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This study examines the asymmetric effect of economic policy uncertainty (EPU) on life and non-life insurance consumption in India using monthly data from April 2004–October 2020. The paper has employed a nonlinear autoregressive distributed lag (NARDL) model with a structural break. The results reveal that there exists an asymmetric effect of EPU on life insurance as well as non-life life insurance consumption. A negative relationship is found between EPU and insurance consumption in both life and non-life insurance. Based on the findings, the study suggests the policymakers to consider the asymmetric effects of EPU while formulating insurance-related policies in India. [ABSTRACT FROM AUTHOR]

Purpose: With the help of the newly developed Economic Policy Uncertainty (EPU) index, this paper attempts to find the influence if any, of the EPU on stock markets and certain key economic indicators in India. Methodology /Approach: The focus is on the influence of EPU on the stock markets, industrial production, new capital issues, exports and bank credit to commercial sector. Monthly data of economic indicators is collected for 66 months from January 2014 and tested with OLS and Quantile regression. Findings: It is observed that stock market, Industrial Production, new capital issues and bank credit are negatively related to EPU. Also, that impact of EPU is more on higher quantiles. Limitations / Implications: The study examines and proves the overall impact of EPU on selected economic indicators and the impact at different quartiles. This opens up vistas for further exploration of the findings to prove / disprove the same in other economic indicators and against certain specific events that spur the EPU index. Practical Implications: The paper has strong theoretical foundations. The methodology adopted has been research tested. There is a need to look at the EPU index closely and frequently to feel the pulse of the EPU and how it affects the economy. Originality Value: This is one of the attempts to evaluate the behavior of EPU and its implication on certain economic indicators. As EPU index is newly developed, this paper adds to the existing literature, especially in the Indian context. [ABSTRACT FROM AUTHOR]

Poverty remains a major challenge for the countries of the global south. Decent employment opportunity, a crucial determinant of poverty reduction, is increasingly becoming elusive for those countries regardless of a decent rate of economic growth. There is a growing separation of economic growth and employment growth under the aegis of neo-liberal economic policies. Economic growth, instead of becoming inclusive, turns out to be “jobless” or “job loss.” Failing to reverse this trend, “Active Labour Market Policies” (ALMPs) in the form of “Public Works Programmes” (PWPs) have emerged as a major strategy to reduce unemployment and poverty. Secondly, rural–urban migration is very much relied upon for the same. Raising agricultural productivity, a crucial question of “agrarian transition,” well evident and verified across the globe, is, however, becoming oblivion in the fight against poverty. In this context, based on a primary survey of 300 households in the poorest regions of India, this paper endeavors to investigate the relative strength of MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act), rural–urban migration, and land productivity on poverty. The study suggests that an agrarian-centric intervention is more effective in dealing with poverty as compared to MGNREGA (ALMPs) and migration. [ABSTRACT FROM AUTHOR]

Indian economy is the agricultural economy and real India is in the villages. Without rural economic development, the objectives of economic planning cannot be reached. So, banks and other financial institutions are considered a vital role in rural economic development in India. NABARD is playing a vital role in the economic development of rural India. A developing country, like India, ought to be an ideal environment for micro-finance programmes seeking to reach the poor and attain financial sustainability. Microfinance is regarded as a central poverty alleviation strategy and a means of deriving economic growth and employment of small, micro & medium enterprises (SMME). A complex set of best practice models and a network of active members and support of rural people in an organized form and the active support of banks and NABARD in India have emerged to support a thriving industry. Bank credit is available to farmers under the short-term credit for the shape of agricultural products and financial programs such as the medium-term/long-term debt financing for capital investments in agriculture and related activities such as land, including land purchases, minor irrigation, farm mechanization, program development, the domestic poultry animals, fishing, plantation, and horticulture. The loans are available for storing, processing and marketing agricultural products needed now days the long-term and short-term credit of these institutions are also achieved by the National Bank for Agriculture and Rural Development (NABARD). It is the evolution of agricultural finance. In this paper, an attempt has been made to understand the concept of rural finance in India and the role of NABARD in the priorities of the credit sector and also various programs initiated by the NABARD for the sustainable development of rural India. The study could also lead to the strengths and weaknesses of Rural Finance in India. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to investigate the increasing demand for corporate liquidity and examines the various factors influencing the cash position of firms in India. The financial policy to hold cash gained impetus after the financial crisis when the companies faced a severe cash crunch. However, the firms operating in emerging nations have an imperfect market mechanism with stringent regulatory norms. Thus, this paper attempts to examine the determinants of corporate cash holdings in an emerging country like India. Design/methodology/approach: The paper focuses on the impact of various factors (leverage, firm size, profitability, growth along with other variables), on the cash structure of all the manufacturing companies listed on the Bombay stock exchange. The study employs panel data methodologies over a sample of 323 firms over a period of eight years from 2010 to 2017. Findings: Significant estimators affecting cash holdings of a firm are the size of a firm, debt levels, tangibility, sales growth and research and development expense. Overall, the study finds evidence on the existence of Pecking Order theory in explaining the determinants of cash holdings in the Indian market. Research limitations/implications: The study attempts to explore the critical determinants of cash in the Indian context which can be useful for managers and academicians to understand how the key theories of cash holdings operate in an emerging economy like India. Originality/value: India is an emerging economy and has recently gained global attention and has become a hotspot for foreign investments. Thus, this paper explores pieces of evidence on the critical factors affecting cash holdings in India. The study would provide an understanding of the existing cash policy in the Indian context and attempts to find the changes in the financing structure adopted by the manufacturing industry in the given period. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to study the effect of the 2008 global financial crisis on housing market dynamics in an emerging economy like India using quarterly data (Q4 2008–2009 to Q1 2018–2019). The study explores the extent of linkages between housing prices, monetary policy and financial stability by explaining the nature of the shocks to the housing sector and the degree of impact of those shocks; the possibility of adverse feedback loop which is beyond the natural levels; and the usefulness of explicit and direct role of monetary policy for the housing market stability, which was the loudest demand immediately after the crisis. Design/methodology/approach: The paper follows a three-step methodology: data transformations, a variable selection process "general-to-specific modelling" with the help of OxMetrics 6 Package, and vector autoregressive modelling with the help of EViews 10. F-test was used to describe the short-term relationships between the variables. Impulse response and variance decomposition were used to explain the type of relationship (negative or positive) and the period of the relationships, respectively. Findings: The study finds that the housing sector is sensitive to the monetary policy shocks, whereas the contribution of the housing market shocks to the fluctuations in other market variables is not substantial, though not negligible. As far as the nature of the shocks is concerned, the observed dynamics in the real house prices are diverging from their fundamental levels. The housing market shocks are more or less static; it rules out the chances for a self-reinforcing feedback loop with the existing setup. Research limitations/implications: The study concludes that the observed dynamics in the real house prices are diverging from their fundamental levels. Given the limitation, the researchers could extend this study by decomposing the part of the risk to the sector contributed by the other drivers, which may be inherent imperfections in housing markets, weak and unreliable wealth effect, and the presence of behavioural biases. Practical implications: The present study finds countercyclical measures to be more useful for this sector as compared to the forward-looking monetary policy reforms in this sector. The central bank in India should continue to refrain from responding directly to the housing sector fluctuations. Investors can enjoy investing in the housing sector without any fear of the crisis as of now. The effect of speculation is small but not negligible, which enjoins the investors and the policy-makers to remain watchful. Interest rate, money supply and inflation lead (Granger-cause) the housing prices. This information is relevant for spending and investment decisions. Social implications: The study feels that banks should avoid using monetary policy to balance the house prices. This will be beneficial both for the economy and the society, as any change in monetary policy to especially curb out surging housing prices may adversely affect the output, and finally, may lead to the deflation. The fear of deflation may cause devastating economic, financial and social effects. Originality/value: The study contributes to the literature by shedding some new insights about the interrelationship between macroeconomic variables, housing prices and financial stability in the aftermath of the 2008–2009 financial crisis. Such types of studies are absent from emerging markets, particularly from India. [ABSTRACT FROM AUTHOR]

Foreign Direct Investment plays a very vital role in the development of the nation. Domestic capital is inadequate for the purpose of overall development of the country. Foreign capital is the way by which we can fill the gaps between saving and investment of domestic economy. In present scenario, Indian Economy is one of the most emerging economies of the world today. In the last two decades world has been extensive inflow of FDI into developing countries. Many developing countries are in competition with each other to attract FDI. Since 2014, India has emerged as of the top foreign destination in the world with a significant rise in FDI. Foreign Investment in India started back in 1991 after implementation of New Economic Policy. During 2000s, there is a big rise in Foreign Direct Investment in India. This paper focuses on secondary data based Sectoral Analysis of the inflow of FDI in India during 2000 to 2019. This paper also focuses on FDI policy framework, country-wise, equity wise FDI inflow in India. [ABSTRACT FROM AUTHOR]

This paper explores the role of political connections in facilitating access to credit for firms in the Indian corporate sector. This study aims to address gaps in the literature by combining theoretical insights with empirical data. Our model proposes that political connections may reduce risk for firms, thereby enhancing their access to credit. Utilizing a unique dataset of S&P BSE 500 companies from 2001 to 2019, we analyze the extent of these connections and their impact on financial leverage and debt-to-asset ratios. Our findings reveal that politically connected firms, defined by their monetary donations to political parties and the inclusion of Members of Parliament on their boards, exhibit significantly higher financial leverage and debt-to-asset ratios than unconnected firms. This implies a lower perceived borrower's risk and an advantageous position in accessing credit, likely a result of their political ties. The implications of our findings extend to the realms of corporate governance, economic policy, and the broader understanding of emerging market dynamics. • Political connections, as part of non-market strategies of firms, may be crucial in accessing credit. • Our theoretical framework highlights role of risk and donation to political party by a firm in accessing credit. • This study constructs a novel dataset of political connections of Indian companies. • Political connections lead to more favorable borrowing-related outcomes of companies such as, financial leverage and debt-assets ratio. • Political connections specific to a particular political party tend to serve companies more (in terms of the aforementioned outcomes), when that particular party is in power. [ABSTRACT FROM AUTHOR]

This paper examines the link between trade protection and industry wage premia in India using a unique dataset combining employment survey data with industry-level data for various years between 1983 and 2000. The author finds that India's trade reforms were not distributionally neutral. The impact of protection on industry wage premia was positive and statistically significant, though modest in magnitude: workers employed in industries with high tariffs received higher wages than apparently identical workers in low-tariff industries. Because industries with high initial levels of protection were also those with the largest tariff reductions during this period and had the highest share of unskilled workers, the positive tariff-wage effect implies that the trade reforms were likely to have increased wage inequality as the relative wages of the (predominantly unskilled) workers in these manufacturing industries fell. [ABSTRACT FROM AUTHOR]

PURPOSE TO study the application and impact of trickle-down economics in National Capital Region (NCR) of India. Design/methodology/approach - The study tried to find out the close conceptual framework of trickle-down theory with economical policies of India through literature review. The study also focused on the economical growth and industrial development in NCR of India through physical observation method. It also posed open and closed-ended questions to find out the development of Special Economic Zones (SEZs) locations through survey method (self-designed questionnaire). Findings - The concept of trickle-down economics was implemented in the post reform policies of India. Certain policies like development of SEZs were implemented with a vision to enhance the economical situation of the nation, establish advanced infrastructure, maintain good position in the international market, and generate more employment opportunities in India. Research limitations - The size of the sample used in the study was very small. Only 50 people were included in this survey. Hence, the analysis was limited to just 50 respondents from Special Economic Zones of the National Capital Region of India. It includes the employees and local residents in between 18 to 50 years of age group. Hence, the nature of the entire population was not studied in the paper. The old age group, teenagers, and the illiterate group were not the part of this survey. Practical implications - Such policies can enhance the economical growth and industrial development in the country, thereby establishing world class infrastructure facilities generating more employment opportunities. But, these policies lack opportunities for small scale industrial growth and participation of local villagers in the process of industrial and economical growth. Originality/value -This is to certify that my research paper titled: “Application of Trickle-Down Theory in Economic Policies of India: A study of Industrial Innovation in National Capital Region" is my original research paper and is not copied from anywhere. [ABSTRACT FROM AUTHOR]

Reflecting on the economic growth and its constituents, Raghuvir Kelkar and Kaliappa Kalirajan examine whether India has achieved its potential in merchandise exports and analyse the role of governance structures in facilitating enhancing export efficiency. The health sector over the same period improved its share from 1.2 to 1.6 percent of GDP, but the allocation in this sector too stayed below the recommendations of the 15th Finance Commission. With an impressive economic growth rate averaging around 7.0 percent during 2003-2004 to 2019-2020, India is currently the fifth largest economy in the World. [Extracted from the article]

Property rights are contentious in any jurisdiction. But the right to property in India, adopted as a fundamental right in Article 31 of the Constitution of the India, 1950 ("Article"), has had a particularly tumultuous legal and political history. It holds the distinction of being the second most debated Article in the Constituent Assembly, the most amended provision of the Constitution and the only fundamental right to ever be deleted. The history of the Article is commonly understood as arising from an ideological institutional conflict between a Parliament in pursuit of socialism and a judiciary safeguarding individual freedoms. However, looking at the Article and its initial amendments from a "law and development" perspective provides a critique of the current narrative of "conflict" and offers an alternative interpretation of the history of Article 31. The paper argues that rather than arising from the pursuit of either authoritarian socialist planning or an egalitarian social revolution, the travails of the Article came in the context of India's quest for economic modernity through a process of "passive revolution". The powers of eminent domain reinforced in the Article empowered the state to modernise economic relations in industry and agriculture by restructuring a semi-feudal pre-capitalist property rights regime established during colonialism along productive capitalist lines. In this process, the Article helped to consolidate the powers of the developmental state in the domain of economic policy; forged the relationship between state, market and the individual; and helped shape the regime of private property rights in India. Understanding the evolution of the fundamental right to property in India therefore, not only tells a key part of India's development story but also contributes to the "law and development" literature by assimilating diverse historical experiences within its framework, which, as critics have long argued, tends to have a strong Eurocentric bias. [ABSTRACT FROM AUTHOR]

Extant literature shows that competition and Economic Policy Uncertainty (EPU) have a bearing on the economic growth, investments and payout policies. However, studies in this area have been limited in India. The objective of this paper is to examine the influence of competition and EPU on the Dividend Payments of Indian Pharmaceutical Industry and whether the dividend payment was affected by the Financial Crisis of 2008/09. The study is conducted on 12-year data i.e. from 1.4.2007 to 31.3.2019. Herfindahl-Hirschman Index (HHI) is used to check the market concentration and EPU is measured by the newly developed Newspaper based EPU index. Profitability, leverage and firm size are used as control variables. Fixed Effects model in Panel regression is used. Chow test checks if there was any break in the dividend payment during the Financial Crisis. The study establishes that dividend payment is inversely related to industry concentration - when there is more competition, there is more dividend payment in the industry. Dividend payment is positively related to EPU. Higher the uncertainty, higher the dividend. While leverage is inversely related to dividend payment, size of the firm does not play any role. Chow test confirms that Financial Crisis did not influence the dividend payout. [ABSTRACT FROM AUTHOR]

The recession following the sub-prime crisis has rekindled international interest in the field of monetary and fiscal policy interaction. However, very little has been done to appropriately estimate these dynamic policies. This paper estimates regime- switching monetary and fiscal policy rules and lays strong emphasis on mis-specification testing. We apply a Markov regime-switching model to estimate monetary and fiscal policy rules for India to highlight the evolving stance of Indian macro-policy for the period 1951-2008 and investigate the behaviour of select macroeconomic variables under the estimated policy regimes. Our results suggest that, in India, fiscal policy was largely active for the entire period except for a few periods of restraint. Monetary policy, despite achieving greater autonomy post-1990s, has largely been accommodating fiscal policy. Whenever monetary policy became active, fiscal policy undermined monetary policy’s effectiveness by not accommodating accordingly. We argue for an aggressive monetary policy and a constrained fiscal policy in India. [ABSTRACT FROM AUTHOR]

Since 1991, India has witnessed wide-ranging economic reforms in its policies governing international trade and foreign direct investment (FDI) flows which has consequently led to a dramatic rise in both trade and FDI flows since then. Using firm-level panel data, this paper investigates whether these trends have contributed to significant productivity improvements since 2000, as measured by total factor productivity (TFP). In addition, the paper also examines the determinants of TFP across a range of different industry categories. The results suggest the existence of significant productivity improvements since 2000 and also identify variables such as imports of raw materials and capital goods, size of operation, quality of employment captured by wage rates, and technology imports as crucial determinants of productivity. [ABSTRACT FROM AUTHOR]

Purpose: Since finance is an efficacious instrument for economic development, social inclusion and women empowerment, the present paper examines the determinants of accessing institutional and non-institutional finance across male- and female-headed households in rural India. Design/methodology/approach: Multinomial logistic regression is applied for categorizing households' accessing finance in four categories, namely Only Institutional Finance (IF), Only Non-institutional Finance (NIF), Both Sources of Finance (BF) and Neither Source of Finance (N). Both household and state-level determinants have been analysed. Household data set is sourced from the Situation Assessment Survey (NSSO, 70th round) and state-level data sets from Basic Road Statistics 2016, Agricultural Statistics at a Glance 2016, Rainfall Statistics of India 2014, database on Indian Economy RBI and Census 2011. Econometric regressions have been evaluated for female-headed households (FHHs), male-headed households (MHHs) and overall pooled households (HHs). Findings: Four important findings emerge. First, FHHs have a lower probability of accessing IF and a higher probability of accessing NIF vis-a-vis MHHs. Second, in general, education levels, monthly household consumption expenditure, land size holding, irrigated area and penetration of scheduled commercial banks favourably influence FHHs accessing IF. Third, FHHs belonging to socially disadvantaged castes have a lower probability of accessing IF. Fourth, a substantial proportion of FHHs accesses neither IF nor NIF relative to MHHs. Practical implications: The paper thoroughly addresses the issue of accessing finance by FHHs and MHHs, which will further assist policymakers in formulating holistic financial policies for rural India. Social implications: The paper recommends increasing women's access to financial services as an effective tool for reducing poverty and lowering income inequality in rural India. Originality/value: This article contributes to the scant empirical literature on finance and gender. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to describe how China's rapid growth and increasing resource dependence have changed its relationship with India and their respective defense strategies. In particular, we consider China's Belt and Road Initiative, India's "Act East" policy and the strategic and economic value of the Indian Ocean and South China Sea regions. Design/methodology/approach: The authors find no econometric evidence of interactions between China and India's military spending using a Richardson-Baumol arms race model. Likewise, in a cross-county panel data study of military spending, they find that China's military spending has no independent effect on military spending in other countries. The authors also show that once wage costs and other sources of military inflation are accounted for, the pattern of real defense spending growth is much less intense than is suggested by nominal data. Nevertheless, they show that China has been undertaking intense military modernization with rapidly rising capital-labor ratios in its defense spending. Findings: The authors find little evidence of a traditional arms race, but also show that China, and to a lesser extent India, have been realigning their military capabilities to these new security risks while maintaining overall military burden on the economy. Research limitations/implications: Econometric analysis is limited by data availability and is necessarily historical, whereas the security situation is very fluid and may change in the short term. Practical implications: The paper identifies factors that are likely to influence China and India's attitudes to defense spending in the coming years. Social implications: The paper finds that there is not an arms race in the traditional sense but may be an arms race in terms of new technologies and military modernization. Originality/value: This is a very much underexplored topic in economics. The authors take an interdisciplinary approach showing how economics tools can be used to help understand this important issue in international relations. [ABSTRACT FROM AUTHOR]

This paper reviews the economic policies adopted by the Indian government under different policy regimes, provides a political economy perspective of economic growth in the country during 1950–2020 and examines the inclusiveness of the rapid economic growth in recent decades. The growth performance of the economy improved as the economy moved from inward-looking policy regime to the regimes of pro-business and pro-market policies. India's political economy was supportive of the changes in policy regime. After growing at a sluggish rate during the first three decades after 1950–1951, the gross domestic product (GDP) growth accelerated significantly after the pro-business reforms in the 1980s, and there was further acceleration after the pro-market reforms since 1991–1992. It has, however, slowed down in recent years. Nevertheless, it has not been inclusive, as the benefits of growth have not reached all sections of the population and all regions of the country equally. On the contrary, disparities in income across regions and inequalities in income, wealth and consumption among individuals have exacerbated, and the problems of unemployment and poverty have been persisting in the economy. [ABSTRACT FROM AUTHOR]

This study proposes a new high-frequency indicator to measure economic policy uncertainty in the context of India, a large emerging market economy. Based on internet search intensity data, the proposed index tends to peak around domestic and global events associated with uncertainty that may prompt economic agents to alter their decisions to spend, save, invest and hire. Using an external instrument with structural vector autoregression (SVAR-IV) framework, we provide fresh evidence on the causal impact of uncertainty on the Indian macroeconomy. We show that surprise increases in uncertainty lead to a fall in output growth and an increase in inflation. This effect is found to be mainly driven by a fall in private investments vis-à-vis consumption indicating a dominant supply-side impact of uncertainty. Lastly, taking the case of output growth, we show that adding our uncertainty index to standard forecasting models leads to better forecasting accuracy compared to other alternate indicators of macroeconomic uncertainty. [ABSTRACT FROM AUTHOR]

Commodity derivative markets in India has a long history. The operations in this segment have however been topsy-turvy. Frequent bans on trading had somewhat retarded the growth of derivatives market in India. The adoption of liberalized economic policies saw the change in the attitude of policy makers and this led to the establishment of exchanges which offered online trading on multi-commodities. However, the stakeholder groups which ought to be benefited the most, at least in papers were often neglected. The present study is intended to find out the perception of farmers regarding the functioning of commodity futures markets in India. The study brings to light the source of information regarding derivative trading, their involvement in trading, the problems faced by farmers which keep them away from frequent trading and their opinion on overall impact of agricultural commodity futures. [ABSTRACT FROM AUTHOR]

Purpose – Inflation and its related uncertainty can impose costs on real economic output in any economy. This paper aims to analyze the relationship between inflation and inflation uncertainty in India. Design/methodology/approach – The methodology uses a generalized autoregressive conditional heteroscedasticity (GARCH) model and Granger Causality test. Findings – Initial estimates show the inflation rate to be a stationary process. The maximum likelihood estimates from the GARCH model reveal strong support for the presence of a positive relationship between the level of inflation and its uncertainty. The Granger causality results indicate a feedback between inflation and uncertainty. Research limitations/implications – The research results have important implication for policy makers and especially the Reserve Bank of India. Practical implications – It provides strong support to the notion of an opportunistic central bank in India. Originality/value – The results of the paper are of relevance not only to the monetary policy makers but also to academicians in India and other developing countries. [ABSTRACT FROM AUTHOR]

Among the Indian states, the Punjab State is known as the granary of India. Its fertile land is considered ideal for agricultural production. During the year 2011-12 the State of Punjab contributed 38.7 per cent of wheat and 22.1 per cent of rice to total agriculture production. However, as far as the sugar production is concerned the State of Punjab produced only 1.48 per cent of the total sugar production of India. In this regard the present paper attempts to examine the current status of sugar industry in Punjab. Further, the paper also attempts to identify the key challenges of the sugar mills in Punjab. The paper is based on the secondary sources of data which have been collected from various reports and publications of Sugarfed (Sugar Federation, Punjab), Economic Surveys of Punjab and India, Statistical Abstracts of Punjab, Indian Sugar Mill Association (ISMA) reports, reports of Food and Public Distribution Department, Vasantdada Sugar Institute Annuals, etc. [ABSTRACT FROM AUTHOR]

This paper examines the long run relationship between public debt and economic growth in India for the period 1980–2018 using the autoregressive distributed lag (ARDL) approach. The bounds test results suggest that gross domestic product (GDP) per capita, internal and external public debt, fixed investment and trade openness are cointegrated implying the existence of a long run equilibrium relationship between these variables. We find that both internal and external public debt have significant negative effect on economic growth in the long run whereas, investment has significant positive effect on the growth rate of output per capita. The error‐correction model shows that the long run equilibrium relationship is stable and the adjustment towards equilibrium is relatively high. Our findings suggest that too much reliance on public debt must be discouraged since it has adverse effect on economic growth in the long run. The government should adopt investment‐supportive policies to enhance economic growth of the country. [ABSTRACT FROM AUTHOR]

Climate change issue has evolved as a central policy of the Government of India. The crux of the policy is centered on the economic development. Internationally, India has been consistently resisting the developed country's climate policy as the policy might threaten New Delhi's economic development prospect. However, the recent evidence of climate change threat to the economic development compelled political leaders to design the domestic climate policy—the National Action Plan on Climate Change—which is consistent with the country's economic development. Considering the global climate diplomacy, this paper examines the evolution of India's domestic climate change-development discourse and how climate change has been constructed as a major threat at the highest political level that securitises the country's economic development. The threat discourse is explained from the standpoint of the securitisation theory to explore three core constituents of India's domestic climate policy: the referent object, securitising actors and the audience. [ABSTRACT FROM AUTHOR]

The mission statement of the United Nations Sustainable Development Goals (SDGs) states that the SDGs are "A shared blueprint for peace and prosperity for people and the planet, now and into the future" (www.sdgs.un.org Retrieved on Aug. 10, 2022). Based on the United Nations' 17 Sustainable Development Goals -- Agenda 2030 (which was adopted by 192 member nations), India's rank was 120 in 2016 -- a drop from 117 a year ago (www.businessstandard. com. Retrieved on Aug. 19, 2022). India had an overall SDG score of 60.32/100. This makes India fall behind all nations in South Asia, barring Pakistan -- which at rank 125 is four notches below India. Notably, Maldives (score of 71), Bhutan (score of 70), Sri Lanka (score of 70), Nepal (score of 66), and Bangladesh (score of 64) are all above India (https://dashboards. sdgindex.org/rankings. Retrieved on Aug. 19, 2022). As per the State of India's environment report 2022 (Centre for Science and Environment. https://csestore. cse.org.in/. Retrieved on Aug. 21, 2022), this drop in rank is primarily because of 11 of the 17 sustainable development goals (Yadav, 2022). One of the prime lookouts of the National Institute of Transforming India (NITI Aayog), India's apex economic policy think tank, is the attainment of the sustainable development goals (SDGs) for 2030, and measuring and monitoring each of the 28 states' and eight union territories' progress towards the same. No wonder, NITI Aayog painstakingly firmed up the structural edifice of the first SDG India Index and its Baseline Report (https://www. niti.gov.in. Retrieved on Aug. 11, 2022). This paper is an attempt to trace the history of the UN SDGs and an attempt to understand and review India's progress on them. [ABSTRACT FROM AUTHOR]

Copyright of Research Papers of the Wroclaw University of Economics / Prace Naukowe Uniwersytetu Ekonomicznego we Wroclawiu is the property of Uniwersytet Ekonomiczny we Wroclawiu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Indian government introduced the Insolvency and Bankruptcy Code of India (IBC) in 2016 as reforms in insolvency and bankruptcy laws are crucial for improving the business environment and credit markets in India. The banking sector of India has been marred for long by the problem of Non-performing-Assets (NPAs), and many of its largest companies are struggling under massive debts. The main objective of the new law was to facilitate insolvency resolution and liquidation in a timely manner and to improve India's ranking in the 'ease of doing business' index. This paper highlights the importance of insolvency reform in the economic policy of any country, while it examines the insolvency regime in India under the IBC with respect to its prospects and challenges and implications of the Code for the Indian corporate sector. Thus, the paper contributes to the policy debate relating to this subject. [ABSTRACT FROM AUTHOR]

India's coastal cities have been playing a pivotal role in international relations through culture, commerce, and connectivity since the hoary past. In modern times, coastal cities such as Mumbai (formerly Bombay) on the Arabian Coast and Kolkata (formerly Calcutta) on the Bay of Bengal have been active actors in international affairs. While Mumbai has been the hub of international trade and commerce, Kolkata has been the junction of cultural bonhomie with Bangladesh and Southeast Asian countries, which gained more traction due to cross-border movements of technology, information, education, trade and finance, and artistic tools bolstered by the New Economic Policy beginning in the early 1990s. Indian states and metropolitan cities are enhancing their positions in international affairs with tangible gains. Mumbai is referred to as India's financial capital and the home to the headquarters of great global business houses and financial organisations. Similarly, Kolkata is known as the cultural capital of India (Sri Aurobindo, Tagore, Shanti Niketan, Bengali folk art and culture etc.) and a destination for foreign tourists, artists and curious researchers. This paper examines the growth and impact of city diplomacy in India through the prism of federalism in advancing local interests in international politics. It attempts to assess the role of Indian cities from a comparative perspective in the conduct of city diplomacy from economic and cultural aspects. [ABSTRACT FROM AUTHOR]

This paper discusses Indo-Soviet economic relations as one aspect of international relations between the empire Soviet Union and the nation-state India. The discussion goes beyond classic Cold War interpretations. The paper analyzes complex interrelations and contradictions of Cold War, Decolonization, and global economic conditions. The analysis shows that Soviet expectations tended to overlook socialist-capitalist interdependencies as well as the decisive influence of Indian aims and activities. Nehru's so-called socialistic pattern of society did not replicate the Soviet model. Moscow expected the economic cooperation to propel socialist developments in India. At the same time, it should provide the socialist world with necessary support for its competition with the West. These different aims and motivations led to lasting contradictions and incompatibilities in economic relations. The paper focuses on central characteristics of Soviet approaches. It reconstructs main fields and practices of Indo-Soviet economic cooperation, analyses inherent contradictions, and discusses results and implications. [ABSTRACT FROM AUTHOR]

This paper tries to trace the relationship between finance and growth. There are several indicators which represent the degree of financial intermediation such as M3, Real Rate of Interest (RR) and economic growth. In this paper, we have used Time-series methodology such as Unit Root (ADF and Phillips-Perron Tests), Cointegration (developed by Johansen and Juselius), and Granger Pairwise causality. We have checked the presence of unit roots in the data, and all the three variables-Financial Development, RR and Growth Rate-are found to be integrated at first difference. Secondly, Johansen cointegration test results confirm the presence of long-run equilibrium relationship among the variables. Finally, the Granger causality supports the hypothesis of 'Finance-led Growth' indicating that the finance is a leading sector in India and is poised for development. This result supports the supply-leading hypothesis for Indian economy for the sample period. These findings have important implications for the conduct of economic policies in India. [ABSTRACT FROM AUTHOR]

In this paper, we modify the multivariate nonlinear causality test to be panel nonlinear causality test and we apply these and other existing related tests to examine the causal relationship between growth in economic policy uncertainty (EPU) and real housing returns in China and India using quarterly data from 2003:01 to 2012:04. Both panel linear and nonlinear Granger causality tests suggest the existence of only linear and nonlinear unidirectional causality relationships from growth in EPU to real housing returns in both China and India, and bivariate linear Granger causality tests suggest the existence of only linear unidirectional causality relationship from growth in EPU to real housing returns only in China. However, nonlinear bivariate Granger causality tests conclude the existence of nonlinear bidirectional causality relationships between growth in EPU and real housing returns in both China and India and cross bivariate linear and nonlinear Granger causality tests discover that there is only a linear causality relationship from Indian growth in EPU to Chinese housing returns. The results confirm the relevance of EPU data to better understand and predict the future behaviour of housing market returns in these countries. [ABSTRACT FROM AUTHOR]

Economic assets play a key role in the growth of renewable power projects and depend on financial scenarios and policy structures offered by government policies. The focus of the study is to assess the impact of the existing economic scenarios and related government policies on wind and solar power deployment in India. The financial analysis of wind and solar power projects, along with parametric and sensitivity analysis, were performed based on the techno-economic parameters of recent wind and solar energy projects. Factors incorporated into the study are capital cost, annual cash flow, project terminal cost, discount rate, cost of capital, tax rate, capacity factor and technological degradation factor. The results show that the values of levelized cost of electricity (LCOE) calculated for recent wind and solar projects are ₹4.89/kWh ($0.0698/kWh) and ₹4.05/kWh ($0.0578/kWh), respectively, which can be reduced to ₹2.36/kWh ($0.0337/kWh) and ₹2.12/kWh ($0.0303/kWh) through proper amendments to the existing policy, an improved financial framework and technological enhancements. The study will be beneficial to policymakers and project developers, helping to boost the future deployment of wind and solar power projects. (Note: USD ($) was converted to Indian rupee (₹) at an exchange rate of 1$ = 70₹ throughout the paper.) [ABSTRACT FROM AUTHOR]

This paper concentrates on the people whom a few earlier researches have termed as "Low-Literate" consumers. Work on these set of people have been very limited in the world till date and practically no evidence of any work with these people let alone on their consumption of durables in this country has been revealed in the course of the study. We have tried to find out their usage pattern of durables within a selected variety of eight consumer durables ear-marked for the purpose of the study. With the help of Multi-Response set we have tried to determine their usage pattern and frequency of the select durables considered for the study. Thereafter, we have tried to determine if demographic attributes like education, age, income and occupation does play a role in the consumption process of these selected consumer durables and if there is an association between these various demographic attributes. [ABSTRACT FROM AUTHOR]

The paper investigates the trends in the allocation of capital in an emerging economy, India, during the post-financial liberalization regime. In contrast to the conventional wisdom that financial liberalization leads to better allocation of funds, the study could not find any obvious evidence of increase in efficiency over the reform period, especially during the early years of reform. Further, the study highlights the disturbing trend of convergence of efficiencies across various strata of firms towards a lower level over the reform period. This paper rationalizes the decline as a result of excessive capacity creation in certain industries, financed by cheap external sources of finance, without any consideration of return or demand conditions. This paper, as a policy recommendation, highlights the importance of creating appropriate institutions prior to pursuing financial liberalization in developing countries like India. [ABSTRACT FROM AUTHOR]

This study examines the impact of domestic and foreign shocks on the real and financial sector of BRIC countries. For this purpose, we use a structural vector autoregressive (SVAR) model over the extended period of 1997 to 2016. We conclude that domestic policy shocks have a more substantial impact on Brazilian, Indian, and Russian economy than foreign shocks, while foreign shocks have more contribution in the case of China. Interestingly, results show the negative impact of policy shocks on bank credit provided, implying its role in multiplying the impact of shocks on real variables. Surprisingly EPU of USA has a positive impact on stock markets of India and China, implying capital flight phenomenon, where investor transfer investment from risky to safer places. [ABSTRACT FROM AUTHOR]

The recent COVID‐19 pandemic has not only resulted in the loss of human lives but also distressed economies. The impact of this crisis is even higher in emerging economies like India due to already slowing growth rates, poor health infrastructure, and a significant population living in extreme poverty. While the government is taking measures to handle this crisis, nobody can be sure if these measures are adequate, as this will depend on how soon the spread of the virus is contained in the country. However, understanding the depth of the impact of COVID‐19 pandemic on the Indian economy is vital to formulate the policy and measures to contain this economic impact. This paper attempts to understand the impact of COVID‐19 pandemic on the Indian economy by employing a qualitative research design, based on sentiment analysis to understand 15 industry experts' opinion concerning the socio‐economic impact of COVID‐19. The study makes a theoretical as well as applied contribution to the field of study. While theoretically, it contributes to the field of pandemic research, public health management, and disaster management; in an applied sense, we propose a set of measures for the policymakers based out in India, as well as in other emerging nations of the world. [ABSTRACT FROM AUTHOR]

India is the fastest growing economy with a democratic political system. She is worlds leader in Information Technology Industry. It has annual turnover of $154 billion and employs about 19 million people. It was expected to become a US $225 billion industry by 2020. But, this target is to be reviewed in the light of visa restrictions and control over outsourcing announced by the US President Donald Trump. India's software services sector is bracing for the consequences of new US President Donald Trump action against outsourcing of jobs. Trump has signed an order to block entry of people, including highly qualified professionals, from seven Muslim-majority nations. In the present paper researcher has tried to study impact trump's policy on Indian IT industry through survey of IT Student, IT Faculty and IT Professional. First part of paper covers Indian IT industry scenario and challenges due to trump's policy based on various secondary data and second part of paper is based on primary research conducted through structured questionnaire from various respondent. From the study it is finds that concluded that there is no major relation with respondent category and various variable of trump's IT policy on Indian IT industry. [ABSTRACT FROM AUTHOR]

How has neo-liberalism transformed the economic structure and policies of India? And what are the politico-economic implications of such policies for marginalised populations? Following Karl Polanyi’s theory of “double movement”, this paper argues that while market liberalism has helped India overcome the slow so-called “Hindu rate of growth”, it has adversely affected the economic interests of the poor. It further argues that the expansion of the market (first movement) has led to various social dislocations in the lives of the poor. Such dislocations have generated several countermovements (second movement), which have found expressions not just in electoral politics but also in various grassroots movements. While it may be true that such countermovements have not always been successful in overturning the tide of neo-liberalism, they have certainly influenced the policy priorities of the state in favour of the poor and the marginalised in India. [ABSTRACT FROM PUBLISHER]

Globalization is making a world smaller place and Human resource management must respond it properly. It is that part of management process which is primarily concerned with the human constitute of an organization. Human resource management is a method of developing the potentialities of employees so that they get maximum satisfaction out of their work and give their best efforts to the organization. The new economic policy and changing global scenario has totally changed the approach to human resource management in all types of business and industry. Banking is not exception to this. Transformation in Indian Banking Industry, ever increasing competition, fast moving and complex world of latest technology have compelled banks to think of and to adapt themselves to the changing banking environment. There is a need to develop competencies that is skill, knowledge and attitude among bank staff to make them more suitable to the changing global conditions through proper training & development programs. The present paper indicates some suggestions to cope-up with the rapidly changing global socioeconomic conditions. The findings of the study suggest that Human resource management in changing global scenario is an inevitable and unavoidable in any sector for its survival. [ABSTRACT FROM AUTHOR]

It has been seen generally that Foreign Direct Investment (FDI) is helping the growth of national income growth in India. India and its neighboring countries have seen an influx of FDI with varying degrees of impact on the local economy. The relationship between FDI and economic growth has been extensively studied, with the view to establishing causality between the two. However, there have been varying results depending on the country's particular context and situation, and the results are inconclusive. This paper attempts to analyze the relationship between FDI and GDP using a time series analysis from 1990 to 2021. [ABSTRACT FROM AUTHOR]

Decomposing the GDP growth from 1981 to 2004, this paper finds that innovation capacity has contributed significantly to the economic growth of China and India, especially in the 1990 s. Outputs of the national innovation system, measured by patents and high-tech/service exports, demonstrate the considerable progress China and India have made in innovation capacity. The enhanced innovation capacity of China and India is primarily due to their heavy investment in the inputs of innovation system, i.e., R&D expenditure and R&D personnel, in recent decades. This paper emphasizes the role that the governments have played in promoting innovation capacity and their contribution to economic development. Both governments have transformed their national innovation systems through linking the science sector with the business sector, providing incentives for innovation activities, and balancing import of technology and indigenous R&D effort. Using case studies of domestic biotech firms in China and India, this paper also offers micro-level insights on innovation capacity and economic development: (1) innovation capacity has become essential for domestic firms’ market success and (2) global institutional factors and national government policies on innovation have considerable influence on the choice of innovation at the firm level, i.e., to conduct indigenous R&D or to import foreign technology. [ABSTRACT FROM AUTHOR]

In the quasi-federal democratic polity that India has, lobbying for central funds by the states is often done in a subliminal fashion. Hence, it becomes difficult to get an account of how much lobbying has been done to a particular end. Our paper attempts at constructing certain political proxy variables to quantify the extent of such lobbying in India. We quantify lobbying through the ministerial representation in the council of ministers. We also use several time and state dummies to account for the constituent states' political alignment with the center as well as the coalition and the reform period breaks in the Indian system. Taking panel data that cover 29 years and 14 major states we show that our constructed variables do explain disparity in central fiscal disbursements under the non-formulaic “discretionary” head in a robust way. Our findings remain true even after we take into account the impact of endogeneity of net state income on the transfers. Additionally, our exercise brings to the fore the fact that the coalition governments and economic reform measures impact upon state lobbying at the center in a significant manner. [ABSTRACT FROM AUTHOR]

This paper reports new evidence consistent with the post-Keynesian hypothesis of money endogeneity for hitherto unexplored 10 emerging economies. These results were obtained using a vector error correction model to test for long-run and short-run causalities with data from 1996 to 2007. The evidence suggests that money supply is endogenous in five countries, namely China, the Czech Republic, India, Malaysia and Turkey; it is exogenous in Mexico, while there was no causality found in Indonesia, Russia and Taiwan. Thailand showed endogeneity in the long-run causality. Some suggestions are made to explain the mixed results, and we also discuss the limitations arising from our narrow specifications of the money supply and the models. [ABSTRACT FROM AUTHOR]

This paper uses continuous and discrete wavelet tools to evaluate the dynamic correlation and causality between the U.S. economic policy uncertainty (EPU) and stock markets in China and India from 1997 to 2018. The dynamic correlation in the time-frequency domain is obtained by continuous wavelet coherence, and the causality over time and frequencies is tested by the linear and non-linear Granger causality based on discrete wavelet transform. The results show that the interaction between EPU in the U.S. and stock returns in China and India is weak in the short term but gradually becomes stronger in the long term, especially when significant financial events occur. There is no Granger causality in the short term; however, there is unidirectional or bidirectional causality in the medium and long term. These conclusions may provide useful reference for policymakers and investors in Chinese and Indian stock markets to prevent cross-country risk contagion from the U.S. [ABSTRACT FROM AUTHOR]

This paper examines whether or not the formal and informal credit markets in India are interlinked. The paper develops a theoretical model by extending the aggregative model of Srivastava (1992) to conceptualize the problem of interlinkage between the formal and informal credit markets at the disaggregated level. The basic propositions of the model have been tested empirically through Granger Causality test by using annual time series data at all India level for the period 1980-2002. Contrary to other similar studies, the finding indicates that there is significant interlinkage between formal and informal credit markets in all three cases - agricultural sector, non-agricultural sector and all sectors taken together. Results show that official monetary credit policy has sustained impact on the informal credit markets. Thus monetary policy is expected to play a crucial role in increasing aggregate output by promoting interlinkage. [ABSTRACT FROM AUTHOR]

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Andhra Pradesh is a relatively underdeveloped state in south India that has become one of the leaders of the Indian reform process. How was this possible? With the help of 12 hypotheses, the paper discusses the politics of the reforms in Andhra Pradesh. The focus is particularly on the period between 1995 and 2004, during which an explicitly reform-oriented government ruled the state. The paper suggests that an important factor behind the reforms seems to lie in the changing economic needs and aspirations of the initially rural-based classes/groups on which the reforming regime was based. Moreover, in contrast to some other Indian states, reforms in Andhra Pradesh were not introduced by stealth, but by hype, by a skilful and cleverly managing leadership that succeeded in suggesting a break with the past while it continued with pro-poor spending and continued to allow policy implementation to be (mis)used for local-level party building. [ABSTRACT FROM AUTHOR]

This paper compares the performance of India and China in attracting foreign direct investment (FDI). China ranks number one as the world's preferred foreign investment destination. FDI statistics suggest that India's performance has been significantly understated but India still lags absolutely for several reasons. These include a high tariff regime, poor physical infrastructure, a regulatory system that is too often not business friendly and a policy of reservation of many potentially export-oriented sectors for small businesses. The paper concludes that further liberalization of India's FDI regime is likely to be driven by external pressures and state-level initiatives. Copyright © 2004 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

Motivated by the concern that the recent surge in inflation could retard growth, the paper revisits the nexus between inflation and growth from the perspective of an emerging economy, India. Examining this relationship using a wavelet multi-resolution analysis with varying time scale decomposition suggests a strong and persistent negative relationship between growth and inflation for a short time scale, while it is not significant for a longer time scale. [ABSTRACT FROM AUTHOR]