Contents

• Aijaz Ahmad Turrey : Migrant Labour Movements and Market Impacts

• Shivani Shivhare & V. Shunmugasundaram : Startup Performance, Sustainability and Entrepreneurial Success: Empirical Study of the Moderating Effect of Business Characteristics of the Startups

• Mohd Shafeeq & Sana Beg : Significant Predictors of Digital Financial Inclusion & their Impact: A Study on Consumer Perspective

• Aadil Amin, Masroor Ahmad & Asif Tariq : Does Financial Development Matter for Economic Growth? Empirical Insights from India

• Badaiahunlang Mawkhiew & Darishisha War Thangkhiew : Major Problems Encountered by the Unorganised Manufacturing Sector in India

• Ajit Nag & Jalandhar Pradhan : Convergence in Public Education Expenditure Across Indian States: Does Club Convergence Matter on Human Capital?

• Ekta Verma : Emotional Intelligence Leadership for Effective Governance in the Medical Sector in India

• Akhil Sharma & Abdul Rishad : Can Oil Prices Forecast the INR-USD Exchange Rate?

• Paramjit, Apoorva Gupta, Sonia Goel, Sumanjeet Singh : Exploring the Linkage between Education and Financial Autonomy of the Women Working in Urban Informal Sector in North India

Migrant Labour Movements and Market Impacts

Aijaz Ahmad Turrey ¹

The study identifies the impact of migrants on the local labour employment, society, and culture of the Valley of Kashmir, comprising of ten districts. The study also aimed to find the wage gap existing between the local labour and migrant labour in the Valley. The study is primary in nature and used the Indian census data 2011 for reference as no other data, report or study is available. The study has been carried out using well-structured scheduled questionnaires in all ten districts of the Valley among immigrants and local labourers. A total of 300 samples of immigrants and 50 samples of local labourers based on stratified random sampling have been selected for the purpose of data collection through interviews. Field study has been carried out between April and July 2019. The study is first of its kind in the area and using secondary data in comparison to earlier self-opinion studies. The study found a very small effect on the employment of local labour but significant impact on the society and culture overall. Migrant labour wages are compromised as compared to the local labourers and wages have not shown any increase from few years due to increasing competition. The study also found a unique solution of urban to rural migration, as Kashmir Valley is mostly rural and having huge conflict and least industrialisation. The study also looked at the reason for increasing immigration despite conflict.

1. Academic Associate, Indian Institute of Management, Ahmedabad.
   Email: turreyaijaz@gmail.com

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Startup Performance, Sustainability and
Entrepreneurial Success: Empirical Study of the
Moderating Effect of Business Characteristics
of the Startups

Shivani Shivhare ¹
V. Shunmugasundaram ²

The purpose of the study is to empirically measure the moderation effect of the maturity of a business on the relationship between financial performance and entrepreneurial success as well as startup sustainability and entrepreneurial success. The study will also measure the impact of the performance and sustainability of enterprises on the success of entrepreneurs of startups in India. The authors conducted a survey questionnaire study of 384 Start- up. owners, founders, CEOs, or business partners and tested the research model by applying the PLS algorithm using SEM. The findings show that the startup adopted good financial performance and sustainability has a strong positive impact on the success of entrepreneurs. In addition, it is found that the maturity of a business has a significant moderation effect on entrepreneurial success.

1. Research Scholar, Faculty of Commerce, BHU, Varanasi, 221005.
   Email: shivanihare38@bhu.ac.in
2. Professor, Faculty of Commerce, BHU, Varanasi, 221005.
   Email: sundarambhu@gmail.com

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Significant Predictors of Digital Financial Inclusion &
their Impact: A Study on Consumer Perspective

Mohd Shafeeq¹
Sana Beg²

Digital Financial Inclusion is an evolving concept that have an impact on the country’s financial system. Recently, the Reserve Bank of India launched an index to measure digital financial inclusion, this index comprises three factors; ‘Access’, ‘Usage’ & ‘Quality’. The purpose of this study is to understand the consumer’s perspective on the significant predictors of the digital financial inclusion index & to assess the impact of these factors on digital financial inclusion. Initially, twenty-nine variables were finalized, thereafter, based on the ‘Content Validity Index’, these variables were brought down to twenty, which is further reduced to nineteen after Exploratory Factor Analysis & Confirmatory Factor Analysis. Later, Systematic Equation Modelling is used to assess the impact of access, usage & quality dimensions on digital financial inclusion index. The findings suggest that from the perspective of the consumers, Quality has the highest loading followed by Usage & Access. Thus, banks must also focus on improving the quality of their services, besides improving the usage of digital finance. This study lays importance on the adoption of a balanced approach i.e. giving equal importance to the perspective of consumer’s & banks, this will help the economy in achieving higher digital financial inclusion.

Keywords : Digital Financial Inclusion Index, Financial Inclusion, Factors affecting Digital Financial Inclusion, Impact of digital finance on digital financial inclusion, Consumer’s Perspective.

1. Assistant Professor, Department of Management, School of Management & Business Studies, Jamia Hamdard, New Delhi-110062, India. Orcid Id: http://www.orcid.org/0000- 0003-2562-2423.
   E-mail: drmohdshafeeq@jamiahamdard.ac.in
2. Associate Professor, Department of Management, School of Management & Business Studies, Jamia Hamdard, New Delhi-110062, India.
   E-mail: sbeg@jamiahamdard.ac.in

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Does Financial Development Matter for Economic
Growth? Empirical Insights from India

Aadil Amin¹
Masroor Ahmad²
Asif Tariq³

The purpose of this study is to explore the relationship between financial development and economic growth in India using time-series data from 1990 to 2018. The present study employed principal component analysis (PCA) technique for constructing a comprehensive financial development index. For that purpose, various financial proxy variables from financial institutions (FIs) and financial markets (FMs) have been used for the measurement of financial depth of India, as financial development is a complex process that cannot be measured quantitatively in a straightforward way. Besides, with the creation of several new services and products over the years, across the globe, the financial sector (both financial institutions and financial markets) has evolved considerably. The autoregressive distributive lag (ARDL) model and Toda-Yamamoto Causality test are employed to investigate the long-run and short-run relationship and causality between financial development and economic growth The empirical results from the index created through principal component analysis (PCA) validate that financial development has enhanced over time. Moreover, the study results confirm the long-run and short-run relationships between India’s financial development and economic growth using the ARDL technique. Moreover, the empirical results revealed that there is a feedback causality between financial development and economic growth. Therefore, the study’s findings substantiate the view that financial development enhances economic growth in India. This implies that financial development has resulted in the desired outcome of a more stable economy. This study has important policy implications for policy-makers, that is they can act to stimulate economic growth by improving the efficiency of the financial sector.

Keywords : Financial Development, Economic Growth, ARDL.

1. Research Scholar, Department of Economics, Central University of Kashmir, Ganderbal- 191201. Email: aadilnajar2016@gmail.com
2. Assistant Professor, Department of Economics, Central University of Kashmir, Ganderbal-191201, Email: masroor@cukashmir.ac.in
3. Research Scholar, Department of Economics, Central University of Kashmir, Ganderbal- 191201. Email: asiftariq@outlook.com

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Major Problems Encountered by the Unorganised
Manufacturing Sector in India

Badaiahunlang Mawkhiew¹
Darishisha War Thangkhiew²

The Unorganised Manufacturing Sector (UMS) accounts for a major part of the entire manufacturing sector in India in terms of employment generation and number of enterprises. However, it’s productivity pales compared to the organised sector and multitude of problems beset the UMS. Accordingly, the present study aims to find out how certain characteristics of an enterprise would affect the existence of major problems in the UMS. Using 73rd Round NSSO data, three major problems indicated in the UMS are fall in demand, power cuts and high cost of credit. A logistic regression model between each major problem and a list of an enterprise’s characteristics, that is age, location, registration status, social group of the owner an ownership, separately for the three categories of enterprises based on size-OAMEs, NDMEs and DMEs of the UMS has been estimated. further for every model, the average marginal effect of each independent variable has been obtained which has brought out notable results. The impact due to age, social group of the owner and ownership generally differs among the three enterprises. Registration can mostly found that all the three problems are common among the rural enterprises. Hence, prioritising development of infrastructure along with more accessibility to credit in the rural sector would be conducive for reducing problems among the rural sector enterprises.

Keywords- Unorganised Manufacturing Sector, India, Major problems, National Sample Survey Organisation, Logistic regression, Average marginal effects.

1. Research Scholar, Department of Economics, North Eastern Hill University, Shillong- 793022.
   E-mail: badamwk@gmail.com
2. Assistant Professor, Department of Economics, North Eastern Hill University, Shillong- 793022.
   E-mail: darithangkhiew@yahoo.co.in

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Convergence in Public Education Expenditure Across
Indian States: Does Club Convergence Matter on
Human Capital?

Ajit Nag¹
Jalandhar Pradhan²

Education is crucial for creating human capital and preserving global well-being, which contribute to development. To maintain its pioneering role in development, disparities and cross-state convergence must be reduced. Educational equity is crucial to India's development. This paper investigates the convergence and inter-regional inequalities in per capita education expenditure for 22 Indian states from 1990 to 2019. For that purpose, the study used the club convergence technique of Philips and Sul (2007) to assess whether states converge toward a single steady-state equilibrium or multiple groups. We found that Indian states haven't achieved a single steady-state equilibrium. Instead of overall convergence, the findings show three final clubs and one divergence state for education spending. Further, the Gini and Theil indices have been used to estimate inter-regional disparity among Indian states. The results showed that there is a significant variation in education expenditure among the Indian states. In light of this, policymakers should take into account the unique traits identified by the convergence study when developing strategies to encourage regional education investment, improved coordination, and inequality reduction. Therefore, imbalance in education expenditure, development, and integration must be specifically addressed through pro-poor regional policies. To improve human capital across the Indian states, public education spending should be equally distributed across all educational levels. Government institutions need to be more effective and efficient, and emphasis could be put on strengthening the integration and coordination of education policies among Indian states.

Keywords : Club convergence, Education expenditure, Indian states, Human capital.

JEL classification : C22, I24, R10

1. Senior Research Fellow (SRF), Department of Humanities and Social Sciences, National Institute of Technology, Rourkela, Odisha 769008, India.
   E-mail: ajitnag1407@gmail.com
2. Professor, Department of Humanities and Social Sciences, National Institute of Technology, Rourkela, Odisha 769008, India.
   E-mail: jpp_pradhan@yahoo.co.uk ORCID: 0000-0001-5998-0363

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Emotional Intelligence Leadership for Effective
Governance in the Medical Sector in India

Ekta Verma¹

Purpose
The goal of this research is to investigate the impact of Emotional Leadership on good medical governance. The goal of this study was to see if there was a link between nurse staff's emotional intelligence and their leadership effectiveness. The aim of the present paper is to explore the relationship between Emotional Intelligence and effective leadership to measure the tendency of emotional control of the working class both male and female at a managerial level in a private and public sector of India, mainly the medical sector.

Design/ Methodology/ Approach
The primary objective of this study is to examine the impact of various factors on effective leadership and Emotional Intelligence. A maximum of 210 participants were included in this original study statistical sample. The study's instrument is responded using the purposive sampling technique. The statistical analyses were performed using SPSS version 23.0 software employing descriptive statistics such as mean, standard deviation, and percentage. According to the findings, Emotional Intelligence has a significant and substantial impact on management corporate governance effectiveness.

Results: The findings revealed a statistically significant link between emotional intelligence and leadership effectiveness (practices) among nurses. "Average - acceptable emotional capacity" was demonstrated by research administrators. Furthermore, the study discovered that total emotional intelligence and eight other components of emotional intelligence are substantially connected with the Leadership Practices. This demonstrates that additional emotional intelligence training during the course of a nursing education programme can be helpful when combined with extensive practical experience in health care.

Academic Discipline and Sub-Disciplines: Business Management, Human resource management.

Subject Classification: Emotional Intelligence Leadership.

Keywords: Emotional Intelligence Leadership, Effective Governance, Self awareness, Empathy, Social skil

1. Department of Commerce and Business Administration, University of Allahabad.
   E-mail: ektaverma.au@gmail.com

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Can Oil Prices Forecast the INR-USD Exchange Rate?

Akhil Sharma¹
Abdul Rishad²

This article provides a detailed discussion on the reliability and stability of oil price shocks for an out-of-sample forecast of INR-USD exchange rate. The study used ARIMA (p,d,q) and ARIMAX (p,d,q) as linear models and Facebook Prophet 1 and Facebook Prophet 2 (by incorporating oil price as regressor) as non-linear models for this purpose. It found that the inclusion of oil price as a regressor helps to forecast INR-USD exchange rate better than modelling the exchange rate alone. Despite incorporating oil price as a regressor, non-linear models forecast the INR-USD exchange rate better than the linear models. Finally, the predictive ability of oil prices is stronger for shorter horizons (for 30 days) though the MSE increased to 16 times for longer horizons (for 365 days). Thus, the policymakers should give enough attention to oil price shocks by considering it as one of the potential sources of uncertainty in the foreign exchange market.

Keywords : Oil price, Exchange Rate, India, Facebook Prophet, ARIMA, ARIMAX.

JEL Classification: C22, C53, C58, F31

1. Assistant Professor, Department of Commerce, School of Commerce and Management Studies, Central University of Himachal Pradesh, Dharamshala, Himachal Pradesh, India.
   Email: 1990akhilsharma@gmail.com; ORCID ID: 0000-0002-7036-8682
2. Assistant Professor, Department of Finance & Accounting, ICFAI Business School, Hyderabad, India.
   Email: ktdahsir@gmail.com; ORCID ID: 0000-0003-1418-5619

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Exploring the Linkage between Education and Financial
Autonomy of the Women Working in Urban Informal
Sector in North India

Paramjit¹
Apoorva Gupta²
Sonia Goel³
Sumanjeet Singh⁴

Autonomy of women in terms of taking decisions in their financial matters is crucial in accelerating empowerment and reducing gender biases. Accessibility to education can enhance and improve women’s ability to question, obtain knowledge and utilize right information. It further can enhance their intra household bargaining power, and their decision making ability to optimally utilize resources for their betterment and substantially take rational decisions. However, this may not always be true. Using data from a primary survey of working women in the urban informal sector in three States of India: Rajasthan, Haryana and Delhi-NCR, this paper argues that accessibility to education can sometimes reduce women’s autonomy to use her income and take independent financial decisions. This paper finds an inverse relationship of the degree of financial autonomy with the level of education a woman has, for the women working in the informal sector.

Keywords: Financial autonomy; gender; informal sector.

JEL Codes: D14, G50, J46.

1. Professor of Economics, Department of Economics, Delhi School of Economics, University of Delhi, Delhi-7, INDIA. E-mail: jit@econdse.org
2. Assistant Professor, Department of Economics, Hansraj College, University of Delhi, Delhi-7, INDIA. E-mail: apoorvagupta@hrc.du.ac.in
3. Associate Professor, Department of Economics, Ramjas College, University of Delhi, Delhi-7, INDIA. E-mail: sonia@ramjas.du.ac.in
4. Associate Professor, Department of Commerce, Ramjas College, University of Delhi, Delhi-7, INDIA. E-mail: dr.sumanjeet@ramjas.du.ac.in

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