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The Asian Financial Crisis during the late 1990 s revealed the fault lines of foreign currency loans of corporates. It starkly demonstrated that a combination of semi-pegged exchange rates and unregulated foreign currency borrowing could expose corporates and, subsequently, the entire economy to heightened vulnerability. To mitigate these risks, implementing certain capital account restrictions emerged as a potential remedy. Against this backdrop, this paper investigates the changing contours of vulnerability arising from the rising foreign currency leverage of 818 non-financial corporates in India during 2004–2022. In particular, this paper examines the impact of exchange rate shocks and changes in certain key macroeconomic policy variables on the financial vulnerabilities of these firms. Our findings unequivocally indicate that during exchange rate depreciation, unhedged exposures significantly amplified the vulnerability of Indian firms. While our study centres on India, the overarching conclusions and insights derived from our analysis possess broader ramifications for emerging economies grappling with capital account restrictions. The policy implications of our research underscore the need to proactively strengthen the macroprudential toolkit to address the risks associated with foreign currency borrowing and ensure more robust risk management practices to prevent the buildup of systemic vulnerabilities. [ABSTRACT FROM AUTHOR]

This paper presents evidence of gender peer effects in high schools in India using new administrative data. Identification of gender peer effects is achieved by exploiting variation induced by idiosyncratic changes in gender composition across cohorts within schools, in addition to controlling for past scores. The proportion of female classmates in a student's cohort has a sizeable positive effect on the test scores of both male and female students. We find that peer effects vary non-linearly with the proportion of female students. Finally, we provide suggestive evidence on plausible mechanisms. We show that achievement spillovers are not the main driver of positive gender peer effects. Using a supplemental dataset, we show that a greater proportion of female students leads to an improved classroom environment in the context of Indian schools. [ABSTRACT FROM AUTHOR]

• The paper examines the effect of social identity on learning for adults under a hierarchical social setting. • Using primary data from a randomized controlled experiment in India where illiterate adult female learners were randomly assigned to a free technology-based literacy program, we found positive and significant impact of matching an upper caste teacher with a lower caste student on literacy scores. • We find suggestive evidence of an increase in students' confidence measures when matched with an upper caste teacher. The paper examines the effect of social identity on adult learning within a hierarchical social setting— an important yet often understudied issue for effective adult education. We leverage the random matching of students and teachers from a randomized controlled experiment in India, where illiterate adult female learners aged 18–45 were randomly assigned to a literacy program. We find a positive and significant impact of matching an upper caste teacher with a lower caste adult student on literacy scores. We also find suggestive evidence of an increase in students' confidence measures when matched with an upper caste teacher, indicating a plausible impact mechanism. Our findings highlight the need for future research on social identity and its influence on adult learning, particularly in countries with existing deep-rooted hierarchical social constructs. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between financial development and access to electricity for rural and urban India by incorporating economic growth, trade, and foreign direct investment in energy production function. In doing so, we have applied autoregressive distributed lag bounds testing to examine long run cointegration between the variables by accommodating structural break(s) stemming in the series. Our empirical results indicate the presence of cointegration association between access to electricity and its determinants. We note that financial development enhances access to electricity in rural India but declines it in urban India. Economic growth has positive effect on access to electricity. Trade openness and foreign direct investment lower access to electricity in rural India. In urban India, trade openness and foreign direct investment increase access to electricity. The association between financial development and access to electricity is inverted-U shaped for rural and urban India. This paper would present new policy direction for Indian government to enhance access to electricity by using financial development as an economic tool. • Financial development and access to electricity have a strong linkage. • In India financial development enhances access to electricity in rural area but has adverse effect in urban area. • Rise in economic growth of India has increased the access to electricity. • Growth of Trade Openness and Foreign Direct investment increase access to electricity. [ABSTRACT FROM AUTHOR]

Liver transplant surgery has been performed in India for the last 25 years. We aimed to analyse the trends, characteristics, and key elements in the field of liver transplantation research from India. On April 23, 2023, we conducted a search of the Scopus database for the literature on liver transplantation research, using a well-defined search strategy. MS Excel and VOS viewer software programs were used to examine the articles for organisation, author, journal, keywords, and high-cited literature. This analysis examined a total of 556 papers, which constituted only a 1.55% share of the global output. These papers involved 442 organizations, 1575 authors, and 147 journals. External funding was received in 4.13% and 23.56% were involved in international collaboration. Three Delhi-NCR organizations, namely the Medanta–The Medicity (n = 63), Institute of Liver & Biliary Sciences (n = 60), and Indraprastha Apollo Hospital (n = 48) led in publication productivity. M. Rela (n = 90) and A.S. Soin (n = 63) were the leading authors in publication productivity, while S. Sudhindran and P. Bhangui were the most impactful authors. Liver Transplantation (n = 96) and Journal of Clinical & Experimental Hepatology (n = 65) published the maximum number of these papers, whereas, Annals of Surgery and Journal of Hepatology led in the citation impact per paper. The most significant keywords were "Liver Transplantation" (n = 484), and "Living Donor" (n = 254). Only 1.80% (n = 10) of the papers were highly cited papers that received 50 to 142 citations and they together registered 69.9 citations per paper. Although the number of publications on liver transplantation from India started growing recently, it forms only 1.55% of the global report. There is an unmet need to increase government-supported research and multicenter collaborative studies at national and international levels for high-quality patient care. [Display omitted] • A total of 556 papers on liver transplantation research from India constitutes a 1.55 % share of the global output. • This is the first comprehensive bibliometric analysis of India's liver transplant research over the last 25 years. • Delhi-NCR authors and institutions were the leaders in this area of research. • There has been a continuous rise in publications, with the maximum surge seen in the last decade. [ABSTRACT FROM AUTHOR]

• This paper re-focuses attention on the big picture question of the persistently low level of female labour force participation in India. • We show how attention on a binary indicator (in the labour force or out of it) misses a crucial aspect of women's economic/productive work. • We suggest that women's work in developing countries should be viewed in terms of at least three categories. • We find that the social norm that places the responsibility of domestic chores exclusively on women is primarily responsible for women's inability to participate in paid work. • We demonstrate the existence of 'virtuous cycles' within families: a history of working women in the family increases the probability of the woman being in paid work. Based on primary data from a large household survey in seven districts in West Bengal in India, this paper analyses the reasons underlying low labor force participation of women. In developing countries, women who are engaged in unpaid economic work in family enterprises are often not counted as workers, whereas the men are. We show that for women, not being in paid work is not synonymous with not being in the labour force. Women are often involved in expenditure saving activities i.e. productive work within the family, over and above domestic chores and care work. We document the fuzziness of the boundary between domestic work and unpaid (and therefore invisible) productive work that leads to mismeasurement of women's work and suggest methods to improve measurement. Counting women's expenditure-saving activities yields a substantially higher estimate of women's participation in economic work. On social norms, we show that religion and visible markers such as veiling are not significant determinants of the probability of being in paid work. We find that being primarily responsible for domestic chores lowers the probability of "working", after accounting for all the conventional factors. Our data shows substantial unmet demand for paid work. Given that women are primarily responsible for domestic chores, we find that women express a demand for work that would be compatible with household chores. We demonstrate the existence of 'virtuous cycles' within families: a history of working women in the family (mother or mother-in-law ever worked) increases the probability of being in paid work between 18 and 21 percentage points. This suggests that the positive effects of increasing women's labour force participation today are likely to have positive multiplier effects on the prospects for work in future generations of women. [ABSTRACT FROM AUTHOR]

The paper argues that sustainable Smart Cities cannot be delivered by profit-driven visions, but through a process that integrates the diverse aptitudes and needs of the city stakeholders. The study uses mixed methods to examine democratic participation in governance and the emerging notion of Smart City Citizenship in the context of India. Benchmarking and assessment of 21 smart cities reveals the existing participatory processes being "tokenistic" and a substantial deficit in democratic stakeholder participation mechanisms. A deeper assessment in Kochi and Nagpur exposes the existing barriers to citizen participation and reveals that the capacities of capable stakeholders and citizen groups can be channelised more effectively. This study promotes advancing the notion of 'citizenship' beyond the market to the commons. It suggests transforming urban governance into a more accountable and collaborative governance model with a stronger role and power to local government, residents, and democratic stakeholders. • Benchmarking and assessment of 21 smart cities and case studies of Kochi and Nagpur reveal that the existing participatory processes being "tokenistic" and a substantial deficit in democratic stakeholder participation mechanisms • The cities need to break the barriers of bureaucracy, corruption, marketisation, and capacity limitations. • This study promotes advancing the notion of 'citizenship' beyond the market to the commons. • The study suggests transforming urban governance into a more accountable and collaborative governance model with a stronger role and power to local government, residents, and democratic stakeholders. [ABSTRACT FROM AUTHOR]

Despite several research evaluating the connection between sustainability and the bottom line of firms, the existing research is inconclusive. In addition, most studies focus on multinational firms based in the United States or Europe, while research in the context of emerging economies is scant. This paper endeavours to investigate the strength of the association between Environment, Social and Governance (ESG) disclosure scores and the financial performance of 272 Indian firms listed on National Stock Exchange for the period 2015 to 2021 by employing panel data regression techniques. The results indicate that organisations having better ESG performance outperform their industry peers financially and are valued more by the market. Moreover, the data indicates that financial markets for lenders consider ESG disclosure when determining creditworthiness. In accordance with this, businesses can examine their operations and become more aligned with eco-friendly methods. Even though ESG disclosure appears to be associated with improved financial success, this is not the case across all industries and during COVID-19 pandemic. This study is relevant due to the growing significance of sustainability and the role of emerging nations in international commerce. It helps managers prioritize resource allocations to ESG-related activities that may affect financial performance differently across industry sectors, thus adding to the literature on the financial effects of ESG disclosures, particularly industry-specific aspects. This research represents a pioneering effort by assessing the impact of ESG disclosure on the profitability, market value, and cost of financing of Indian firms using both aggregation and disaggregation methods. [ABSTRACT FROM AUTHOR]

The association between social diversity and state-provided public goods is a central political economy problem. This paper highlights how status inequality is a distinct political channel when diverse groups are spatially segregated. Social status impacts citizens' ability to petition the state successfully and modulates state favoritism or discrimination. We use data from nearly 600,000 Indian villages to show that caste-based status inequality modifies the effect of diversity on local public goods politics. Diversity only negatively impacts local public goods in units where lower-caste groups are numerically preponderant. Such diversity deficit is further amplified when higher-caste groups numerically dominate larger administrative units and lower-caste groups are segregated. • We revisit the theoretical and empirical relationship between status-inequality and development, at a local scale. • We show that when local units are dominated by lower-status groups, public goods are negatively associated with diversity. • The association reverses when higher-status groups are numerically preponderant. • We also show that spatial segregation modulates diversity-development association much to the detriment of low-status groups. [ABSTRACT FROM AUTHOR]

Literature has highlighted the existence of a gap in clean fuel usage between the social groups in most emerging nations across the world, which is detrimental to global efforts to achieve Sustainable Development Goal (SDG) 7 (access to clean energy) and SDG 10 (reducing inequalities) and just energy transition with recognition justice. This paper, assesses the clean fuel gap across social groups in India using three rounds of representative data (2004, 2014, and 2018) by applying the logit model, exogenous switching treatment effect regression (ESTER), and the Blinder–Oaxaca Decomposition Model. Such an analysis is instrumental in identifying the clean energy usage gap and its causes, thereby providing insight to policymakers to design policies to achieve just energy transition and carbon neutrality by 2060. The results show a substantive clean fuel gap between social groups in India, which is a cause of concern for just energy transition. Clean energy utilization gaps among social groups are alarming across geographical locations and consumption quartiles, highlighting the importance of recognition justice for just energy transition. The results show that in rural areas, only 19.6 % of the General Caste households and 14.5 % of the disadvantaged social groups (Scheduled Tribes, Scheduled Castes, and Other Backward Class) in quartile one use clean energy, while in urban areas, the shares are 60.4 % and 46.3 %, respectively. To achieve a just distribution of the benefits of energy transition, energy policies should focus on disadvantaged social groups and simultaneously target General Caste households from a lower economic status and those residing in rural areas, indicating the need for targeting the neglected regions. [Display omitted] • Clean energy use has steadily increased among all social groups in India, indicating some improvement in energy justice. • Clean energy access gap among social groups has declined, but this gap still persists. • Scheduled Castes and Scheduled Tribes are the most disadvantaged social groups in terms of clean energy. • All social groups from low-income families have limited access to clean energy. • All social groups from households with low education have limited access to clean energy. [ABSTRACT FROM AUTHOR]

• The Agenda 2030 commitment to LNOB operates as a form of 'doublespeak' in India. • The Agenda 2030 call to end extreme inequality requires facilitating the 'hegemonic struggle'. • The absence of religion in Agenda 2030 masks the way that religion is leveraged by populists. • Pastoralism is a 'pious occupation' where religion shapes connections to the land and animals. • Religion is an important factor in the hegemonic struggle that the LNOB commitment should enable. The 2030 Agenda for Sustainable Development pledged to 'leave no one behind' (LNOB). This article suggests that LNOB can be a form of 'doublespeak', susceptible to being used to mask ideologies and policies that worsen social, political and religious divisions. Despite stated commitments to LNOB, both Agenda 2030 and the Modi-led Bharatiya Janata Party (BJP) government of India adhere to narrow models of development that fail to address and exacerbate the growing problem of religious and other inequalities. This article argues for reclaiming LNOB's radical potential by conceptualising it as an empty signifier that takes on meaning through the hegemonic struggle to articulate what 'left behind' means. It develops this argument through a case study of Hindu Nationalist developmental normativity and two mobile pastoralist communities in Gujarat: Hindu Rabaris and Sufi Muslim Fakirani Jats. The empirical data show that in Gujarat's marketised neo-liberal land regime, mobile pastoralism as a livelihood is increasingly stressed and liable to be constructed as 'left behind'. Simultaneously, the Hindu and Sufi religious practices that shaped pastoralists' relationships with land and animals are being transformed and, framed by the BJP government's promotion of a Hindu nationalist religious identity, are shifting towards adoption of communal Hindu and Muslim identities that exacerbate social and religious inequalities, with particular effects on women. The paper concludes that LNOB has potential to tackle religious and other inequalities and generate a more radical and democratic politics of development if the range of demands that are met by this 'empty signifier' is broadened to challenge the hegemonic representations that dominate, and religion's centrality in this struggle is recognised. [ABSTRACT FROM AUTHOR]

This paper presents a critical analysis of newspaper articles (N = 60) published in a leading vernacular newspaper about violence against doctors in India. Adopting a theoretical perspective that considers 'news as a cultural practice,' a qualitative content analysis was conducted to examine how the phenomenon is framed and presented in the news, i.e., what is problematized, what causal links are drawn or hinted at, what moral stance is taken or alluded to, and what solutions are proffered and why, to arrive at a nuanced understanding of various aspects of this social phenomenon. Three overlapping key themes emerged from the analysis, namely the narrative of victimization, the changing doctor-patient relationship, and the crisis facing the 'noble profession' of medicine. It reveals how the media shapes public opinion and attitudes towards the state of the medical profession while in turn, reflecting existing opinions, attitudes, and cultural values; the analysis also reveals missing perspectives such as the voices of the patients and the public. We highlight how the findings are not merely the dominant ways in which the rise in incidents of violence against doctors is reported and is understood in society, but how media might have shaped the popular discourse around the issue and why. We reflect on what the reportage says about the state of the medical profession and its standing in society in India. • The rise in violence against doctors in India has received much media coverage. • The coverage suggests that the doctor-patient relationship is under stress. • Doctors feel that they are being unfairly targeted and being treated unjustly. • A re-configuration of the social contract between doctors and society is needed. • Such reconfiguration is underway in some form in many countries across the world. [ABSTRACT FROM AUTHOR]