Volume-1 ~ Issue-1
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| Paper Type | : | Research Paper |
| Title | : | Financing of Micro, medium and small scale enterprises in India Key Challenges |
| Country | : | India |
| Authors | : | Biswajit Bose |
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: | 10.9790/5933-0110104  |
Abstract: Micro, small and medium sector enterprises have a vital role in in the economic growth of a developing nation like India. These enterprises play a catalyst role in the development of industrial and commercial activities. In the overall value chain of different industries these firms are placed in critical positions. It is, therefore, imperative to focus on the issues which impact the creation, survival and growth of the firms of the sector. One of such prime issues is the need of credits by these firms. This paper delineates the need of greater attention on the financing requirement of MSME sector. The firms need credit assistance at different stages of their life cycle. The unique characteristics of this type of firms imply that their credit needs deserve focused attention. Therefore, the banks and other financial institutions have the responsibility to offer such credit products and financing schemes which address the requirements of MSME sector. In meeting this financing requirement, problems may arise with respect to asset quality of the financial institutions. In order to promote the sector, there is a need to create an enabling environment which can ensure credit flow and at the same time address concerns regarding management of credit made to the sector.
Keywords - MSME, Credit Flow, Asset Quality.
[1]. Report of Prime Minister's task force on Micro, Small and Medium Enterprises, Govt. of India, January, 2010.
[2]. Vision 2020: Implications for MSMEs (2011), Grant Thornton, FICCI.
[3]. Chakrabarty K.C. (June, 2010). Bank Credit to MSMEs: Present status and way forward, RBI monthly Bulletin.
[4]. Annual Report, (2010-11). Ministry of Micro, Small and Medium Enterprise, Government of India.
[5]. Badulescu Daniel. SMEs Financing: The extent of Need and the Responses of Different Credit Structures.
[6]. Final Report (Edition: April, 2011) 4th All India Census of MSME, 2006-07: Registered Sector.
[7]. Risk Capital and MSMEs in India (A SIDBI Pulication).
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| Paper Type | : | Research Paper |
| Title | : | An Analysis of Non-Performing Assets and Recovery Performance of Self Help Group Bank Linkage Programme- Unique Preference to North Eastern Region of India |
| Country | : | India |
| Authors | : | Tiken Das |
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: | 10.9790/5933-0110514 |
Abstract: Access to financial markets is important for poor people. Like all economic agents, low-income households and microenterprise can benefit from credit, saving and insurance services. But financial markets, because of their special features, often serve poor people badly, since poor people often have insufficient traditional forms of collateral such as physical assets to offer. But the case of informal financial institutions is different as they have greater alternatives to accept as collaterals such as labor of the borrowers. Thus the poor generally excluded from the formal financial institutions and have to depend on informal sector. Microfinance is gathering impetus to become a significant strength in India. The Self Help Group model with bank lending to groups of poor women without collateral has become an accepted part of rural finance. In spite of being successful, there are still disparities in the program in its level of progress across different parts of the country, including the north east India (NER). The SHGs-BLP was concentrated among the southern states (SR) and its performance was not satisfactory among the NE states. The SR achieved higher amount of saving balance of SHGs with banks in comparison with NER. Similarly, the amount of loan disbursed to SHGs by banks was also higher in SR. Thus naturally one point come to mind is that, does amount of NPAs is lower and recovery performance is satisfactory in NER compare to SR. In this paper we analyzed the NPAs and recovery performance of SHGs in SR and NER of India. The researcher studied the same by taking four years data of NABARD. We found that although amount of saving balance of SHGs with banks and amount of loan disbursed to SHGs by banks was lower in NER in compare with SR, but the share of NPAs to total loans outstanding was higher and percentage of recovery to demand of total SHGs was lower in NER. In recent times there has been an improvement of situation of NPAs and recovery rate in NER. However this enhancement was not comparable with SR of India. Consequently, one point come to mind is that, does because of higher NPAs and lower recovery rate, SHGs-BLP had not achieved reasonable achievement in NER of India.
Keywords: Microfinance, Non-Performing Assets, Self Help Group, Recovery Rate
[1] Basu, Priya & Srivastava, Pradeep (2005). Exploring Possibilities Microfinance and Rural Credit Access for the Poor in India. Economic & Political Weekly, April 23rd
[2] Bera, Sayantan (2008). Program Design and Impact Assessments: Success of Microfinance in Perspective. Economic and Political Weekly, August 9th
[3] Basu, Priya & Srivastava, Pradeep (2005). Exploring Possibilities Microfinance and Rural Credit Access for the Poor in India. Economic and Political Weekly, April 23rd
[4] Dutta, Sankar (2009). Consolidating the Growth of Microfinance. Economic and Political Weekly, July 25th VOL XLIV, NO 30.
[5] Dasgupta, Rajaram (2001). An Informal Journey through Self- Help Groups. Indian Journal of Agricultural Economics, VOL. 56, NO. 3, July - Sept.
[6] Dasgupta, Rajaram (2005). Microfinance in India- Empirical Evidence, Alternative Models and Policy Imperatives. Economic and Political Weekly, March 19th.
[7] Karmakar, K. G. (2009). Emerging Trends in Microfinance. Economic and Political Weekly, March 28th, VOL, XLIV NO. 13.
[8] Nair, S. Tara (2001). Institutionalizing Microfinance in India- An Overview of Strategic Issues. Economic and Political Weekly, January 27th.
[9] Sriram, M.S (2005). Microfinance and the State Exploring Areas and Structural of Collaborating. Economic and Political Weekly, April 23rd.
[10] Sriram, M.S (2005). Information Asymmetry and Trust; A Framework for Studying Microfinance in India. Vikalpa, Volume 30. No 4. October-December 2005.
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| Paper Type | : | Research Paper |
| Title | : | The Growth Implication of Trade Liberalization in West Africa |
| Country | : | Nigeria |
| Authors | : | Umoh, Okon Joseph (Ph. D.)Onye, Kenneth Ugwu |
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: | 10.9790/5933-0111521 |
Abstract: This study empirically investigates the growth implication of trade liberalization in twelve West African (WA) countries using time series data for the period of 1970-2011. Relying on a Vector error correction model (VECM), our result indicates that trade orientation (trade policy variable) investment rate and exports shocks have significant positive impact on growth in 8 out of 12 WA economies. This suggests that it is possible to stimulate economic growth in some African countries through an outward-looking strategy of export expansion. We, thus, conclude that WA economies can vigorously pursue trade liberalization in order to enhance their growth performance. The caveat is that this would require a refocusing of domestic production capacity to commodity lines that overlap those of the trading partners, especially those of the OECD nations, so as to be able to garner the benefits derivable from liberal trade policy.
Key words: Trade Liberalization, Economic Growth, West Africa, VECM
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| Paper Type | : | Research Paper |
| Title | : | Empirical evidences of two person zero sum game in duopoly markets in Bangladesh |
| Country | : | Bangladesh |
| Authors | : | Mallika Roy, Lipon Chandra Das |
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: | 10.9790/5933-0112230 |
Abstract: This paper surveys the literature in which zero sum game has been proved in empirical duopoly market in rural area. In this survey of duopoly models, techniques of game theory are adapted to find market equilibrium and understand deciding forces for firms. We look at situations with increasing complexity, to develop a better understanding of the usefulness of the game theory in market analysis. Initially, we explore the basics of game theory. Then, following an introduction of basic microeconomics, we explore simple static games of competitive interaction. Finally, we add complexity to these models to explore the game value. We concentrate on the research on structure and performance since game theory made its most profound inroads in this field and in small business in general, and while it now spreads to all other fields in economics - empirical applications are coming up with an increasing rate. We discuss the goals, results and problems involved in the existing literature and propose topics and methods which look promising. We expect empirical work based on game theoretical models to become a growth area in the field of economics following the progress made in theory over the past decades.
Keywords - Duopoly, zero sum game, pay-off, saddle point, game value Field of research: Applied Mathematical economics
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| Paper Type | : | Research Paper |
| Title | : | Growing Dependence on Transfers and Rising Disparity in Municipal Finances in India: Evidence from Thirteenth Finance Commission |
| Country | : | India |
| Authors | : | Debdulal Thakur & Shrabani Mukherjee |
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: | 10.9790/5933-0113141 |
Abstract: Accepting the increasing role of the urban local bodies (ULBs) in India, many studies point out to the low performance and infancy of the ULBs in regard to fiscal solvency. This is largely attributed to the state policies and ad-hoc transfer mechanism. Using the dataset (1998/99 t0 2007/08) of the Twelfth and Thirteenth Finance Commission the present paper attempts to understand the underlying reason for such ill performance. The paper shows that the problem is even greater as many of the top states could not even keep pace with the rising demand for expenditure provisions at par with urbanization. Using five suitable measures the paper further tries to gauge the reason for this growing dependence on transfers and rising disparity in municipal finances for 17 major states in India and questions the fundamental role the state plays.
Key words: India, Urban local body, Revenue, Expenditure, Intergovernmental Transfers, Disparity JEL Codes: H71, H73, H77, R0, R51, R58
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| Paper Type | : | Research Paper |
| Title | : | Forecasting the Twelve Month Treasury Bill Rates in Sri Lanka: Box Jenkins Approach |
| Country | : | Sri Lanka |
| Authors | : | D. M. K. N. Seneviratna, Mao Shuhua |
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: | 10.9790/5933-0114247 |
Abstract: In this study, univariate time series Autoregressive Integrated Moving Average (ARIMA) model is used to forecast government twelve month Treasury bill rates in Sri Lanka over the period June, 2008 to June, 2013. Box Jenkins methodology is mainly used to build four models and different diagnostic tests and criteria were applied to select the appropriate model. The accuracy of the forecasted values is compared with Mean Squared Error (MSE) and Mean Absolute Error (MAE). The empirical results reveal that the best ARIMA model for the twelve month treasury bill rates is ARIMA (1,1,2). The obtained model was used to forecast next five weeks period and the results showed that the slow decay of the T-bill rates. The decreasing of the interest rates implies that the increasing the considerable demand for the government T-bills. Therefore the findings of this study have been given some impression to the investors for planning their future investments.
Keywords - ARIMA models, Box Jenkins, Forecasting, Treasury bill rates R58
[1] J.C. Paul, S. Hoque, and M.M. Rahman, Selection of Best ARIMA Model for Forecasting Average Daily Share Price Index of Pharmaceutical Companies in Bangladesh: A case Study on Square Pharmaceutical Ltd, Global Journal of Management and Business Research, 13(3), 2013.
[2] P. Chujai, N. Kerdprasop, and K. Kerdprasop, Time Series Analysis of Household Electric Consumption with ARIMA and ARMA Models, Proc. IMECS Conf., Hong Kong, 2013.
[3] J.T. Olajide, O.A. Ayansola, M.T. Odusina, and I.F. Oyenuga, Forecasting the Inflation Rate in Nigeria: Box Jenkins Approach, IOSR Journal of Mathematics (IOSR-JM), 3(5), 2012, 15-19.
[4] G. Kumar, and S. Gupta, Forecasting Exports of Industrial Goods from Punjab – An Application of Univariate ARIMA Model, Annals of the University of Petrosani, 10(4), 2010, 169-180.
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[7] R. Nochai, and T. Nochai, ARIMA Model for Forecasting Oil Palm Price, Proc. 2nd IMT-GT Regional Conf. on Mathematics, Statistics and Applications, University Sains Malaysia, Penang, 2006.
[8] Z. Bodie, A. Kane, and A.J. Marcus, Investments (Inc and China Machine Press: McGraw-Hill Companies, 2012).
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| Paper Type | : | Research Paper |
| Title | : | Indian Banking and Information Content of EVA and Traditional Measures |
| Country | : | India |
| Authors | : | Dr. Jasvir S. Sura, Ms. Anju Lather |
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: | 10.9790/5933-0114861 |
Abstract: The rationale behind the study lies in the facts that about superiority of EVA over traditional matrices is mixed and were focused on manufacturing sectors. Hence, relationship between the Market Value Added (MVA), EVA, and accounting performance measures such as net earnings (PAT), earning per share (EPS), return on investment (ROI), return on net worth (RONW), and return on capital employed, Economic Value Added (EVA), and Market value Added (MVA) has not been grossly researched to Indian Banking Sector. The data has been collected through most worthy 'PROWESS' database of Centre for monitoring Indian Economy (CMIE). The reference period of the study is fourteen financial years i.e. 2000-2013.The multiple regression and Biddle's et. al. (1997), Bao and Bao (1998) approach is selected for studying relative and incremental informational of EVA vis-à-vis other traditional financial performance measures. The result of cross-section regression reveals that earning (PAT) having highest explanatory power than EVA, ROI and EPS to explain market value added by sample banks. Fourth, the relative and incremental informational test present that The PAT having highest relative explanatory (66.7 percent) power do explain market value added as compared to EVA, ROI, EPS, ROCE alone and the relative informational content of EVA is lower than PAT, which, accounting for only 57.4 present of variation in market value added (MVA). Thus, the usefulness of EVA for decision making can't be ruled out based on the results and it can be used as an internal as well as external performance measurer. As Solomon (1965) suggested that residual income be used as an internal performance measure and Anthony (1973, 1982, and 1982) suggested that it is suitable to measure external performance.
Keywords: EVA, MVA, Traditional financial performance measures, Indian banking industry. Article Type: Research paper R58
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| Paper Type | : | Research Paper |
| Title | : | Predictive Impacts of Interest Rate Dynamics and Global Financial Crises on Stock Returns and Volatility: A Nigerian Context |
| Country | : | Nigeria |
| Authors | : | C. G. Amaefula, B. K. Asare |
|
: | 10.9790/5933-0116266 |
Abstract: This paper examines the impacts of interest rate and its volatility on stock returns and stock returns volatility and the effect of interest rate during the global financial crises on stock returns and stock returns volatility using monthly All Shares Index prices of the NSE market and 3-month bank deposit rate covering the period of 1985M1-2010M12. GARCH (1, 1) specification with multivariate regressors was employed and the result shows that interest rate has significant negative impact on both stock returns and stock returns volatility; interest rate volatility has significant positive impact on both stock returns and stock returns volatility and during the global financial crises, interest rate has no significant impact both on stock returns and stock returns volatility. This result indicates that interest rate exerts strong predictive impact on stock market returns and there exist volatility spillover effect on stock market condition. It then becomes crucial for investors and policy makers to pay attention to interest rate changes when predicting stock market condition. Keywords: interest rate, GARCH, global financial crises, stock returns, volatility. R58
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| Paper Type | : | Research Paper |
| Title | : | Women and Globalisation in India |
| Country | : | India |
| Authors | : | Dr. K. G. Mallikarjuna |
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: | 10.9790/5933-0116772 |
Abstract: Economic improvement, political empowerment, women education, women health and modern day slavery.
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| Paper Type | : | Research Paper |
| Title | : | Appraisal of the Influence of Agriculture on Economic Growth: Empirical Evidence from Nigeria |
| Country | : | Nigeria |
| Authors | : | K. E. Uma, F. E. Eboh & P. C. Obidike |
|
: | 10.9790/5933-0117379 |
Abstract: The study focused on assessing the effect of agriculture on Nigeria's economic growth from 1970-2009. It examined the influence of output of various types of agricultural practices on real gross domestic product (rgdp), a proxy for economic growth. Data for the study were sourced from the [1]. Augmented Dickey-Fuller and Phillips Perron tests were carried out to test for unit-root and Johansen co-integration test confirmed a long-run relationship of the dependent and independent variables. Error correction model was established. The method of ordinary least square was employed in the data analysis. The study found that the contributions of crop production, livestock and fishing on economic growth were statistically insignificant. Only forestry contributed significantly to growth at the period of study. However, the combined effect of the variables was significant. On this note, among the recommendations made are that it is imperative for the federal, state and local governments to establish integrated agriculture in all the wards in each local government; corruption should be tackled, and there is need for emulation of the radical reform of food production adopted by the Chinese government.
Key words: Appraisal, influence, agriculture, economic growth, empirical evidence.
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| Paper Type | : | Research Paper |
| Title | : | Not earn to burn only, but learn to invest also! |
| Country | : | India |
| Authors | : | Dr. Rajeev Kumar Agrawal |
|
: | 10.9790/5933-0118083 |
Abstract: This paper is based on observation and is analytical in nature. In this research paper an attempt is made to study the current investment scenario in India and abroad. Later on the paper tries to examine the syllabi prescribed by UGC for commerce graduate programs. At last the need for 'investment education' has been emphasized so that people can get the necessary skills of investing and may be able to plan for their safe and happy future life.
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| Paper Type | : | Research Paper |
| Title | : | Social Implications of Foreign Capital: Lessons from China |
| Country | : | India |
| Authors | : | ChakrapaniGhanta |
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: | 10.9790/5933-0118488 |
Abstract: In the market economy Foreign Direct Investment(FDI) become a key element for the economic growth.FDI is considered to be an essential vitamin to boost up the domestic capital, productivity and employment and it is always reflect a better economic environment in the context of globalization. Irrespective of their political ideologies countries one after the other opening up their markets and enjoying 'the glory of prosperity'. China with its 'open door policies' emerged as the most preferable destination for FDIs in the world and become a model for its followers including India. This article examines the positive and negative aspects of the growing capital in China.
Key Words: Liberalization, FDIs, inequalities, Special Economic Zones (SEZs), Real Estate
[1]. http://www.chinadaily.com.cn/bizchina/2007-01/15/content_783851.htm
[2]. By Tim Callen, IMF Research Department, Emerging Markets Main Engine of Growth, IMFSurvey Magazine
[3]. For this extent the second session of the Fifth National People‟s Congress held in July 1979 was adapted the Law on Joint-Ventures using Chinese and Foreign Investment.
[4]. On October 11, 1986, the State Council promulgated the Provisions of the State Council of the People‟s Republic of China for the Encouragement of Foreign Investment
[5]. the Law of the People‟s Republic of China on Enterprises Operated Exclusively with Foreign Capital adoption on April 12, 1986, at the fourth Session of the Sixth National People‟s Congress