TRADITIONAL INDIAN CONCEPT OF TIME AND ITS ECONOMIC CONSEQUENCES Available to Purchase

All human activities involve a dimension of time. Usually, the accomplishment of a stated task within lesser duration, other parameters remaining unchanged, entails superior performance. The factor of time is particularly important in economic endeavours. Thus, in manufacturing situations, functions such as forecasting, goal‐setting, planning, scheduling, evaluation and control become significant. The efficiency with which these tasks are accomplished, to an extent, determines the performance of the firm. Similarly, the time taken to complete a commercial project acquires importance. If an undertaking is unduly delayed, goods and services produced by it frequently turn out to be less economical because of cost escalations.