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Special Centennial Issue

No. 411

April 2023

Vol. CIII (Part-IV)

ISSN: 0019-5170


Economic Reforms and Unemployment in India

P. Balamurugan
R. Rajanbabu1

In this paper an attempt has been made to understand the economic reforms, its performance and its impact in general and on employment in particular. Economic reforms increased private participation and increased the openness of the economy. To boost the private sector, many government interventions were lifted. Due to these, both domestic and foreign investment in Indian market increased significantly. Increased investment encouraged the technological upgradation, which increased the labour productivity. As economic reforms encouraged the investment and technological upgradation, there is continuous increase in the country’s GDP. Theoretically, it is expected that increased GDP to generate positive externalities in the economy particularly in terms of employment generation. However, the output expansion in Indian economy has failed to generate adequate employment opportunities. Due to this, income inequality has increased in the post reform period. The inequality between the agricultural and non-agricultural income has widened. Regional disparity in development increased. The problem of unemployment is severe in the rural areas. Among the social groups, Women, Muslim and OBC are worst affected by joblessness. It is found that increased labour productivity due to automation is one of the important reasons for the jobless growth in India. The paper suggests that to provide meaningful employment to the needy people, targeted employment guarantee schemes need to be introduced.

Keywords : Debt, Economic Reforms, GDP, Growth, India, Unemployment.

  1. Faculty, Department of Economics, Central University of Tamil Nadu, Thiruvarur – 610 005, India; Email:,

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Carbon Footprint and Performance of Quoted Insurance
Firms in Sub-Saharan African Countries

AIGBOVO Omoruyi2

This study examined the effect of the rate of carbon footprints in an economy on the financial performance of listed insurance companies in selected countries in the sub-Saharan African region. It is argued in the study that factors that are external to the insurance industry (carbon footprint) intensify risks faced by the insurance firms. The study employs secondary data collected from the sampled insurance firms' annual audited financial statements. Data used involves forty-five (45) insurance firms in eight (8) selected sub-Saharan African countries for the period of 2010 to 2019. A dynamic estimation procedure was adopted based on system GMM estimation technique using dependent variables (ROA, ROE and Tobin’s Q), explanatory variable CO2 emission and moderating variables of firm’s size, economic growth and inflation rate. The results from the study reveal that the pattern of effects of carbon footprints differ in terms of the measurement used for a performance indicator. In particular, the study found that the level of carbon footprint in the economy exerts significant negative effects on all the performance indicators of insurance firms. Optimal risk and sustainable insurance procedures are therefore recommended in the study.

Keywords: Climate Change, Carbon Dioxide Emissions, Ecological Footprint, Insurance Industry.

JEL Classification : L25, Q54
  1. Lecturer I, Department of Insurance, University of Benin, Benin City, PMB 1154, Edo State, Nigeria; +2347037491449;
  2. Lecturer I, Department of Banking and Finance, University of Benin; PMB 1154, Edo State, Nigeria; +2348027364552;

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An Analysis of Intra-Industry Trade Pattern between
India and Southern African Customs Union (SACU)

Jai Prakash Yadav1
Bimlesh Singh2

Intra-industry trade (IIT) has played a significant role in international trade, where similar products have been exchanged between nations. Numerous empirical studies have been conducted on India's IIT index and its determinants, but only a handful of studies have focused on the African region. This article examines the IIT index trend between India and the Southern African Customs Union (SACU) between 2001 to 2020. In addition, studies have investigated the factors that influence the IIT index with SACU. Several commodities have an IIT value greater than 0.90, indicating a high (IIT) Index between India and SACU. During the study period, more than fifty per cent of commodities had an IIT index of less than 0.10, indicating inter-industry trade in most commodities. Examining the factors affecting the IIT index, the result shows GDP of partner countries affect positively by a significant level. While the FDI inflow of partner countries and GDP of India shows a positive coefficient but are not statistically significant. The landlocked partner countries, the distance between India and partner countries and the shared official language of partner countries hurt negatively to IIT index.

Keywords : Intra-industry trade (IIT), Southern African Customs Union (SACU), Determinants, Panel data.

  1. Research Scholar, Department of Economics, Indira Gandhi National Tribal University, Amarkantak (M.P.), Email:
  2. Assistant Professor, Department of Economics, Indira Gandhi National Tribal University, Amarkantak (M.P.), Email:

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Analytical Study on Impact of Environment, Social and
Governance Score on Share Price: Evidence from India

Yashswini Varde1
Manminder Singh Saluja2

The global economy took a turn when investors started becoming socially responsible while making their investment decisions and started screening their options based on various factors and frameworks that promote goodness. In this paper, we have tried to analyse whether social conscious investment plays a vital catalyser in enhancing a firm's market price in an emerging economy, namely India. For this, thou have studied the impact of widely used scrutiny measures, namely ESG score on the share price of six different industries- Automobile, Metals (Mining), Energy, Financial Service, Pharma, and Information technology. The regression analysis shows that Social and Governance factors have a statistically notable impact on a firm’s market price; however, it was found that the Environment component of the ESG framework has statistically no significant impact on the share price of a firm, but it has a significant impact on environmental sensitive firms. In addition, ESG controversies were also taken into consideration while making the regression equation and it was found that ESG controversies also have a negative impact on the share price in general and a positive impact on the environmental sensitive firm.

Keywords : ESG Score, Environment, Social, Governance, ESG controversies, Stock performance, India.

  1. PhD Scholar - International Institute of Professional Studies, DAVV, Indore.
  2. Assistant Professor (Senior Scale), International Institute of Professional Studies, DAVV, Indore.

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Modelling and Forecasting of Carbon Dioxide Emissions
from Electricity Production in Sub-Sahara Africa:
ARIMA Models Approach

Gbenga Peter SANUSI1
Esther FOLARIN 2

This study modelled the emission of carbon dioxide from electricity and heat generation during 1971 to 2018 in Sub-Sahara Africa, using the Autoregressive Integrated Moving Average (ARIMA) approach. Addressing future emissions is germane in influencing the trajectories of energy policy in SSA. Therefore, this paper forecast the CO2 emissions of Sub-Sahara Africa countries in relation to electricity production and environmental sustainability. On the strength of the results obtained, it is concluded that ARIMA (2, 1, 0) model predicts the carbon dioxide emission in the region better. Since the model explains the variability in the data series in the period under review, the forecast ability can inform policy formulation. It predicts an increase in CO2 emissions as electricity generations from oil, gas and coal continue to rise. However, hydroelectric sources indicate a reduction. Its follows therefore, that Sub-Sahara Africa would need to further formulate and implement policies which promote investment and use of renewable energy in electricity generations.

Keywords- Electricity Production, Emission, ARIMA.

JEL Classification: Q4, O4, Q47.

  1. Corresponding Author, Department of Economics, Anchor University, Lagos, Nigeria.
  2. Department of Economics, Anchor University, Lagos, Nigeria.

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Comparative Analysis of Regional Rural Banks in
Uttar Pradesh with Regional Rural Banks in a
Developed State of Tamil Nadu

Arushi Srivastava1
Ashok Kumar Kaithal2

Regional Rural Banks (RRBs) play a significant role in fulfilling the credit needs of the neglected section of the society in rural areas. The main aim of the paper is to compare RRBs in Uttar Pradesh with RRBs of a developed state i.e. Tamil Nadu. The key indicators such as Net Profit and Non-Performing Assets percentage (NPA %) have been taken to analyse the trend in performance of RRBs in both the states. Various published sources such as NABARD reports, RBI reports and respective bank sites have been analysed. It has been concluded that RRBs of Uttar Pradesh have to improve their performance in generating their profits. They have to look upon their loan disbursement schemes as their trend in Non-Performing Assets percentage (NPA %) indicates weak performance in recovery of loans. The RRBs of Tamil Nadu have shown significant performance in generating profits. They have tremendous performance in recovery of loans as their Non-Performing Assets percentage (NPA %) ranges from 0%-1% only during the years of study period. They even attain 0% of Non-Performing Assets percentage (NPA %) in the year 2021-22 which becomes an inspiration to other RRBs in India. It has also been analysed that despite of COVID-19 lockdown period, RRBs in both the states have shown a satisfactory performance in terms of Net Profit and Non-Performing Assets percentage (NPA %) in the year 2020-21.

Keywords : Regional Rural Banks, Net Profit, Non-Performing Assets.

  1. Research Scholar, Department of Economics, University of Lucknow, Lucknow, UP, India.
  2. Professor, Department of Economics, University of Lucknow, Lucknow, UP, India.

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Service Sector Growth and Indian Economy:
An Empirical Analysis

Pradeep Kumar Singh1

Service sector play a vital role in the economies of both developed and developing countries. They account for over half of the gross domestic product of all developed economies and constitute the single largest sector in most developing economies. On the path of economic development, India has reached a level where there is predominance of service sector and it has become the mainstay of the growth process especially over the last two decades. Services sector has emerged as the largest and fastest-growing sectors of the Indian economy and is well-known sequence of structural transformation from agrarian economy to a predominantly service economy.

The services sector with a share of 55.2 per cent in India’s gross value added continued to be the key driver of India’s economic growth contributing almost 72.5 per cent of gross value added growth in 2017-18. While the growth of this sector in 2017-18 is expected to be at 8.3 per cent, the growth in services exports and net services were robust at 16.2 per cent and 14.6 per cent respectively in the first half of 2017-18. (Economic Survey, 2017-18)

This paper examines the trend of service sector growth as well as analyzes the role of various important components of services in the growth of service sector in India. By this way it would be highlighted the past and recent development of growth of service sector through the role of its important components and also its share in balance of payment on current account and also try to access its strength to mitigate the deficit in trade balance. For the data analysis, elementary statistics viz. growth rate, percentage, share, etc. has been used while to test the causality between variables, Granger Causality Test has been applied. The study based on Secondary data which have been collected through reports of the Ministry of Commerce and Industry, Reserve Bank of India, Centre for Monitoring Indian Economy,, Economic survey and various government sources and related websites. The time period selected for this study is 1997-98 to 2017-18. The rationale behind the selection of this time period is that the availability of components wise time-series data of service sector is limited in the concerned period. The overall conclusion emerges from the present analysis is that, there is uni-directional causal relationship between services exports and travel and software services exports. It is travel and software services exports which are affecting total services exports significantly, but not significantly affected by other components taken into consideration.

Keywords : Service Sector, Gross value added, Economic growth, Balance of payment, Current account, trade balance, structural transformation.

JEL Classification : L800, O400.

  1. Assistant Professor Stage-III, Department of Economics, University of Allahabad, Prayagraj, PIN-211 002, Uttar Pradesh, INDIA.

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Employment in India’s Unorganised Manufacturing
Sector: Post-Reform Trends (1994-95 to 2015-16)

Puja Pal1
Amit Kumar2

Given the prominent role of manufacturing sector in the economic growth and employment generation of Indian economy, the paper analyzes the performance of unorganised manufacturing sector, with special focus on its employment creation capacity over the period from 1994-95 to 2015-16. The structure of unorganised manufacturing sector is examined in terms of size, employment, output and capital. A detailed analysis at three-digit industry level is done to have a holistic picture of Indian unorganised manufacturing sector. The focus is on exploring labour intensive industries which have employment-generation potential throughout the analysis. The paper also investigates the ‘Jobless Growth’ phase and discuss the reasons behind such jobless growth in unorganised manufacturing sector. Using the Unorganised Manufacturing Surveys of National Sample Survey, the analysis shows that the employment performance of unorganised manufacturing sector remains quite dismal, despite moderate output growth rate in post-reform period. We found that Wearing Apparel, Tobacco products and furniture are the fastest growing industries in unorganized manufacturing sector. These industries are indeed important from policy perspective as these industries could be targeted for pro-poor growth in economy. But it is unlikely to be significant to absorb India’s surplus labour as these sectors have low-income elasticity of demand and quality of employment generated is very low.

Keywords:Employment, Unorganised Manufacturing Sector, Capital Intensity, Labour Productivity, Output.

  1. Assistant Professor at G.B. Pant Social Science Institute, Prayagraj, (A Constituent Institute of University of Allahabad), Email:
  2. Assistant Professor in University of Delhi, Email:

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Women’s Empowerment Outcome: Experiences from

Firdaus Fatima Rizvi1

People need skill that them to work better and improve their livers; and to beyond existing ways of working. And in rural environments; where the social organization is based on employment by other, people need employability skills as well. Under the new transformational paradigm, a possible approach is to identify rural people’s needs and skill base. Hence, to identify people’s need and skill in rural areas, Government of Bihar has implemented National Rural Livelihood Mission (NRLM) projct through Bihar Rural Livelihood Promotion Society (BRLPS) under the Department of Rural Development, spearheaded by the World Bank in 2006. BRLP is locally known as JEEiKA that has an objective of providing social and economic empowerment to rural poor with the help of skill development programs and formation of SHGs.

This article examines the role of DAY-NRLM program in developing entrepreneurial and activity-oriented skills among the unemployed rural Muslim women who are willing to create micro entrepreneurship. The article also observes the role of DAY-NRLM in providing income-generating assets such as bank credit and government subsidy to rural women. In addition to this, it also examines the effectiveness of DAY-NRLM in promoting self-employment and entrepreneurship among Muslim women in rural areas of Bihar. This study was conducted in two blocks of Gaya district namely Bodhgaya and Sherghati.

Keywords: Enterpreneurship, Employment empowerment, Muslim Women, SHG, DAY-NRLM, JEEViKA.

  1. Assistant Professor (Senior Scale), Department of Development Studies, School of Social Science and Policy, Central University of South Bihar, Gaya-824236.

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Womanhood, Hygiene Management and Well-being:
A Qualitative Research on Urban Slums

Alpana Kateja1

In spite of recent surge of interest in sanitation, menstrual hygiene remains under researched. Based on intensive thematic analysis conducted on one hundred and twenty women respondents from urban slums of Jaipur (Rajasthan), the study brings out specific issues of impoverished status of menstrual hygiene. Women and young girls highlighted the despicable practice of open defecation threatening their safety and personal integrity. Incidences of voyeurism, eve teasing and compromised privacy of women were revealed. Lack of stakeholder support emerged as a critical constraint responsible for poor sanitation infrastructure and unavailability of latrines. Element of social change was observed during the qualitative inquiry. Recommendations are proposed in the light of insights derived as part of visit to the areas of study and themes which emerged during the analysis.

Keywords: Menstrual Hygiene, Open Defecation, Sanitation, Social Change, Urban Slums.

JEL Classification: I31, O18, R21

  1. Professor, Department of Economics, University of Rajasthan, Jaipur (Rajasthan) 302004. E-mail:

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Estimation of Engel Curve in Assam: An Application of
Working Lesser Model

Bandana Chowdhury1
Bodhisattva Sengupta2

The expenditure on food contributes to roughly 50% (if not more) of the household budget. Such a large share makes the calculation of food expenditure as well as its determinants an integral part of applied welfare economics. A key ingredient for the evaluation of food policy is that how demographic characteristics affect food consumption patterns. If that is the case, policy measures should vary across households with different demographic characteristics. In this paper, we provide and analyse the results of a household-level survey of Kamrup Districts (both Metro and Rural), Assam, India, conducted during 2018-19. The focus is the effects of the household budget and other demographic variables (such as family size and composition, household-level educational attainment, socio-demographic variables such as caste, religion and linguistic identity) on household consumption, as summarized in budget share. We posit that the relation between consumption decisions and demographic variables are to be different for different food items. In terms of policy, a study of demographic variables and expenditure elasticities can be used in figuring out income supplement (at least for the commodities which have a high calorie/other nutritional benefits). Further, linking consumption to demographic variables enable policymakers to go beyond income as the only marker of consumption. Given the same level of income, if a group of households with certain common demographic characteristics ‘fall behind’ in food consumption, policy makers can go for group/family specific in-kind transfers than cash transfers. We also show how these estimates are sensitive to economic status, i.e. along urban/rural as well as rich/poor segments. First, we are presenting a detail and item-by-item analysis of Engle curve. Second, we examine the differential impact of the demographic variables on food share across the categories (rich/poor/pooled). Instead of just reporting the numbers, we focus on presenting statistical test for equality of regression coefficients. On the same vain, we also test for equality between expenditure elasticities between those sub samples and full sample. The reason behind comparing the segments with the pooled sample is the following. In many instances, the case for differential policies (say, across demographic or economic divisions) is made. A scientific basis for such differential policies is that relevant estimates should be different from each other. If, for example, rich and poor elasticities do not (statistically) differ, one can argue for a universal policy. Further, if both measures are identical with those obtained from pooled regression, the universal policy can be based on the pooled regression.

Keywords: food expenditure, consumption pattern, expenditure elasticities, Engel curve.

  1. Assistant Professor, Department of Economics, Gauhati University, Assam, India.
  2. Associate Professor, Department of Humanities and Social Sciences, Indian Institute of Technology (IIT) Guwahati, Assam, India

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