Macroeconomic Determinants of Nepalese Stock Market (original) (raw)

2023, Academic Journal of DAMC

Abstract

This study examines the influence of macroeconomic variables on the Nepalese stock market by employing an econometric model. Monthly data from mid-July 2001 to mid-July 2020 is analyzed to explore long- and short-term relationships. The study considers macroeconomic variables such as broad money (M2), the USD to NPR exchange rate (EXR), the consumer price index as a proxy for inflation (INF), and the T-Bill 91 days as a proxy for the interest rate (INT).The NEPSE index (NEPIN) is used as the dependent variable. The unit root test results reveal that only the interest rate variable is stationary or integrated at levels I (0), while the other variables are stationary at the first difference I(1)). Given this mixed integration, the autoregressive distributive lag (ARDL) model is employed to determine the short-run and long-run relationships between macroeconomic variables and stock market development. The findings from the ARDL bound test confirm the presence of a long-run relationship between macroeconomic variables and stock market development. In the long run, there is a significant negative relationship between money supply and stock market development. However, the other variables do not exhibit sufficient statistical evidence to be considered significant. In the short run, both the money supply and the USD NPR exchange rate show a negative and significant relationship with stock market development. On the other hand, inflation and the interest rate display statistically insignificant relationships with stock market development. Additionally, the study finds that the error correction term or co-integrating equation is negative and significant at the 1 percent level of significance. However, the adjustment process towards long-run equilibrium has a low speed of 2.76%. This indicates that deviations from the short-run equilibrium are corrected gradually, with only 2.76% of the disequilibrium being adjusted each month following a shock. As a result, it would take a considerable amount of time to return to long-run equilibrium. In conclusion, this study demonstrates the impact of macroeconomic variables on the Nepalese stock market. Money supply is identified as a significant factor affecting stock market development in the long run. However, the relationships in the short run are more nuanced, with money supply and the USD to NPR exchange rate exerting negative effects while inflation and the interest rate show little statistical significance. The slow adjustment process toward long-run equilibrium highlights the need for careful monitoring and timely policy adjustments to maintain market stability.

Loading...

Loading Preview

Sorry, preview is currently unavailable. You can download the paper by clicking the button above.

References (173)

  1. Ahmad, S., Wasim, S., Irfan, S., Gogoi, S., Srivastava, A., &Farheen, Z. (2019). Qualitative vs. Quantitative Research. Population, 1, 2. Retrieved from https://scholar.google.com/ Allen, M. (2017). The SAGE Encyclopedia of communication research methods (Vols. 1-4). Thousand Oaks, CA: SAGE Publications, Incdoi: 10.4135/9781483381411
  2. Bista, K. (2011). Teaching English as a foreign/second language in Nepal: Past and present. Online Submission, English for Specific Purposes World v11 n32 p1-9 2011 https://eric.ed.gov/?id=ED530898
  3. Brown, J.D. (2011).Quantitative research in second language studies. In E. Hinkel (Ed.), Handbook of research on second language teaching and learning (Vol.2) (pp.190-206).New York: Routledge.
  4. Bryman, A. (1988). Quantity and quality in social research. London: Sage.
  5. Çelik, Ş. S., & Aydın, S. (2018). A review of research on the use of native language in EFL classes. Literacy, 4(2). https://www.researchgate.net/publication/329717805
  6. Chetty, P. (2016). Limitations and weaknesses of qualitative research methods. Project Guru.
  7. Creswell J W.(2004) Research design: Qualitative, quantitative, and mixed methods approach. New Delhi: Sage.
  8. Dawadi, S. (2017). Are our quantitative and qualitative approaches to educational research compatible? Retrieved from https://www.researchgate.net/publication/321825678
  9. Dawadi, S. (2018). The Impact of the School Leaving Certificate Examination on English Language Teaching and Student Motivation to Learn English. In: Hayes, David ed. English Language Teaching in Nepal: Research, Reflection, and Practice. British Council, pp. 133-164.
  10. Demetrius, M., & Bryan, M. (2012). Strengths and weaknesses of quantitative and qualitative research. UX Matters.Retrieved from oro.open.ac.uk
  11. Davison, C. B., &Dustova, G. (2017). A Quantitative Assessment of Student Performance and Examination Format. Journal of Instructional Pedagogies, 18.
  12. Geva, E. (2006). Second-language oral proficiency and second-language literacy. Developing literacy in second-language learners: Report of the National Literacy Panel on Language-Minority Children and Youth, 123-139.
  13. Guba, E. L., & Lincoln, Y. (1994). Competing paradigms in qualitative research: Handbook of qualitative research. California: Sage Hammersley, M. (2007). Educational research and evidence-based practice. London: Sage Publications.
  14. Johnson, D. R. (2011). A quantitative study of teacher perceptions of professional learning communities' context, process, and content. Seton Hall University Dissertations and Theses (ETDs). 15. Retrieved from. https://scholarship.shu.edu/dissertations/15
  15. Johnson, R. B., & Christensen, L. (2019). Educational research: Quantitative, qualitative, and mixed approaches. Sage publications.
  16. Martin, W. E., &Bridgmon, K. D. (2012). Quantitative and statistical research methods: From hypothesis to results (Vol. 42). John Wiley & Sons.
  17. Mason, J. (2017). Qualitative researching. Sage.
  18. Rahman, M. S. (2017). The advantages and disadvantages of using qualitative and quantitative approaches and methods in language" testing and assessment" research: A Literature Review. Journal of Education and Learning, 6(1), 102-112. Retrieved from http://dx.doi.org/10.5539/jel.v6n1p102
  19. Rasinger, S. M. (2013). Quantitative research in linguistics: An introduction. A&C Black. Savran-Celik, S. & Aydin, S. (2018). A review of research on the use of native language in EFL classes. The Literacy Trek, 4(2), 1-14.
  20. Sukamolson, S. (2007). Fundamentals of quantitative research SuphatSukamolson (Doctoral dissertation, Ph. D. Language Institute Chulalongkorn University. Lang Inst. p: 20).
  21. UKMuijs, D. (2010). Doing quantitative research in education with SPSS. Sage.
  22. Watt, A. (2015). Fundamentals of quantitative research in the field of teaching English as a foreign language. The Praxis of English Language Teaching and Learning (PELT) (pp. 91-114). Brill Sense. https://brill.com/view/book/edcoll/9789463001120/BP000007.xml
  23. References Aziz,S. Mahmood,M.& Rehman,Z.(2018). ImplementatIion of CIPP Model for Quality evaluation at School Level: A Case Study. Journal of Education and Educational Developement Vol. 5 No. 1
  24. Boulmetis, J., & Dutwin, P. (2005). The ABCs of evaluation: Timeless techniques for program and project managers (2nd ed.). Jossey-Bass.
  25. Eseryel, D. (2002). Approaches to evaluation of training: Theory & practice. Educational Technology & Society, 5(2), 93-99.
  26. Karmel, L. J. & Karmel, M. O. (1978). Measurement and evaluation in schools (2nded). Macmillan Publishing.
  27. Khuwaja, S. (2001). Education evaluation and monitoring concepts and techniques. University of Missouri.
  28. Print, M. (1993). Curriculum development and design. Allen and Unwin Ltd.
  29. Stufflebeam, D. L. (1971a). The use of experimental design in educational evaluation. Journal of Educational Measurement, 8(4), 267-274.
  30. Stufflebeam, D. L. (1971b). An EEPA interview with Daniel L. Stufflebeam. Educational Evaluation and Policy Analysis, 2(4), 85-90.
  31. Stufflebeam, D. L. (2003). The CIPP model for evaluation. In D. L. Stufflebeam & T. Kellaghan (Eds.), The international handbook of educational evaluation (Chapter 2). Kluwer Academic Publishers.
  32. Stufflebeam, D. L. (2007). CIPP evaluation model checklist (2nd ed.). Retrieved from http://www.wmich.edu/evalctr/archive\_checklists/cippchecklist\_mar07.pdf
  33. Stufflebeam, D. L., & Shinkfield, A. J. (2007). Evaluation theory, models, & applications. Jossey-Bass.
  34. Ahmed, A. (2010). Contextual challenges to Egyptian students' writing development. International Journal of Arts and Sciences, 3(14), 503-522.
  35. Anderson, L. (2006). Analytic autoethnography. Journal of Contemporary Ethnography, 35, 373-395.
  36. Barkhuizen, G. (2011). Narrative knowledging in TESOL, TESOL Quarterly, 45(3), 391-414.
  37. Barkhuizen, G., & Wette, R. (2008). Narrative frames for investigating the experiences of language teachers. The system, 36(3) 372-387.
  38. Barkhuizen, G., Benson, P., & Chik, A. (2014). Narrative inquiry in language teaching and learning research.Taylor & Francis.
  39. Borg, S. (2013). Teacher research in language teaching: A critical analysis. Cambridge University Press.
  40. Canagarajah, A. S. (1996). From critical research practice to critical research reporting, TESOL Quarterly, 30(2), 321-331.
  41. Canagarajah, A. S. (2012). Teacher development in a global profession: An autoethnography. TESOL Quarterly, 46(2), 258-279.
  42. Canh, L. V. (2018). My professional journey: An autobiographical narrative. VNU Journal of Foreign Studies, 34(5), 1-11.
  43. Casanave, C., & Schecter, S. (Eds.). (1997). On becoming a language educator. Mahwah, NJ: Lawrence Erlbaum. Coffey, A. (2004). Autobiography. In M. S. LewisBeck, A. Bryman, & T. F. Liao (Eds.), The SAGE encyclopedia of social science research methods,(46-47). Sage Publications.
  44. Dias-Lacy, S. L. &Guirguis, R.V. (2017). Challenges for new teachers and ways of coping with them. Journal of Education and Learning, 6(3), 265-272.
  45. Ellis, R. (1997). SLA research and language teaching. Oxford University Press.
  46. Gutierrez, L. P. (2021). Translation in language teaching, pedagogical translation, and code-Switching: Restructuring the boundaries. The Language Learning Journal, 49(2), 219-239.
  47. Larsen-Freeman, D. (1986). Techniques and principles in language teaching. Oxford University Press.
  48. Lortie, D. (1975). Schoolteacher: A sociological study. University of Chicago Press.
  49. Luitel, B. C., & Dahal, N. (2021). Autoethnography: Writing lives and telling stories. Journal of Transformative Praxis, 2(1), 1-7
  50. Neill, R. O. (1971). Kernel lessons. Longman.
  51. Pavlenko, A. (2007). Autobiographic narratives as data in applied linguistics. Applied Linguistics, 28(2), 163-188.
  52. Rahman, A. (2021). The role of language teacher associations in professional development. In S. Sultana, M. M. Roshid, Md. Z. Haider, M. Md. N. Kabir, & M. H. Khan (Eds.). The Routledge Handbook of English Language Education in Bangladesh (pp. 341-355). Routledge.
  53. Richards, J. C. (2012). Competence and performance in language teaching. In A. Burns & J. C. Richards (Eds.), The Cambridge guide to pedagogy and practice in second language teaching (46-59). Cambridge University Press.
  54. Shrestha, R. (2020). Becoming a critical English language teacher: An autoethnographic inquiry [Unpublished MPhil dissertation]. Kathmandu University.
  55. Watson, T. F., & Quinn, G. H. (1975). Mainline English. Harper Collins Distribution Services. Widdowson, H.G. (1990). Aspects of language teaching. Oxford University Press.
  56. References Allright, R. (1984).The Importance of Interaction in the Classroom Language Learning.Applied Linguistic 5:156-71.
  57. Brown, H.D. (2001).Teaching by Principles: An Interactive Approach to Language Pedagogy,2nd Edition, New York:Addison Wesley Longman,Inc.
  58. Corder, S.P.(1967).The Significance of learners'Errors.International Review of Applied Linguistics. Ellis. R. (1985).UnderstandingSecond Language Acquisition. Oxford: OUP.
  59. Ellis,R., Tanaka, Y., and Yamazaki, A. (1994).Classroom interaction,comprehension , and the acquisition of L2 word meanings.Language Learning,44,449-91.
  60. Ellis, R. & He, X.(1999).The Roles of Modified Input and output in the Incidental Acquisition of Word Meanings.Study of Second Language Acquisition,Vol.21,p.285-301.
  61. Gass, S., and Varonis,E,(1994). Input, Interaction and second language production. Studies in second language acquisition research, 16,283-302.
  62. Gass, S.M.(2003).Input and Interaction. In Doughty,C.J. and M.H. Long(eds),The Handbook of Second language Acquisition.Malden,MA:Blackwell Publishing.
  63. Gass, S.M. & Selinker, L. (2001). Second Language Acquisition: An Inductory Course 2nd edition,LawrenceErlbaum Associates,Inc.New Jersey.
  64. Izumi, S.(2002).Output ,Input Enhancement and the Noticing Hypothesis.Study of Second Language Acquisition,Vol.24,P.541-577.
  65. Krashen, S.(1985).The Input Hypothesis:Issues and Implications.Newyork:Longman.
  66. Krashen, S.(1994).The Input Hypothesisand its rivals.In N,Ellis(Ed.)Implicit and explicit laearning of languages.London:Academic press,(p.45-77).
  67. Long,M.(1980).Input Interaction and second language acquisition.Unpublished doctoral dissertation,University of California,Los Angeles.
  68. Long, M. (1996). The role of the Linguistic Environment in Second Language Acquisition In W. Ritchie & T.Bhatia(Eds).Hand book of second language acquisition(pp.413-468).San Diego,CA: Academic Press.
  69. Loschky,L.(1994).Comprehensible input and second language acquisition: what is the relationship? Studies in Second Language Acquisition 16,303-24.
  70. Mackey,A. (1999).Input ,Interaction and second language development.Studies in Second Language Acquisition 21,557-81.
  71. Miles, M. &Huber,M. (1994).Qualitative Data Analysis:An Expanded Sourcebook.London:Sage.
  72. Mitchel,R, &Florence ,M. (2014).Second Language Theories,2nd Edition,New York:Oxford University Press.
  73. Vanpatten,B. & Cadierno,T. (1993). Input Processing and Second Language Acquisition:A role for instruction. The Modern Language Journal,Vol.77.No.1,p.45-57.
  74. References Asharfazzaman, M, &Alam, A. (2017). Style of students use of language on facebook, messenger and email at tertiary level in Basngladesh, Prime University Journal, 11(2), 68-84. https:/bdu.ac.bd/publiclication/teacter-pablication.
  75. Babaee, R., &Yahya, W.R. (2014). Significance of literature on foreign language teaching. International Educational Students, 7(4). 80-85.https:files.eric.ed.gov/full text/EJ1069281.pdf.
  76. Bakhtin, M.M. (1981). The dialogic imagination. University of Texas Press.
  77. Barzani, S.H. (2020). The perceptions of EFL Teachers and students' on the use of short stories to enhance reading comprehension. Asian EFL Journal, 27 (3.1), 335-341.
  78. Brumfit, C. (1985) Language and literature teaching. From practice to principle. Program Press Brumfit.
  79. C & Carter. R. (1986). Literature and language teaching. Oxford University Press. Collie. J & Slater. S. (1987). Literature in the language Classroom. Cambridge University Press Darrida. J. (1976). The exorbitant question of method.Inspivak, G.C. of Grammatology. MD, John Hopkins University Press.
  80. Elliot, R. (1990). Encoring reader-response to literature in ESL, situations, ELT Journal, 44/3. Hall, G (2005). Literature in language education. Palgrave Macmillan. Hall, G.(2015) Literature in language education. Research and practice in applied linguistics (2nd ed.) PalgraveMacmillan.
  81. Khatib, M., &Nasrollahi, A.(2012). Enhancing reading comprehension through short stories in TranianEFL Learners. Theory and Practice in language studies. 2(2). 240-246. doi:10.4304/tpls. 2.2.240-246.
  82. Lima C. (2005). Is the rest silence? IATEFL, voices, 186
  83. Lima, C. (2010). Selecting literary texts for language learning, NELTA Journal, volume 15.
  84. Maley, A. & A. Duff (2005). Drama techniques. Cambridge University Press.
  85. Nishanthi, R (2019). The importance of learning English in today world. International Journal of Trend in Scientific Research and Development. 3(1), 871-874. www.ijtsrd.com
  86. McRae. J. (1991). Literature with a small 'L'. Macmillan. Pinker, S. (1994). The language instinct. Panguin
  87. Prowse, P. (2002). Top ten principles for teaching extensive reading: A response. Reading in a Foreign Language, 14/2.
  88. Regmi, LR (2022), SCHOLARS : Journal of Arts &thurnanities, Volume 4, No.1, February 2022 [PP.1-10]
  89. Violetta-Trene,K.(2015). The use of literature in the language classroom. Methods and aims. International Hournal of information and education technology, 5(1), 74-79. http://www.ijiet.org/papers/479-H10011.pdf.
  90. Waring, R. (2008). Why extensive reading should bein an indispensable part of all language programs. Extensive Reading Foundation.Restricted from http://erfoundation.org/node/18
  91. Accessed 18 Nov 2008.
  92. References Bohm, A., Davies, A., Meares, D. & Pearce, D. (2002). Global student mobility. Sydney: IDP Education.
  93. Bruyninckx, H. (2020). Europe and global sustainability. European Environment Agency https://www.eea.europa.eu/ro/articles.
  94. Bhatt, R., Bell, A., Rubin, D. L., Shiflet, C. & Hodges, L. (2022). Education abroad and college completion. Research in Higher Education. Springer 63, 987-1014
  95. Booker, R. W. (2011). Differences between applicants and non-applicants relevant to the decision to apply to study abroad. ProQuest Information and Learning. Dissertation. University of Missouri Golsatein, S. B. (2022). A systematic review of short-term study abroad research methodology and intercultural competences outcomes. International Journal of Intercultural Relations 87, 26-36
  96. Kruja, A. D.& Tace, S. (2023). Factors driving albanian students study abroad. Journal of Financial and Monetary Economics. https://jfme.icfm.or
  97. Kim, G., (2023). Study abroad programs in transition from pandemic to endemic. L2 Journal. eShlorship. https://doi.org/10.5070/L215260153
  98. Nissen, A. T., Bleidorn, W., Ericson, S. & Hopwood, C. J. (2022). Selection and socialization effect of studying abroad. Journal of Personality. https://doi.org/10.1111/jopy.12712
  99. Trilokekar, R. D. & Rasmi, S. (2011). Student perceptions of international education and study abroad: a pilot study at York University, Canada. Intercultural education. Taylor & Francis Online. https://doi.org/10.1080/14675986.2011.644951
  100. Varghese, N. V. (2004). Incentives and Institutional Changes in higher education. Higher Education Management and Policy, 16, 27-39. http://www.sourceoecd.org/16823451
  101. References Adjasi, C., & Biekpe, N. (2006). Interest rate and stock market returns in africa. African Finance Journal,8(2), 12-27.
  102. Akıncı, G., & Küçükçaylı, F. (2016). A panel data analysis on stock market and exchnage rate mechanisms. Muhasebe ve Finans Derg,2016(71), 49-127.
  103. Alam, M., & Uddin, M. S. (2009). Relationship between interest rate and stock price: Empirical evidence from developed and developing countries . International Journal of Business and Management 4(3), 43-51.
  104. Asprem, M. (1989). Stock prices, asset portfolios and macroeconomic variables in ten European countries. Journal of Banking and Finance,13(4-5),589-612.
  105. Bank for International Settlements.(2019). Triennial central bank survey, foreign exchange turnover . Basel: Bank for International Settlements.
  106. Bethlehem,G.(1972).An investigation of the return on ordinary share quoted on the Johannesburg stock exchange with reference to hedge against inflation . South African journal of economics,40(3), 254-257.
  107. Bhatt, G. (2010). Does Nepalese stock market follows random walk? SEBON Journal 4, 1858.
  108. Boyacıoğlu,M.,& Çürük, D. (2016). Effect of foreign exchange rate changes to the stock returns: an application on the istanbul stock exchange 100 index. Muhasebe ve Finans Derg.(70), 56-143.
  109. Brahmasrene,T. (2007).Cointegrationand causality between stock marketindex and macroeconomics variables in an emerging market. Academy of Accounting and Financial Studies Journal,11(2), 17-30.
  110. Brown, R., Durbin, J., & Evans, M. (1975). Techniques for testing the constancy of regression relations over time. Journal of Royal Statistical Society,37, 149-163.
  111. Bulmash,S.(1991).Time-lagged interactions between stock prices and selected economic variables. The Journal of Portfolio Management, 17(4), 61-67.
  112. Carhart,M.M.(1997). Onpersistence in mutual fund performance. The journal ofFinance,52(1), 57-82.
  113. Chen,N.,Roll,R.,&Ross,S.(1989). Economic forces and stock market. Journal of Business,59, 383-404.
  114. Cherif, M., & Gazdar, K. (2010). Macroeconomic and institutional determinants of stock market development in MENA region. International Journal of Banking and Finance,7(1), 139-159.
  115. Dangol,J.(2008).Unanticipated political events and stock returns: An event study. Economic Review, 20 , 86-110.
  116. Dangol, J. (2010). Testing random-walk behavior in nepalese stock market. PYC Nepal Journal of Management, 3(1) , 28-36.
  117. Drobetz,W.(2000). Global Stock Markets . wiesbaden : Deutscher Universitatsverlag.
  118. Fama, E. (1981). Stock returns, real activity, inflation, and money. American Economic Review, 71,, 545-565.
  119. Fama, E. F., & French, K. R. (1992). The Cross-section of expected stock returns. The Journal of Finance.47,(2), 427-465.
  120. Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds . Journal of Financial Economics 33, 3-56.
  121. Fama,E.,&French,K. (2015). A five factor asset pricing model. Journal of Financial Economics. 116, 1-22.
  122. Fisher, I. (1930). The theory of interest. New York: Macmillan. .
  123. Foye,J.(2018).Testing alternative versions of the fama-french five factor model in UK. Risk Management,20 , 167-183.
  124. Friedman, M.,& Schwartz, A. (1963). A monetary history of the united states .
  125. C., S. B., & Neupane, S. (2006). Stock market and economic development: a causality test . The Journal of Nepalese Business Studies, 35-44.
  126. Gay,R.(2008). Effect ofmacroeconomic variables on stock market returns for four emerging economies: Brazil, Russia, India, And China. International Business and Economic Research Journal .
  127. Goldsmith,R.(1969).Financial structure and development. New Haven,Coon: Yale University Press.
  128. Groenewald,N.,&Fraser,P.(1997). Share prices and macroeconomic factors. Journal of Business Finance and Accounting, 24(9) &(10) , 1367-1398.
  129. Joshi, R. (2012). Effects of dividends on stock prices in Nepal.". NRB Economic Review, 24(2), 61-75.
  130. Khan, K. N. (2004). Inflation and stock market performance: a case study for pakistan . Saving and Development,28(1) , 87-101.
  131. Levine, R. (1997). Financial development and economic growth: Views and Agenda. Journal of Economic Literature,35(2), 688-726.
  132. Linter,J.(1965).The valuation of risk assets and selection of risky investments in stock portfolios and capital budgets . Review of Economics and Statistics 47(1), 13-37.
  133. Liu,M.,&Shrestha,K.(2008).Analysis of the long-term relationship between macroeconomic variables and the chinese stock market using heteroskedasticity andcointegration. Managerial Finance,34, 744-755.
  134. Maskay,B.,& Chapman, M. (2007). Analyzing the relationship between change in money supply and stock market prices. Illinois.
  135. Mayasami,R., & Koh, T. (2000). A Vector error correction model of the Singapore stock market. International Review of Economics and Finance, 9(1), 79-96.
  136. McKinnon,R.(1973).Money and capital in economic development. Washington DC: The Brooking Institute.
  137. Mossin, J. (1966). Equilibrium in a capital asset market . Econometrica, 34(4), 786-783.
  138. Mukherjee, T. K. (1995). Dynamic relation between macroeconomic variables and the japanese stock market: An application of a vector error correction model. Journal of Financial Research, XVIII, 223-237.
  139. Mukherjee, T., & Naka, A. (1995). Dynamic Relations between macroeconomic variables and the japanese stock market . Journal of Financial Research,18(2).
  140. Murcia,J.(2014).Macroeconomic estimation of selected Philippine stock market indices. Southeast Asian Interdisciplinary Research Journal, 2(2), 21-30.
  141. NepalRepublic Media Pvt. ltd. (2021, August 24). Retrieved from myrepublica: lbP . ;¢d{ l;l¢df ;dlk{ t b] jli{ fx?sf] dgdf df/ k| lt s?0fefj hfu[ t eof] . pbf;Lg ePsf] x' gfn] df/k| lt l/; /fu /fv] gg\ . t/ d' lQmsfdL dxfTdfx?n] cGtl/Ifdf xfxfsf/ zAb Wjlgt u/] . df/;] gfaf6 3] l/Psf dxlif{ ufO{ n] 3] l/Psf l;+ x;/x eO{ g If' Aw eP g dg g} ljs[ t agfP . zfSod' lgnfO{ cfs| d0f ug{ cfb] zsf] k| tLIffdf /x] sf ;] gfnfO{ df/n] 8/fpg lbg] cf1f lbof] . ljlrq / eofjx ?kwf/L e" tx?n] nfdf-nfdf lha| f lgsfNg] tLvf bfF t b] vfpg] 7" nf-7" nf cfF vf b] vfpb} ljs[ t efj elËdfsf;fy cg] s k| oTg ubf{ klg /fhs' df/ eoeLt ePgg\ . afns| L8f/t afnaflnsfx? lg:k[ x ePh:t} t6:y /x] . ubf k| xf/ ug{ p7fPsf xft h8jt\ \ \ eP . To;} u/L s;} n] 9' Ëf, d' 9f ug{ rfx] sf] xL cfsfzdf p8] / ljleGg c:q k| xf/ u/] . tL j:t' x? k[ YjLdf cfOk' u] gg\ . cfsfzdf l:y/ eP . s;} n] pRr kj{ t lzv/af6 clUgHjfnf k| xf/ u/] t/ d' lgsf] tkf] jnsf] k| efjn] cfsfzdf g} ;of} + 6' s| fdf ljeflht eO{ l5Gg-leGg eP . s;} n] cfsfzaf6 cF uf/sf] jiff{ u/fP/ >] i7 Clif l;¢fy{ s' df/sf] d} qL ljxf/sf sf/0f /Qmsdnkq ;/n ;' sf] dn eP . km] l/ s] xL e" tx?n] d' vaf6 nfdf-nfdf ;k{ lgsfn] / s' df/nfO{ 8:g nufP t/ tL ;k{ x? km0ff km' nfpg] 8:g] h:tf s' g} sfd gu/L l:y/ eP . s] xL e" tx?n] eoÍ/ ah| kft ePh:t} uh{ gf u/L lznfj[ li6 u/]
  142. Tof] k' ikj[ li6df kl/0ft eof] . sltkon] k| xf/ u/] sf afF 0f d' ;n cflb aLr} df /f] lsP . d] 3em} sfnL :qL xftdf skfn lnP/ dxlif{ nfO{ df] lxt ug{ cfO{ . t/ Tof] r~rn lrQ ePsf] ;f+ ;fl/s JolQmsf] dt zf:qdf l:y/ geP h:t} cl:y/ ax' nfxL;/n eP/ oq-tq pk| mg yfnL . s' g} e" tn] ljifldl>t g] qflUgaf6 eid ug] { k| of;
  143. t/ sfdlkkf;' k' ?ifn] cfTdsNof0fsf] dfu{ gb] v] em} s' df/nfO{ b] Vg ;s] g . zf/Ll/s >daf6 ;dflw k| fKt ug] { OR5f u/] / ylst eP h:t} csf] { e" tn] 7" nf] 9' Ëf p7fP/ k| xf/ ug] { c;kmn k| of; u¥of] . o;/L df/;] gfsf] k| xf/af6 u' lGhPsf] eoÍ/ cfjfh ;' g] / d[ u, xfQL, af3nufotsf hËnL hgfj/ 8/n] n' Sg yfn] . r/fr' ?ËLx? /ftLdf klg lbpF ;f] df em} + lrla{ / ub} { rf/} lt/ p8\ g yfn] . o;/L r/fr/ eoeLt x' F bf sfu s/fpF bf u?8 ljrlnt gePem} + d' lg lg8/ eP . o;/L cfˆgf ;f/f k| xf/ k| efjxLg ePsf] b] v] / wdf{ Tdfsf] zq' df/ cToGt b' MvL eof] .
  144. o;/L k' ikwGjf lg/Lx ePsf] b] v] / s' g} ljlzi6 hLjn] cb[ Zo x' F b} cfsfzjf0fL u/] -x] df/ ! Joy{ kl/>d gu/ xTof/fkg 5f] 8L zfGt xf] pm . ;' d] ? kj{ t jfo' j] un] slDkt gePem} + ltdLn] lognfO{ ljrlnt agfpg ;Sb} gf} + . cfuf] n] kf] Ng kfgLn] lehfpg / k[ YjLn] l:y/Tj 5f] 8] klg cg] shGdb] lv k' 0o;~ro u/] sf oL d' lgn] cfˆgf] wd{ sbflk 5f] 8\ b} gg\ . ;d" n cGwsf/ cGTo gu/L ;" of] { bo gePem} + ;j} k| f0fLx?sf] sNof0f ug] { dfu{ cGj] if0f gu/L logL ljrlnt x' F b} gg\ . dflg;n] sf7 3if{ 0f u/L clUg k| HHjlnt ub{ 5g\ . k[ YjLsf] pTvgg u/L kfgL lgsfNb5g\ . b[ 9 k| lt1 JolQmsf nflu c;Dej s] xL 5} g . Gofok" j{ s ;Dkfbg ul/Psf] sfo{ ;w} ;kmn x' G5 . zf/Ll/s Pj+ dfgl;s /f] un] kLl8t b' MvLdfly bof ug] { d' lgnfO{ afwf lbg' o' lQm;F ut x' F b} g . logL si6?kL /f] u lgd{ " n ug{ 1fg?kL cf} ifwL cfljisf/ ug] { b[ 9k| lt1 dxfa} B x' g\ . c1fg?kL cGwsf/ lbu\ lbuGt Jofks ePsf] cj:yfdf logn] 1fgsf] Hof] lt k| HHjlnt ub} { 5g\ . cF Wof/f] df aflnPsf] aQL lgefpg' cfo{ k' ?ifnfO{ zf] ef lbb} g . To;} u/L ;+ ;f/?kL dxfaf9Ldf 8' a] / c;xfo ePsfnfO{ p¢f/ ug{ k| j[ Q JolQmnfO{ b' Mv lbg' lsdfy{ ;' xfpF b} g . Ifdf?kL h6f, w} o{ ?kL b[ 9 d" n ,rl/qsf] ;' jfl;t k' 0o :d[ lt / a' l¢?kL xfF uf tyf wd{ ?kL kmn k| bfg ug{ lg/Gt/ al9/x] sf] of] 1fg j[ If sbflk pv] Ng of] Uo 5} g . tLg c;ª\ Vo sNk;Dd ul/Psf 1fg;Def/ / k' 0o;+ ef/sf] kmn -l;l¢_ k| fKt ug] { o; cg' s" n ;dodf l;¢fy{ k" j{ sf d' lgx?n] clwi7fg u/] h:t} logL klg b[ 9 5g\ . of] :yfg ;du| e" tndf >] i7 gfle:yn xf] . logsf] ;
  145. u ;xg ug{ ;Sg] csf] { k| b] z k[ YjLdf 5} g . ctM x] df/ zf] s gu/, zflGtsf] ;f; km] /, 3d08 gu/, gZj/ zlQmnfO{ zfZjt\ 7fg] / lsg dbdQ ePsf 5f} . o;k| sf/sf jrg ;' g] kl5 ;+ ;f/sf ;du| k| f0fLsf] lrQ larlnt agfpg ;kmn df/ d' lgnfO{ larlnt kfg{ c;Dej 7fg] / k/fho :jLsf/ u/L lvGg x' F b} ToxfF af6 k| :yfg u¥of] . p;sf ;] gf klg ul/Psf] >d Joy{ ePsf]
  146. /x rf/} lbzftkm{ a] kQf eP . o;/L cfkm\ gf tksf k| efjn] cljBf, c1fg / cGwsf/sf] k| tLs df/dfly d' lgn] ljho k| fKt u/] sf] pknIodf lgd{ n cfsfzaf6 ;' ulGwt hn;lxt k' ikj[ li6 eof] . bzlbzf lgd{ n eP, lgikfk :qLem} + /flq klg ;' Gb/ eof] .
  147. t lyP . ltAjtL tyf rLlgofF efiffdf lnlka4 ;flxTodf logL ;+ uLt1 / s' zn gf6\ olzNkL klg ePsf] k| df0f kfOG5 . cfˆgf dfGotf csf6\ o ts{ / k| df0fsf cfwf/df :yflkt ug] { cbe" t Ifdtfsf sf/0f logn] af} 4wd{ bz{ gsf kIfdf zf:qfy{ ubf{ ljkIfLx? lg?Q/ ePsf] b] lvG5 . To;} u/L a' 4rl/t dxfsfJosf] tx| f} + ;u{ df ;dflji6 …df/ljhoÚ zLif{ sdf zfSo d' lg l;4fy{ sf] tk:of eË ug{ ;4d{ sf] zq' df/4f/f ul/Psf ;Dk" 0f{ k| xf/ Joy{ ePsf] jf:tljstf k| :t' t ul/Psf] 5 . k| ydtM df/n] l;4fy{ { { { { { uf} tdnfO{ /fhs' ndf hlGdP/ klg d[ To' ;F u eoeLt eO{ leIffj[ lQsf] ;xf/f lng g;' xfpg] x' F bf afF 0f / k' ?iffy{ n] lblUjhoL aGg' kg] { ;Nnfx lbPsf] b] lvG5 . zfSos' df/n] p;nfO{ pk] Iff u/] sf] yfxf kfPkl5 /fhf zGtg' / zDe' b] j;
  148. t Ps} afF 0fdf ljrlnt ePsf] kf} /fl0fs k| ;Ë :d/0f u/fPsf] kfOG5 . df/ / p;sf ;} Goan4f/f ul/Psf ;a} k| xf/sf] ;fdgf zfSod' lgn] ;dtf / s' zn sd{ sf jnn] u/L k/flht ug{ ;kmn ePsf] k| ;Ë &# j6f Znf] sdf ;d] l6Psf] b] lvG5 . jf:tjdf df/ df] Ifdfu{ sf] dxfzq' xf] . k~rk' iksf] afF 0f k| xf/ u/L ;fwssf] dgdf sfd, s| f] w, nf] e, df] x, db, dfT;o{ h:tf b' u' { 0f pTkGg u/fpg] k| of; ub{ 5 . To;} u/L OlGb| ox?nfO{ ?k, /;, uGw :kz{ zAb cflbdf k| j[ Q u/fP/ ;fwgfdf afwf kfg] { x' F bf df/nfO{ k/f:t kg] { Ifdtf af} 4dfuL{ n] xfl;n ug} { kb{ 5 . oxL g} t] x| f} + ;u{ sf] ;
  149. n] vs kl/roM sdnk| ;fb Gof} kfg] , ;xfos k| fWofks, b] jbx cfbz{ ax' d' vL SofDk;, b] jbx, ¿kGb] xL ;Gbe{ u| Gy ;" rL clwsf/L, x] dfª\ /fh -@)
  150. %#_= k" jL{ o ;dfnf] rgf l;4fGt= ;femf k| sfzg .
  151. !(_ a' ¢rl/td\ = -cg' = /fdrGb| bf; zf:qL_= rf} vDaf ljBfejg .
  152. !#_= a' 4rl/td= rf} vDaf ;+ :s[ t l;l/h cflkm; .
  153. OGb| k| ;fb= -@)!(_= af} 4 lzIff leqsf] dgf] lj1fg= n' lDagL k| ef, ef] n-$, n' lDagL af} 4 ljZjljBfno s] Gb| Lo SofDk; .
  154. g:6g O=Pr= -!(*$_ cf:ef5f] ;fh a' 4 j| mfO6] l/of c/ pS6 ckm b a' 4= df] ltnfn jgf/;Lbf; .
  155. !*_= af} 4 ;+ :s[ t ;flxTosf] pTklt / ljsf;= n' lDagL k| ef ef] n' d #, n' lDagL af} 4 ljZjljBfno s] Gb| Lo SofDk; .
  156. ' Snf, r' GgLnfn -@
  157. _= -;+ =_, a' 4rl/t= df] tLnfn agf/;Lbf; .
  158. /fdzÍ/ -!((&_= af} ¢ bz{ g k| :yfg= jf/f0f;L, s] Gb| Lo pRr ltAatL ;+ :yfg . cl:6gåf/f k| of] u ul/Psf nf] So' ;g/L, ONnf] So' ;g/L] / knf] { So' ;g/L h:tf zAbnfO{ ¿kfGt/0f ug{ sl7g x' g] ;
  159. Gbe{ df eg] sf 5g\ -aed Ps k| sf/sf pRrf/0fsf af/] df rrf{ ug{ rfxG5' syg h' g syg h:tf] ] b] lvG5 t/ Tof] g ;To xf] g c;To . olb s' g} JolStn] To; k| sf/sf] pRrf/0f u¥of] eg] xfdL s] eG5f} eg] To;af6 s] xL eGg] sfd dfq} xf] Og, ug] { sfd klg x' F b} 5 AE-cl:6g !(^!M @@) pb\ 3[ tM aGw' @)&&, k[ =!%#_ . To;sf/0fn] cl:6gn] ;" rgfd" ns -constantives_ / ;Dkfbgsf/L -performative_ lqmofsf] rrf{ u/] sf 5g\ . pgsf cg' ;f/ efiffsf] k| of] uaf6 s' g} ljifodf ;" rgf lbg] sfd dfq geO{ sfo{ ;Dkfbg -act of Performance_ klg x' G5 eGb} jflSqmof l;4fGtnfO{ cufl8 ;f/] sf x' g\ efiffdf k| of] u x' g] af] nL syg, zAb / eflifs ;ª\ s] t eg] sf ;" rgfsf ¿k;F u} efiffsf sfo{ x¿ x' g eGb5g\ . pgn] o;/L sfo{ ;Dkfbg ug{ ;Sg] lqmofsf ¿knfO{ ;Dkfbgsf/L lqmof -performative verb_eg] sf 5g\ . zAbx¿n] s;/L sfo{ ;Dkfbg ub{ 5g\ How to do things with words<cl:6gsf] dxOEjk" 0f{ k' :ts xf] . cl:6gsf cg' ;f/ ;fF rf] cy{ ePsf jfSox¿n] egfOsf] If] qaf6 ;fgf] c+ z dfq agfpF 5 . olb w] /} k| sf/sf egfO k| :t' t ul/Psf] 5 eg] To;af6 em' 6f] jf ;fF rf] s' g} Ps bfjL u5{ eg] To; k| bz{ gfTds eGffOnfO{ ;Dkfbgsf/L elgG5 eg] sfo{ ;Dkfbg ga' emfpg] jfSox¿ ;" rgfd" ns x' G5g\ . sfo{ k| bz{ gfTds egfOsf qmddf jfSon] k| bz{ g ul/Psf] sfo{ nfO{ a' emfpF 5 h;nfO{ cl:6gn] jflSqmof -Speech act_ eg] sf 5g\ . h:tf] ls ;ky u| x0f ;df/f] xdf pleP/ …d ;ky lnG5' Ú eGbf ;ky lnPsf] jf sfo{ ;Dkfbg ePsf] a' lemg cfpF 5 . o; jfSon] sfo{ sf] ;" rgf dfq glbO{ sfo{ sf] ;Dkfbg a' emfPsf] x' G5 . cl:6g eGb5g\ s' g} k| bz{ gfTds egfOsf] ;
  160. DaGwdf unt x' G5g\ . p;n] /fv] sf] syg …ckdfghgsÚ jf em" 7f] eGbf b' MvL xf] -cl:6g,!(%%_.pgn] k| bz{ gfTds sygnfO{ jflSs| of eg] sf 5g\ h' g sfo{ sf] k| sf/;F u ;DalGwt 5 . pgsf cg' ;f/ rf/ k| sf/sf k| bz{ gsf/Lx¿ zAbx¿ /x] sf 5g\ . tL x' gM s= :ki6 v= lglxt u= cflbd 3= c:ki6 cl:6gsf cg' ;f/ lqmof ;Dkfbgsf/L / ;" rgfd" ns -performative and constative_ u/L b' O{ k| sf/sf x' G5g\ . sfo{ ;Dkfbgsf nflu ;Dkfbgsf/L lqmofn] sfo{ ub{ 5 eg] s' g} 36gf jf sfo{ af/] df ;" rgf k| jfx ug{ ;" rgfd" ns lj| mofsf] pkof] u ul/G5 . 3f] if0ff ug{ ' , k| lt1f ug{ ' , dfkmL dfUg' , wGojfb lbg' , /fhLgfdf dfUg' , h:tf lqmofn] sfo{ ;Dkfbg ePsf] hgfpg] x' F bf oL ;Dkfbgsf/L lj| mof x' g\ . o:tf lj| mofsf dfWodaf6 sfo{ ;Dkfbg x' gsf nflu s] xL zt{ k" /f x' g' kb{ 5 . k| yd k' ?if, jt{ dfg sfn, ;fdfGofy{ jf lgZrofy{ lqmofkb /flvg' kb{ 5 . h:t} M d} n] uNtL u/] sfn] dfkmL dfUb5' . olb lqmofkb clglZrttf, ;Defjgf, jf k| yd k' ?if afx] ] s cGo k' ?ifdf 5 eg] pQm jfSon] sfo{ ;Dkfbg ga' emfO{ ;" rgf ;Dk| ] if0f ug] { ePsfn] To:tf lqmofkbx¿ ;Dkfbgsf/L lqmof x' g ;Sb} gg . cl:6gn] ;
  161. Dkfbgsf/L lqmofaf6 sfo{ ;Dkfbg x' g cfjZos ;t{ x¿nfO{ ;' xfpF bf ;t{ -felicity Conditions_ eg] sf 5g\ . To:tf ;t{ x¿df s= JolQm / :yfgsf] pko' Qmtf v= sfo{ sf] k" 0f{ tf / pko' Qmtf u= cfZfosf] pko' Qmtf /x] sf 5g\ . h] =Pn= cl:6g kfZrfTo eflifs bz{ gsf bfz{ lgs efifflj1fgsf k| d' v k| jStf x' g\ . cl:6g jflSqmof l;4fGTf ;DaGwdf cfˆgf wf/0ff cufl8 ;fg] { ljåfg x' g\ . pgsf cg' ;f/ efiffsf] k| of] uaf6 s' g} ljifodf ;" rgf lbg] sfd dfq geO{ sfo{ ;Dkfbg -act of Performance_ klg x' G5 eGb} jflSqmof l;4fGtnfO{ cufl8 ;f/] sf x' g\ . efiffdf k| of] u x' g] af] nL syg, zAb / eflifs ;ª\ s] t eg] sf ;" rgfsf ¿k;F u} efiffsf sfo{ x¿ x' g eG5g\ . pgn] o;/L sfo{ ;Dkfbg ug{ ;Sg] lqmofsf ¿knfO{ ;Dkfbgsf/L lqmof -performative verb_ eg] sf 5g\ . pSt ;Dkfbfgsf/L lqmofsf sf/0fn] g} eflifs ljrf/sf] ljlgdo x' G5 . efiff pRrf/ cg' ;f/ km/s km/s :yfgdf leGg 9ª\ un] k| of] u ul/Psf] x' G5 . ;n{ / jflSqmof jflSqmof l;4fGtsf] k| f/De cl:6gaf6} ePsf] eP klg o;sf] ljsf;df cl:6gsf lzio hf] g ;n{ sf] of] ubfg dxOEjk" 0f{ /x] sf] b] lvG5 -aGw' ,@)&&_ . ;n{ sf] …cfzo / ;
  162. Gbe{ Ú-Sense and reference_ zLif{ ssf] u| GynfO{ …jflSqmofÚ -Speech Acts An Essay in the philosophy of Language_ zLif{ sdf k| sflzt u/] sf 5g\ . cl:6gsf ;Dkfbgsf/L lqmofaf6 ;DkGg x' g] sfo{ jf sfo{ ;DkfbgnfO{ g} ;n{ n] jflSqmof eg] / o;nfO{ l;4fGtsf ¿kdf :yflkt ;
  163. g\ !(^( df Speech act -jflSqmof_ zLif{ sdff k' :ts k| sfzg u/] . ;n{ sf] cg' ;f/ efiffsf] pRrf/0faf6 Ps} ;fy tLgj6f sfo{ ;DkGg x' G5g\ . Searle and at all-1980_ sf cg' ¿kklxnf] sfo{ cy{ o' Qm jfSosf] pRrf/0f xf] . of] efiffsf] pRrf/0f
  164. dfq} ug] { sfo{ . p2] Zo / ljw] o ;lxtsf] cy{ o' Qm jfSo xf] . o;/L jfSo pRrf/0f ug] { sfo{ nfO{ nf] So' ;g/L lj| mof elgPsf] 5 . o:tf jfSodf lglxt nf] So' ;g/L zlQmn] jfSonfO{ cy{ o' Qm agfpF 5 . bf] ;
  165. | f] sfo{ ONnf] So' ;g/L lqmof xf] . pRrl/t jfSoaf6 jQmfn] >f] tfnfO{ s] xL sfd ug{ k| ] l/t u5{ . jQmfn] efiffsf] k| of] uaf6 s' g} sfo{ ;Dkfbg u5{ . o;} nfO{ ONnf] So' ;g/L lsof elgPsf] 5 . jfSodf jf eflifs pRrf/0fdf lglxt ONnf] So' :fg/L zlQmaf6 o:tf lj| mof ;DkGg x' G5g\ . eflifs pRrf/0faf6 x' g] t] ;
  166. | f] sfo{ ;' Gg] >f] tfnfO{ k| efj kfg] { sfo{ xf] . jQmfsf] egfOaf6 >f] tfdf pQ] hgf k} bf x' g uO{ ljleGg ;+ j] ux¿ b] vfpg yfN5 eg] To:tf] l:ylt >f] tfdf k/] sf] k| efj xf] . o;/L k| efj kfg] { sfo{ nfO{ knf] { So' ;g/L lqmof elgPsf] 5 . eflifs pRrf/0fdf lglxt knf{ ] So' ;g/L zlQmsf sf/0f sfo{ ;Dkfbg ePsf] x' G5 -ofbj / /] UdL,@)%(=k[ = @#_ . cl:6gsf cg' ;f/ sfo{ ;Dkfbgsf nflu lqmofsf] cfjZostf kb{ 5 t/ ;n{ sf cg' ;f/ h' g;' s} lqmofaf6
  167. Dkfbgsf/L sfo{ ;Dkfbg jf jflSqmof x' g ;Sb5 . cl:6gsf cg' ;f/ ;Dkfbgsf/L lj| mofn] sfo{ ;Dkfbg ub{ 5g\ . ;" rgfd" ns lqmofn] sfo{ ;Dkfbg ub} { gg\ eg] ;n{ sf cg' ;f/ sfo{ ;Dkfbg ug{ ;Sg] h' g;' s} lqmof klg ;Dkfbgsf/L lqmof x' g\ . o;/L cl:6g / ;n{ sf jflSqmof ;DaGwL cjwf/0ffdf yf] /} leGgtf b] Vg ;lsG5 . jflSqmofsf k| sf/ ;n{ n] jflSqmof ;Dkfbgsf nflu cl:6gn] cl3 ;f/] sf cfjZos ;t{ x¿nfO{ cem a9L :ki6tfsf ;fy JofVof ub} { jflSqmofsf k| sf/sf] ljefhg ub} { k| ToIf tyf ck| ToIf jflSqmofsf] klg rrf{ u/] sf 5g\ . ;n{ n] lqmofsf] cy{ jQmfsf] clek| fo / >f] tfdf kg] { k| efjsf cfwf/df jflSqmofnfO{ kfF r k| sf/df ljefhg u/] sf 5Gf\ . tL x' g\ M s= lgZrofy{ s -Assertatives_M k| lt1lKtsf] ;
  168. Totfdf cfˆgf] ;dy{ g agfpF b} cfkm\ gf] k| lta4tf hgfpg] jflSqmof lgZrofy{ s jflSqmof xf] . lgZro u5{ ' , ljZjf; u5{ ' , lg0f{ o u5{ ' , ;dy{ g u5{ ' , lgisif{ lgsfN5' , atfpF 5' h:tf lqmofsf] k| of] uaf6 lgZRfofy{ s jflSqmof ;DkGg x' G5 . h:t} M …cfhsf] a} 7ssf] lg0f{ ok| lt d k" 0f{ pNn] v ub} { JolQm / :yfgsf] pko' Qmtf, sfo{ sf] k" 0f{ tf / pko' Qmtf cfzosf] pko' QmtfnfO{ pNn] v u/] sf 5g\ . cl:6gsf lzio ;n{ n] klg jflSqmof l;4fGtnfO{ d" t{ tf k| bfg ub} { jflSqmofsf nfluk" j{ tof/L zt{ , k| lt1lKtk/s j:t' sf] ;t{ , ;b\ efjgfsf] ;t{ , cTofjZos ;t{ u/L rf/j6f ;t{ cufl8 ;fb} { jflSqmofnfO{ lgZrofy{ s, lgb] { zgfTds, k| lt1fd" ns, cleJolQmd' ns / 3f] if0ffTds u/L kfF r k| sf/sf jflSqmofsf] pNn] v u/] sf 5g\ . kfZrfTo eflifsbz{ g tyf efiff lj1fgdf h] = Pn= cl:6gsf] of] ubfg pNn] vgLo b] lvG5 . eflifs pRrf/sf qmddf jQmf / >f] tfsf lardf ;Dkfbgsf/Ltyf ;" rgfd" ns sfo{ ;DkGg x' G5g\ . efiffsf] ;
  169. Gbe{ / k| of] u k| ;Ë cg' s" nsf] eflifs lqmofnfO{ ;ª\ s] t ub{ 5 . efiff lj1fgsf ljleGg If] q ;lxt k| of] ufy{ efiff lj1fg tyf efiff lzIf0fsf ;Gbe{ df jflSqmofsf] l;4fGt / dfGotfsf cfwf/df efiffsf] k| of] u ;Gbe{ klxNofpg o; cWoogn] ;
  170. vs kl/roM pk k| f=nIdL cfrfo{ , o1f] bo b' wgfy yf? ax' d' vL SofDk;
  171. Gbe{ ;" rL cl:6g, h] =Pn= -!(&%_= xfp 6' 8' lyª\ ; jLy j8{ = cS;kmf] 8{ o" lgel;{ l6 k| ] ; . rf} F nfufO{ + , k| ] dk| ;fb -@)&(_= efiff lj1fgsf] k/Dk/f / k4lt= cf] l/PG6n klAns] ;g . aGw' , r" 8fdl0f -@)%&_= efifflj1fgsf ;Dk| fbo, -bf] =;:s=_= Pstf a' S; . aGw' , r" 8fdl0f -@)&&_= efifflj1fg, -b;f} F ;+ :s=_= ;femf k| sfzg . yfkf, lbg axfb' / -@)^(_= ;dfh efiff lj1fg= sfi7d08k k' :ts 3/ .
  172. ofbj, of] u] Gb| k| ;fb / /] UdL eLdgf/fo0f -@)%(_= efifflj1fg= -bf] =;+ :s=_= Go' lx/f a' S; OG6/k| fOh] h . ;lj/, P8j8{ -!(@!_= Nofª\ u' Oh Pg OG6« f] 8S;g 6' b :68L ckm :kLr= Go" cf] s{ xf/s6{ a| ] ; PG8 jN8 .
  173. h] =cf/=, Pkm / cGo -!(*)_= :kLr PS6 Yof] /L PG8 k| fUdfl6; 8/8« ] r= xf] Nof08 l8 l/o8n klAnl;ª sDkgL .