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Micro finance in India is again on a path of steady growth and is facing new challenges. The main challenge of microfinance is to create social benefits and promote low income households by providing financial services without any suitable guarantees. It is in this context that the issue of risk management in microfinance institutions becomes highly relevant. CRISIL estimates that around 120 million households in India continue to face financial exclusion translation into a credit demand around Rs. 1.2 billion. Indian micro finance sector was a world leader few years ago. However, the sector faced a severe crisis and witnessed mass default by some borrowers in the year 2010. This study used an exploratory research design with the main objective of identifying factors/components contributing towards management of risk in MFIs in Telangana state of India. Accordingly, this study conducted a Principal component analysis and identified 6 factors that address risk management. Study was conducted using a pilot tested questionnaire addressed to Managers, risk officers and executives from 6 MFIs in Telangana state. [ABSTRACT FROM AUTHOR]

The article discusses the ways to resolve India's energy crisis. Since 1975, the price and consumption of oil has been steadily increasing. India imports its two-thirds of oil requirements. To resolve the crisis, a new strategy is required. The author elaborates on the strategy that deals with all aspects of the problem including road transport and village fuel. Compared to the railways, the road transport means consume more energy. Yet there has been expansion of truck transport. The author delves into the complexities involved in the increase of diesel and kerosene prices. Replacement of kerosene with electricity as a lighting resource is also discussed.

The article presents a discussion of Arthur I. Bloomfield's research paper on a survey of central banking in developing countries. The reviewer said that his research was lucid and comprehensive and the author is in general agreement with Bloomfield on the various issues he discusses. The author adds to Bloomfield's paper by describing the various steps taken by the monetary authorities in India in the late 1940s and throughout most of the 1950s. The steps were taken to strengthen the banking and credit system.

The article discusses the concept of sustainable development in the new world of globalization. It focuses on the case of India, which opened its doors to the outside world in 1991, with policies of liberalisation, privatisation and globalization. Also discussed is the importance of self-sustenance, especially in times of crisis, such as the COVID-19 pandemic.

The article discusses effect of moratorium on Reserve Bank of India (RBI) during COVID-19 pandemic. Topics discussed include role of RBI in giving relief to the borrowers facing liquidity crunch in this pandemic situation; challenges faced by non-banking financial companies (NBFCs)/Non-banking financial institutions (NBFIs); and use of liquidity adjustment facility by RBI.

In the present age of globalization, technology-revolution and sustainable development, the presence of seasonality in tourist arrivals is considered as a key policy issue that affects the global tourism industry by creating instability in the demand and revenues. The seasonal component in a time-series distorts the prediction attempts for policy-making. In this context, it is quintessential to suggest an accurate method of producing the reliable forecast of foreign tourist arrivals. This paper evaluated the performance of Holt-Winters' and Seasonal ARIMA models for forecasting foreign tourist arrivals in India. The data on India's inbound tourism from Jan-2001 to June-2018 were used for preparing the forecast for the period July-2018 to June-2020. On the basis of Mean Absolute Error, Mean Absolute Percentage Error and Mean Square Error, the findings infer the relative efficiency of Holt -Winters' model over Seasonal ARIMA model in forecasting the foreign tourist arrivals in India. Thus, to reduce the perceived negative impacts of seasonality in Indian inbound tourism and to ensure foreign tourist visits round the year, niche products best suitable for Indian climatic and socio-cultural-institutional conditions need to be introduced and promoted in a large scale both at the national and global levels. [ABSTRACT FROM AUTHOR]

The theoretical literature on support for pro-market economic reforms identifies uncertainty about the future consequences of reform as an important determinant of opposition to pro-market policies. However, this literature does not rigorously test the role of uncertainty on support for pro-market reforms. This paper addresses this gap by testing the role of uncertainty using a new geocoded dataset of state-owned enterprises in India and a difference-indifferences strategy. I find that voters who are threatened with privatization but do not experience the policy vote against the privatizing party whereas voters that actually experience privatization vote in favor of the privatizing party. These results provide strong empirical support for the role of uncertainty to explain opposition to economic reform programs. [ABSTRACT FROM AUTHOR]

Energy security has evolved to become strategically important for countries, such that the domestic availability of energy resources, coupled with the national energy demand, as well as import and export dependencies on energy resources, have important implications for a country’s economic growth, human development and strategic autonomy. This is especially important for India, which is heavily dependent on imports to meet its domestic energy demand. In India, the fragmentary nature of the institutional apparatus of the energy sector serves to become one of the major limitations on the process of energy policy-making. It leads to competitive and clashing interests, overlapping areas of responsibility and ambiguous lines of command leading to unintended costs, delays and overall incoherence. This article studies the dynamics of energy policy-making in India by exploring the processes of decision-making in the energy sector. It examines the structural challenges linked to systemic conditions and institutional capacities, as well as the functional challenges linked to legislations, policies, politics and personalities in the area of policy-making in the energy sector by studying the roles of various institutions relevant to policy-making, as well as the processes of decision-making specific to given institutions in the energy sector. [ABSTRACT FROM AUTHOR]

The Narendra Modi government after coming to power in May 2014 initiated the ‘Act East’ policy to further enhance New Delhi’s engagement with the countries of the Asia-Pacific region. However, India’s engagement with the two Koreas has not seen any significant improvement under the Modi government. North Korea’s isolationist policies and its involvement with India’s neighbouring countries with regard to the proliferation of nuclear and missile technologies have proved detrimental for relations between New Delhi and Pyongyang. Following the United Nations Security Council resolutions India has restricted its trade relations with North Korea since 2017, except for food and medical assistance to this reclusive state. On the other hand, India’s interest in South Korea also appears to have waned as bilateral trade relations have not witnessed any dramatic improvement in recent years. Despite South Korea’s claims of being a ‘middle power’ country, its reluctance to take a stand on several issues that concern India has diminished hopes for further improvement in relations between New Delhi and Seoul. This article seeks to discuss the issues and challenges that hamper the improvement of relations between India and the two Koreas in the context of the Modi government’s ‘Act East’ policy. [ABSTRACT FROM AUTHOR]

The socio-politico-economic scene in India’s North-east region has guided certain aspects of the country’s domestic and international policy. The Act East Policy (AEP) of the government of India aims to build relations with the countries of South-East Asia, including trade relations, for which the north-east serves as the gateway. This article seeks to analyse the relevance of the policy: How is it grounded in the complex region of north-east India? In what way can it impact the region? The article argues that the new national road infrastructure bypasses the local economy, and posits the need to link rural infrastructure—especially connectivity and local markets—with regional, national and international markets. [ABSTRACT FROM AUTHOR]

Cotton is an important source of income for smallholder farmers in India, usually grown very intensively. To counteract negative impacts of cotton cultivation in India, such as environmental degradation and financial dependency due to high input costs, organic cotton cultivation is being promoted by non-governmental organizations in the country. This study examines how the conversion to organic cotton cultivation influences the livelihood of smallholder farmers in rural India. Interviews with organic farmers were conducted in Odisha, India, complemented by expert interviews and observations in the field. Results show that farmers profit from organic agriculture, mainly due to soil improvements, through reduced exposure to toxic chemicals and lower input costs, which in turn reduces dependency on money lenders. Organic agriculture enables smallholder farmers in the study region to improve their livelihood by providing access to training and by organizing in groups. Important social impacts identified in this study were capacity building and strengthened communities, through training and institution building. However, a higher workload, due to the higher work intensity of organic farming practices, was also observed, with this impacting women more than men. Environmental conditions and gender aspects still remain challenging. [ABSTRACT FROM AUTHOR]

The issue of efficiency of Monetary Transmission has attracted a great deal of attention in India. RBI, the central bank and the monetary authority of the country, has come in for criticism every now and then for not doing enough to make cheaper loans available to the consumers/borrowers. For a banking system dominating the financial space and dogged by ballooning NPAs, the study of the impact of NPAs on Monetary Transmission assumes special interest. We have worked out the basic structure of the balance sheet of a commercial bank and explored the condition for a positive RONW for different levels of its NPAs. For a low range of NPAs, NIM tends to increase with increasing NPAs and impedes Monetary Transmission. For a high level of NPAs, the bank gets the PCA tag and its inability to sanction fresh loans at will affects Monetary Transmission adversely. Also, for a given positive value of RONW, we observe that any change in a bank's deposit rate has a multiplier effect on its loan rate and NIM. In other words, any hike in deposit rate would lead to a greater hike in loan rate and NIM, thereby adversely affecting Monetary Transmission. As the monetary authority of India, the principal objective of RBI is to control inflation and at the same time to try to give a boost to growth of the country's economy. For this, it brings about suitable changes in the policy rates from time to time and tries to ensure efficient Monetary Transmission through the available channels. While India has a floating exchange rate, there is apparently no evidence for an active exchange rate channel for Monetary Transmission. The interest rate channel is expected to operate as a 2 step process viz. change of policy rates leading to change of loan rates, which is to result in change of aggregate demand and rate of inflation. Of these two, while some evidence does exist for the first step, no evidence appears to have been discovered for the second by the concerned researchers. We track the movements of 1m MCLRs, introduced by RBI with effect from April 2016, for 3 public sector and 3 private sector banks over a 25 month period starting from May, 2016, and observe some reduction of MCLRs in response to reduction of REPO rate by RBI. Such movements for the 6 banks are also found to be highly correlated to one another. In sum, the study of the MCLRs does provide some evidence about the first step of the interest rate channel for Monetary Transmission being operational. Further, the method suggested by RBI for computing MCLRs of commercial banks seems to suffer from some lack of compatibility. We have indicated the modified formula for MCLR to ensure the internal consistency of the process. [ABSTRACT FROM AUTHOR]

ABSTRACT: This article deploys the concept of ‘classes of labour’ to map and compare non‐factory labour relations in the garment chain across Delhi and Shanghai metropolitan areas. It contributes to commodity studies by unpacking the great complexity of mechanisms of ‘adverse incorporation’ of informal work in global commodity chains and production circuits. Field findings reveal the great social differentiation at work in informalized settings in the two countries, and suggest that while the margins of garment work are characterized by high levels of vulnerability, they may also open up new possibilities for workers to resist or re‐appropriate some degree of control over their labour and reproductive time. While these possibilities depend on regional trajectories, informal labour arrangements do not only result from capital's quest for flexibility. Workers actively participate in shaping their own labour geography, even when exposed to high employment insecurity. The conclusions more broadly discuss the merits of comparative analysis to study labour in global production circuits. [ABSTRACT FROM AUTHOR]

Majority of governments have articulated their promise towards gender equality goals but there are often inconsistencies between policy statements and the ways in which public finances are raised and spent. This paper states that a lot of effort has been taken in gender budget statement (GRB) over the last decade in India. The paper reviews the trends of gender budget in India over the last decade. On the basis of Indian experience, the paper attempts to assess the GRB initiatives in the country taking into consideration few critical questions: first, did GRB result in increased investments and budgetary resources to encourage gender equality? Second, did GRB make governments accountable for their commitments towards gender equality? third, has GRB been able to bring about changes to policies and budgets that would raise the social and economic status of women and further gender equality commitments? And fourth, given the degree of deprivation that exists in India, did GRB, as a tool of fiscal policy, contribute to the creation of an agenda to study budgetary priorities for the most marginalized women? Identifying imperative issues that are limiting the potential of the approach, the paper also recommends important points that the government needs to take into concern. [ABSTRACT FROM AUTHOR]

The objective of this study is to investigate at what extent Indian economy becomes the victim of terrorism activities. However, we didn't find any comprehensive study on this issue, who used time series data for casual investigation between terrorism and economic growth. This study used time series data from 1994 to 2017 to examine the impact of terrorism attacks and their impact on Indian economy. The data analysis has done through auto regressor distributed lags (ARDL) method. The long run results revealed that terrorism, interest rate and unemployment have negative impact on economic growth, whereas net trade and foreign direct investment have positive impact on growth level. While in short run only terrorism has negative relationship on Indian economy and rest of all variables are statistical significant. Furthermore, error correction mechanism and stability tests indicate that model is consistence and efficient. The overall results through F-test concluded with these remarks that model is statistical significant. [ABSTRACT FROM AUTHOR]

India is experiencing an overhaul on the economic, social and technological fronts due to two Ds - Digitization and Disruption and eventually both have coalesced to provide a synergistic effect, especially in the Services economy sector in the country. Moreover, the disruptions have occurred in the B2C sector. Moreover, technological disruptions have been the order of the recent years! The paper looks into the aspects of machine learning, artificial intelligence, robotics, blockchain, internet of things, augmented reality, virtual reality, chatbots, etc that are directly impacting the way services are getting generated and consumed through such disruptions. Actually, the digital space has too many things on its platter. If Artificial Intelligence would help in personalized marketing (and service offerings hence!), robotics would offer the banking solutions to the 'common man' (getting service from humans would be elitist!). Chatbots have already taken many consumer functions of today. The paper also looks into the trending situations across our marketing (services) sector. [ABSTRACT FROM AUTHOR]

The ambitious drive of the Government of India to transform the Indian economy from a cash based economy to a cashless economy was contingent in a big way on the people's acceptance of cashless modes of transactions, adaptability to cashless transactions and change in the transaction behavior of consumers and retailers, besides several other factors. As the small retailers form the bulk of the Indian retail sector, their ability to go cashless, their psychological preparedness and their willingness to adopt cashless transactions become an issue of prime importance in the movement towards cashless. The present study was conducted to assess the awareness of the small retailers regarding the cashless transaction and its modes, to understand their apprehensions and perceived convenience in dealing with a cashless system of the transaction and to measure their extent of participation in cashless transactions. The study was conducted in Bareilly, an important city in the state of Uttar Pradesh, with a population of around ten lakhs. Data for the study was obtained from 117 retailers using a structured questionnaire. The study found that though a significant number of small retailers were aware of the possibility of the cashless transaction and its modes, their frequency of engaging in cashless transactions was abysmally less as compared to that of cash based transactions. They were found to believe that dealing with cash was easier in comparison to handling cashless transactions. Fear of losing money due to the faulty transaction was found to be a major deterrent in going cashless amongst the small retailers surveyed during the study. [ABSTRACT FROM AUTHOR]

The article discusses changes in India's policy on the Indian Ocean under President Narendra Modi. Topics covered include Modi's creation of the National Maritime Authority to strengthen the country's management of Indian Ocean affairs, his initiative of Security and Growth for All in the Region (SAGAR), and upgrades made to the Indian Ocean Naval Symposium, Project Mausam, and the Act East policy.

In the middle of the twentieth century, statistician P. C. Mahalanobis strove to haul India into the computer age. Convinced that these machines were integral to the future of economic planning in India, he and the Indian Statistical Institute mounted a campaign to bring India its first computers. In the years following independence, Mahalanobis and the Indian Statistical Institute acquired significant influence in the Indian planning process—culminating in them effectively authoring India's Second Five-Year Plan (1956–61). The tale of the computer's journey to India demonstrates that the decision to centrally plan independent India's economy, and the resultant explosion of official statistics, provided the justification for the pursuit of computers. They potentially solved what was considered centralized planning's greatest puzzle: big data. Mahalanobis persuaded the Indian government of the need to import computers for the purposes of development, and then negotiated the import of these exorbitantly expensive machines during visits to Europe, the United States of America and the Soviet Union. Needless to say, the question of which country would provide India its first computers would ruffle Cold War feathers. This article brings together and identifies a link between the research activities of the Indian Statistical Institute, its deepening association with economic planning and the installation of India's earliest computers. [ABSTRACT FROM AUTHOR]

This paper examines the causal relationship between climate shocks and collective violence in India using annual data over the period 1954-2006. We use the ARDL bounds testing approach to deal with problems of autocorrelation and non-stationarity of key variables. Rather than rainfall, we find that it is maximum temperature that has long and short run effects on collective violence, with unidirectional causality from temperature shocks to riots. A one standard deviation increase in maximum temperature over the long run average increases the number of riots by 55 per cent. Return to long run equilibrium after a temperature shock takes approximately 15 years. The insignificance of rainfall holds whether we consider rainfall levels or rainfall growth. Given the absence of long run relationships between income levels /growth and riots, it is unlikely that the income channel is the one through which climate affects riots in India. Instead, the evidence suggests a psychological channel through which temperature affects riots in India, with hotter temperatures being associated with increased levels of aggression. [ABSTRACT FROM AUTHOR]

Since the initiation of the New Economic Policy in 1991, India's power policy illustrates the crystallization of a form of situated rationality that relies on capitalist competitiveness and foreign investment for growth and development. This paper, using critical discourse analysis, examines the resettlement of the Enron/Dabhol Power Project to highlight how this situated rationality represents power/knowledge that "legitimizes" prioritization of international capital, erosion of national sovereignty, and facilitates capitalist exploitation. [ABSTRACT FROM AUTHOR]

This study attempts to explore the relationship between globalization and financial development by endogenizing economic growth, population density, inflation and institutional quality for India during the period from 1971–2013. Using the more conclusivecombined cointegration method, the study provides evidence of cointegration among these variables. The long-run and short-run estimates from the ARDL model and causality tests, respectively, suggest that globalization in its all forms (political, social and economic) and its overall measure as well as inflation are detrimental to financial development, while economic growth and population density both promote financial development. Furthermore, the results also point out that institutional quality is not conducive to financial development in India, and there exists a feedback effect between financial development and inflation. Moreover, financial development is influenced by economic growth, institutional quality and population density. [ABSTRACT FROM PUBLISHER]

In this paper, 'a sign restricted Structural Vector Autoregression' (SVAR) model has been employed to understand the macroeconomic impact of oil shocks on the Indian economy. Following the identification procedure of Baumister et al. (2010), three types of shocks have been identified using sign restrictions, namely, an oil supply shock, oil demand shock created by global economic activity, and oil-specific demand shock. The results based on quarterly data from 1996 Q1 to 2013 Q4 indicate that output growth and inflation in the Indian economy react very differently to different shocks in oil prices. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to compare the pre-acquisition performance of domestic and cross-border Indian target firms. Past studies suggest that foreign investors mostly acquire well-performing domestic firms, while domestic target firms invest more often in poorly performing firms. But in India's case, this theory could differ due to the distinct factors impacting the relative costs and benefits, like the availability of cheap assets in India due to high bank NPA, the economic inefficiencies due to lack of technology and the capital-regulatory constraints. By studying 133 target firms, the study finds that foreign acquirers select those targets which have viable product line, good network and large asset size with low cash holdings. On the other hand, domestic investors acquire those target firms which have high public holdings and generate handsome top-line products in comparison to their industry peers but struggle to convert this top line into a reasonable bottom line. [ABSTRACT FROM AUTHOR]

This paper investigates the hedge effectiveness of futures contracts of tourism and hospitality sector in India using four sample stocks namely, ADANIPORTS, APOLLOHOSP, CONCOR and JETAIRWAYS, traded at NSE, for which data has been collected from January 1, 2016 to December 31, 2017 for near month futures contracts. The optimal hedge ratio is estimated using five specifications: naive, ordinary least square, autoregressive moving average ordinary least squares, vector autoregression and vector error correction. The study finds that one-to-one naive model provides superior hedging effectiveness over all the other models, implying equal investment in both spot and futures market to achieve highest effectiveness. Overall, the study finds that tourism and hospitality sector provides an effective platform for hedging with futures contracts. [ABSTRACT FROM AUTHOR]

Purpose This paper aims to discuss the essential features, merits and drawbacks of the recently enacted Indian Real Estate Act, 2016, an economic reform measure pertaining to the real estate sector (RES). This paper analyses the impact of the Act and Union Budget 2016 on the inflow of foreign d irect investment (FDI) in India, and examines its ramifications on the world economy.Design/methodology/approach The study is based on secondary data sources, including consumer forum reports, investigative reports from national agencies, court decisions, government websites, real estate companies and industry associations. A sample survey on the implications of the Act has been conducted using Facebook and and through personal interaction with various stakeholders.Findings The Indian RES was unregulated prior to the passage of the Act, which has several provisions aimed at protecting the interest of consumers by tightening fraudulent practices of promoters/developers. Stakeholders are hopeful, but there is some apprehension. The government’s budgetary and fiscal support for infrastructure development has had an impact on the FDI inflow.Practical implications The Act is new, so there is not enough data to judge its real impact on the economy. However, it has started showing evidence of impact through a recent judgment by the Supreme Court of India punishing a promoter.Originality/value Regulating the Indian RES is a challenging task, but the new regulations are likely to provide confidence to foreign investors who may see India as a safety net for investment. This paper is timely and may help move things in this direction. [ABSTRACT FROM AUTHOR]

Indian Government's new policy of 'Make in India' has taken everyone by surprise, whether Indian or foreign country heads and/or entrepreneurs. This will make India a production hub, next only to China. Indian Government is trying to replicate China's model through 'Make in India' slogan in all aspects, viz., production, GDP growth, market share, employment, and environment pollution. Therefore, this paper seeks to identify the effects of 'Make in India' by taking lessons from China and elaborate on the ways and means to combat the side effects on various stakeholders. The end result of the discussion is, bringing in a responsible business model for the businesses that are pursuing the 'Make in India' dream. [ABSTRACT FROM AUTHOR]

Growth of services sector is led by information technology enabled services leading to increases in national and regional GDP, employment and exports. States adopting central policies on information technology have benefitted by software exports. Besides, every job created here re-creates four more jobs. This is the study on inter-sectoral linkage of information sectors to other sectors of the economy by using 2003-2004 and 2007-2008 national tables and constructed regional tables. Results show at national level, noninformation sectors depend more on their demand links as compared with information sectors and vice versa in the case of supply links. At state level, information sectors depend more on their demand as well as supply links as compared with the non-information sectors. Results also show a number of non-information sectors and a few information sectors to have over investment in inventories. [ABSTRACT FROM AUTHOR]

In the last decade, fiscal rule was introduced to institutionalize rule-based fiscal control in India by enacting Fiscal Responsibility Legislation by the Union and state governments. Using a 14 year data set from 2000-01 to 2013-14, spread across 14 major states, this paper examines the impacts of fiscal rule on fiscal balance. Our findings confirm that the introduction of fiscal rule resulted in reduction in fiscal imbalance. The paper also found that, to comply with the deficit targets set by the fiscal rule, states resorted to spending cuts, primarily the discretionary development expenditures. [ABSTRACT FROM AUTHOR]

The aim of this paper is to propose a conceptual framework to study and identify factors that influence the intention to adopt Islamic banking services in India. Islamic banking has evolved as a new reality in the international financial landscape in the recent past. Various studies have been undertaken by researchers to examine issues related to Islamic banking and finance across the world. However, literature revealed the lack of adoption studies on Islamic banking domain. This study employs the decomposed theory of planned behaviour (DTPB) proposed by Taylor and Todd (1995a) to investigate the influence of perceived attributes of intention to adopt Islamic banking services in India. The study also intends to incorporate ethical judgement into DTPB model and investigate its influence on the intention to adopt the Islamic banking services. Further, this study also examines the mediating effect of the ethical judgement on the relationship between the moral obligation, perceived consequences and the intention to adopt Islamic banking services. This study will provide compelling insights into Islamic banking services that will be useful to both banking consumers as well as industry. [ABSTRACT FROM AUTHOR]

Purpose Manufacturing sector growth continues to be topical in the growth journey of Indian economy. The purpose of this paper is to present the modelling and analysis of the combined impact of three key driving sub-systems on the Indian manufacturing growth. It has provided relevant insights and recommendations for its sustainable growth.Design/methodology/approach The impact of three key driving sub-systems: quality of highway-related infrastructure, manufacturing labour productivity and circular material-consumption in the growth of manufacturing has been studied. A System Dynamics (SD) based model to understand long-term implications of the policy variables on manufacturing growth has been developed. Five scenarios have been simulated for analysis.Findings Seven policy variables have been identified which have a significant impact on Indian manufacturing growth. Some relevant insights from the analysis of SD based system-behaviour have been provided which would facilitate the manufacturing growth.Research limitations/implications The paper has addressed the dynamics of only three sub-systems in the study of manufacturing growth. The other sub-systems which also have an impact on the manufacturing growth: Good governance, education quality and technology are recommended to be studied through SD based modelling.Practical implications Specific recommendations for accelerating the manufacturing growth have been made in the paper which has strong practical implications for growth of Indian economy.Social implications Manufacturing sector continues to have a significant impact on the prosperity of India. It facilitates in enhancement of employment and the micro-economic health aspects. Therefore, there is a need to understand the dynamics of the key policy variables affecting manufacturing growth which is very relevant for the society at large.Originality/value An application of the SD approach to analyse long-term implication of policy variables of three sub-systems that have a significant impact in manufacturing growth and five specific recommendations to the policy makers is the value-add. [ABSTRACT FROM AUTHOR]

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After economic liberalization, there was increasing interest in Indian markets. Moreover, India has gradually moved to a knowledge-based, fast-changing, technology-intensive economy in which investments in human resources, information technology, research and development, and advertising have become essential in order to strengthen the firm's competitive position and ensure its future viability. In this scenario, firms feel a growing need to make investments in intangibles that in most cases are not reflected in the balance sheet but on which the future success of the company is based to a large extent, and therefore not only the importance of financial information but also non-financial information is becoming imperative. Hence, research on integration of financial as well as non-financial information is getting more and more significant and noteworthy as it has the capacity to influence the stock market measure. This study investigates the relative value relevance of the financial information and non-financial information of the companies included in BSE 100 index for the period 2003-2013. The study focuses on the incremental power of non-financial information and the combined effect of financial and non-financial information on share price. The various statistical tools used for detailed analysis reveal that non-financial variables do have a significant impact on the dependent variable, i.e., share price. The findings also reveal that when the financial and non-financial variables are taken together, they have a more dominant impact on share price and non-financial variables show incremental explanatory power than the financial variables. [ABSTRACT FROM AUTHOR]

The recent demonetisation in India is an issue of potentially wider relevance that requires further analysis. This brief article places the current evidence into a wider context, indicates how the process has been managed so far and then raises some searching questions concerning the role of the Indian state. Particularly, to what extent can this kind of measure be seen as evidence of responsible governance in the wider context of ‘Modinomics’, relating to claims that government should be less of a spender than an enabler? Wider elements of epistemology, asking how we know what we think we know about India’s black economy and informal sector are also gaining prominence in such endeavours. [ABSTRACT FROM AUTHOR]

Section 135 of the Companies Act, 2013 mandates that a company having net worth of Rs 500 cr or more, or turnover of Rs 1,000 cr or more or a net profit of Rs 5 cr or more should spend 2% of its average net profit on Corporate Social Responsibility (CSR). This provision legislating social responsibility by companies in India started a debate regarding the logic behind such mandate because the meaning of the word CSR is itself not clear and different scholars and practitioners have defined the word in different ways. The meaning of the word CSR differs from time to time and place to place. Hence, it also becomes difficult to implement such a law as different stakeholders like companies, implementing agencies, beneficiaries, academicians and regulators interpret it in their own way. The present paper provides a critical analysis of the Companies Act, 2013, Companies (CSR) Rules, 2014, Schedule VII of the Companies Act, 2013 and various other notifications issued by the Ministry of Corporate Affairs. The paper also highlights the intent of the Government of India to incorporate provisions mandating CSR by companies in India. [ABSTRACT FROM AUTHOR]

Financial analysis now a day is an important instrument for the critical review of the performance of a business. It helps the concern to analyse the financial data and provide information which is required to take decisions regarding investments and also help to understand financial position better. The financial analysis portrays the financial health of a company and helps the companies to improve their financial resources and manage generated funds efficiently. Information and technology industry has grown up extraordinarily in India during previous years. Its contribution in economy has also increased with a huge margin. Investment in IT industry is considered as a profitable and less risky investment destination in the Indian context. The paper is an attempt to facilitate the investor and the management to asses the financial position of a firm from the proprietor's point of view. In order to identify the financial management efficiencies this paper will analyse management of proprietor's funds in IT Companies of India, Specifically for Wipro Ltd. & Infosys Ltd. The paper will also suggest the initiatives to be taken by both the companies for improving their financial management techniques and achieving the optimum capital structures. [ABSTRACT FROM AUTHOR]

Subnational diplomacy has come to life in India. Although still nowhere near in the same league as their counterparts in North America, Europe, parts of Asia, and even other developing countries, subnational governments (SNGs) in India are increasingly engaged abroad through involvement in regional and global affairs, questioning the central government on international matters, seeking foreign direct investment, organizing trade fairs and investment summits, leading economic missions, and hosting visiting dignitaries to showcase their jurisdiction's economic potential. These new and emerging actors on India's foreign affairs landscape are pluralizing and decentralizing India's foreign policy, albeit in a limited way and on small scale, as all states and territories are not as yet actively involved in foreign affairs. The paper argues that management of India's external relations is no longer informed or conducted simply by a select group of diplomats, high-ranking political leaders, and other specialist foreign policy advisers in New Delhi. Today subnational actors are becoming an essential component in India's foreign affairs. They are joining the huge traffic of SNGs from countries around the world that are linking with counterparts and others across national borders to serve the interests of local constituencies. It is a trend that is changing not only diplomatic roles, but also the nature of economic and political relationships among government actors worldwide. [ABSTRACT FROM AUTHOR]

This paper studies the impact of input-trade liberalization on firms' decision to upgrade foreign technology embodied in imported capital goods. Our empirical analysis is motivated by a simple theoretical framework of endogenous technology adoption, heterogeneous firms and imported inputs. The model predicts a positive effect of input tariff reductions on firms' technology choice to source capital goods from abroad. This effect is heterogeneous across firms depending on their initial productivity level. Relying on India's trade liberalization episode in the early 1990s, we demonstrate that the probability of importing capital goods is higher for firms producing in industries that have experienced greater cuts on tariffs on intermediate goods. Only those firms in the middle range of the initial productivity distribution have benefited from input-trade liberalization to upgrade their technology. [ABSTRACT FROM AUTHOR]

Purpose This study aims to examine the perceptions of accounting practitioners and users about implementation challenges with International Financial Reporting Standards (IFRSs) at the pre-implementation stage. Under institutional pressures, India conveyed its decision to implement IFRS beginning 1 April 2016, despite initial reluctance to adopt IFRS. It specifically explores the responses of accounting professionals (preparers) and the banking industry professionals (users) in India to challenges in IFRS implementation, rather than more widely researched dimensions of IFRS implementation such as reasons for adoption, experience effects and diversity in practice.Design/methodology/approach A quantitative research approach was adopted, using a questionnaire survey that provided 192 responses from accounting practitioners and banking professionals working in India.Findings The findings convey IFRS implementation preparedness perceptions of participants with respect to education, training and information technology (IT) infrastructure. Respondents acknowledged the efforts and capability of the accounting body, the Institute of Chartered Accountants of India, but expressed reservations about training, cost, interpretation, IT infrastructure and staffing. The accounting practitioners and the users have similar perspectives on the subject of awareness and preparedness challenges of IFRS implementation.Practical implications The study heightens awareness of the challenges facing jurisdictions who express initial reluctance, although they ultimately decide to adopt IFRS on account of institutional pressures. The analysis suggests that the International Accounting Standards Board should increase focus on implementation issues, in addition to updating and making IFRSs.Originality/value The study is distinct from the studies in abundance on the creation of accounting standards, implementation benefits and their implication in a specific geography. [ABSTRACT FROM AUTHOR]

In one of the boldest decisions taken by the government in the history of Independent India, it had stripped INR 500 and INR 1000 notes' status as legal tender, with a short four-hour notice on 8th November, 2016. The research paper aims to analyze both the short and long term implications of the decision on macro-economic variables like Gross Domestic Product (GDP), interest rates, foreign exchange, Foreign Direct Investment (FDI) and Foreign Institutional Investors (FII). The study will also focus on the impact of the decision on various sectors, such as FMCG, Manufacturing, Oil and Gas and its implications for the Government, RBI and the banking industry. The researchers would attempt to build a model through which the implementation process can be refined based on the current problems being faced by the citizens at large, thereby focusing on the tools for rolling out the scheme. Based on the assessment, conclusions would be drawn that would throw light on the fact whether such a move would prove to be a success or a failure for the Indian economy. Secondary sources of data (magazines, newspapers, Bloomberg Terminal) will be used to analyse the information available. [ABSTRACT FROM AUTHOR]

The Government of India have been making rigorous efforts to promote financial inclusion. Continuous need has been felt to review & revolutionize the present banking set up. Payment Banks are a step in this direction. Dr. Nachiket Mor Committee (September 2013) proposed to set up Payments Banks. RBI gave approval to 11 applicants out of 41 applicants, based on criteria like infrastructure, banking penetration, popularity, technology and past experience in their respective domain like postal offices, telecom service provider (TSPs), mobile wallet, banking services, consumer goods, business correspondence. Payment banks are aimed at providing small savings accounts, meet payments and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant work force. These new kind of banks are designated to reach people outside the ambit of formal banking services. This paper attempts to review business model of payment banks. [ABSTRACT FROM AUTHOR]