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The infrastructure sector is one of the major pillars for economic growth and development of a country. The responsibility to develop this crucial sector is shifting away from the public to the private sector. After the economic liberalization in 1991, India opened the infrastructure sector, among many others, to private domestic and foreign investment. The shortage of electricity, the poor state of roads, and limited telecom access necessitated a stream of persistent reforms, which were expected to play a significant role in the infrastructure sector's growth. Although some subsectors witnessed success, others continued to face hurdles. The paper highlights the role of infrastructure in socio‐economic development through global literature. It also presents a story of infrastructure development in India since the inception of economic liberalization. It highlights various challenges that discourage private sector investments, thus providing a rationale for policy initiatives by the government. The paper also presents critical issues highlighted by multiple government committees over nearly three decades and identifies residual issues that merit attention. The outcomes of the paper are relevant in the context of developing and emerging economies. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the explanatory power of the Fama-French five-factor model and compares it to the other asset pricing models. In addition, the paper examines the contributions of two additional factors: profitability and investment factor. The authors test the alternative four-factor models. Design/methodology/approach: The authors use stock returns data of BSE-500 listed firms for the Indian market, an emerging market, from 1999 to 2020, thus covering the post-Asian crisis and pre- and post-financial crisis (2007–2008) periods. The authors employ 75 and 96 portfolios based on different factors. To check the performance of asset pricing models, the authors also used the GRS F-statistics and factor spanning tests. Findings: The authors find that the five-factor model and alternative four-factor model outperform the three-factor model. Contrary to the findings for the US, but similar to the Chinese stock market, the value factor is significant for the Indian stock market. Simultaneously, the authors also find that the investment factor has no explanatory power in the presence of the profitability factor in their sample. Originality/value: To the best of the authors' knowledge, this is the most comprehensive study using data more than two decades. These results are based on 75 (25 × 3) portfolios based on size, value, profitability and investment. The authors also tested these results based on 96 (32 × 3) portfolios to check robustness, and these results still hold. Furthermore, the authors find that factors based on 2 × 3 sorting have higher explanatory power than those based on 2 × 2 and 2 × 2 × 2 × 2 sorting. [ABSTRACT FROM AUTHOR]

The present study investigated the cardio-respiratory function, body composition, abdominal muscular strength endurance and flexibility among boys of non-Kandi area. In this study, the subjects for data collection were drawn from the different government schools of Non-Kandi areas of Punjab state. Random sampling technique was used to select the subjects. The sample consisted of one thousand five hundred seventy five (N=1575) boys of Non-Kandi areas of Punjab state. To measure maximal functional capacity and endurance of the cardio-respiratory system of the subjects, the 9 Minute run test was applied. To evaluate the level of fatness in school boys, the Skinfold caliper was used. To assess the abdominal muscular strength endurance of the subjects, modified sit-ups test was applied. Sit and reach test was used to evaluate the flexibility (extensibility) of the low back and posterior thighs of the subjects. The Analysis of Variance (ANOVA) was applied to find out the significant differences among various age groups/classes of Non-Kandi area boys. Scheffe's post-hoc test was applied to see the direction and significance of differences where 'F' ratio was found significant. The results of Analysis of Variance (ANOVA) of various age groups of Non-Kandi area revealed that group 14-15 years (class 9th) demonstrated significantly better maximal functional capacity and endurance than 13-14 years (class 8th). Similarly class 10th demonstrated significantly better than group 13-14 years (class 8th) on the said variable. But group 15-16 years (class 10th) exhibited better than group 14-15 years (class 9th) though not significantly on the said variable. No significant differences were found on the variable body composition amongst various age groups. Group 14-15 years (class 9th) demonstrated significantly better abdominal muscular strength endurance than 13-14 years (class 8th). Similarly 15-16 years (class 10th) exhibited significantly better than 13-14 years (class 8th) and class 9th on the said variable. Group 14-15 years (class 9th) exhibited significantly better flexibility (extensibility) of the low back and posterior thighs than 13-14 years (class 8th). Similarly 15-16 years (class 10th) demonstrated significantly better than 13-14 years (class 8th) and 14-15 years (class 9th) on the said variable. [ABSTRACT FROM AUTHOR]