Contents

• Parwinder Kaur & Rashmi Gujrati : Examining the Gender Disparity and Trend of Labor Force Participation and Employment in India

• Eseoghene Joseph IDOLOR : Volatility Transmission Among Nigeria, Some Selected African and World Equity Markets

• Rangalal Mohapatra, Utpaljit Deori & Momi Chutia : Assessing Department-Level Academic Efficiency of A Central University Using DEA Techniques : A Case Study

• Satish Chandra Tiwari, Munawar Sayyad & Kishan Jee : CSR and Corporate Financial Performance: Evidence from listed Indian Automobile Companies

• OZOR, Patience Lilian : COVID-19 Pandemic and Food Security Status of Farming Households in Nigeria

• Brotin Saha & Sujoy Kumar Majumdar : Understanding the Multidimensional Wellbeing of the Elderly in India - An Inter-state Analysis

• Mehak Majeed, Javaid Iqbal Khan & Saeed Owais Mushtaq : The Formal Sector Industrialization Process in Jammu and Kashmir (A Panel Data Analysis)

• A. K. Gaur : Measuring Volatility and Dispersion in State Domestic Product of Indian States

• Jai Ram Meena & Swaran Lata Meena : Investigating the Structure of Indian Food Manufacturing Industry: A Cross-sectional Study

Examining the Gender Disparity and Trend of Labor
Force Participation and Employment in India

Parwinder Kaur¹
Rashmi Gujrati²

Since 1990, India has experienced substantial economic growth, but progress toward equitable economic participation for women has not kept pace with that growth. Women's participation in economic activities is vital for them to reach their full economic potential and it will not only help to build the economy. However, this will result in more inclusive development. The substantial reduction in labour force participation between 2005 and 2019 has generated tremendous scholarly interest. This paper seeks to capture the gender disparities in labour force participation and employment in India. It also investigate the recent trend of labour force participation and employment among male and females by using data obtained from NSS various rounds survey and periodical labour force survey 2017-18 and 2018-19.This paper founds the huge gender gap between male and female during 2003 to 2019. This paper also found that female participation in India is significantly lower as compare to male. 55.5 per cent gender disparity in labour force participation among male and females. One strongly positive shift noted more prominently in urban and rural areas is the constant increment in the amount of regular workers as the percentage of women engaged in selfemployment and casual labour diminish.

Keywords: Labour force participation rate, Gender disparities, Employment status, Self employed, Occupational distribution.

1. Research Scholar of Economics, CT University, Ludhiana (Punjab). Email-Id: parwinderbraich30@gmail.com
2. Dean (Research & Innovation), CT University Ludhiana (Punjab). Email-Id: rashmi17670@ctuniversity.in
   

Volatility Transmission Among Nigeria, Some Selected
African and World Equity Markets

Eseoghene Joseph IDOLOR¹

I examine the extent of volatility transmission, spill-over and contagion among Nigeria, some selected African and world equity markets. The study examines five major regional African and four major world equity markets that cuts across Asia, Europe and North America. Using daily and weekly stock market index data from December 2004 to December 2013, the study applied the multivariate BEKK methodology, which enables easy analysis of volatility transmission, spillover and contagion effect from world equity markets to the regional African and then to the Nigerian market. Empirical findings indicate the presence of volatility transmission and spill-over among the Nigerian and world equity markets. However, for the Nigerian and African markets, the results show that there is volatility transmission, but no evidence of volatility spill-over. The results were not statistically significant enough to prove the existence of volatility contagion among all the African markets, arising from the 2008 global financial crisis period that the study focused on. Overall the empirical findings suggest that African markets are segmented at the regional and global level, as domestic volatility is more influenced by local idiosyncratic shocks which indicates the proportion of volatility generated within the markets that are not attributable to either global or regional factors.

1. IDOLOR, Eseoghene Joseph Ph.D., is an Associate Professorin the Department of Banking & Finance, Faculty of Management Sciences, University of Benin, Nigeria. I gratefully acknowledge the helpful comments and contributions from the reviewer.

Assessing Department-Level Academic Efficiency of
A Central University Using DEA Techniques:
A Case Study


Rangalal Mohapatra¹
Utpaljit Deori²
Momi Chutia³

This paper, using three outputs (TRS, AMS, and NFD) and five inputs (TFA, TEX, NPF, TFSE, and TMSE) for the year 2015-16, empirically assessed the relative pure technical, technical, scale, and mix academic efficiency, sources of efficiency and ranking of fully efficient performers of 27 DMUs of Sikkim Central University employing CCR, BCC, SBM and Super-SBM model input oriented model in pre and post merging situation. The result suggests that DMUs of the university are operating at different levels of technical, scale efficiencies and mix efficiency levels. The mean CCR, BCC and SBM efficiency scores are 0.909, 0.961 and 0.837. School wise SLS is most CCR and SBM efficient, SSS and SHS are least CCR and SBM efficient, but SPRS is most BCC efficient and SSS is most BCC inefficient. Of all the BCC inefficient performers, four DMUs are operating under IRS, two in DRS and three are under CRS. Thus, on the basis of sources of inefficiencies, DMUs are grouped into six categories: low PTE DMUs; low MIX efficient DMUs; low PTE and MIX efficient DMUs; low scale efficient DMUs; low MIX and scale efficient DMUs; low PTE and scale efficient DMUs; and DMUs with PTE, MIX and scale inefficiency. Due to merging the CCR, BCC and SBM efficiency score changed to 0.912, 0.940, and 0.846, a sign of improvement. The merged DMU became fully efficient under all circumstances. None of the DMUs worked under IRS and except three DMUs all other are operating under MPSS. Thus even though merger of DMU augmented the efficiency and reduced the all types of inefficiencies, still MIX inefficiency and PTE inefficiency play crucial role in performances. DMU16 has become most super efficient and DMU22 become least super efficient. The Super-SBM-efficient DMUs, on an average, have the potential to save the input use by 17 per cent and still have the credit of attending the full efficiency. Due to merger the significant change is that the DMU14 (pre merger it is DMU15) has performed very well by occupying second rank in the super-SBM efficient group of DMUs. Despite the limitation of a small scale analysis, the study has significant academic and managerial policy implication for the university in particular and for the country as a whole. Augmentation of efficiency of each DMU should be addressed with a specific type of inefficiency. The CCR inefficient DMUs require reallocation of the input combination to improve upon their efficiencies; the BCC inefficient DMUs require policy for operational efficiency on input use; and the SBM inefficient DMUs warrants effective policy for reducing the input slacks and improving the output shortfalls by considering the situation of merging. This study would help future assessing, ranking, and benchmarking of higher educational institutions.

1. Assistant Professor, Department of Economics, Sikkim University, Gangtok, Sikkim. E-mail: rmohapatra@cns.ac.in
2. Ph.D. Scholar, Department of Economics, Sikkim University, Gangtok, Sikkim. E-mail: udjdeori@gmail.com
3. P.G. Student of Economics, Sikkim University, Gangtok, Sikkim. E-mail: momichutia@gmail.com

CSR and Corporate Financial Performance: Evidence
from listed Indian Automobile Companies

Satish Chandra Tiwari¹
Munawar Sayyad²
Kishan Jee³

The automobile sector is an imperative support to the Indian Economy. The Indian automobile industry is one of the leading automobile industries in the world. It has been growing each year, leading to stiff competition, and every corporation attempts to boost its image value with the support of Corporate Social Responsibility (CSR) activities. CSR is a self-regulatory business model directly relates to a firm's liquidity, age, risk, size, and growth. Also, CSR is renowned as a momentous tool, which enriches its goodwill leading to its success. Hence, our first objective is to find out the association of CSR with a firm's liquidity, age, risk, size and growth. Secondly, this paper also examines the relationship between CSR initiatives adopted by the Indian automobile industry with their corporate image. So, we aim to analyze the association of CSR and the financial performance of Indian automobile companies listed on the Bombay Stock Exchange (BSE 500). We have used panel data and regression analysis to analyze the objectives of the study. We found a significant relationship between firm performance and CSR and other control variables used in our study. The paper is helpful for the automobile sector and provides insight into CSR activities and their significant role in firm performance and reputation.

Keywords : CSR, Firms image, Indian automobile industry, Regression analysis.

1. Department of Finance, IFHE, ICFAI Business School, Hyderabad, India. Email: satish2bhu@gmail.com
2. Department of Finance, IFHE, ICFAI Business School, Hyderabad, India, Email: munawar0013@ibsindia.org
3. Faculty of Commerce, GNS University, Rohtas, India. Email: kishangnsu@gmail.com

COVID-19 Pandemic and Food Security Status of
Farming Households in Nigeria

OZOR, Patience Lilian¹

COVID-19 pandemic is a global outbreak that has severely affected individuals, households and nations all over the world. It has both direct health and indirect consequences on the livelihood of people characterized with business closures, social distancing and movement restrictions with the exception of essential services and stringent protocols in the public space. This study assessed the effect of COVID-19 pandemic on food security status of farming households in Nigeria. Data from Nigeria COVID-19 National Longitudinal Phone Survey was used and analysed using quantitative method. The study has shown that household earning was substantially affected by the pandemic and this led to reduction in the ability of household to access basic needs. The lockdown measures and restrictions in movement used to curb the spread of the COVID-19 pandemic also contributed to labour shortage for agricultural production and led to reduced access to farms and agricultural inputs. The results showed that the COVID-19 outbreak has exposed many households to the harsh realities of life through the varying socioeconomic and livelihood challenges. This ultimately contributed to losses due to inability to gain access to farmlands to harvest highly perishable matured crops. This resulted into increased prices of food items, lower purchasing power and hunger in some cases. As at June 2020, 30.3 percent were estimated as being food insecure. This has resulted into a higher proportion of adults in households skipping meals and totally running out of food. Households have adopted coping strategies such reducing food and non-food consumption, borrowing from neighbours and relying on savings to cope with food insecurity. It was recommended that government should provide relevant assistance to households to cope with food insecurity.

Keywords- Food security, farming, livelihood, COVID-19, Coping strategies.

JEL Classification: D13, Q12, Q18, Q54

1. Department of Economics and Development Studies, Igbinedion University, Okada, Edo State, Nigeria. Email: ozor.patience@iuokada.edu.ng

Understanding the Multidimensional Wellbeing of the
Elderly in India - An Inter-state Analysis

Brotin Saha¹
Sujoy Kumar Majumdar ²

Ageing, which is result of demographic transformation, has been a worldwide phenomena, India has also been in this process and has been predicted to move at a faster pace in the year ahead. Keeping an eye on this fact, the present study has been intended for reflecting the wellbeing of the Indian geriatric citizens. The study deals with the elderly residing across the towns and villages of the eighteen major states of the nation and presents their wellbeing picture in terms of their numbers so as to give the glimpses of welfare from the three fundamental dimensions of livelihood - familial living, financial living and physical wellbeing. The study has been based on the NSS data of the 71st Round (2014) and the survey responses were used to construct certain variables indication the wellness of this cohort under the head of the three domains. India being a vast country, a state-wise analysis has been drawn for comparisons with regard to the wellbeing picture of the elderly. Since each of the indicators may be assumed to have varied importance level and that the importance may also differ across the rural-urban regions, PCA has been used so that the different indicators could be reduced to the respective dimension indices and further combined to form a Composite Wellbeing India, reflecting the overall wellbeing picture of the states' resident elderly. the states; like Assam, Delhi and Haryana have better overall ranks with their ageing citizens enjoying come what higher wellbeing scores, while certain states like Kerala and Tamil Nadu, together with West Bengal have lower position in the overall index column. Overall, the analytical results reveal that the elderly across majority of the India states are in a state of moderate level of wellbeing.

Keywords: Elderly, Individual, Familial Wellbeing, Economic Wellbeing, Physical Wellbeing, Composite Wellbeing Index.

JEL Classification:J14, B55, I12, I31

1. Ph.D. Scholar, Department of Economics, Raiganj University, West Bengal. E-mail: brotin.saha@gmail.com
2. Assistant Professor, Department of Economics, Raiganj University, West Bengal. E-mail: sujoykm@gmail.com

The Formal Sector Industrialization
Process in Jammu and Kashmir
(A Panel Data Analysis)

Mehak Majeed¹
Javaid Iqbal Khan²
Saeed Owais Mushtaq³

Formal sector industrialization has been tested and predicted as the most sustainable route to growth and development by developmental theorists and practioners. The MMSEs sector is the face of industrialization in the developing world. There however exists a bifurcation of the MSMEs sector into formal and informal sub-sectors across the developing world. The current study is an analysis of the formal sector MSMEs located in the mountainous and fragile region of Jammu and Kashmir, India. The study establishes labor intensively and capital deficiency amongst the MSMEs in the region. The analysis further predicts low levels of technical efficiency in the region and ascribes it to weak governmental intervention as lack of credit facilities and provision of infrastructure. The current study is the first attempt of its kind to analyze the industrialization process in J&K.

Keywords: India; Jammu and Kashmir; MSMEs; Technical Efficiency.

JEL Classification: D21; L25; O14

1. Faculty, Department of Economics, IUST University, Kashmir, J&K. E-mail: dhaarmehak.scholar@kashmiruniversity.net
2. Faculty, Department of Economics, IUST University, Kashmir, J&K. India. E-mail: khanjavaid@kashmiruniversity.ac.in
3. Faculty, Department of Economics, IUST University, Kashmir, J&K. E-mail: saeedowais.scholar@kashmiruniversity.ac.in

Measuring Volatility and Dispersion in State
Domestic Product of Indian States

A. K. Gaur*¹

The present paper examines the structure of interstate disparity in State Domestic Products (SDPs) for twenty Indian States for the period 1980-2015. Volatility in SDPs over the period has been examined with several techniques as unit root test (ADF/PP Test), ARCH and GARCH effects, Clemente-Montances-Reyes unit root and structural break test (Double mean shift - AO model), and inequality indices based on properties of Lorenz curve. Empirical results revel that SDPs have been volatile in terms of ADF/PP unit root tests. GARCH (1, 1) also have been found for all states over the period indicating volatility in this regard. Structural break test results also indicate twin kinks in SDPs for Indian States which also have been responsible for growing inequality in this regard. Inequality indices as Gini, RMD, Theil, Kakwani and Herfindahl indices also indicate that inter-state inequality in SDPs has risen over the period 1980-2015.

Rising inter-state inequality in SDPs of Indian States is a potential threat for Indian federation. These need urgent steps to be taken by the Central Government/State Governments especially ensuing Finance Commissions to curb the menace.

Keywords: SDPs, ADF/PP Unit root test, ARCH/GARCH, Clemente- Montances-Reyes structural break test, inequality indices.

1. Professor, Department of Economics, Faculty of Social Sciences, Banaras Hindu University, Varanasi 221 005, INDIA, E-mail: gaurecobhu@gmail.com

Investigating the Structure of Indian Food Manufacturing Industry: A Cross-sectional Study

Jai Ram Meena¹
Swaran Lata Meena²

This paper primarily aims to evaluate the structure of the Indian food manufacturing industry. It uses cross-sectional data on thirteen 4-digit level industry classes as per the National Industrial Classification-2008. The data is sourced from the Annual Survey of Industries (2017-18), CSO, New Delhi. The data set includes the sub-sectoral distribution of food manufacturing firms (rural vs. urban and state-wise), manufactured food output (gross output and gross value added), employment (production and non-production workers), gross value of fixed assets, gross value of investments in computer equipment (including software), direct export's share in ex-factory products and by-products, foreign capital share and expenses on research and development activities. Following a descriptive methodology, this study concludes that the Indian food manufacturing industry may be characterised as a fragmented, composite, idiosyncratic and heterogeneous industrial structure dominated by certain sub-sectors within it in terms of output, gross value added, employment and exports. These structural characteristics make it a complex industrial structure, and the most export-intensive sub-sectors of this industry are seafood and meat products.

Keywords: Export intensity, food manufacturing, structure, sunk cost, upgradation.

1. Associate Professor in Economics, Shaheed Bhagat Singh College (University of Delhi), Sheikh Sarai-II, New Delhi-110017. E-mail: jrm@sbs.du.ac.in
2. Assistant Professor in Economics, ARSD College (University of Delhi), Dhaula Kuan, New Delhi-110021.