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  1. 1. JAIPURIA 109 Years of Excellence Jaipuria Institute of Management Vasundhara, Ghaziabad Affiliated to Uttar Pradesh Technical University, Lucknow International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 Magazine Partner Media Partner SOUVENIR
  2. 2. About JIM Jaipuria Institute of Management was set up by Seth Anandram Jaipuria Education Society in 2001. It has sprawling campus spread over 5.5 acres on Delhi-Meerut link road within NCR. During this short span of 13 years, under the able guidance of the President, Dr. Rajaram Jaipuria, JIM, is being acclaimed as a leading business school in Northern India. Jaipuria Institute of Management, Ghaziabad, was established by fulfilling all the norms regarding academic, financial and social aspects set by concerned statutory bodies. The Institute started a full time 2 years master degree course in Business Administration (MBA), from the academic session 2001. This course is duly approved by AICTE, Ministry of HRD (Govt. of India) and affiliated to Uttar Pradesh Technical University, Lucknow (UP) ORGANIZING COMMITTEE Chief Patron Dr. Rajaram Jaipuria Chairman, Jaipuria Group of Management Institutions Patron Shri Shishir Jaipuria Vice Chairman, Jaipuria Group of Management Institutions Organizing Secretary Prof. (Dr) Daviender Narang Director, Jaipuria Institute of Management, Ghaziabad ADVISORY COMMITTEE Dr. Justin Paul Graduate School of Business Administration, University of Puerto Rico, San Juan, USA Prof. Azhar Kazmi Professor, King Fahd University of Petroleum & Minerals, Saudi Arabia Prof. Ajay Pandit Professor, FMS, University of Delhi, Delhi Dr. Krishna Kumar Former Director & Professor, IIM, Kozhikode Prof. (Dr) Patthira Phon-ngam Loei Rajabhat University, Thailand Dr. Avninder Gill School of Business & Economics, Thompson Rivers University, Canada Prof. D.P. Goyal Professor, MDI Gurgoan Mr. Vinod Malhotra Prof. B.K. Punia Director, Corporate Relations, Jaipuria Professor, Guru Jambeshwar Group of Management Institutions University, Hissar Prof. Darry Penceliah Faculty of Management Sciences, Durban University of Technology, Durban, South Africa Prof. Chris Patel Dept of Accounting & Corporate Governance, MAcquarie University, Australia Dr. Guneratne Wickremasinghe Victoria University, Melbourne, Australia Prof. Brij Mohan Professor, Louisiana State University, USA Dr. B.S. Bedi Former DGP & Member UP Public Service Commission Dr. Partho P. Kar Member, Board of Governors, IIM, Lucknow Dr. Somesh Kumar Shukla Faculty of Commerce, University of Lucknow Dr. Ashok Mittal Chairman, Department of Economics, Aligarh Muslim University Prof. Neera Verma Chairperson, Department of Economics, Kurukshetra University Dr. Ashraf Rizvi Director, Jaipuria Institute of Management Studies Prof. Nikhil Garg Director, Jaipuria Institute CONVENERS Dr. Ashwani Varshney Associate Professor Jairpuira Institute of Management Dr. Mamta Kumari Asst. Professor Jairpuira Institute of Management Dr. Ajay Tripathi Asst. Professor Jairpuira Institute of Management
  3. 3. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth JAIPURIA 08-09 February, 2014 109 Years of Excellence lnL; ;kstuk vk;ksx ;kstuk Hkou ubZ fnYyh&110 001 MEMBER PLANNING COMMISSION YOJANA BHAWAN NEW DELHI-110 001 TEL : 23096594 FAX : 23096617 e-mail : ch- ds- prqosZnh B.K. CHATURVEDI th 30 January, 2014 MESSAGE I do hope that the Conference will enable Academicians, Practitioners, Management Consultants, Management Students, Research Scholars, Industry leaders and other Experts to exchange ideas and suggest measures for meeting the evolving challenges. The exchange will hopefully benet the community. I congratulate the organizers of this event and with them well. (B.K. Chaturvedi) Messages I am delighted to know that Jaipuria Institute of Management, Vasundhara, Ghaziabad is organizing an International Conference on “Changing Global Economic Perspectives: Managing Sustained and Inclusive Growth” (ICCGEP’14) on 8th February, 2014 and publishing a Souvenir on this occasion. 01
  4. 4. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth JAIPURIA 08-09 February, 2014 109 Years of Excellence Rajnath Singh President Member of Parliament, Lok Sabha Bhara ya Janta Party Date: January 03, 2014 Message I am happy to know that the Jaipuria Institute of Management, Vasundhara, Ghaziabad (Uttar Pradesh) is going to organize two days International conference on “Changing Global Economic Prespectives: Managing Sustained And Inclusive Growth (ICCGEP-14)” on 08-09 February 2013 at Institute Auditorium and coming out with a souvenir to mark the occasion. Messages It is a matter of great satisfaction that the institute is doing good service to the nation by training young students in management. 02 I extend my good wishes to all the members of the and souvenir editorial team and wish for its successful publication. With good wishes. (Rajnath Singh) Off: 11, Ashok Road, New Delhi-110001 Ph: +91-11-230008700 Fax: +91-11-2300 5787 Res : 38, Ashok Road, New Delhi-110001 Ph : +91-11-23353881, 23354184 E-mail :
  5. 5. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth JAIPURIA 08-09 February, 2014 109 Years of Excellence eksLV jsOg0 izksQslj jktsUnz ch0 yky v/;}k ,oa dqyifr lSe fgfXxuckWVe bULVhV~;wV vkWQ ,xzhdYpj] VsDukykWth ,.M lkbalst] bykgckn ¼fMEM ;wfuZoflZVh½ bykgckn Hkkjrh; fo’ofo|ky; la?k ,- vkbZ- ;w- gkml] 16] dkWejsM banzthr xqIrk ekxZ] ubZ fnYyh 110 002 ASSOCIATION OF INDIAN UNIVERSITIES AIU HOUSE, 16, Comrade Indrajit Gupta Marg, New Delhi 110 002 Most Rev. Prof. Rajendra B. Lal President and Vice-Chancellor Sam Higginbo om Ins tute of Agriculture, Technology & Sciences (Deemed to be University) Allahabad MESSAGE The theme of the conference is appropriate and relevant in present times. I hope this Conference will provide a common platform for academician, researchers, industrialists to share their knowledge and experience. I wish all the delegates the best and believe that the Conference will dwell at length on all the issues related to the themes of ICCGEP-14. I also trust that the Souvenir will prove to be an effective instrument to present the vision of the Conference. On this occasion, I send my best wishes to the organizers and the team for organizing the event. Date: 20th January, 2014 Messages I am pleased to know that Jaipuria Institute of Management, Vasundhara, Ghaziabad is organizing a two-day International Conference on “Changing Global Economic Perspectives: Managing Sustained and Inclusive Growth (ICCGEP-14)” during 08-09 February, 2014 and on this occasion the Institute is bringing out a Souvenir. 03
  6. 6. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth JAIPURIA 08-09 February, 2014 109 Years of Excellence Dr. R.K. Khandal UTTAR PRADESH TECHNICAL UNIVERSITY Vice Chancellor I.E.T. Campus, Sitapur Road, Lucknow-226 021 (U.P.) Dated: 19.12.2013 MESSAGE It is a matter of great honour and pleasure for me to write this message to be included in the souvenir being published on the occasion of the International Conference on "Changing Global Economic Perspectives: Managing Sustained and Inclusive Growth (ICCGEP' 14)". Messages Managing sustained growth and an all-inclusive growth in a perpetual manner are the issues, all of us in the industry as also in the society, have been concerned about, in the recent times. In order to work out strategics to deal with the challenges of present and the future, nothing can be more useful than organizing conferences specially of the international level. In the globalized world, where the boundaries are being almost nonesistent thanks to the dynamics of economics and societal developments. Each one of the countries has started feeling the need to cooperate and collaborate with the other. As a result, all-inclusive growth has not just been the slogan but it has become the focal theme of any new activity or project being planned by the policy makers around the world. Here, in the education, we need to equip our students with essencial knowledge base of management sufficient enough to deal with the challenging demands of economic growth, in future. 04 The top[ics covered in the conference are quite comprehensive and I am sure the faculty as well as students will benefit from the deliberations during the conference. The experts from all over the world would also find JIM and UPTU as their long-term partners in the field of management of sustained and all-inclusive growth. While wishing the management of JIM a success in their endeavours, I wish to compliment them for their novel initiatives in achieving higher standards of quality of education. Long live JIM! With regards, (Prof. R.K. Khandal) Vice-Chancellor
  7. 7. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence INDIAN COUNCIL OF SOCIAL SCIENCE RESEARCH Hkkjrh; lkekftd foKku vuqla/kku ifj"kn~ (Ministry of Human Resource Development) JNU Ins tu onal Area, Aruna Asaf Ali Marg New Delhi-110067 Tel: 91-11-26741679 (O), Fax: 26741836, 26742109 Email:, Website: ts-,u-;w- baLVhV~;w’kuy ,fj;k] v#.kk vk’kQ vyh ekxZ] ubZ fnYyh & 110067 ¼ekuo lalk/ku fodkl ea=ky;½ Prof. Sukhadeo Thorat Chairman F.NO.PS/CH/ICSSR/2013 31 December 2013 MESSAGE I understand that, as a part of its endeavour for increased corporate interaction in professional education, the Institute is organizing this important international conference with the objectives to provide recommendations and suggestions to the key policy makers that can be incorporated in managing and sustaining growth in economic downturns, to promote collaborative learning among institutions and corporate and to develop networking among the academicians, business leaders, government and other societies. I with this International Conference a great success. Dr. Anil Kumar Gupta Deputy Director (Administra on) Jaipuria Group of Management Ins tu ons Sector 14C, Vasundhara Ghaziabad Messages I am pleased to know that Jaipuria Institute of Management, Vasundhara, Ghaziabad is organizing a two days International Conference on “Changing Global Economic Perspectives: Managing Sustained and Inclusive Growth” (ICCGEP’14) at Institute Auditorium during 08-09 February, 2014. 05
  8. 8. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth JAIPURIA 08-09 February, 2014 109 Years of Excellence JAIPURIA GROUP OF MANAGEMENT INSTITUTIONS JAIPURIA 100 Years of Excellence Campus: Sector-14C, Vasundhara, Ghaziabad-201 012 (U.P.) Tel: 0120-4156525-27 Fax: 0120-2882804 E-mail: Website: MESSAGE Economic growth of any Nation or a region today, has to be seen from a global perspective. It is no longer insular. The tremors of economic depression or any downslide in one geographical region are felt worldwide. Economic factors are also influenced by politics, cultural diversity, and the ideological structure that a nation has vowed to follow. There is thus no one prescription for a nation to continue to move on a growth trajectory. There are several imponderables, and policy makers have to continuously propose, monitor and evaluate the impact of the policy decision to keep the economy on a right track. The process of making an Economic policy and the measures to boost growth are dynamic in nature and every nation must provide suitable forum for a healthy debate involving economists, administrators, social scientists, academicians and leaders of the corporate world. This set of people can provide valuable inputs to the policy makers and the executors at the top level. Messages With this backdrop, it becomes relevant that economists, policy makers and researchers come together and deliberate on the issue with a view to find acceptable model for a sustained economic growth. 06 I am glad to know that an International conference on “CHANGING GLOBAL ECONOMIC PERSPECTIVES: MANAGING SUSTAINED AND INCLUSIVE GROWTH” is being organized by Jaipuria Institute of Management. I hope by the end of this conference, certain concrete strategies will be formulated that will provide directions to manage sustained and inclusive growth. Jaipuria Group has been in the forefront of education and has a strong history that spans industry, education and social services. The group has been taking significant initiatives to promote quality education and provide inclusive growth to all the stakeholders. On behalf of the Jaipuria Group, I welcome all the delegates and scholars to this conference. (Shishir Jaipuria) Vice Chairman
  9. 9. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence JAIPURIA GROUP OF MANAGEMENT INSTITUTIONS JAIPURIA 100 Years of Excellence Campus: Sector-14C, Vasundhara, Ghaziabad-201 012 (U.P.) Tel: 0120-4156525-27 Fax: 0120-2882804 E-mail: Website: MESSAGE The year 2013 started with tail risks recede in the global economy due to policy reforms taken by some developed countries. The financial market conditions have improved noticeably for the last half year or so, the real economy continues to lag. We are still not seeing the levels of growth needed to drive a real global recovery. The report of IMF forecasts that the world economy is strengthening. But it is happening by small degree. World growth is expected to reach 3.3% in 2013, improving slightly to 4% in 2014. However, the report of first quarter of 2013 suggests a slow pace of real growth; underline the downside risks for global growth. However, growth in Europe shrunk more than expected and persistent weakness in the margin and policy uncertainty is increasingly affecting confidence in the business; China reported sluggish growth in the first quarter; and investment in India, Russia, and South Africa continues to be sluggish. All these global circumstances have encouraged us to organize this two days International Conference on “Changing Global Economic Perspectives: Managing Sustained And Inclusive Growth” on February 8-9, 2014 to get a conglomeratic view from both academia and corporate. We open heartedly welcome all the delegates to this Conference and hope that this will be a professionally rewarding experience for all. With all my best wishes to make this Conference a milestone of achievement. Prof. (Dr.) Daviender Narang Director Messages We hope that through this common platform eminent scholar, academicians and veterans from industry shall be able to share their vision and provide an insight on the burning issue. 07
  10. 10. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Green Economy and Inclusive Growth: A Comprehensive Modeling Approach Dr. Daviender Narang Professor and Director Jaipuria Institute of Management, Vasundhara, Ghaziabad Dr. Mamta Kumari Assistant Professor Jaipuria Institute of Management Vasundhara, Ghaziabad This paper focuses the concept of ‘Green Economy’ and sustainable growth & development. The study examines the relationship between the environmental factors and the growth of the economy which influence the further development. The aim of this paper is to understand the existence and the benefits of green economy what defines and discusses in various sources (including policy documents by international agencies and think tanks, and research papers), and the purpose of green economy transition into sustainable development of economy. According to the UNEP’s definition of green economy the three pillars of development are social, economic and environment is also discussed in the paper broadly though the integration of various social, economic and environmental factors are interdependent and change together and green economy promote and take action to improve these factors. Keywords: Green economy, Green development, Environmental economics, Sustainable Development & Economy Analysis of strategies that promote the Development of BRICs José G. Vargas-Hernández, M.B.A.; Ph.D. C.P. Shaila Lizzully Jurado Díaz University Center for Economic and Managerial Sciences, University of Guadalajara The aim of this work is to identify strategies that enable emerging economies of the BRIC group play a bigger role globally, these structural changes have been made in their political and economic reforms, which together with the business sector has been progress scorch significant breakthrough towards international market, since society and organizations are functional institutional organizations for the development of a society and the economy. Keywords: Analysis, strategies, BRIC, development. Corporate Dividend Behavior and its Impact on Market Value of Firm: An Empirical Study of Ten Indian Steel Companies Tahir Ahmad Wani Research Scholar (PhD), Jamia Millia Islamia Ishaq Ahmad Bhat MBA Student, CMS, Jamia Millia Islamia The Dividend pay-out and its relevance to the market price has been always a point of discussion among the financial lobby of the companies. While Walter, Gordon, Richardson and Linter reason that the dividend decisions have an impact in determination of the value of the firm, Modigilani and Miller oppose the same. They have argued that it doesn’t have any impact on the share prices or market value. As such, this paper attempts to explore the possible links between dividend policy and stock price behavior in Indian corporate sector. A sample of ten listed steel companies is examined for a period of seven years. The present paper features a panel data approach to analyze the relationship between dividend-payout and stock-price behavior while controlling the variables like size and long-term debt-equity ratio of the firm. The sample is taken for steel industry sector in order to get homogeneous results. Although the results may not be robust enough as in the case of developed markets but shares some more interesting facets to the existing corporate finance literature on dividend policy in India. 08
  11. 11. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Deterministic Role of Service Recovery in Identifying Tolerance Adequacy Gap Within Recovery-Zone-of-Tolerance Dr. Arup Kumar Baksi (Ph.D., MBA, MSc) Assistant Professor Department of Management Science Bengal Institute of Technology & Management, Santiniketan, West Bengal University of Technology, West Bengal, India Recovery-zone-of-tolerance has been a recent introduction to understand the consumer response to a perceived service failure and vis-à-vis perceived service recovery initiatives in a better way. This study delves deeper into the realms of recovery-zone-oftolerance to assess the impact of perceived service recovery performance towards identifying tolerance adequacy gap within the recovery-zone-of-tolerance, apprehended to be an antecedent to perceived service recovery impact. Further to this the researcher also aims to explore the mediating effects of recovery-zone-of-tolerance on perceived service recovery performance-tolerance adequacy gap-service recovery impact link. The study was conducted in the context of hospitality and tourism service providers. The results were indicative of the deterministic role of perceived recovery service perception in identifying tolerance adequacy gap and affirmed the mediating effect of recovery-zone-of-tolerance on the variables link. Keywords: Recovery-zone-of-tolerance, tolerance-adequacy-gap, tourism, mediating, service. Demand and Supply Side Barriers to Financial Inclusion- The Case for India Vijeta Singh Research Scholar Department of Humanities and Social Sciences Indian Institute of Technology-Bombay Dr. Puja Padhi Assistant Professor Department of Humanities and Social Sciences Indian Institute of Technology- Bombay Inclusive growth is the objective of eleventh five year plan in India. An important component of inclusive growth is financial inclusion which aims at easy availability and affordability of credit and financial services to the people especially poor and vulnerable. Access to well-functioning financial system by creating equal opportunities, enables economically and socially excluded to integrate better into the economy and actively contribute to development and protects themselves against economic shocks. Financial inclusion can be defined as the process of ensuring access to financial services and timely availability of adequate credit to poor. India has vast expansion of commercial banking network, in addition to this other financial institutions such as post offices, cooperative societies and microfinance institutions are also involved in providing financial services to the poor and financially excluded. But despite of impressive outreach of the financial institutions a sizeable portion of Indian population is deprived of formal financial services. Empirical research and various studies accounts for multiple constraints to financial inclusion which are obstructions in accessing financial services which and have been basically categorised into demand and supply side barriers to overall goal of sustainable inclusive finance. These barriers are complex mix ofmicro and macro socio-economic components that cast influence on the process of financial inclusion. These barriers to goal of financial inclusion possess more or less uniformity in character and effects after allowing for regional/country/local factors. The present paper basically aims at critically analysing status of financial inclusion in India with specific emphasis on demand and supply side barriers that constrains access to finance. In addition to this it will also attempt to make cross country comparison of state of financial inclusion agenda around the world keeping into account the macroeconomic factors affecting it. The paper concludes that financial inclusion process is function of multiple socio-economic factors which have substantial impact on the goal of financial inclusion and subsequently on inclusive growth. Assimilation of determinants affecting financial inclusion in the light of new challenges and situation would reflect the actual scenario of financial inclusion. Itwould also act as a guide to the policymakers and stakeholders to financial inclusion agenda in world in general and India in particular in framing and designing inclusive finance policies and strategies for achieving inclusive growth. 09
  12. 12. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS HRM Strategic Challenges for the 21st Century Management Dr. Poonam Kain Assistant Professor Apeejay Institute of Technology School of Management, Greater Noida Ms. Meenakshi Sharma Assistant Professor Apeejay Institute of School of Management,Greater Noida Population ageing has given rise to a host of issues, including the pressures placed on workforce management. At the same time as the proportion of younger workers entering the workforce is declining in all developed societies, the largest age cohort, the baby boomers, is fast approaching retirement age. Governments are urging older workers to delay retirement, yet the rapidly changing nature of work and the explosion of knowledge and systems for its storage, manipulation and distribution mean that both employers and employees are faced with continual requirements for skill maintenance and development. This paper considers the dilemmas facing employers as they strive to resolve competing demands from government to keep people working, challenges emanating from new skill demands in consequence of technological advances and resolution of the strengthening demand of many workers to exit when they choose. The paper brings together two streams of researchretirement decisions on the one hand and the pressures placed on employers by changing global and community expectations on the other-to argue that balancing these competing demands is possible, but will require changes in the conditions under which employment for older workers is both offered and maintained. Determining the Effective Factors for Third Party Logistics (3PLs) Selection in Appliance Manufacturing Industry HabibolahJavanmard Associate Professor, Islamic Azad University Arak Branch, Iran MaliheAzadehdel MBA, Islamic Azad University, Science and Research Branch, Arak, Iran The purpose of this research is to identify factors and indexes influencing the selection of third party logistics service providers (3PLs) in Iranian trading system for product distribution in appliance manufacturing industry. The factor analysis method is used for analyzing data obtained from the questionnaire. The research sample includes 230 key managers of appliance manufacturing industry in companies located in Tehran and Markazi provinces in Iran, during the first half of 2012. The plain random method is employed for the sample selection. The findings of factor analysis indicate that 38 attributes are grouped in five factors which are quality and operation, history and position, financial and technical position, communication management structure, cost, and resources all included in the proposed model. Keywords: Logistics; 3PL; Supply chain management; Selection. Surveying the Infrastructure and Capabilities for knowledge management Implementation in Supply Chain FarhadKarimi MBA in Strategic, IslamicAzadUniversity, Iran, HabibolahJavanmard Associate Professor, IslamicAzadUniversity, Arak Branch, Iran This study tries to find the operational status of the key factors of knowledge management impementation in supply chain at markazi Province in Iran. The samples are 250 employees .The Questionnaire used for data collection. The results show that, the conditions of technologie infrastructure, culture and protection of knowledge is appropriate for the implementation of knowledge management, but the organizational structure, knowledge acquisition, knowledge conversion, and application of knowledge for the implementation of knowledge management is not appropriate. Keywords: Knowledge Infrastructure Capability, Knowledge Process Capability, Factors, Knowledge management, operational status. 10
  13. 13. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Financial Inclusion in India : The Operational Challenges Srihari Subudhi This study tries to understand the various aspects of this Financial Inclusion project in this country and to find out the operational challenges faced in its implementation. It highlights the results versus planned figures pertaining to financial inclusion. The study finally suggests various steps to be taken to overcome these challenges and to make this project more effective in the future. For this study, extensive literature review was done on the subject primarily through journals/reports of RBI, Indian Institute of Banking and Finance, Indian Banks Association and various web sites on the domain and research papers/speeches presented in various National & International Conferences. Data were collected through primary sources by conducting structured and informal interview with 25 bank staff from 5 different public sector banks of different sizes having a significant rural presence. Secondary data were collected through various web sites and annual reports of RBI, World Bank, Financial Services Department of Government of India, IBA, NABARD etc. and some select research papers available online. The major findings of this study can be summarized as follows: The following operational challenges were faced while implementing the Financial Inclusion: 1. There is lack of co-ordination among various authorities such as Banks, BCs, District administration, public etc. 2. There is no single entity/authority to undertake the responsibility for this project (lack of ownership). 3. Banks are busy with their own business. Banks are more worried for their profitability. Financial inclusion seems not to be their priority. Bankers feel banking on rural people is just a charity kind of thing, no real business for the bank. 4. Bankers feel they have their own problems to tackle with (mostly, operational challenges) such as too much routine-work, so many reports, compliances, audit, shortage of staff etc. 5. Most Bankers don’t want posting at rural/remote branches, particularly the senior bankers whose children study in metro cities/state capitals. Rural posting is often seen as a punishment. 6. Lack of awareness among the people of vulnerable groups on how they can benefit from the banking services. 7. Many poor people have the mindset that banks are not meant for them. They don’t have excess money to keep in bank nor will banks give loan to them as they are poor. 8. No adequate mechanism to monitor BC activities by the bank or to deal with customer complaints related to BC Activities. The increase of transparency and the role of the Board of Directors in banking and insurance sector in Albania; criteria for successful governance Dr. Sonela Stillo Faculty of Economy, Department of Management, University “Fan S.Noli”, Korca, Albania Prof. Dr. Shyqyri Llaci Faculty of Economy, Department of Management, University of Tirana, Albania In the global economy, the companies depend on the outer resources for capital with purpose the financing of their business and ensuring the stability of this activity. For this reason it is important for all the companies, despite of their nature or size, to ensure to exploit their funds in the most right and effective way. Is the management of the company that operates in the best interest of the company and attentive towards their duties and responsibilities, towards various contenders? Such insurance can be achieved by implementing a stable system of the governance of the corporations and the control practices, adapting it to the respective company. This has been made clearer the recent years where the failure of the good governance of the corporations has affected in the spectacular collapse and also in the corporate scandals across the world. These failures have once again raised 11
  14. 14. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS the attention of the world in the principles of the governance of the corporations. A stable system of corporate governance can offer an effective defense for the shareholders and the creditors, and also can ensure an adequate return to investment. Exactly for this, such system must create a promoting environment for an effective and stable growth of the sector of the corporations as well as the economy of the country. The corporate governance has to do with the decision making process, procedures and cases which help the companies in achieving of their goals in an effective and stable way. The corporate governance includes the relations between many contenders who are involved in the company or are affected by the company operations. The main contenders are the shareholders, the creditors, the regulators, the governments, the employees, the customers, the suppliers, and of course the community in general (these last contenders have an important importance for the companies of the public character- the public enterprises. The government plays an important role in developing a stable system of the corporate governance, setting and ensuring the implementation of laws and adequate rules about the responsibility of the directors of the board and managers, audit and internal controls. The company, especially the board of the directors, holds the primary responsibility for the implementation of good systems of corporate governance in the company. Even though the principles of the Corporate Governance, guided by the best practices, are strong and important globally and their implementation in markets such as Albania represents a considerable challenge. In this study the objective is the discussion of the corporate governance of the banking institutions and the insurance companies that operate in Albania. This is an important case because of the essential role that the banks and the insurance companies have in the financial systems of the economies in development and in the important reforms in these sectors that these economies have implemented. Based on a theoretical discussion of the corporate governance of the banks and insurance companies and than in a practice case of the Albanian reality is suggested that the reforms in this sector can be fully implemented when a careful regulatory system is applicable. It is suggested that the reforms in the corporate governance can be a precondition to the successful removal of the ownership of the government. Furthermore, it is suggested that the increase of the competition that is a result of the entrance of foreign banks in the market and the increasing number of the insurance companies, can improve the corporate governance in this sector. While the insurance companies are tending more and more to change their governance structure from the one level structure to the two level one, because this way is increased the independence in the corporate governance. The demands of the time make the stock companies to follow the principles of for better governance. Isolating the division of property by the management of the company, the quality of the Board of the Directors plays a key role in the governance of the company, the responsibility over the interest groups, as well as other important matters based in the principles of good corporate governance. In the focus of our analyze will be two of the principles of the OECD, the need for transparence and the role of the board of the directors that are considered as the axis for the management of the interest between the shareholders, management and the other stakeholders, in their efforts to settle a right equilibrium. The boards of the corporations are as a dynamic social blazon. For the realization of the study we have refereed to the contemporary literature. Another way that helped in gathering of the information was the survey for the banks and the insurance companies which was reviewed since the beginning of December 2012 to the first week of January 2013. The interviews were held with the people who represented the boards or the management of six banks and six insurance companies (actually 11 operate in Albania). The results of this study made possible a better view of the situation in the corporative governance and in the implementation of the OECD principles in these industries, for the matters in question. 12
  15. 15. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Rising weightage of Human Sentiments in Corporate Advancement Prof. (Dr.) Somesh Dhamija Head, Dept. of Management-UG Programmes, Institute of Business Management, GLA University, Mathura Dr. Aruna Dhamija Asst. Professor Institute of Business Management, GLA University, Mathura This paper focuses upon managing employee sentiments and the role it plays in the success of an organization. The factor of employee sentiments and its effective management has been a perennial one in the sense that it has been in picture since the time organizations have existed. However, the actual significance of the same has been taken into account by the organizations only recently. What this paper would attempt is to differentiate between employee sentiments and employee well-being which are quite different from each other but are often confused or considered one for the sake of simplicity. However, the fact remains that they are quite different from each other with their impact being quite separable vis-à-vis organizational progression. Employee’s job satisfaction index as well as overall well-being have been given due importance by organizations over the years. Of late, companies have realized that employee sentiments have become indispensable if one intends to succeed in the long run. The plethora of sentiments which one associates with the varied aspects related to work have lot to do vis-à-vis the overall performing ability of the employee. The ability of an employee to succeed and excel in work is ensured if s/he display sentiments stability and a matured outlook towards her/his colleagues which, in effect, results in a balanced approach towards work, a prerequisite for succeeding in today’s challenging times. In fact, if one looks for inspiration from history, there are countless instances where an emotionally balanced and reasonable approach has helped in solving seemingly unsolvable problems. The sentiments are an intrinsic part of the present work-culture. The temperament with which an employee conducts the day-to-day affairs and the emotional stability which one attaches with them, define, to a great extent, the extent to which s/he would be successful. If one is able to contain the occasional emotional outbursts which might adversely impact her/his image keeping in mind the larger picture, the situation becomes quite conducive both for the employee and the organization. This paper would try to put into perspective very parameters which are required in today’s context if one is looking forward to carve a niche for self as well as do well for the organization. Women Empowerment and Financial Inclusion Through Self- Help Groups (shgs) - A Case Study of Coastal Karnataka Mr. Ramakrishna B. Assistant Professor, Grade III, Department of Humanities, N M A M Institute of Technology, Nitte Dr. Rama Mohan Rao Associate Professor, GITAM Institute of Management, GITAM University, Visakhapatnam The Inclusive Growth is a new strategy to involve people from all sections of the society, especially the poor (as a pro-poor growth policy) aiming at pragmatic transformation of the economy to achieve a sustainable development effective since Eleventh Five Year Plan. Financial Inclusion is one such policy component of the Inclusive Growth policy. Financial Inclusion means a convenient access to various financial services and credit sources at an affordable cost by all people and specially the low income and economically disadvantaged sections of the society ensuring the dignity of the clients. The concept of Financial Inclusion originated with the evolution of Grameen Bank in Bangladesh that had an impact on the lives of millions of people and women in particular. If we consider the socio-economic structure in India, about 70% of the people live in rural areas and more than 48% of them are women. Inspite of a remarkable progress in the industrial and service sectors, the roots of socio-economic growth of India still traced in villages and rural society. It is appropriate to say that the women play a significant and central role in families and rural society of India. Therefore, either directly or indirectly, the task of achieving a sustainable development through financial inclusion and inclusive growth at large depends very much on active involvement of women. 13
  16. 16. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS The Self Help Groups perform a key role in involving a larger segment of the rural women in financial inclusion and inclusive growth programmes and women empowerment (i.e., increasing the spiritual, political, social, and economic strength of women and developing empowered confidence in their capability). The Inclusive Growth strategy aims at empowering rural disenfranchised sections, where in the women play a central role, however, failed to participate and represent in major socioeconomic decision making. The efforts of Self Help Groups (SHGs) in feminization of rural poverty, promotion of women entrepreneurship, encouraging financial participation, micro-financing and SHGs - Bank linkage programmes to familiarize the rural women to financial activities and services which is a true driving force in rural financial inclusion. It empowers the rural women enabling them to participate actively in economic and financial decision making. It helps the women to have an access to income generating financial instruments, investment schemes, and working capital sources. It enhances their ability to generate choices and exercise their bargaining power with a sense of self-worth and a belief in one’s own ability to secure the desired changes. Therefore, women empowerment is also decisive in financial inclusion. Self Help Groups (SHGs) involve in numerous financial inclusion activities such as collective financial and entrepreneurial activities (i.e., savings, loans, group credits, collective income generation, bank-linkage programmes, etc.) to empower women. The SHGs educate the rural women about financial inclusion and ensure them an access to the available financial services and credit facilities at an affordable cost. The SHGs - Bank linkage programme initiated by NABARD (2005) encourages various forms of SHGs functioning such as the Self Help Groups promoted and supported by the banks, those SHGs promoted by NGOs but financed by the banks, SHGs promoted by NGOs and also funded by NGOs and formal agencies, etc. The financial inclusion through SHGs helps in developing financial accountability among the beneficiaries due to Peer monitoring, Joint Liability, Compulsory saving and mobilizing, homogeneity and affirmation of the members of the groups, etc. To quote Smt. Pratibha Patil, Former President of India, “Real development cannot take root on a sustainable basis unless it is inclusive of women”. To be specific, ‘if we empower women, we empower the nation’. Effectiveness of financial inclusion policies in India is relative to the participation of women. The Self Help Groups perform a major role in educating the rural women about participation in economic and financial services, savings and productive investments, and other provisions enhancing financial literacy. This paper is based on a case study with random samples chosen from various SHGs functioning in rural areas of Coastal Karnataka. Coastal Karnataka consists of three major districts of the state - Dakshina Kannada, Udupi and Uttara Kannada. These three districts enjoy uniqueness and diversity factors - both in eco-system and human life style. These are some of the highly populated and developed districts of the state. Udupi and Dakshina Kannada are famous educational and industrial hubs of the country. Compared to the Uttara Kannada District the percentage of women literacy rate, sex ratio, social and economic participation are high in these two coastal districts. All the three districts are well connected with the transport and communication networks. However, the status of women in rural areas is not much different when compared to the other parts of the state. People in rural areas are dependent more on agriculture and allied activities and the condition of the women is restricted to household affairs with exceptions. A greater segment of the rural women are ignorant of social, economic and technological progress. Similar to other places, a greater percentage of the people are middle and lower middle class and the families are predominantly patriarchic with gender inequality and male domination. The objective of the study is to identify the economic and social conditions of the women in rural areas and villages of Coastal Karnataka and to critically analyze - how the SHGs function in such areas promoting the participation of the women in social, economic and political life of the society. The study is focused on the working of the SHGs in achieving the task of promoting awareness among the rural women about financial participation (promoting financial literacy) and economic independence. 14
  17. 17. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS A study on integration of Indian markets with us markets: an impact study Deepak.R Assistant Professor, M.P.Birla Institute of Management, Associate Bharatiya Vidya Bhavan, Bangalore Pushpa.B.V Assistant Professor, M.P.Birla Institute of Management, Associate Bharatiya Vidya Bhavan, Bangalore Markets are considered to be influenced my rational and irrational sentiments of the investors. These decisions are based on the news collected globally on various aspects such as current account status, inflation, trade status, recessions, interest rates etc. The recent crisis was observed in India with respect to its rupee depreciation. Rupee depreciated to its low of 68 in a matter of few days and also recovered very quickly. The US debt crisis, the economic scenario of India with respect of widening fiscal deficit, current account deficit were few of the major concerns. During these times we witnessed various remedial measures and confidence building measures taken by the RBI and the central government. Thus it was felt a necessity to understand the causes, impact and effects of rupee depreciation from an macro-economic angle. Event study methodology was followed for the study. The event dates considered were the Federal Reserve meeting dates. The study tries to understand the impact of the news on the US markets and as well as the Indian markets. The relative changes in the returns are observed which depicts the integration of both the markets. The broader indices of US stock markets and Indian markets were considered for the study. The study finds high correlation between the US stock markets and the Indian markets. Both the markets were found to react heavily on the output of the news from the meetings. The relative changes are less in magnitude in the Indian markets. Thus we can conclude that the recent rupee depreciation was based on the concern of the global news and a lot of steam has been taken away from the markets after October 17th, 2013. Keywords: Integration, Indian stock markets, Rupee depreciation, US Markets Reverse mortgage: An emerging means of livelihood for seniors with respect to Indian perspective Akshay Kumar Mishra Assistant Professor L N Mishra College of Business Management, Muzaffarpur When Money can be borrowed against the value of home by the respective homeowner to whom the home belongs, is a great solution to growth of the ageing population i.e. senior or old people of age of 60 years and more, who require money for their day to day consumption of livelihood, without having regular or any income or shortage of cash. The concept of reverse mortgage is gaining momentum in India, introduced in the budget of 2007-2008 being regulated by National housing board. It is different from traditional mortgage and home loan as under this loan, home is mortgaged and the borrower get regular cash inflows without selling of his or her home to lender based on the value the home, not limited to this feature the borrower also let to live in the home until he or she dies or moves out of such home. In case of death of the borrower or the borrower leaving the house permanently, the loan is repaid along with interest prevailing to such loan, through sale of the home property of the borrower. The borrower or his or her heir(s) can also repay or prepay the loan with the interest to save such property without sale of such mortgaged home. In India the operational Guidelines for reverse mortgage loans has given by the National Housing Bank in May 2007 for the Scheduled Commercial Banks and Housing Finance Companies for facilitating such loans to senior citizens to avail the regular cash stream against his or her home property. According to report on trend and progress of housing in India 2012 of National Housing Board (NHB), the Reverse Mortgage Scheme is now being implemented by 24 banks and 2 HFCs all over India. Some of 15
  18. 18. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS the products under this scheme are Baroda Ashray (Bank of Baroda), PNB Baghban (PNB), Union Reverse Mortgage (Union Bank), Ind Reverse Mortgage (Indian Bank), SBI Reverse Mortgage loan (SBI), Cent Swabhiman (Central Bank), Canara Jeevan (Canara Bank), Synd Vishranti (Syndicate Bank) etc. Amount of loan is based on the estimated value of home property, its condition and life age of the borrower. The tenure loan is limited to maximum 20 years of time. This paper will explore the potential of Reverse mortgage, various products of reverse mortgage, risk with the reverse mortgage, and a brief SWOT analysis of reverse mortgages in India. The methodology for this paper would be based on various secondary data such as report on trend and progress of housing in India (NHB), research papers, Magazines and Journals etc. Some of the strengths with this scheme of reverse mortgage include it distinct feature of cash stream to elders and his or her spouse, occupy their living in the home, heirs also have the option to pay the loon and interest etc. NHB estimates a good potentials for this scheme, as it can move upto Rs 20000 crore in the next four years. Competitive Selling – The Indian Banking Industry An Empirical Study Prof. Keerthan Raj Assistant Professor Srinivas Institute of Management Studies, Karnataka The Indian Banking industry is dominated by a handful of very large players and atleast 27 new entrants who have applied for banking license. The industry is the fastest growing industry and according to a Mckinsey Report, the Indian Banking sector is heading towards being a high – performing sector. The domestic banking industry is set for an exponential growth in the coming years with its asset size poised to touch USD 28,500 billion by the turn of the year 2025. ( IBA- FICCI –BCG report, 2013). As per census 2011, huge section of Indian population is still unbanked. The overall per-centage of households actively availing banking serv¬ices in India was pegged at around 59% as on 2011, which translates to the fact that still over 40% of total households, lack access to formal banking services. This is largely driven by rural areas and/or low income group (LIG) population, due to their financial illiteracy, low level of income and savings, lack of collateral and absence of verifiable credit history. Given this scenario, more and more banks are sprouting or taking wings to encash the vast opportunity available. However, from a marketing perspective are the services being leveraged well? Are the new age banks focussing only on profit building or is there an attempt to make pure banking services to be made available to the masses and can this be a mechanism to earn sufficient profits. This paper attempts to make an empirical study amongst five top public and private sector banks and understand the issue from the accounting sense of making profits which delivering the much needed pure banking services. Keywords : banking, households, marketing, profits Scope of Microfinance Institutions in Uttar Pradesh Suparna Gupta Lecturer School of Management Sciences, Varanasi Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers & the self-employed, who traditionally lack access to banking & related services. It is considered as a powerful tool for alleviating poverty. Microfinance in India has been through two channels of credit delivery to poor and low-income households – Self Help Group Bank Linkage Programme (SBLP) and the Microfinance institutions lending through groups as well as directly to 16
  19. 19. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS individuals. MFIs have been relatively faster in reaching out the under-served population even in the most difficult geographical regions of India. Microfinance Institutions (MFIs) in India exist under various legal forms such as NGOs (registered as societies or trusts), Section 25 companies and Non-Banking Financial Companies (NBFCs). The purpose of this study is to find out the potential of Microfinance Institutions in Uttar Pradesh followed by the prospective region & sector of MFIs in U.P. taking into consideration the future perspective into account. This study is exploratory and descriptive in nature. It is based both on primary as well as secondary data. The primary data has been collected by taking the sample of 10 different forms of MFIs (i.e. NBFCs, Section 25 Co., Trust & NGOs). The secondary data has been collected through various annual publications of NABARD, RBI, Sa-Dhan and various online reports on microfinance. Keywords: Microfinance; Microfinance Institutions; SBLP. An Analysis of Indian Retail Investor Behavior Shubham Jain Faculty of Social Science Dayalbagh Educational Institute, Agra Anshul Mathuria Faculty of Social Science Dayalbagh Educational Institute, Agra Savings form an important part of the economy of any nation. With the savings invested in various options available to the people, the money acts as the driver for growth of the country. Indian financial scene too presents a plethora of avenues to the investors. Though certainly not the best or deepest of markets in the world, it has reasonable options for an ordinary man to invest his savings. One needs to invest and earn return on their idle resources and generate a specified sum of money for a specific goal in life and make a provision for an uncertain future. One of the important reasons why one needs to invest wisely is to meet the cost of inflation. Inflation is the rate at which the cost of living increases. The cost of living is simply what it cost to buy the goods and services you need to live. Inflation causes money to lose value because it will not buy the same amount of a good or service in the future as it does now or did in the past. The sooner one starts investing the better. By investing early you allow your investments more time to grow, whereby the concept of compounding increases your income, by accumulating the principal and the interest or dividend earned on it, year after year. The three golden rules for all investors are: • Invest early • Invest regularly • Invest for long term and not for short term. This research is based on investor perception on a various markets. The individual needs to invest and earn return on their idle resources and generated a specified sum of money for a specific goal in a life and make a provision for uncertain futures. This research is quite beneficial for knowing the investment behavior and risk tolerance level of investor Keywords: Inflation, Investment, Saving A living lab perspective for crowd sourcing Puspalata Pattojoshi Professor & Head of Department Group head, Living Laboratory Research Group, C V Raman College of Engineering, Bidyanagar, Mahura, Janla, Bhubaneswar Though enabling in nature, modern science and technology revolutions has still to repackage itself to address the day to day living challenges in rural and economically weaker communities. It is perceived that science and technology is concentrated at the top of the economic pyramid and still practiced as a matter of choice among the elite to address the needs of the hard to reach communities yet. On the other hand, lack of power of appropriate education is often considered as one of the major causes of failure of several top down approaches for empowering the poor. According to literature, transformation of the 17
  20. 20. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS communities is possible; if innovative, locally embedded, co-created, technology enabled provision of basic services reach to assist the underserved. Also, Scalable and sustainable solutions to remove poverty does not need philanthropic initiatives, but, market based approaches. However, all kinds of efforts require existence of certain basic infrastructure support including education and awareness of the people concerned, absence of which poses as the biggest hindrance till date. Therefore, as a bottom up approach of co creating solutions with the users, a living laboratory set up for capacity building of the community, through education, to adapt a systemic approach to appropriate technology is presented in this study. The objective is to find out the challenges and issues involved in creating a living lab set up along with its’ impact. The living lab uses crowd sourcing as a tool to enhance the learning experience of the rural school children as primary and their family – community as secondary users. It is being observed that opted approach serves as an excellent platform for collective intelligence building of the crowd as innovation partners. Achieving Universal Primary Education: the Role and Relevance of Higher Education Praveen P. Ph.D Scholar ZHCES, JNU, New Delhi. To achieve universal primary education, expansion of affordable and qualitative higher education is crucial. This is because higher education provides inputs to other levels of education particularly to primary education in terms of competent faculty, new ideas, cutting edge educational technology, inputs for better syllabus and curriculum etc. Not recognizing this strong interdependence between higher and primary education leads to undue focus on one layer at the cost or neglect of the other which will not give the desired results. We can observe that higher education is getting less attention from governments and privatisation is encouraged in India. The effects of commercialization of higher education on universalisation of primary education are a matter of concern now. In the primary education, the most important infrastructure is the teacher itself; hence ensuring competency and quality of these teachers became the most important barrier in implementation of universal primary education. In this context, the availability, quality and affordability of teacher training institutes holds supreme consideration not only in policy levels but in political, economic and sociological levels also. Here we are trying to analyse the role and relevance of self financing colleges in the state of Kerala in ensuring availability, quality and affordability of teacher training facilities which is providing faculties to primary education. Simultaneously, we will look into the regulatory structure on such colleges; whether the existing framework supports the expansion of teacher training facilities or not. Both primary and secondary sources are used for developing the concept. The detailed bibliography will be given along. Key words: universal primary education, higher education, self financing colleges, commercialization, regulation, Kerala 18
  21. 21. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Performance Appraisal System An Emerging Tool For Measuring Efficiency & Effectiveness of Organizational Human Resource: A Review Based on Some Selected Indian Private and Public Limited Companies Dr. Ajay Singh College of Business Adimistration, University of Ha’il, Kingdom of Saudi Arabia Effective performance management is a crucial element in identifying the critical talent an organization need to retain and recognizing this talent within organization has led to increases trends in employee performance and job security. It helps in understanding the employees work culture, involvement, job satisfaction and deciding employee’s promotion, transfer, incentives, and pay revision. Effective performance appraisal system contains two most important aspects in any organization, the evaluation system and feedback system. The basic reasons of organization failures are “non-alignment of responsibility and accountability” of employees in the system. The main objective of this research study is to evaluate the performance Appraisal System practices in selected Public and Private sector organizations. This research paper is based on some selected public sector and private sector organizations. Keywords : Performance appraisal, training and development, employee commitment, retention, career development, team work, employee engagement. Changing Market Scenario : E- Marketing For A Company Shikha Pathak Assistant Professor ABES IT Group of Institutions Vijay Nagar, Ghaziabad Fast development of technologies, economic globalization and many other external circumstances stimulate changes in marketing. One of major trends in today’s marketing is orientation on exploitation of Internet and social media for promoting of the company and its products. Latest researches confirm that E-marketing provides faster exchange of information, but successful employment of information raises the effectiveness and profitability of an organization. In electronic marketing exist external and internal environment’s factors, which influence entrepreneurship. As a result of eenvironment development, e-commerce and e-marketing grow as well. In e-marketing exist different external and internal environment influencing factors. For instance, such external factors like globalization, development of new technology, price sensitive consumers, Internet, new distribution and communication channels adds to external factors demographic, politic, social and cultural macroeconomic factors, as well as technology growth and globalization. Internal factors divides further into three large groups: competitive advantage, resources and skills available to enterprise, company’s need to change. The objective of the paper is to describe and evaluate possible various internal and external factors that influences a company emarketing activities. This paper also deals with the overview of existing studies regarding theories and findings of some aspects of Internet marketing and to provide directions for further investigations in the area. Further the paper discusses the types of products that may be suitable for online selling. The Internet as a marketing channel is reviewed further. The issue of Internet acceptance by firms and consumers and the effect of the Internet on traditional markets is also discussed. Keywords: E-Marketing , Internet, Marketing, Consumer. 19
  22. 22. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Tax Composition and its Impact on Growth in Israel: 2SLS and Cointegration in a Narrative Approach Prof. Yaron Zelekha Ono Academic College, 14 Hagaon Eliyahu St. Israel, Israel Hadas Altit Ono Academic College, 14 Hagaon Eliyahu St. Israel, Israel Vered Baram Ono Academic College, 14 Hagaon Eliyahu St. Israel, Israel Economic research on the distorting effects of taxes on resource allocation is vast. The extent of empirical work on the effect of tax composition on growth, however, is more limited, and focuses either on panel data for the purpose of cross-country comparisons (for example OECD countries), or time serious analysis of developing countries. However, use of the cross-country comparisons method of analysis may be problematic. In fact, the explanatory power of these estimations is relatively low due to the omission of important variables that can explain growth in an economy. In the best case this omission is likely to degrade the quality of the results and in the worst case to generate spurious correlations. In this context, La Porta et al. (1997) showed that the confidence of the public in government mechanisms plays an important role and is likely to affect the reaction of the public, while Kneller et al. (1999) stress the importance of government expenditure composition that can significantly alter the effect of tax composition on economic growth. This makes it even more important to analyze the effect in each country independently. In addition, the distorting effects of taxes in general and the possible effects of indirect taxes in particular may be significantly different in developing countries in comparison to developed countries, due to the different rolls private consumption and private investment, respectively, play in growth in developed countries. Therefore, it is very important to examine changes in tax composition, that is to say, direct versus indirect taxes, and its effect on growth within the framework of developed countries, over time, and not only in developing countries. This research on the case of Israel is one of very few time series analyses of a developed country, and as far as we know the first in over two decades. This research is highly important in light of the global economy crisis which led many countries to increase their tax burden without giving enough attention to the possible effect of the tax composition. The aim of this research is to examine whether the significant changes of the tax structure in Israel over the past decades towards more indirect taxes have affected growth in the short term (while according to theory in the long term we should not expect any significant effect) and whether this possible effect impacted on economic inequality. Moreover, the research will examine whether the high ratio of indirect to direct tax in Israel (the highest rate in the OECD counties, besides Turkey, Mexico and Chile, at the end of the sample period, see Figure 1) created a unique environment in which the negative effect of indirect tax increase reached the negative effect of direct tax increase. Israel was chosen as the subject of the research mainly because of the fact that the composition of the Israeli direct versus indirect taxes changed significantly, both during the sample of 1983 – 2011, as well as in comparison to OECD standards (see in more detail Figure 1). The paper makes three contributions to the state of research on taxes and growth. First, based on unique accessibility to the Ministry of Finance decision makers and internal data assessing that changes in the tax composition over the sample period were uncorrelated with other macroeconomic fluctuations, the research provides unique empirical evidence, in a narrative approach framework, examining whether indirect taxes (although potentially less distorting than direct taxes) can gain negative effect as much as direct taxes in a developed country for the short to medium run. Second, it examines whether the effect of indirect taxes works through its effect on inequality and overruled this assumption. This examination is important due to the regressive nature of indirect taxes versus the progressive nature of direct taxes. Third, the research contributes to the very limited literature that examines the effect of the tax composition on growth based on a framework of time series analysis. 20
  23. 23. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Regulatory Framework with respect to Foreign Direct Investment in India Bhawna Pal Research Scholar Birla Institute of Technology Ranchi [Noida Campus] Meenakshi Yadav Research Scholar, CCSU Meerut It is primarily believed that FDI is the most powerful and important drivers for fast paced economic growth. The impact of FDI across globe is witnessed in increase in the contribution and productivity across all the major sectors of an economy. In a global economy, impact of foreign capital on a domestic market cannot be overlooked. The primary objective of the paper is to study, if there is any positive impact of FDI in India, along with review of FDI policy framework of Indian government. The research paper is an attempt to compile the information on FDI and its impact on various sectors and regions in India. FDI concept is the gift to Indian Economy of the 1991 financial sector reforms. A detailed study of FDI in the post liberalization period has been taken up. Decadal FDI trends from 2000-2012 are reviewed to study sector wise contribution, both in absolute and relative terms. Region wise decadal FDI trends of top ten regions is also analysed. The paper also reviews the different investment patterns of foreign capital inflows over the same time period. The data reveals that post liberation, GDP of India has seen positive growth due to relaxed trade policies. There is a positive co-relation between FDI and GDP of India and this has been proved through correlation analysis in the research paper. Foreign Direct Investment and Economic Growth: A Study of India Suman Sharma Research and Teaching Assistant School of Social Sciences Indira Gandhi National Open University (IGNOU), New Delhi Foreign Direct Investment (FDI) has been considered as one of the major factors underlying the economic growth experienced by many developing economies. FDI is assumed to benefit an economy not only by supplementing domestic investment, but also in terms of employment creation, transfer of technology, increased domestic competition and other positive externalities. The recent reforms measures undertaken by the Government of India, and its continued efforts towards integration of the economy with the global market in the last decade, has led to a resurgence of interest in FDI in the country. In the quest for increased FDI, the effect of FDI on economic growth becomes an important concern for the government. This paper explores the influence of FDI on the economic growth of India for the period 1990-2012. It examines the impact of macroeconomic variables like investment, GDP, export, trade balance, openness and real effective exchange rate. Indeed, these variables also constitute the set of major determinant of FDI inflows into India. It also proposes to establish the direction of causation of these macroeconomic variables with the FDI. Granger causality test is used to test the direction of causality. The results establish a two-way relationship between FDI and macroeconomic variables except GDP. The paper justifies the possible reasons is that FDI promotes economic growth indirectly via productivity spillovers effect. 21
  24. 24. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Rural Marketing: The ‘NEW AVTAR’ of Marketing and the key driver for Indian Economy Usha Patel Astt.Prof. R.D. Foundation Group of Institutions Modinagar In the recent years, rural markets have acquired significance in countries like China & India, as the overall growth of the economy has resulted into substantial increase in the purchasing power of the rural communities. In Indian rural market generates about 50% Gross Domestic Product (GDP). Rural India comprises around 840 million people and growing income levels & greater ambition are progressively driving demand there. In the period 2009-2012, rural consumption per person increased annually at 19 percent according to data from National Sample Survey Organization (NSSO). The main objective of this paper is to gain insight into the opportunities and scope of the rural marketing for Indian Industries. What marketing decisions have been taken by Indian companies to explore them worldwide and SWOT for them? This paper also enumerates the reason why industries are more focused in rural marketing. The initial section of this paper discusses the rapid development of rural marketing and its contribution to Indian Economy. Moreover, by using secondary data got to know about the benefits and challenges of rural marketing to an economy of the country. Recent Economic Perspective of Public and Private Partnership Dr.Rohtash Kumar Garg Asst.Prof., DIRD Public economics (or economics of the public sector) is the study of economic issues concerning the public sector (including government) and its interface with the private sector (including households, businesses, and markets) in a mixed economy. While much of economics is based on how markets work, public economics considers the functioning of government and its role and scope in promoting economic well-being. Public-private partnership (PPP) describes a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies. These schemes are sometimes referred to as PPP, P3 or P3. PPP involves a contract between a public sector authority and a private party, in which the private party provides a public service or project and assumes substantial financial, technical and operational risk in the project. In some types of PPP, the cost of using the service is borne exclusively by the users of the service and not by the taxpayer. In other types (notably the private finance initiative), capital investment is made by the private sector on the strength of a contract with government to provide agreed services and the cost of providing the service is borne wholly or in part by the government. Government contributions to a PPP may also be in kind (notably the transfer of existing assets). In projects that are aimed at creating public goods like in the infrastructure sector, the government may provide a capital subsidy in the form of a one-time grant, so as to make it more attractive to the private investors. In some other cases, the government may support the project by providing revenue subsidies, including tax breaks or by providing guaranteed annual revenues for a fixed period. Keywords: Public Sector, Private Sector, Mixed Economy, Public-Private Partnership. 22
  25. 25. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Inclusive Growth: Dimensional Overview Hiral Doriwala Research Scholar, Civil Engineering Dept., Sardar Vallabhbhai National Institute of Technology, Ichchhanath, Surat, Gujarat In developing countries, the race for improvement of economy during last three to four decade has tremendously created an imbalance and inequality on almost all income and non-income sectors of development. Such scenario has shifted eyes of nations who have limited their vision only upto the process of economic growth. An effort has been made worldwide to give accessibility to the poorest section of society through their involvement in the process of growth. Such growth in other words called inclusive growth is now prime focus especially for countries like India and China. The eleventh five year plan (2007-12) and twelfth five year plan (2012-17) of India clearly emphasize on the development of inclusive growth. The paper contains the conceptual and theoretical aspect of the term inclusive growth. Various relevant dimensions for the inclusive growth process viz. economic growth, physical infrastructure, gender equity, etc. are discussed. Analysing Herding Behaviour of Retail Investors’ In India Ms. Sakshi Saxena (Correspondence author) Assistant Professor, Department of Management, Banarsidas Chandiwala Institute of Professional Studies, Delhi Dr. VibhaDuaSatija Assistant Professor Institute of Marketing and Management, Delhi The financial world has changed greatly since the last 20 years. Initially, investment decisions were based upon financial performance, forecasting, market timing and so on.Now, retail investors have started occupying crucial role by participating actively in the investment activities. Investor’s behavior has emerged as a new discipline in academia known as “behavioral finance”. Various studies have proved that there are various behavioural biases like overconfidence, loss aversion, herding, anchoring, optimism, conservatism, hindsight, etc. which affects the rationality of investment decision makers. Therefore, it has become very crucial to understand the investors’ behaviour for making their investment decision. The present study examines one of the behavioural biases, i.e. herding behavior of retail investors.The herding behaviour describes a group of individuals who act to imitate the decisions of others or market in general without paying any attention to their own beliefs or information. For investigating the presence of herding behavior, a sample survey of 90 investors from the Delhi region was conducted with the help of a structured questionnaire. Responses has been analysed with the help of statistical techniques like t-test, ANOVA to find out the causes of formation of herds in the Indian stock market. For this purpose, Herding behavior of retail investors has been analysed with their demographics i.e. gender, occupation and age. Keywords: Herding Behaviour, Behavioural Finance, ANOVA, T-Test, Rational Behaviour, Irrational Behaviour A Research Paper Capital Structure Determinants Of Steel Companies In India: A Panel Data Analysis Ms Neha Poddar Astt Professor (Finance) Vishveshwarya Group of Institutions, Greater Noida Dr. Manish Mittal Principal, Daly Business school, Indore The various financing decisions are vital for the financial welfare of the firm. A false decision about the capital structure may lead to financial distress and eventually to bankruptcy. The management of a firm sets its capital structure in a way that firm’s value is maximized. However, firms do choose different financial leverage levels in their effort to attain an optimal capital structure. 23
  26. 26. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Although theoretical and empirical research suggests that there is an optimal capital structure, there is no specified methodology, yet, that financial managers can use in order to achieve an optimal debt level. However, financial theory does provide some help in understanding how the chosen financing mix affects the firm’s value. All the theories that have subsequently emerged tried to answer the moot question as what are the factors that affect capital structure decisions. In the process of their enquiry scholars have identified several dimensions out of which firm’s own characteristics is of prime concern apart from corporate governance, legal framework and institutional environment of the countries in which firm operates. Thus the objective of study is to analyze some of the firm’s own characteristics that might affect the leverage of steel companies of India. Capital structure in Indian steel industries large/medium had under gone various changes due to the growth in the infrastructure projects and global demand. This made the steel industry to grow at a wide range by reducing debt. The higher demand for steel both in global & domestic market had higher opportunity for expansion. Keyword: Capital structure, Determinants, Firm’s own characteristics, steel company The Economic Reforms in India: An Impact in Indian Market Deepesh Kumar Thakur Assistant Professor World College Of Technology and Management, Gurgaon The economy of India is one of the fastest growing economies in the world. Since its independence in the year 1947, a number of economic policies have been taken which have led to the gradual economic development of the country. On a broader scale, India economic reform has been a blend of both social democratic and liberalization policies. The economic liberalization in India refers to ongoing economic reforms in India that started on 24 July 1991. After Independence in 1947, India adhered to socialist policies. Attempts were made to liberalize the economy in 1966 and 1985. The first attempt was reversed in 1967. Thereafter, a stronger version of socialism was adopted. The fruits of liberalization reached their peak in 2007, when India recorded its highest GDP growth rate of 9%. With this, India became the second fastest growing major economy in the world, next only to China. The growth rate has slowed significantly in the first half of 2012. An Organization (OECD) report states that the average growth rate 7.5% will double the average income in a decade, and more reforms would speed up the pace. • • • • • Dominance of the public sector in the industrial activity Discretionary controls on industrial investment and capacity expansion Trade and exchange controls Limited access to foreign investment Public ownership and regulation of the financial sector The reforms have unlocked India's enormous growth potential and unleashed powerful entrepreneurial forces. Since 1991, successive governments, across political parties, have successfully carried forward the country's economic reform agenda. There are ways of looking at India’s present economic woes marked by a rapid fall in the value of the rupee caused by persistent inflation of the past few years and the high current account deficit (CAD) of about $85 billion (4.5 per cent of GDP) which needs to be funded through uncertain capital inflows year after year. The description of the present crisis by various economic and political analysts by itself tends to carry shades of ideological bias. Some well known economists on the far right prefer to describe the external sector situation as worse than the 1991 economic crisis India had faced. 24
  27. 27. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS This narrative suggests the 1991 crisis was marked by a severe, external sector crunch and it acted as a trigger for the big bang reforms of the early 1990s. This section believes that the present crisis may be worse than that of 1991 but the government this time round is much more complacent, and less inclined to implement drastic reforms to revive growth. Keywords: Economic Liberalization, Economic Growth, Investment Scenario, Industrial Growth, Indian Rupee, Economic Crisis, Current Account Deficit, Food Security Mechanism, Natural Resources Creating an Enabling Environment for Women’s Entrepreneurship in India Priyanka Sharma Gurnani Research Scholar Jaipur National University Jagatpura, Jaipur, Rajasthan, India This study is carried out with the aim to identify strategies and policies which could create an enabling environment for women entrepreneurs and/or would-be entrepreneurs in India. It aims to provide a set of practical and policy-worthy recommendations to promote the healthy growth of entrepreneurial activities and enterprises owned by women. The study was carried out based on existing research and secondary data, as well as the collection of primary data through a small-scale structured questionnaire of 63 women entrepreneurs in 12 states across India. Case studies of successful women entrepreneurs were also conducted and the information obtained supported the analysis of the environment in which women entrepreneurs operate in and the challenges they face. The study underscores that women’s entrepreneurship is an untapped source of economic growth in India, which has received scant policy attention so far. The study finds that sociocultural factors represent important barriers to women’s entrepreneurial activities, while combining work and family life is also a challenge for a majority of women entrepreneurs. According to the study, support for starting an enterprise came essentially from informal sources, with a very small proportion of women having sought help from Government schemes and programmes. The study concludes with a wide range of recommendations to promote a more enabling environment for women’s entrepreneurship in India. General Climate: An Empirical Study of the Hospitals of J&K Prof Mufeed Ahmad Director, Business School, University of Kashmir, Srinagar Qurrat A Hamdani PhD scholar, Business School University of Kashmir Organizational climate is a set of relatively enduring characteristics describing an organization, distinguishing it from other organizations. It represents the extent to which it is seen by those inside and outside the organization as ego-supporting, hierarchical, ambiguous, conflict-prone and reutilized, etc. Climate has a great impact on the overall functioning of the organization. A conducive climate enhances the efficient working of the Human Resource thus increasing the effectiveness and productivity of the organization. The paper is an attempt to analyze the Climate of the Health Care Sector, since limited work has been carried out on hospitals. The research has taken two hospitals as the universe of the study i.e. SKIMS and SMHS J&K. The results revealed that the Climate in the two organizations is not satisfactory and the Managers and Non Managers do not differ in their opinion towards General climate in the sample study organizations. Keywords: Human Resource, Organization Climate, General Climate. 25
  28. 28. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Strategic Envisioning of Competitive Intelligence – A Cornerstone of Blue Ocean Strategy Komal Kapoor Research Scholar, UPTU, U.P. Rupali Misra Research Scholar, Dayalbagh Educational Institute (Deemed University), Agra Intensifying recession, political uncertainty, volatile currency markets, and new and more aggressive competition have developed red ocean market-space where cut-throat competition and price wars have become the order of the day. No company is invincible. In order to combat this dynamic business environment, formulate, and effectively implement, winning competitive strategies, firms have institutionalized the process of collecting, storing, analyzing and communicating market intelligence (about 97% of Fortune 500, and 82% of Fortune 1000). Porter and Millar (1991) have pointed out how information changes industry structure and alters the rules of competition. Creating uncontested market-space and making competition irrelevant (a blue ocean) also requires competitive intelligence about all the third party players. Hence, a blue ocean strategy formulated on competitive intelligence helps a company build upon a sustainable competitive advantage. The paper describes the concept of competitive intelligence, why it is a key element in the strategic management system of the company, and how it works in practice. The paper further highlights the relevance of blue ocean strategy for sustainable development and how competitive intelligence plays a vital role in creating blue oceans. Keywords : Blue Ocean Strategy, Competitive Intelligence, Strategic Management, Competitive advantage. Why India Fails to Grow for Bharat? Implications for Structural Transformation and Inclusive Growth Ramya Ranjan Patel Assistant Professor in Economics, Dyal Singh Evening College University of Delhi Poverty and malnutrition still remains the most crucial issue, India facing today even after more than sixty years of independence. The problems are not only restricted to poverty and malnutrition, but also there is growing rate of unemployment, underemployment and informal employment. It all happened despite various economic milestones; India has achieved, including the second fastest growing economy of the World, the fourth largest economy on the basis of Purchasing Power Parity, possessing one of the highest foreign exchange reserves and foodgrain stocks. Question arises why India did not achieve economic development despite economic growth. It is because of the failure of the normal pattern of structural transformation that Simon Kuznet observes from the development experience of the present developed countries. In India service sector developed faster than the manufacturing or the industrial sector. The problem of the development of service sector is that it is less employment elastic and creates employment for the skilled works, bypassing the vast majority of reserve army. This creates rising inequality, unemployment and poverty in Indian economy. To solve these problems there is urgent need to develop the manufacturing sector and to do it, it is prerequisite to develop the agricultural sector which has a large potential for the demand for the industrial sector. The development of industrial sector is not only constraint by the supply side factors but also by the demand side constraint. 26
  29. 29. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS A Study on Role of RBI in Overcoming Recession in India Ms. Amandeep Kaur Faculty, RDIAS, GGSIPU Ms. Nidhi Sharma Faculty, RDIAS, GGSIPU The sub-prime crisis and its consequent effects on the global economy saw some of the established financial institutions getting consumed in the turmoil that ensured; many others have been pushed to the brink. The crisis itself is a manifestation of aggressive lending with inadequate appraisals, lax regulatory supervision and questionable credit ratings of complex instruments. Nationalization of institutions – a thought inconceivable a couple years back – is turning out to be an attractive option for institutions grappling for survival. The crisis originating in the US has now spread across the integrated financial world engulfing countries and sectors that have little to do with the root causes. Though in the beginning Indian official denied the impact of US meltdown affecting the Indian economy but later the government had to acknowledge the fact that US financial crisis will have some impact on the Indian economy. But the impact on India was little because of India’s strong fundamental and less exposure of Indian financial sector with the global financial market. Perhaps this has saved Indian economy from being swayed over instantly. Unlike in US where capitalism rules, in India, market is closely regulated by the SEBI, RBI and government. This paper talks about global financial crisis and monetary policy response in India. As the crisis intensified, the Reserve Bank of India, like most central banks, took a number of conventional and unconventional measures to augment domestic and foreign exchange liquidity, and sharply reduced the policy rates. At present, the focus around the world and also in India has shifted from managing the crisis to managing the recovery. The key challenge relates to the exit strategy that needs to be designed, considering that the recovery is as yet fragile but there is an uptick in inflation, though largely from the supply side, which could engender inflationary expectations. Keywords: Sub-prime crisis, monetary policy, Indian economy, Recession A Study on Impact of Cosmetics’ Television Advertising on Purchasing Decision of Generation Z Females in Metropolitan City Ms. Richa Joshi Assistant Professor, DIRD, GGSIPU Research Scholar, DTU Ms. Nidhi Sharma Assistant Professor, RDIAS, GGSIPU Television advertising plays an important role in changing the consumer behavior and also provides new patterns for purchasing or using any type of goods and services. It is a very effective tools of communicating message to its target audience as it has the ability to combine visual & audio communication and thus this makes advertisements is an important medium to make people aware of any product. Also, it is the most convenient way to reach the female consumers because they are more deployed by advertisement promises that the product will give them something special for satisfaction. As the Generation Z market is a burgeoning market worldwide. A similar situation exists in India where the market is increasing. Therefore, many brand managers (companies) are, consequently, competing aggressively for market share in this emerging sector. There are different products which Gen Z females’ consumers used, in that the cosmetic products they select after getting information about those particular products. Gen Z females in general attach great importance to cosmetics and fashion. The focus on personal appearance in society is considered to be very significant. The paper aims to assess the impact of cosmetics’ television advertising on purchasing decision of Gen Z females in metropolitan city with the help of regression analysis. It has focused on top 5 global cosmetic brands cited by forbes survey in the year 2013 which are sold in Indian market. The results reveal that factors like liking, recall and frequency of advertisements have significant impact on purchase behavior of Gen Z females. Keywords: purchasing decision, Gen Z females, cosmetics advertising 27
  30. 30. International Conference on Changing Global Economic Perspectives : Managing Sustained and Inclusive Growth 08-09 February, 2014 JAIPURIA 109 Years of Excellence ABSTRACTS Online Shopping in India Hina Sharma Department of management studies, GLA University With the development of the Internet and the increase of online shopping, ebusiness has become a trendy way for consumers and/or companies to trade over the Internet. Online shopping has been a growing phenomenon in all four corners of the world, in particular amongst countries possessing highly developed infrastructure available for marketing activities through the internet. This paper attempts to give an insight into the online shopping scenario in India. The methodology used is review of available reports, surveys and published papers to know the recent trends, advancements and future prospects of online shopping in India. Buddhist Perspective on Globalization and Sustainability Dr.Ch. Venkata Sivasai Assistant Professor, School of Buddhist Studies and Civilization Gautama Buddha University, Greater Noida The current debate on globalization has a broad area of general agreement, namely, that globalization is the latest expression of a long-standing strategy of development based on economic growth and liberalization of trade and finance. This results in the progressive integration of economies of nations across the world through the unrestricted flow of global trade and investment. Beyond these points people participating in the debate generally split into two main camps: those who believe that the expansion of the free market economy will benefit the societies and those who do not. The mainstream approach is generally the former, rooted in the underlying assumption that globalization brings jobs, technology, income, and wealth to societies. However, these societies must be willing to submit to the principles of the free market—limiting public spending, privatizing public services, removing barriers to foreign investment, strengthening export production, and controlling inflation. Those against the above policies argue that the "great success story" of globalized production has led to a litany of social and ecological crises: poverty and powerlessness of the majority of people, destruction of community, depletion of natural resources, and unendurable pollution (see Power, G. 1997, pp.76_77). From a Buddhist perspective and from our experience in Thailand, the authors of this article have to say that our standpoint is closer to the latter, with the awareness that there is big diversity within both camps and that there are people who are trying to work out something in between the two. Globalization and Its Impact on Indian Insurance Industry Dr. Sanjay Manocha Assistant professor Bharati Vidyapeeth Institute of Management & Research, New Delhi The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers on one hand wanted competition, development and growth of insurance sector, which is extremely essential for channeling the investments in to the infrastructure sector. At the other end the policy makers had also the fear that the insurance premium, which are substantial, would seep out of the country; and thus in the nation's interest, they want to have a cautious approach of opening for foreign participation in this sector. After a long discussion, conferences and fraction among some political parties, IRDA brought consensus among factions of different political parties. Though some changes and some restrictive clauses as regards to the foreign participation were included the IRDA has opened the doors for the private entry into insurance. 28