Special Centennial Issue

No. 410

January 2023

Vol. CIII (Part-III)

ISSN: 0019-5170

Contents

Technical Efficiency of Different Types of Tenure in Cultivation: A Study on West Bengal

Subrata Kundu1

In this paper we have estimated technical efficiency for different types of tenure (Owner operator, Cash-Rent tenant and Mixed holding operator) in West Bengal agriculture using Stochastic Frontier Production Function approach. The present study is based mainly on cross-section data. The required information meant for the study was collected from the primary source. The primary data on various aspects relating to the inputs of production of the sample farms were collected through the personal interview method using suitably designed pre-tested schedule/ questionnaire for the year 2016-2017. These sample households were selected from four blocks located in Paschim Medinipore district in West Bengal, India. This study reveals that, there exists some scope to improve the productivity levels with the existing level of input use and the available technology in West Bengal agriculture.

  1. Assistant Professor, Department of Economics, Belda College, Belda, Paschim Medinipur - 721424, West Bengal, India, E-mail: subratakundu@beldacollege.ac.in

Analysing the Status of Financial Inclusion in Bihar
Using the Financial Inclusion Index

Archila Kushwaha 1
Brajesh Kumar2

This study addresses the financial inclusion scenario in the state of Bihar by developing and analyzing the multidimensional Financial Inclusion Index for 38 districts for the financial year 2020-2021 and ranking is done for each district. To develop an index that considers seven indicators corresponding to three dimensions of financial inclusion, the UNDP approach to calculating the Index is used. In this study, a new dimension is taken into consideration i.e., support for awareness, and the proxy variables to measure the same are financial literacy camp and Bank Mitra Engaged. According to FII1, one of the 38 districts with the highest IFI score in 2020- 2021 with an index value of 0.755 is Patna, while Arwal with an index value of 0.128 ranks the lowest in financial inclusion. For the simple reason that in any attitudinal transformation attempt which is needed for driving people to motivate action, awareness support is the most crucial stage in this endeavor and thus highly desirable.

Keywords: Economic Activity, Financial Inclusion, Financial Inclusion index, financial literacy, Financial Awareness, Districts of Bihar, Support for Awareness, Financial Literacy Camp, Bank Mitra.

JEL Classification : G2; G20; G21; G28
  1. Research Scholar, Department of Commerce and Business Studies, School of Management, Central University of South Bihar, SH-7, Gaya - Panchanpur Road, 824236, Bihar, India.
    E-mail: archila@cusb.ac.in
  2. Professor, Head and Dean, Department of Commerce and Business Studies, School of Management, Central University of South Bihar, SH-7, Gaya - Panchanpur Road, 824236, Bihar, India. E-mail: brajesh@cusb.ac.in

Starvation to Surplus in India, Paddy- Crop Holiday
Crisis in Telangana State

K. Chandrashekar Yadav1

India faced severe famines before and after independence. After independence government focused on food scarcity and gave importance to agriculture in the first five year plan and constructed multipurpose dams to overcome all the problems, so that Indian food grain production raised to 308.65 million tons in the year 2021 from 50.82 MT in 1950. Buffer stocks also stood at 411.20 Lakh million tons in 2022. Telangana alone contributed 94.54 lakh million tons in 2020-21, astonished thing is that paddy crop holiday was announced by Government of Telangana for Rabi season of 2022, for this there are so many reasons like increased food grain production and non procurement of parboiled rice from Telangana by the central Government through FCI.

Keywords : Bengal famine, Chalisa famine, productivity, FCI, Irrigation, HYV seeds, green revolution, crop holiday.

Methodology : Secondary data collected from various govt. web sites, and simple averages were used to analyses.

  1. UGC-NET, TS-SET qualified, Department of Economics, Osmaniya University, Hyderabad.

A Case Study: Economic Investment Decisions
on Heating, Ventilation and Air Conditioning Construction
Projects at Chennai

D. Aravindh1
J. Felicita2
J. Michael Sammanasu3

This probe consists of two heating, ventilation and air conditioning construction projects' cash outflows to determine the project's net present value (NPV), internal rate of return (IRR), and profitability index (PI) by operating a modern capital budgeting method. The overall intention of this technique is to increase revenue. If a firm focuses on their return on investment, they should achieve this either by increasing profits or reducing costs. The outcomes of this paper recognise the time value of money, the maximisation of shareholders' wealth, the nearest rate of return, and the earning profit ratio of the investors.

Keywords : Capital budgeting; Net present value (NPV);Internal rate of returns (IRR); Profitability index (PI); HVAC; Cash flow analysis.

  1. Research Scholar, Department of Management Studies, St. Joseph's Institute of Management, St. Joseph's College (Autonomous), (Affiliated to Bharathidasan University), Tiruchirappalli-620002, Tamilnadu, India. E-mail: aravind.ndv@gmail.com
  2. Associate Professor, Department of Management Studies, St. Joseph's Institute of Management, St. Joseph's College (Autonomous), (Affiliated to Bharathidasan University), Tiruchirappalli-620002, Tamilnadu, India. E-mail: feli@jim.ac.in
  3. Associate Professor, Department of Management Studies, St. Joseph's Institute of Management, St. Joseph's College (Autonomous), (Affiliated to Bharathidasan University), Tiruchirappalli-620002, Tamilnadu, India. E-mail: michaelsammanasu@jim.ac.in

Cyclical Stance of Fiscal Policy: An Investigation of the Indian Case

Deba Prasad Rath1
Ipsita Padhi2
Anoop K. Suresh3
Samir Ranjan Behera4

Macro-economic policies are generally aimed at stabilizing the business-cycle fluctuations, which requires counter-cyclical policies, viz., expansionary policies to support the economy during downturns and contractionary policies during booms to prevent over-heating. Counter-cyclical fiscal policies are also considered important for the sustainability of public debt. Nevertheless, fiscal policy has been found to be generally pro-cyclical in developing countries. On an analysis of fiscal data for the general government sector from 1990-91 to 2020-21, using a VECM in levels and a VAR in cyclical components, this paper establishes pro-cyclicality for general government expenditure. However, there are recent episodes, like the global financial crisis of 2008-09 and the ongoing COVID-19 pandemic, wherein we find considerable counter-cyclicality in fiscal policy with the government undertaking spending measures to mitigate the economic slowdown. Going ahead, a focus on quality of expenditure along with prudent fiscal management to reduce pro-cyclicality could make India's fiscal policy growth friendly.

JEL Classification: E32, E62, H50, H62, H63.

Keywords- Business Cycles, Cyclicality, Fiscal Policy, Government Expenditure.

  1. Principal Adviser, Department of Economic and Policy Research, Reserve Bank of India.
    Email: dprath@rbi.org.in
  2. Manager, Department of Economic and Policy Research, Reserve Bank of India.
    Email: ipsitapadhi@rbi.org.in
  3. Assistant Advisor, Department of Economic and Policy Research, Reserve Bank of India.
    Email: anoopksuresh@rbi.org.in
  4. Director, Department of Economic and Policy Research, Reserve Bank of India.
    Email: samirrbehera@rbi.org.in
    Note: The views expressed in the paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of India.

India's Green House Gas Emissions and Total Output -
A Study of Interrelations in Empirical Framework

Sonia Anand Dhir1

The global climate change has been the topic of concern and discussion amongst the influence groups, for more than three decades now which has also led to a generation of vast knowledge pool of information. Industrialization has been the fuel of the engine of economic growth, for developing economies like India. But it has impacted the economy in not just contributing to its growth over a period of time but also raising the pollution levels contributing into significant climate change. The business environment in the Indian economy is going to become all the more dynamic with the plans like Make in India being fast paced through increased investments and other government initiatives. Focus of this research paper is to empirically analyse the impact of economic growth on carbon dioxide emissions in India. Econometric autoregressive models used in the study reveal a positive sharp increase in carbon dioxide emissions in India due to an increase in the level of National Income since 1980 to 2019. Such a trend raises a concern whether focusing upon secondary sector growth to achieve national targets going be sustainable in the long run or our future generations will have to pay a price for such a growth?

Keywords : sustainable economic growth, climate change, carbon dioxide emissions, greenhouse gas emissions.

  1. Associate Professor, JIMS Rohini, New Delhi, E-mail: sonia.dhir@jimsindia.org

Reconciling Work and Time - Married Women's Time
Use Patterns and Unpaid Work in Kerala

Ratheesh C.1
Anitha V.2

While Kerala is well acclaimed internationally for its achievements in educational, health, and demographic indicators, the labour market participation of the working-age population, particularly female is low in the state. Moreover, in Kerala a large section of the women outside the workforce chooses unpaid domestic work as their primary activity status. However, such work performed by the women is not adequately measured even though they are vital in supplying basic needs and well-being of the families. In this context, the paper examines the time use patterns of married women in Kerala and the estimation of the monetary value of unpaid domestic work performed by them. The study used the mean wage approach to measure the economic value of unpaid domestic work of married women. The study findings indicate that married women spent more time on unpaid household and care work in a week and less time on paid work, leisure, and personal care activities. The estimation of monetary value of unpaid household work of married women reveals that the such work are vital in augmenting welfare of the family and society. However, the real value of such work is not adequately measured in the state.

Keywords : Household Economy, Married women, Time use, Domestic work, Care work, Mean wage approach.

  1. Assistant Professor, Department of Economics, Fatima Mata National College (Autonomous), Kollam, Kerala, India. E-mail: ratheeshc08@gmail.com
  2. Professor & Head, Department of Economics, University of Kerala, Kariyavattom Campus, Thiruvanthapuram, Kerala, India. E-mail: anitha.palavila@yahoo.com

Government's Intervention During COVID 19
Pandemic: Fruitful or Futile? From the Lens of the
Indian Stock Market

Mahesh Dahal1
Joy Das2

The present study attempted to analyse the impact of the government's effort in minimizing the adverse effect of the ongoing COVID 19 pandemic on the Indian Stock Market. Initially, the government imposed a nationwide lockdown on several phases to prevent the spread of the virus, which deteriorated the economy brutally. To revive the economy, the government then declared two economic packages during 2020 and 2021, respectively. However, the effectiveness is still questionable as literature and expert opinion contradict on viability and effectiveness of these measures. Owing to contradictory views and lack of sufficient studies, the present study is initiated to examine the impact of the economic packages and lockdown announcement on all the Bombay stock exchange sectoral indices. The study found that the first phase of lockdown impacted positively on entire sectors; however, as the lockdown was extended and reached the fourth phase, the scenario changed and entire sectors saw a significant downfall in return series except for Healthcare, Telecom, IT and Teck. The downfall was so severe that the economic packages also could not withstand it. The outcome is robust as both parametric and non-parametric tests are employed to check the significance of the outcome.

Keywords:Economic Packages, Indian Stock Market, Nationwide Lockdown, Event Study Methodology, Regression.

  1. Research Scholar, Department of Commerce, Tripura University, Suryamaninagar Tripura- 799022, E-mail: maheshdahal118@gmail.com
  2. Assistant Professor, Department of Commerce, Tripura University, Suryamaninagar, Tripura- 799022, E-mail: joy.kxj@gmail.com

The Volatility of Returns from Base Metal
Futures Market: Evidence from India

Laxmidhar Samal1
Sudhansu Kumar Das2

Base metals are the backbone of the Indian economy as these are used as key inputs for industrial production. Flagship programs of the government of India like Make in India, power for all, housing for all, national solar mission smart city, etc. are directly related to the growth of the base metal industry. The paper is an attempt to identify the pattern and trend of the volatility of returns of selected base metal futures trading at the Multi Commodity Exchange of India. Augmented Dicky-fuller test (ADF), Phillip Perron test (PP), ARCH-LM test, Autoregressive Conditional Heteroskedasticity (ARCH) model, Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model, Wald test, etc. are employed to achieve the objective of the study. It is found that ARCH effect in all types of base metal futures series.

The volatility models i.e. ARCH and GARCH used for studying the volatility of returns show statistically significant parameters. Both ARCH and GARCH effect implies the short-run dynamics of the resulting base metal futures series. As the GARCH coefficient (θ1) is considerably greater than the ARCH coefficient (b1) it indicates that the volatility of base metal futures return series is more sensitive towards their lagged values over the period chosen for the study. It is found that the volatility is persistent for all the futures return series. The study concludes that the volatility clustering effect is present in the volatility of daily returns of aluminium, copper and nickel futures traded at MCX, India.

JEL Code - : G13, G17, G19.

Keywords: Futures, Base Metal, Volatility, Daily Returns, ARCH, GARCH.

  1. Research Scholar, Utkal University, Odisha. and Lecturer in Commerce, P.G. Department of Commerce, Baba Bhairabananda Autonomous Mahavidyalaya, Chandikhole, Jajpur, Odisha, PIN- 755044, E-mail- laxmidharsamal.ckl@gmail.com
  2. Associate Professor, Dept. of Commerce, P.G. Department of Commerce, S.G. College, Kanikapada, Jajpur, Odisha-755037. India. Email- drsudhansu24@gmail.com

Corporate Social Responsibility and Sustainability of
Firm's Performance

Kanika Dhingra1

A Firm has a prospect to surge its assistance for the society by involving in social responsibility in interchange of improved repute and development in industry, which finally hints to sturdy fiscal functioning and high productivity. Corporate Sustainability is resultant from the perception of sustainable development. It fundamentally mentions towards the process, which businesses can make use of in incorporating the schema of sustainable expansion and necessitates a steady line to financial development, societal evolution and ecological stewardship. Corporate Social Responsibility in India inclines to emphasize on anything is ended with returns once they are completed.

On the other side, sustainability is managing with the societal and ecological impacts of directing industry, that is, how revenues are created. Henceforth, ample of the Indian exercise of Corporate Social Responsibility occurs as a significant constituent of sustainability or accountable industry, which is a greater clue, a statistic that is obvious from numerous sustainability contexts.

The readings of the relationship between Corporate Social Responsibility and Sustainability by means of monetary functioning include fundamentally of two types. The first practices procedure of studying the events to measure the short run monetary effect when organizations involve in their publicly accountable or negligent deeds. The second observes the association among certain degree of corporate social functioning and financial variables, by using accounting or financial measures of profitability. The objectives of report are to analyze the impression of CSR proposals of a company on its financial performance, its net profit and total resources (assets).

The data study has been done with SPSS software and the statistical tools such as correlation and regression are used. The correlation coefficient (a value between -1 and +1) states you how sturdily two variables are associated to each other. The regression analysis is a statistical procedure used to estimate the consequences of independent variables on a particular dependent variable. After the analysis, it can be concluded that the CSR is positively correlated with the firm's PAT (Profit After Tax) and firm's total resources (assets) and since the significance value is less than 5% in both the cases of regression (CSR with PAT; profit after tax and CSR with total assets) therefore it is concluded that CSR acts as a major factor and certain additional factors are also answerable for the transformations in the PAT; profit after tax and total assets of the company.

Keywords: Corporate Social Responsibility, Business, Sustainability, Profit after Tax (PAT), Case study, Stakeholders.

  1. Assistant Professor, Amity University, Doctorate from IIFT, Delhi.
    Email: kdhingra01@gmail.com

Impact of Covid-19 Pandemic on Energy Consumption
Behaviour of Rural and Urban Households
in Khorda District of Odisha

Mamita Dash1
Mitali Chinara2

The study mainly focuses on the impact of covid-19 on electricity and fuel consumption used for vehicles by the households as observed significant changes in the use of these energy sources during the period. The study uses primary data collected from 1000 households of two rural and urban areas of Khorda District of Odisha. The study uses Regression analysis. Average monthly expenditure on electricity and petrol for using vehicles by the households during the lock-down period of March 2020 and before the lock-down period of same month of 2019 is taken to analyse the impact of covid-19 pandemic on household energy use compared to the normal time period. The result indicates average electricity consumption per month during covid-19 by the households of both rural and urban areas are more than normal time period. The study also find less use of fuel for running of the vehicles during covid-19 by the households of both the areas.

Keywords: Rural, Urban, Covid-19, Households, Energy Consumption, Lock-down.

JEL Classification codes: O18, R2, Q4, E00, J20

  1. Ph.D. Scholar, A and A Economics, Utkal University, Vani Vihar, Bhubaneswar and Faculty Associate, KIIT Deemed to be University, Bhubaneswar. Email: dmamita45@gmail.com
  2. Professor, A and A Economics, Utkal University, Vani Vihar, Bhubaneswar.
    Email: mitalichinars@yahoo.co.in

What Contributes for the Success of Crop Diversification
Programme? A Meta-Analysis

T.S.K. Durgesh Nandhini1
S. Pushparaj2

Multiple aspects related to design and implementation policies have been demonstrated to influence the outcome in studies. According to one school of thought, if the targeted beneficiaries' behavioural intentions matched the policy's suitable intent, the policy would be successful. This study intends to evaluate the policies relating Crop Diversification Programme (CDP) viz-a-viz the behavioral assumptions on the intended targets of the policy as a case study. The research followed the PRISM methodology's meta-analysis guidelines. The study has identified 3736 CDP studies from Daniel Beillouin (2019). Out of 3736 studies, 53 studies were included for this meta-analysis. Data was collected on farmer type, land type, policy instrument, and success/failure of the CDP from the included studies. Using chi-square and logit regression analysis, the study found that the nature of the farmer significantly influenced the CDP outcomes. The chances for success of CDP implemented among farmers with sustainability concerns are about four times that of conventional farmers. Though the result was insignificant, the capacity building instrument was found to be 1.6 times more efficient than the incentive instrument; also, CDP is more successful in medium farms and to a lesser extent in small and marginal farms, but not so in large farms.

Keywords: Policy outcome, Policy Analysis, Behavioural Assumptions, Crop Diversification Programme, Meta-analysis.

  1. Research Scholar, School of Economics, Madurai Kamaraj University, Madurai,
    Email: durgeshphd.mku@gmail.com
  2. Associate Professor & Head, Department of Econometrics, School of Economics, Madurai Kamaraj University, Madurai.