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Special Centennial Issue

No. 403

April 2021

Vol. CI

ISSN: 0019-5170



Jahangir Coyajee: An Early Professional Indian Economist

J Krishnamurty1

Jahangir Coyajee was one of the best-known Indian economists of the pre-Independence period. He had a brilliant academic career and was a reputed scholar in Persian and Zoroastrian studies before he decided to become an economist. Like Manohar Lal before him, he became one of the favourite students of Alfred Marshall in Cambridge. On the recommendation of several Cambridge economists, he was inducted into the Indian Educational Service and appointed Professor of Political Economy at Presidency College, Calcutta, He was a highly regarded teacher who played an important role at Presidency College and the University in producing several outstanding Indian economists. Coyajee was one of the earliest Indian professional economists to be involved in economic policy formulation and its public defence. This represented a new trend initiated in the 1920s of selecting not just eminent Indians, but trained Indian professional economists for membership of important committees and commissions. Coyajee was also unusual among Indian economists of the time as his views markedly diverged from those of nationalist economists.

Keywords: Coyajee, Cambridge, Indian Economist, Presidency College, Tariffs and Protection, Exchange Rates.

  1. Institute for Human Development, New Delhi.

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Strategies for Development of Handicraft Sector in India Post Pandemic COVID-19: Artisan as Entrepreneur in Recent Scenario

Uma Shankar Yadav1
Ravindra Tripathi2
Gyan Prakash Yadav3
Rajesh K. Shastri4


India is suffering from COVID-19 Pandemic disease, which has become a big challenge for the country. Handicraft sector(MSMEs) can provide opportunities and have the capability to solve the migration problem of people from state to state by providing local jobs and creating hunnar(skills). The handicraft sector also provides a great opportunity to make the Artisans as entrepreneurs and improve the social, economic situation of the rural, weaker section, unorganized workers, and tribal people of the country. Because these people have suffered huge challenges during the lockdown period and stay at their homes. Workers hands are empty without money and Jobs. We should have to think to promote our local talent and traditional art and craft that are sustainable, eco-friendly, and provide local market to handicraft Sector for India to be an Atmanirbhar Bharat and Vocal for Local. Indian handicraft industry is a decentralized, unorganized laborintensive, cottage industry. The objective of this paper is to study the impact of Covid on the handicraft sector, important problems in this sector, and suggest strategies for the development of handicrafts sectors, artisans, their social, economic justice, and better labor relations. With these strategies, they may convert them from workers to entrepreneurs and to develop entrepreneurial capacity in artisan for solving the challenges and create opportunities and attract the researcher toward developing handicraft index. These strategies will explore India as a manufacturing hub in the world map and revive the Artisans and their Craft Skill, Traditional Technology that is sustainable, and employment generative which can carry happiness in humans as well as in nature.

Key Words: Atmanirbhar Bharat, Strategies, Handicraft, COVID-19, Entrepreneur. Capacity building. Handicraft index,

  1. Research Scholar, Humanities and Social Science Department MNNIT Allahabad, Prayagraj. E-mail:
  2. Associate Professor of Accounting and Finance Humanities and Social Science department MNNIT, Prayagraj. E-mail:
  3. Assistant Professor and Admission in charge UPRTOU Prayagraj, E-mail:
  4. Associate professor of HRM and Public policy MNNIT Prayagraj, E-mail:

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Financing Elementary Education in Pre and Post Right to Education Period in India

Vishal Bhaware1
Vasudha Purohit2


Public expenditure on education is an important policy tool for realizing the goals of the Universalisation of Elementary Education (UEE). With the formulating of National Policy on Education (NPE), India initiated a wide range of programmes for achieving the goal of UEE through several schematic and programme interventions, such as Operational Black Board, Shiksha Karmi Project, Lok Jumbish Programme, Mahila Samakhya, District Primary Education Programme, and Sarva Shiksha Abhiyan etc. Currently, the Right to Education Act 2009 is being implemented through the SSA in collaboration with the centre and the state government. The central government provides funds under the SSA programme to states, based on their demands expressed through Annual Work Plan and Budgets (AWP&B), which are appraised based on the performance of the state and availability of central funds. The study focuses to analyse financing of education particularly elementary education at all India level in pre and post RTE period i.e. during 2006-07 to 2010-11 and 2011-12 to 2016-17.The study is mainly based on secondary data collected from the website To meet the constitutional obligations arising from the right to education and to achieve universalisation of elementary education, public expenditure on education should increase to at least 6 percent of GDP and elementary education should be 3 percent of GDP. This promise remains elusive and the most afflicted in the education sector and more particularly elementary education in India is due to lack of adequate resources. The study found that even after the implementation of the RTE Act, spending on education increased with the increase in GDP, but there has been no significant increase in the share of spending.

Keywords : Financing, Elementary Education, Right to Education.

JEL Classification: I22, I21, K38
  1. Research Scholar, Department of Economics, Dr. (Sow.) Indirabai Bhaskarrao Pathak Mahila Kala Mahavidyalaya, Aurangabad - 431001, Maharashtra, India. Email:
  2. Principal and Head, Department of Economics, Dr. (Sow.) Indirabai Bhaskarrao Pathak Mahila Kala Mahavidyalaya, Aurangabad - 431001, Maharashtra, India.

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Marketing Efficiency of Watermelon in Ikorodu Local Government Area of Lagos State, Nigeria

Akerele, E. O., Adeyelu O. D., Oyebanjo O., Aderinto A., and Fadipe M. O.1

Marketing system in the study area is faced with perennial problems of inefficiency and ineffectiveness due to inadequate market infrastructural facilities, transport and pricing system inefficient floating capital, high cost of transportation, high interest rate and poor sales. To this end this study examined the marketing margin and efficiency of watermelon marketing in Ikorodu Local Government Area of Lagos State, Nigeria. Data were obtained from 125 watermelon marketers with well-structured questionnaires and interview schedule. Descriptive statistics such as frequencies, percentages and means were the main descriptive statistics tools that was used in analyzing the socio economic characteristics of the marketers and constraints to watermelon marketing. The budgetary analysis was used to calculate the cost and return structure of the marketers and the marketing margin with efficiency in watermelon marketing in the study area. The major findings of the study on the marketing experience of the respondents revealed that majority (62.5%) had marketing experience of 5 years or less with majority (60.0%) of the marketers a member of marketing association. Watermelon marketing is profitable with a net marketing income of N1,128.82. The return on N1 invested was N1.038 while net return on investment was 3.8% indicating profitability of watermelon marketing. The result on marketing margin and marketing efficiency of watermelon marketing was N8, 451.84 and 1.38 respectively. It means that the marketing of watermelon is efficient (1< 1.38). The conclusion drawn from this study indicate that the study concludes that watermelon marketing is a profitable venture in the study area which return on N1 invested was N1.038 while net return on investment was 3.8% indicating profitability. The marketing margin and marketing efficiency of watermelon marketing was N8, 451.84 and 1.38 respectively in the study area. It means that the marketing of watermelon is efficient (1< 1.38). The major constraint in marketing is inadequate capital, lack of credit facilities and losses resulting from fruits spoilage among others. On this, it was recommended that Watermelon marketers should form effective co-operatives which will help them collectively lack of finance in order to optimize their marketing activities.

Keywords : Watermelon, Marketing Margin, Marketing Efficiency, Profitability, Budgetary Analysis.

  1. Department of Agricultural Economics and Farm Management, Faculty of Agricultural Management and Rural Development, College of Agricultural Sciences, Olabisi Onabanjo University, Yewa Campus, Ayetoro, Ogun State, Nigeria. E-mail:

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Foreign Investment and the Domestic Economy: The Case of India

Rajnarayan Gupta1

International capital flows have been increasing in the world since the initiation of globalisation. Capital flows into a country mainly in two channels. Typically, they are called -Foreign Direct Investment (FDI)- and -Foreign Portfolio Investment (FPI)-. Both have important impact on the host economy. The present study investigates into the role of foreign investment in the Indian economy and also the capacity of the host economy to attract those foreign funds. Vector Autoregressive Model (VAR) and Granger Causality Test have been applied for that purpose. The empirical findings assert the linkage between foreign investment and the domestic economy but the causality runs from the former to the latter and not the other way round. The vulnerability of the economy to international forces remains a cause for concern.

Keywords- Foreign Direct Investment, Foreign Institutional Investment, GDP, SENSEX, VAR, Granger Causality.

JEL Classification: C32, C51

  1. Associate Professor, Department of Economics, Barasat Government College, West Bengal Educational Service, Kolkata- 700124. E-mail:

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Globalization and Nation: A Descriptive Study of the Correlation Between Globalization and Nation Accompanied with Scenario of Pre and Post COVID-19

Apurva Shukla 1
A. K. Malviya 2

Access to new cultures, lower cost of products and services, introduction, growth and advancement of telecom and IT industry, access to new talents and global market, managing the migration and movement of employees that accumulates the whole economy by boundary less collaboration across the globe is all that involved in the concept of globalization. This research article focuses upon the thorough study of globalization and nation where the factors, basic aspects, its effect on Indian economy as well as pros and cons are discussed with the insight and post effect of COVID-19. There are certain measures and campaign of Indian Government, like Vocal for Local, Make in India and Make for World, which are suggested by the government to be implemented and how that would be benefiting the nation has also been discussed. Nelson Mandela said, -Where globalization means, as it so often does, that the rich and powerful now have new means to further enrich and empower themselves at the cost of the poorer and weaker, we have a responsibility to protest in the name of universal freedom.- This quote clearly depicts that we should prefer local for going global. Apart from understanding the role globalization plays in the Indian economy, the main objective here is to throw light on the importance of going Vocal for Local cause that would always be helpful and never go out of the pace as the globalization has been affected by this global pandemic COVID-19 and how we as a nation can empower ourselves as well as the world. Our nation has taken the challenge of pandemic as -opportunity in disaster- with unbeatable will power and unity of Nation.

Keywords: Globalization, Nation, Trade and Transaction, Capital and Investment, COVID-19, Swadeshi, Vocal for Local, Make for World.

  1. Research Scholar- Commerce (Humanities and Social Sciences Department), Motilal Nehru National Institute of Technology, Prayagraj. Email Id:,
  2. Professor, Head and Director, Department of Commerce and Business Administration, University of Allahabad, Prayagraj. E-mail Id:,

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Impact of RISC Biases among Equity Shareholders- Evidence from Indian Investors

Parvathy P. R.1
E. K. Satheesh2

Today irrationality and behavioural emotions are on its way to strike off the myths of rational theories of finance of the late twentieth century. Behavioural finance is thus on its way of emergence. Behavioural finance deals with the behavioural aspects of normal man for which evidence from psychology and sociology is incorporated with finance. Behavioural biases emerges out of the cognitive and emotional factors that occurs within a human. The main aim of the study is to measure the impact of the RISC (Representativeness Bias, Illusion of Control Bias, Selfattribution bias and Cognitive Dissonance Bias) biases on the investment decision making and performance of retail equity investors in India. The result of the study reveals that cognitive dissonance bias have high impact on the decision making of the equity investors in India. It is also ascertained that with respect to the confidence to predict the future, investors with post graduate qualification tend to be more biased when compared to graduates and professional investors.

Keywords: Behavioural Biases, Behavioural Finance, Cognitive Biases, Irrationality, RISC.

  1. Senior Research Fellow at the Department of Commerce and Management Studies, University of Calicut-673635 -Kerala, India. Email: Grants : Junior Research Fellowship (UGC-University Grants Commission, India)
  2. Professor and Dean at the Department of Commerce and Management Studies, University of Calicut-673635 -Kerala, India. Email:

  3. Note: RISC stands for Representativeness Bias, Illusion of Control Bias, Self-attribution Bias, Cognitive Dissonance Bias.

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A Comparative Study of Health Care Financing Trends in India, Pakistan and Bangladesh

Archita Nayak1
Kanti Paul2
K. K. Bagchi3

The central objective of the present paper is to make a comparative study of health care financing in India, Pakistan and Bangladesh. Research gaps have been identified through the review of several relevant research papers. The paper is based on secondary data. Coefficient of correlation, regression and trend analyses of the data consisting of (a) socio-economic and demographic data related to health care expenditures, (b) per capita health care expenditures, and (c) percentages of (i) total health care expenditure out of GDP, (ii) domestic general government health care expenditure out of GDP, (iii) out-of-pocket health care expenditure out of total health care expenditure etc. of India, Pakistan and Bangladesh have been used in the study. We have arrived at the overall conclusion that (a) India and Bangladesh are in the first and second positions respectively in the area of health care financing, and (b) shares of outpocket health care expenditures out of total health care expenditures in the three countries are very high, but it is the highest in Bangladesh.

Keywords: Total health care expenditure, Out-of-pocket health care expenditure, Domestic private health care expenditure, External health care expenditure, Gross domestic product, World health organization.

  1. Faculty, Dept. of Commerce, Kalipada Ghosh Tarai Mahavidyalaya, Siliguri, West Bengal, India. E-Mail:
  2. Faculty, Dept. of Commerce, Kalipada Ghosh Tarai Mahavidyalaya, Siliguri, West Bengal, India. E-Mail:
  3. Professor, Department of Economics, University of North Bengal, Siliguri, West Bengal, India. E-Mail:

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Mutual Funds in India: Innovations and Growth

Aditi Pandey1

Investment and savings are the key variables for the growth of an economy. Investments are channelizing by accumulating the savings. Lewis, Kaldor, Schempeter etc. economists were advocated the role of investment is vital for the profit generation that lead to reinvestment of the funds. It is important for the economy to increase its investments. Present paper provides the analytical view to explore the reasons of growth in Mutual Fund Industry in India. SIP and advertisements are the major reasons discuss by the researcher. To explain the facts secondary data is used from AMFI, SEBI, RBI etc. Researcher has used the AIDA model to show the impact of advertisement on the growth of Mutual Fund Industry. It further discusses how Mutual Fund advertisements play role from attention to action. Sample of 90 respondents is taken and data is collected through questionnaire method. It is important for an investor to analyse various macro economic variables of the economy and ensure that the investment profile must be inflation beating.

Keywords: Mutual Funds, Innovation, Attention, Action, Advertisements, SIP.

  1. Assistant Professor, CMP Degree College, Prayagraj

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A Study of Growth of Crypto Currency with Special Reference to Bitcoin

Prashanta Chandra Panda1

The financial crisis (2007-09) engulfed international banking system. The world witnessed the collapse of mortgaging and investment bank like Lehman Brothers. These events pointed out the instability and the flaws of excessive risk taking and liquidity pumping into economy to stay valued. Freedom in pushing liquidity into the economic system using monetary system and money substitutes has certainly delayed market corrections or signs of setbacks to growth. Role of security derivatives as generating liquidity for banks with no sign of deposit increase in US banks was another major issue questioning the effectiveness of monetary policy. Looking at dollars the currency in circulation i.e. M1 was $3.737 trillion in January 2019, M2 was $14.466 trillion ( $9.3 trillion in savings accounts). Money markets held $857 billion and time deposits held $566 billion. Market continues to observe a massive injection of money and credit. Correlation between M2 growth and inflation rate in US is found to be -0.3738 in the time period 1990 to 2018. The division between credit to consumers and flow to investors from an additional money supply became a hot topic to ponder. On an average money supply was growing at 5.48% while that of inflation was recording 2.41% rise annually. The Fed-s expansionary monetary policy was benefitting more to investors than creditors. In short, money created asset bubbles. Lack of credit worthiness of consumers failed to create accommodative demand in the later period. As a result worldwide investors shifted their attention to gold, treasury notes (2012), stocks (2013) and the US dollar in 2014 and 2015.

Concerns over presence of more than enough liquidity and likely recurrence of asset bubble irrespective of indicative inflationary situations were pushing ideas for generation of an alternative private money system or market. This may also be inspired by possible voids likely to be created with possibility of dollar value being discounted for US debt situations. Liquidity fuelled growth in economy delays repositioning of market fundamentals, rather dictates market movement in trade or business in finance. Increasingly regulators are found losing their policy sovereignty to elected governments. Free from central regulations, neutral to production market, to be hedged for uncertainty in the asset market may have been the ideas behind opting for and development of digital or crypto currency. Crypto currencies are in development for more than ten years. The first cryptocurrency can be traced back to the period of financial crisis (2007-08). The stated reasons, beliefs and innovations in technology led to the introduction of a digital, decentralized currency- Bitcoin.

Crypto currencies are an encrypted, digital peer-to-peer network used for facilitating digital barter. The beauty of crypto currencies lies in providing anonymity while making transactions. They have a more decentralized structure compared to other currencies and do not require the involvement of any third party or regulators. Since the introduction of Bitcoin in 2008, numerous other Cryptocurrencies have emerged in the market. Name coin was introduced in the year 2011 followed by Litecoin and subsequently other Cryptocurrencies. Bitcoin the first prominent crypto currency gained significant attention as it rallied a consistent rise in prices and market capitalization. In 2017, Bitcoin-s price was nearly $19,000 and held a market capitalization of $314 billion USD making it the oldest, popular and highest valued cryptocurrency of all time. Currently, the market capitalization of Bitcoin is $203,991,582,297 or 203 Billion and its price stands at $11, 416 USD or 8,11,037.93 rupees (10th August, 2019).

Crypto currencies have a degree of acceptance around the world as far as trading community is concerned. Countries like Japan, USA, Germany, and Australia are accepting Cryptocurrencies in variety of transactions leaving it open for traders, but these countries also take preventive measures to avoid its use for illegal transactions. At the same time China, Vietnam, Russia, Bolivia, Columbia and Ecuador have banned the use of Cryptocurrencies. Certain countries like India, Jordan, Thailand and many more remain uncertain regarding its legality in their countries. India government has in fact banned its transactions. Industry estimates more than five million crypto currency users in India. Monthly trading volumes in 2018 was around $1.5 billion before government put a blanket ban on private use of crypto currency as well as strict punishment to exchanges. For Cryptocurrencies a major concern remains the sustainability of environment for additional supply or mining, becoming common man-s money and stability of prices Crypto currencies or quote of valuations of commodities in crypto in the future. This paper focuses on the history of bit coin and follows performance over a period 2008-17, throws light on the exchange platforms and their market capitalization and explores possible relations with other financial assets like gold, yield rates or performances of Etherium, Euro Next 100 index and Dowjones average industrial average.

Keywords: Crypto currency, Market Capitalization, Blockchain Technology, Financial Services, e-Gold, Bond Yield, Ethereum, Litecoin, Exchanges, Market Capitalization, Dowjones Average Industrial Index, Euro Next 100 index.

Author acknowledges encouraging contribution from Mr. Devansh Ramakrishnan presently working as Executive at India Film Project and my former student at School of Liberal Studies for painstakingly collecting information, data and literature under my guidance.

  1. Appointed Professor of Economics, KIIT University, Bhubaneswar.

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