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We study the credit market impact and real effects of one of the largest borrower bailouts in history, enacted by the government of India against the backdrop of the 2007-2008 financial crisis.We find that the bailout led to a significant reallocation of credit and greater defaults, but had no offsetting positive effect on productivity, wages, or consumption. Post-program loan performance deteriorates faster in districts with greater program exposure, an effect that is not driven by greater risk-taking of banks. Loan defaults become more sensitive to the electoral cycle after debt relief, suggesting strategic default in response to the bailout. [ABSTRACT FROM AUTHOR]

In this article, we use a novel dataset on new investment projects undertaken, available for states in India in quarterly frequency, to forecast economic activities in the wake of the ongoing Covid-19 pandemic. Panel data estimates for the country, employing fixed effect and Generalized Method of Moments, show a drop of approximately 50% in investment count during the financial years 2019–20 to 2021–22, compared to the counterfactual projection of an increase of 38% over the same period. State-level analysis reveals similar patterns, even though with considerable heterogeneity – relatively economically well-developed states may witness higher reduction in investment compared to the less developed ones. Given that incidence of Covid cases is also relatively higher in the more developed states, our findings can help in formulating policies appropriate for each state. This study can be generalized in the following three ways: it can be extended over a longer period of time, it can be applied in future crisis periods, and it can be made more precise given more granular data is available. [ABSTRACT FROM AUTHOR]

In this study, we examine disparities in financial development at the regional level in India. The major research questions of the study are: how do we measure the level of financial development at the sub-national level? How unequal is financial development across the states? Does it vary by ownership of financial institutions? To explore these research questions, our study develops a composite banking development index at the sub-national level for three different bank groups – public, private and foreign for 25 Indian states covering 1996–2015. Our findings suggest that despite reforms, banking development is significantly higher in the leading high income and more developed regions compared to lagging ones. Furthermore, we find that all bank groups including public banks are concentrated more in the developed regions. Overall, over the years the position of top three and bottom three states in the aggregate banking index have remained unchanged reflecting lop-sidedness of regional development. We also note improvement in the ranking of some north-eastern states during the period 2009–15. [ABSTRACT FROM AUTHOR]

Even as India continues to record impressive growth rates, rural poverty and unemployment in India have grown in an unprecedented manner during the last few decades. Poverty imposes an oppressive weight on India, especially in the rural areas, with the major reason for poverty as unemployment. In India unemployment is mainly due to the shortage of capital, the poor exploitation of natural resources and inadequate employment opportunities. In view of these scenarios of unending rural poverty and unemployment in India since Independence, poverty eradication has been one of the most important objectives by implementing many developments schemes. Among those, Swarnajayanti Gram Swarozgar Yojana (SGSY) has special characteristics at reduction of rural poverty through providing self employment and creation of income generating assets. Thus, the study was proposed to gain more comprehension as to how this flagship programme, has been performing, based on secondary data of five consecutive years (2008-09 to 2012-13) collected from the respective District Rural Development Agency (DRDA) of Imphal East and Churachandpur. The study indicates the physical achievement as well as fund utilization made so far in both the districts. A total of 158 and 204 SHGs were formed during the study period (2008-09 to 2012-13) in Imphal East and Churachandpur district. Weaving and piggery were found to be the major economic activities taken up in Imphal East and Churachandpur district. Fund utilization and the physical performance were found to show somewhat similar trends in both districts, indicating a mutual dependent on each other during the years under taken for study. [ABSTRACT FROM AUTHOR]

In this paper, a model for development of Self-Help Groups (SHGs) has been presented in perspective of India to ensure the Economic and Social development of the country and addressing, simultaneously, some of the major challenges being faced by India. Adequate microfinancing to the SHGs and developing entrepreneurship among its members may help in achieving several targets like poverty alleviation, women empowerment, employment generation, homogeneous development etc. If planned properly, the SHGs can become an instrument for all round and all-inclusive development of India or any other similarly placed developing country. SHGs may also play an import role in the endeavour of India to become a five trillion economy, to achieve self-sustainability and to attain the Sustainable Development Goals. [ABSTRACT FROM AUTHOR]

The study attempts to examine the Performance Evaluation of Public Sector Banks in India. The Punjab National Bank has been selected for the same. The PNB has business in two segments, i.e. financial and internal business process. The study is based on secondary data from 2007-08 to 2016-17. The results reveal that the financial position of the bank is satisfactory in term of capital adequacy and credit deposits ratio. The cost to income and business per employee ratio are efficient with regard to internal business process. The financial and internal business process ratios are positively correlated. It proves that with increase in the financial position, internal business process performance will increase. The't' value is insignificant at 95 percent level of confidence. The study focused on holistic measures for measuring the performance of the bank. At present, the performance is not appreciable. This has happened due to slowdown in the economy. The study may be useful to bank's managers, savers, users and government, etc. in planning the financing and non-financing decisions. [ABSTRACT FROM AUTHOR]

Stock Market prediction is an important topic in finance and economics which has encouraged the interest of researchers over the years to develop better predictive models. The autoregressive integrated moving average (ARIMA) models have been explored in literature for time series prediction. This paper presents extensive process of building stock indices predictive model using the ARIMA model. Published stock indices data obtained from National Stock Exchange (NSE) are used with stock indices price predictive model developed. At first the stationarity condition of the data series are observed by ACF and PACF plots, then checked using the statistics such as Ljung-Box-Pierce Q-statistic and Dickey-Fuller test statistic. Results obtained revealed that the ARIMA (1,1,2) model has a strong potential for short-term prediction and Adjusted ARIMA gives more accurate forecasting compare to ARIMA. [ABSTRACT FROM AUTHOR]

This intention of this research article is to analyze the impact of research and development (R&D) activities on the financial performance of Indian pharmaceutical companies listed with the national stock exchange (NSE) of India. Strongly balanced panel dataset of 40 sample pharmaceutical companies for the period of 1998-2019 (21 years) has been used. In the empirical analysis section: Descriptive Statistics, Bivariate Correlation Matrix, Variation Inflation Factor, Skewness/Kurtosis Tests, Breusch-Godfrey LM Test, Heteroskedasticity Test, Levin-Lin-Chu Unit-Root Test, Generalized Method of Moments (GMM) and panel regression models (Fixed Effect Model and Random Effect Model) followed by Hausman Test have been discussed. For data analysis purpose, STATA (version 12.0) software has been used. To analyze the impact of R&D on financial performance, four different financial performance related variables: Sales Turnover, Return on Assets, Return on Equity, and Market Capitalization have been used as dependent variables and these variables have been placed one after another in four different empirical models which have been estimated in this study. The study has revealed that there is a significant positive impact of R&D activities on the financial performance of Indian pharmaceutical companies listed with NSE during the study period. [ABSTRACT FROM AUTHOR]

This article examines the performance of initial public offerings (IPOs) issued by the economic sectors in India. It analyses the level of underpricing measured by market adjusted initial return (MAIR), short-run performance measured by market-adjusted abnormal return (MAAR) and long-run performance measured by 3-year buy and hold abnormal return (BHAR) methodology relative to Sensex and Nifty for 40 IPOs approaching the capital market during the period 2006–2016. The selection of IPOs is based on the foreign direct investment (FDI) limit of USD 3,000 million in each economic sector, that is, primary sector, secondary sector and tertiary sector. The long-run analysis is done at the end of the first year, the second year and the third year. It is found using the ordinary least square (OLS) regression that variables like age of the issuing firm and volume traded on the first day of listing have a positive relation with initial returns, while offer size of the IPO has a negative relation with the initial return. Further, this study also finds out that the secondary sector performs poorly in the long run relative to the primary and tertiary sectors. This study can be of importance to investors for assessing different sectors before investing. [ABSTRACT FROM AUTHOR]

The study examines the research literature pertaining to the informational content of open interest and transaction volume in a systematic manner. Our review upheld their informational role in estimating the price of the underlying stock in future, in predicting future volatility and in ascertaining the market behaviour around corporate/macro-economic announcements with mixed directional effect. Further, through well-defined inclusion/exclusion criteria, we choose 38 research works to uncover the factors and conditions upon which open interest and transaction volume are more informative via meta-regression. The temporal and spatial factors indicate that open interest and transaction volume are more informative in an emerging market as compared to a developed market. [ABSTRACT FROM AUTHOR]

Stock market volatility may be a function of company, industry, or world over information made public. The present study has investigated the volatility of Indian banking sectoral indices with the general banking index for two shocking events: the Sub-prime crisis and COVID-19. A comparative analysis of both the shocks leading to these indices' volatility has been conducted using symmetric and asymmetric models. This study's findings show that these indices' volatile behaviour has been strong enough to persist in the market with the leverage effect present during the sub-prime crisis. This effect disappeared for Nifty Bank Indices and Private Sector Bank Indices as compared to Public Sector Undertaking Bank Indices during COVID-19 (probably because the pandemic is not over yet). With GARCH and EGARCH models, the study suggests that the investors may use the diversification approach, in the long run, to safeguard their portfolio values to survive from global shocks. [ABSTRACT FROM AUTHOR]

Some of the major tourist destinations in India are also reeling under terror. This study examines the causal relationship between terrorism and tourism and economy impact in the Indian states of Jammu and Kashmir, Assam and Manipur using the asymmetric nonlinear autoregressive-distributed lag (NARDL) approach. The study is an attempt to investigate the 'tourism–terrorism–economy' relationship which has hitherto been not widely studied. The estimates based on the Granger causality approach demonstrate that there is causality among terrorism, tourism and economic growth (proxied by state gross domestic products—SGDP) in the short run for all the three study states. The results indicate positive relation between SGDP and tourism in all the three states and between SGDP and terrorism in Assam and Manipur. However, the relation between SGDP and terrorism is negative for Jammu and Kashmir. The results indicate that the relation between the three study variables is highly contextual and cannot be generalized across tourist destinations. [ABSTRACT FROM AUTHOR]

Franklin Templeton started its Indian operations in the year 1996. On 24th April 2020 it made an announcement that it would be winding up Franklin India Credit Risk Fund and five other funds. This case is about the debacle of Franklin India Credit Risk Fund. Liquidity crisis in the debt market due to various events that happened in 2019, exposure towards debt instruments that turned risky (such as Yes Bank and Vodafone), reduction of inflows, redemption pressure, debt market becoming illiquid due to COVID-19 pandemic, were cited as some of the reasons for winding up of Franklin India Credit Risk Fund. The important thing to note is that when other credit risk funds have not taken the decision of winding up, why Franklin India Credit Risk Fund took this call? This case presents an opportunity to the students to analyse the factors that have contributed to the debacle and whether the decision taken is correct? [ABSTRACT FROM AUTHOR]

The global pandemic Covid-19 and its ill effects has created a fear all over the world. This novel virus has affected 216 countries across the globe. The number of confirmed cases and death are on the hype as per the daily reports by world health organisation and it has sparked an economic crisis. Due to self-isolation, social-distancing, restrictions on transportation services have put every sector of economy on downturn. The people in unorganised sectors are losing their jobs. The demand for manufactured goods and other commodities has been decreased. The demand for medical supplies and essential food items are on an increase. In this article, the socio-economic implications of Covid-19 on India has been summarized. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to compare the liquidity profile of banks with NBFCs to examine how NBFCs perform under stringent RBI and BCBS guidelines although the business model of both are not fully identical. Three NBFC-D and three NBFC-ND-SI have been selected based on their income size in descending order. The maturity pattern of assets and liabilities indicate that all sample NBFCs reveals a positive gap and healthy gap ratio up to 1 month time bucket. The liquidity coverage ratio specifies that the stock of liquid assets are not required to service liabilities since cash inflows up to one month are more than outflows for all NBFCs. While comparing liquidity profile with commercial banks it is observed that on all the measures except Loan To Deposit ratio, NBFCs performed better despite their limited stock of public deposits. The results might change in the current year i.e. after ILF&S collapses. This paper is believed to be the first attempt discussing on liquidity risk of NBFCs. [ABSTRACT FROM AUTHOR]

Companies tap capital markets to woo investors, but do returns stand the test of time and provide value for its initial investors? This gives rise to a long-standing debate on IPO pricing and performance. The paper examines if market cap size impacts listing, short and long run scrip performance. Dataset comprises of 216 companies listed at National Stock Exchange (NSE)from 2006-15. Whether final offer price from the provided price range is an effective predictor of initial and successive returns and does the listing gains offered by underpriced stocks continue in the short run and long run is analyzed. Results reveal that higher cap size fails to offer differential listing returns. It gains relevance a month post listing and its effect is witnessed till return analysis period, i.e. 3 years. Irrespective of cap size, stock sunder-perform the benchmark market index except on listing day. Issue price finalized from the price band through book building influences only listing day return. Extent of positive correlation between listing day and future returns goes on weakening before turning negative by first year. [ABSTRACT FROM AUTHOR]

India, being one of the fastest growing internet start-up ecosystem in the world, realizes that innovation-led rapid, yet all-inclusive growth can lead to economic and social transformation. Once a start-up identifies a repeatable business model and plans scalability to the next level, the key challenges include hiring and retaining talent, bringing on a good management team and putting stable and efficient processes for market scalability. In this context, this study attempts to figure the role of entrepreneurs when internet start-ups enter the growth phase. Four specific strategies that start-up entrepreneurs should adopt through the phase of scaling and growth are analyzed; each with a relevant case-study in the Indian context. Strategic decision-making by start-up entrepreneurs can lead to sustainability and scalability of internet start-ups in India; contributing towards economic growth and employment. Entrepreneurs should focus on unique/well-adapted propositions and customer experience in the Indian context in order to ensure sustainability and growth of internet start-ups. [ABSTRACT FROM AUTHOR]

This article seeks to analyze whether the United Progressive Alliance government in India (UPA, which was in power from 2004–14) was successful in implementing its Look East Policy (LEP). It will discuss to what extent it was effective in realizing its vision of a community of nations conscious of their historical ties, cultural heritage, and connective identity in the Asian platform. This article argues that the government's idea of a 'shared destiny' has formed the core of an emerging 'identity' in India, and has acted as the main anchor of India's approach towards the South East Asian region. The paper also examines whether the UPA government was successful in its vision of strengthening institutional cooperation, capability, and connectivity, in the region and how the implementation of the LEP has impacted on India's economic and security interests. [ABSTRACT FROM AUTHOR]

In response to the COVID-19 pandemic, the Indian government, led by Narendra Modi, imposed a stringent lockdown with only four hours notice. It paid no attention to the millions of migrants who work on a temporary basis in Indian cities. Most lost their livelihoods as a result of the lockdown, and millions sought to return to their native villages. At the same time, the rural economy confronted its own difficulties caused by the lockdown. The relief that the Modi government offered to the large numbers of poor people who had been adversely affected by its response to COVID-19 was limited and poorly delivered. The episode showed the lack of responsiveness of Indian democracy to the needs of working people and the failures of development. Yet Modi's particular brand of authoritarian populism worked so well that a government displaying very little compassion retained strong popular support. [ABSTRACT FROM AUTHOR]

Green Marketing also, known as Ecological Marketing or Sustainable Marketing is playing an important role in ensuring the sustainable development of the Indian economy. Sustainability which was once a vision of the future shared by some of the environmentally conscious people, is now picking up momentum all across the world. The publication of the Brundtland Report (1987) added to this and brought the issue into the mainstream discussion. The current study looks into the aspects of 'going green' as adopted by the various developing nations and their observations with regard to it. The paper highlights the green initiatives being undertaken by various sectors in the India economy to ensure sustainable development for the nation. An effort has also been made to list the various challenges being faced by the corporate sector while incorporating green initiatives. Some principles and strategies have been suggested to effectively implement the green marketing practices for ensuring sustainable development. [ABSTRACT FROM AUTHOR]

Schedule Caste and Schedule Tribe have low share in enterprises as compared to their working age population. The data of Fifth and Sixth Economic Census shows that disadvantaged caste are still under-represented in private enterprises in India. Further, the disadvantaged caste owns a large share of enterprises functioning without hiring labour. There has been a decline in employment provided by proprietary enterprises from 2005 to 2013. The decline has been due to decrease in employment provided by Other Backward Class and others. The disparity still exists in ownership of enterprises by caste, both in rural and urban sector. [ABSTRACT FROM AUTHOR]

The research estimates and quantifies the economic contributions of the urban homemakers in Delhi that goes unaccounted for in the GDP calculations. The study also aims to estimate the opportunity cost in terms of foregone income of homemakers who were working earlier but decided to be homemakers. A primary research with the target group as urban homemakers in Delhi was conducted to gauge the average hours spent in a day on various household chores like taking care of kids/elderly, cleaning, preparing meals etc. The average salary per homemaker for a month was calculated using the average hourly pay of professional providers of such services. The extrapolated estimates show that a significant amount of economic activity undertaken by urban homemakers in Delhi goes unaccounted for in the GDP calculations. An economic indicator that highlights the contributions of these homemakers who are not officially a part of the workforce will help uplift the social status and empower the Indian females. [ABSTRACT FROM AUTHOR]

The aftermath of demonetisation in 2016 has been positive as well as negative in the Indian economy, when viewed from social, economic, political and legal dimensions. However, the economic impact on e-commerce industry is considered momentous on account of the boost foreseen in digital deals and online payments. It is a universally accepted fact that technology enabled innovations like analytics driven customer engagement and digital advertisements, are prone to support the growth of e-commerce industry unquestionably. The growth in e-commerce sector would boost employment, increase revenues from export, increase tax collection by exchequer, and provide better products and services to customers in the long-term. This paper examines enrichment of e-commerce industry in India, consequent on the decision of demonetisation. The expansion of the Indian industry, thus, is examined from five dimensions - online retailing; online payments; logistics; hyper-local e-commerce and multiplied outcomes. The required data, congregated from the research reports and articles published in research journals, were bestowed for drawing conclusions of the study. [ABSTRACT FROM AUTHOR]

Microfinance is beneficial to low income groups and empowering them financially (Linda, 2001) especially women as it helps in income generating activities, improving their domestic lifestyle and self-esteem. A research instrument was administered to the groups highlighting borrowings, present economic status, average earnings earned, decision making, effectiveness, and participation or role at the domestic level. In total 80 responses were considered and analysed using SPSS 20. The quantitative data was collected through questionnaire and partially a semi-structured interview was conducted to collect the qualitative data. The data has been interpreted using means and ratio. The impact on financial and non-financial aspects, women's role in domestic decision-making and economic status have been discussed. [ABSTRACT FROM AUTHOR]

Progress in agriculture in the last few decades has made it possible for the country to meet its minimum needs for agricultural commodities. Though, in India, improvement in agriculture has been noticeable for the stakeholders still there are many issues and challenges before the policy makers for development of agri-commodities' markets. Major findings in the literature indicate improvements in warehousing facilities, better informational networks, better price discovery, connectivity of markets and engagement of sustainable farming practices. This paper has also drawn from the Public Private Partnership (PPP) experiences to understand sustainable agri-commodities' market models. This has helped in empowering farmers with information and knowledge, to take on market-impelled production, building post-harvest infrastructure, providing competitive channels for marketing to farmers and providing efficient and cost effective service. Thus, the need of the hour is to develop the agricultural supply chain, foster innovation, build and upgrade 'mandi' infrastructure, and provide business promotional services to farmers and their enterprises as has been envisioned in several legislations. [ABSTRACT FROM AUTHOR]

Since 24th March, 2020 India has been under complete lockdown immediately after following a voluntary 'Janta Curfew' on the appeal of Hon'ble Prime Minister Mr. Narender Modi to combat Covid-19 a worldwide pandemic. It has punched the Indian economy adversely which has already been suffering with sluggish growth rate in GDP. In the era of globalization where countries across the world are interdependent to fulfill their needs, COVId-19 has affected imports and exports adversely. According to Chief Economic Advisor, KV Subramanian the GDP growth in the first quarter (April to June) is likely to range between one to two percent due to Covid-19 led crisis and subsequent lockdown. Moreover, surveys by industry bodies have revealed that businesses are grappling with tremendous uncertainty about their future. It is not a good sign for a labour intensive country like India where unemployment rate is already higher. Keeping in view these facts the present paper has been presented to discuss the impact of Covid-19 on Indian economy and to suggest remedial measures thereof. The study is secondary data based and the same has been collected from different published reports, newspapers/magazines and internet. [ABSTRACT FROM AUTHOR]

Consumer durable industry has been changing in recent years in India with higher disposable income, better education, changing lifestyle, and consumption pattern of the households. India is the second fastest-growing economy having a huge consumer durable market which has emerged as one of the fastest-growing industries in India. After opening up of the economy, Indian consumer durable market is becoming competitive with significant presence of multinational companies (MNC) coming with advanced technology and superior product quality. The Indian rural sector has huge potential for consumer durables industries as two third of the Indian population live in rural areas. In this backdrop, our attempt in this context is to analyze growth and penetration of consumer durable industries in India. [ABSTRACT FROM AUTHOR]

This paper revisits the Feldstein-Horioka puzzle for the Indian economy. Unlike the observed weakening of the association between saving-investment rates before the global financial crisis of 2008-09, the post-crisis period has witnessed a relatively stronger correlation between them. This outcome has implications in terms of the role of domestic saving in financing the investment requirement of the economy. The study finds that frictions in global financial markets, which manifest in the form of periodic financial crises, trigger shifts in saving-investment relationship. Besides raising the saving rate in the economy, it is also important to enhance the efficiency of the domestic financial system to improve allocation of resources and channelise savings for capital formation. [ABSTRACT FROM AUTHOR]

The COVID-19 or Corona Virus Disease 2019 belongs to the family of Corona Viruses. It was first identified in the Wuhan city of China in December 2019. COVID-19 strained and enforced the governments of all affected Nations to shut down everything. Accordingly, from March to April most of the countries and its citizens observed complete lockdown. It had affected even production houses too. It is assumed that tourism is the first affected, most affected and the industry that will recover in last, therefore, among all affected sectors, it is believed that tourism is the worst affected industries of the world. In India, first COVID-19 case was reported on 30th January 2020. Every year, the peak season for international tourists fall in the months between October to March, therefore, the COVID-19 had affected the Indian tourism industry from February to March of the year 2020 and it is expected that the crisis will similarly impact the service industry in upcoming peak season too. During these two months, it spoiled both the inbound and outbound tourism industry of the country and later in summers destroyed domestic season too. During summers all Indian tourist destinations were closed. Few tourist attractions were opened in the last part of the June month but attracted a very few numbers of tourists. For this paper, a piece of literature has been selected from various journals, edited books, newspapers, reports, official websites of different Government and Non-Government organizations. It aims to understand the views and analysis of different professionals, academicians and scholars about the COVID-19 impacts on Tourism and Hospitality Industry. The study revealed that the pandemic has affected a lot to the industry and now special packages need to be declared by the responsible authorities. [ABSTRACT FROM AUTHOR]

Caste plays a role at every stage of an Indian's economic life, in school, university, the labor market, and into old age. The influence of caste extends beyond private economic activity into the public sphere, where caste politics determines access to public resources. The aggregate evidence indicates that there has been convergence in education, occupations, income, and access to public resources across caste groups in the decades after independence. Some of this convergence is likely due to affirmative action, but caste-based networks could also have played an equalizing role by exploiting the opportunities that became available in a globalizing economy. Ethnic networks were once active in many advanced economies but ceased to be salient once markets developed. With economic development, it is possible that caste networks will cease to be salient in India. The affirmative action programs may also be rolled back and (statistical) discrimination in urban labor markets may come to an end if and when there is convergence across caste groups. In the interim period, however, it is important to understand the positive and negative consequences of caste involvement across a variety of spheres in the Indian economy. (JEL G22, J15, J71, O15, O17, Z13) [ABSTRACT FROM AUTHOR]