apart from Agriculture, there are small scale Industries like- Ginning and
Pressing, handmade paper, weaving, oil mills, textile mills (Raymond Factory in
Yavatmal), Nylon ropes etc. A new 106 acres (0.43 km2) Textile SEZ has been
Proposed in the city. The Hindustan Lever Plant is also commencing production
from December 2010.