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Special Centennial Issue

No. 400

July 2020

Vol. CI

ISSN: 0019-5170



Role of Judiciary and Government on Major Polluting Industries in India

Rathindra P. Sen


Among the issues of international relations pertaining to current and perspective world problems and challenges that of the impact of Judiciary and government on environmental degradation due to the polluting industries claims a prominent place. Concern about this problem is hardly new, but it has grown world-wide only during the past one and a half decades. During this period, the problems of environmental degradation of the underprivileged economies came to be regarded as one of world’s major challenges. Indeed, modern India needs growth i.e. jobs coupled with social justice, and obviously, due care of environment from polluting industries.

In view of future Sustainable Development, the Planning Commission should have focused on the new direction for the country, and suggested urgently required time bound and target oriented programmes to render economic and social justice to prevent environmental degradation. The reason, debate and story of the pollution can be taken as a problem of scarcity in terms of the limited waste disposal capacity of the environment. The social choice of expected level of environment is a pollution free environment, which is scarce. The supply of such environment is only available at a cost. Unmistakably, in free market economy, consumers may not accept to pay more for a commodity for the sake of environment protection, and hence the producers are not likely to take care of environment in the production process to reduce the burden of extra cost. The government has a role to play in the prevention of environmental damage by taking various administrative and legal measures including ban on production of certain products.

Development planners often argued for the imposition of taxes on generators of pollution. As the social cost of production is always better than the private cost to the polluter, the government should intervene with a tax or cess to make pollution most costly to the polluted so that the polluter will produce less pollution to save cost. Such tax is often debated against subsidies for the polluters who cannot afford to pay tax. However, the subsidy results in excess production in the polluting industry in both the short and long run. To work out on the social choice for tax or subsidy, there must be knowledge on the target group of the industries.

Ministry of Environment, Government of India has already observed that the Small and Medium Enterprises (SMEs) are the backbone of the Indian economy, with three million SMEs, this sector contributes 40 per cent towards the national income. SMEs provide employment to more than 16 million people in the country, and are growing at the rate of 20 per cent annually. But, SMEs are also a major area of concern as they account for about 70 per cent of industrial pollution. Due to obsolete technologies and poor operation as well as maintenance, these SMEs have a high specific waste generation factor.

Location and concentration of the small manufacturers are concentrated mainly within the residential areas and they jointly make more damage to the environment. Often the ‘shut down’ orders are imposed upon them but such practise in long run adversely affects the national economy both in terms of aggregate income and employment.

The present scenario of Indian industries has been considered. The Central Pollution Control Board (CPCB) has identified 2744 large and medium industries in 17 categories of highly polluting industries, contributing maximum to the pollution load. However, while examining the position of these 17 polluting industries through Annual Survey of Industries (ASI), the share and contribution of these seventeen polluting industries in Indian economy have been examined. An attempt has been made to classify these 17 polluting industries State as well as sector-wise along with detailed discussion on judiciary legislation imposed on them.

Finally and particularly, the benefits of improved quality environment will lead to sustainable development. The problem of externalities is a momentous aspect of quality of environment. Environment quality is regarded as a public good that is available to all consumers in equal amounts. It is natural perhaps that as the environment resources are public goods, its exploitation and degradation continue mindlessly to raise the level of pollution. The individual user may get a return higher than the cost of polluting the environment but ultimately, the total costs owing to damage in terms of welfare may exceed total benefits. The damage from pollutants is an external diseconomy or negative spill over.

To signal the fact, our development planners review the entire position of development and environmental crisis, and evolve a new process of balanced and rational development which will also preserve the environment through an ideological macro-economic public policy in recent planning process. Otherwise, such a stochastic situation (i.e. decision under risk) becomes less unpalatable because one considers the possibility that if we do not take it now, it may well one day become a crime against society.

  1. Professor of Economics & Ex. Dean of the Faculty of Social Sciences, Mahatama Gandhi Vidyapeeth, Varanasi, Uttar Pradesh, India. E-mail -

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Use of Micro-segmentation to Find Determinants of Women’s Labour Force Participation and Unemployment

Nirad Inamdar1


As the COVID-19 pandemic has spread across the world, it has had an adverse impact on emerging economies like India. This effect is more severe for women and hence, there is a need to study women’s labour force participation (LFP) and unemployment separately. But in the Indian context, this topic had not seen enough research work until recently. Hence, this paper focuses exclusively on women and narrows the scope down to one state, viz. Maharashtra. Further, even within one state, there are disparities among different regions and this study provides a proxy to model them. We use data available from the India Human Development Survey 2nd Round for analysis. Drawing on similar research in this area, this paper offers two competing Probit models. The first model takes into account the joint impact of 7 variables. The second model divides the sample set into 108 microsegments, based on all possible combinations using the values of five variables – sector, marital status, social group, education level and rainfall. By using a generalised approach, our research is applicable to other states as well. Thus, our analysis identifies certain microsegments among women, which influence the likelihood of LFP and unemployment.

Key Words: Women’s Labour Force Participation, employment, unemployment, India Human Development Survey, Probit analysis.

JEL Classification Code: C35, E24, J11, J16, J21, J64
  1. Ph.D. Student in Economics, Indian Institute of Management, Lucknow.

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Declining Female Labour - Force Participation in India: An Analysis



In this paper has analyzed that declining female labour - force participation in all age’s groups in rural and urban India. Female employed has divided among different categories of employed (self – employed, wage / salaried, contract and casual workers) in labour economy. Labour work has to display in economy such as: self – employed is high compare to other categories of employed and female participation continue decreasing in India. Result of analysis shows that during since 2007 to 2018 ratio of LFPR has continue declined in particular years and there is no positive change in participation rate among years. The another has been used trends of five quinquennial National Sample Survey (NSS) Rounds on the Employment and Unemployment Survey (EUS) (1993–1994, 1999–2000, 2004–2005, 2009– 2010 and 2011–2012) for compare in different years labour – force participation.

Key Words:Employment, Participation, Female, Rural, Urban, Labour – Force, India.

  1. Assistant Professor, SDIMT, Haridwar.

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Export Lead Growth Hypothesis (ELGH): Co-integration and Causality Analysis for India

Samir Kumar Das 1  
Minaketan Behera2

The objective of this paper is to examine the association between performance of real exports and imports and economic development in India for the period 1971-2018. The paper employs a variety of analytical tools, including cointegration analysis, Granger causality tests, and unit root tests, coupled with vector auto regression (VAR) analyses in order to test export led growth hypothesis. The empirical findings revealed that GDP, real exports and real imports are co-integrated and it confirmed existence of long-run relationship among the variables. Granger Causality Test results do not reject the null hypothesis of real exports does not Granger causes GDP, even though two measures for GDP are used (GDP and GDP net of Exports). However, it found one-way causality between Exports and Investment. The causality flows from exports to investment. Further, the study found one-way causality from investment to economic growth.

Key Words: Growth, Export, India, Co-integration Test, Granger Causality Test.
JEL Classification Code: F1, F43, O53

  1. Director, Department of Statistical and Information Management, Reserve Bank of India, Mumbai, E-mail:
  2. Associate Professor of Economics, Centre for Informal Sector and Labour Studies (CIS&LS), School of Social Sciences, Jawaharlal Nehru University, New Delhi-110 067 E-mail:

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Bibliometric Analysis on Executive Compensation

Tariq Aziz 1
S.K.Gupta 1
Sameer Kathuria1

Purpose- To carry out bibliometric analysis of the literature on executive compensation.

Design/methodology/approach - A bibliometric approach to study data obtained from Scopus, the VOS Viewer software was used for the period 1988–2020, anda total of 415 research papers were analyzed. The publications were searched out in Scopus database through keywords, namely, executive compensation”, “CEO compensation, “executive pay” or “CEO pay”, in all document types and access type. The data were analyzed by year, source of publication, citation iand ico-citation analysis.

Findings – The journal of financial economics and corporate governance: an international review are the most scouted journals in the field of executive compensation. The USA, UK and Canada are the foremost countries that influence the publication production. The most influential paper is Van Essen M. (2015) with 25.8 citations per year while, the most cited paper on absolute terms is Jensen M.C. (1990). During the period 2008–2020, there are publications of more than 20 papers on an average per yearclearly indicating the growing interest in the field of executive compensation

Originality/value- A bibliometric approach to understand the literature and the key areas in the field of executive compensation from the Scopus database

Contributions- This approach renders an understanding of the nature and trends of research on executive compensation research

Research limitations/implications-The findings of the paper are only limited to number of results obtained from the Scopus database from year 1988 to 2020 and the interpretation of the maps and the classification based on topics was subjective

Keywords- executive compensation, bibliometric analysis; VOS Viewer; citation and co-citation analysis.

Paper type- Literature review

  1. Assistant Professor, Department of Business Administration, Aligarh Muslim University. E-mail ID:
  2. Managing Director, RVO, The Institute Of Cost Accountants of India E-mail ID:
  3. Assistant Professor, NDIM, IP University. E-mail ID:

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An Empirical Study on Dynamic Association Among Gold Market, Crude Oil Market and Stock Market Returns in India

Archana Singh 1

Shalini Kushwaha 1

The stock market is an important indicator of the economic health of a country and its movement is sensitive towards domestic as well as external factors. Stock market facilitates mobilization of capital funds within the economy. From the industries as well as investors point of view intensification of stock market is always a concern. Many macroeconomic variables effect the stock market indices. The study focuses on effect of factors like crude oil prices and gold prices on stock returns. Increase in crude oil prices increases the production cost which adversely affect the cash flow thus leads to fall in stock returns. Down fall in the stock returns pushes the investors to go for further diversified portfolio arbitrage and thus enhancing the gold investment. Based on above association, the study examines the dynamic relationship among gold market, crude oil market and stock market returns. For research secondary data is obtained from April 2009 to March 2019. For analyzing short-terlinkages among the variables VAR(Vector Auto Regressive) model is applied. To examine long term linkages, Johansen Cointegration test and Granger causality in the Vector Error Correction Model (VECM)is applied. Moreover, EGARCH model is used to examine the dynamic contemporaneous linkages among these markets and ARDL causality test being used to find out lead lag relationship. The findings of the study shows that all three markets are inter connected to each other and all three markets are integrated in short-run as well as in the long -run. This will help investors to make strategies for portfolio selection which will add value in their investment.

Keywords: NSE, Gold Market, Crude Oil market, Investors, Portfolio arbitrage.

  1. Assistant Professor, Department of Commerce and Business Administration, University of Allahabad, India; Email:
  2. Research Scholar, Department of Commerce and Business Administration, University of Allahabad, Email:

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Road Network and Economic Development in Northeast India: An Assessment

Komol Singha1

With the help of secondary data, this paper tries to understand the importance of the road network in North-east India (NEI). The estimates of correlation coefficient revealed that there is a positive correlation between economic growth and road network length in the region. There is also the prevalence of a high rural-urban road network inequality rate in the region. Though it is quite expected, this paper reassured the importance of the road network in leveraging region’s economic growth process.

Keywords: Economic growth, Northeast India, Road network, Rural-urban road inequality.

  1. Associate Professor, Department of Economics, Sikkim University, Sikkim: 737102.

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An Insight into the Determinants on the Currency Volatility in Developed vs Developing CountriesAn Empirical Analysis

Suraj. E. S1
Parth Thakkar2

The paper focused on the impact of macro-economic variablesand its impact on various currencies by comparing the macro-economic variables of developing and developed countries. The developing countries used for analysis are India & Singapore, US and China as developed countriesalso. In developing Countries that is India and Singapore, the most impactful variable was Current Account Balance which was followed by foreign direct investment determining the volatility of exchange rate. China had successfully managed to manage the exchange rate with a volatility of just 3.03 over last 20 years due to the strength in the merchandise exports. In India, inflation had also shown substantial significance in the volatility in exchange rate. Developing countries should focus much more on bringing FDI into the country and also focus on other factors to ensure the economic growth of the country. It was concluded that macro economic variables were successful in explaining the volatility movements in the exchange rate at significance level.

Keywords: Current account balance, Exchange rate volatility, Foreign Direct Investment.

  1. Associate Professor, Department of Management Studies, Naipunnya Business School, Pongam, Kerala.
  2. Research Scholar, Department of BBA, Christ University, Banglore
  3. Research Scholar, Department of Computer science and Engineering, Avinashilingam Institute of Home science & Higher Education for Women.

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Impact of Quality on Wholesale Prices of Agricultural Produce: A Case-study based on Analysis of Prices of Apples in Azadpur Mandi, Delhi

Priyanka Singh1

The purpose behind the study is to identify various factors related to quality of apples which influence their wholesale price in one of the Asia’s biggest distribution center for fruits and vegetables, the Azadpur Mandi market in Delhi. After testing for stationarity of data, Ordinary least square method was used to estimate the semi-log model with real wholesale apple price at first difference as dependent variable and quality factors such as grade and variety of apple as dummy explanatory variables. Daily data on price of different types of apples from 2008 to 2014 were used for model estimation. Model was estimated separately for apples that arrive from Uttarakhand and Jammu and Kashmir to the Azadpur Mandi. The results confirm our hypothesis that the influence of quality of apples as measured by variety and grade on wholesale price of apples was statistically significant.

Keywords: Apple, quality, Azadpur Mandi, agricultural markets.

  1. Assistant Professor, Department of Economics, Shaheed Bhagat Singh College, Delhi University, INDIA. E-mail:,

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The Effectiveness of Economic Relationships and Forecasting between Farms and Agricultural Services

Murtazayev Olim1
Ibragimov Gayrat Ablaqulovich2

In the article investigated the effectiveness of economic relationships and forecasting between farms and agricultural services.

Keywords: Agriservice, Trend model, chemical supply service cost, fuel supply cost, Technical cost, agroveterinary services, WUA service, profit share.

  1. DSn, Professor at the Samarkand Branch of Tashkent State University of Economics, Samarkand, Uzbekistan. E-mail:
  2. Researcher at the Samarkand Branch of Tashkent State University of Economics, Samarkand, Uzbekistan. E-mail:

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