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| Special Centennial Issue |
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No. 413 |
October 2023 |
Vol. CIV (Part-II) |
ISSN: 0019-5170 |
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Contents
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An Empirical Study on the Revealed Comparative
Advantage in Exports of BRICS Countries
Lizette D’Costa
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P. K. Sudarsan
2
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Countries are inclined to specialize in the production of
commodities in which it has a comparative advantage
compared to other nations. Comparative advantage is a
significant aspect of international trade that describes the
specialization of commodities by nations. The Revealed
Comparative Advantage (RCA) Index is based on the
Ricardian theory of trade, which postulates that the flow of
trade or trade patterns amongst countries are administered
by their relative differences in productivity. It acts as a tool
to analyze trade competitiveness between nations. This paper
aims to study the trade competitiveness between BRICS
nations. The study uses data obtained from the ITC database
for the period 2001 – 2020 of all BRICS countries for 15
product categories under the HS-2 digits classification. The
Revealed Comparative Advantage Index (RCAI) of each of
the select product categories of the five BRICS countries is
computed and further analyzed by comparing the mean and
coefficient of variation to seek complementarity in trade.
Emphasis has been made to reveal India’s complementarity
in trade among BRICS countries concerning the select
product categories. Results portray areas wherein trade can
be intensified to benefit from BRICS as a bloc.
Keywords: Trade, Exports, Revealed Comparative
Advantage, BRICS, Complementary
JEL Classification: B17, F02, F11, F15
- Research Scholar, Goa Business School, Goa University, Goa-403206,
Email: dcostalizette@gmail.com, Orcid ID: 0000-0002-3557-398X
- Professor, Goa Business School, Goa University, Goa-403206,
Email: sudha@unigoa.ac.in, Orcid ID: 0000-0002-6523-3601
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The OECD Approach and Measurement of Consumption
of Fixed Capital (CFC)
Arijit Roy 1
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The term ‘consumption of fixed capital’ has been put forward
by the System of National Accounts to describe and
distinguish ‘economic depreciation’ from ‘depreciation’ used
in company accounts and balance sheets. ‘Consumption of
fixed capital’ is measured in conjunction with productive
stock and net fixed capital stock. In reality, there are
different methods for measuring ‘consumption of fixed
capital’. But the System of National Accounts recommends
either the (traditional) Perpetual Inventory Method or the
(alternative) Perpetual Inventory Method. In the present
paper, we have analyzed different methods for measuring
‘consumption of fixed capital’. Further, an attempt has been
made to measure ‘consumption of fixed capital’ in the
context of the Indian economy over the period 1995-96 to
2004-05.
Keywords: Perpetual Inventory Method, Consumption of
Fixed Capital, Net Fixed Capital Stock, Productive Stock,
Age-Efficiency, Age-Price.
JEL: B40, B41, C02, E01, E22
- Associate Professor of Economics, Vivekananda Mission Mahavidyalaya, Chaitanyapur
(Haldia), Purba Medinipur, PIN – 721645, West Bengal. Email: aroy2003@gmail.com
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Economic Growth and Demographic Dividend in
Major Indian States
Isika Jaiswal1
Bimal Jaiswal2
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"We are proud of 3 things: Democracy, Demographic
dividend and Demand".
Hon’ble PM Narendra Modi
This paper asserts that the changes India is experiencing
on its demographic fronts have opened a window of
opportunity for economic evolution, though they will also give
birth to certain challenges at the same time which the
country needs to address in time in order to harness the
potential benefits of these changes. The paper takes into
consideration the inter-state disparities with respect to
preparedness of the bigger States of the country to deal
with their changing working-age population as the
demographic window of opportunity has been closed in the
states of Kerala and Tamil Nadu, is about to close in
the states of Delhi, Andhra Pradesh (including
Telangana), Gujarat, Punjab, West Bengal, Karnataka,
Odisha, Himachal Pradesh, Maharashtra, Jammu &
Kashmir, Assam, Uttarakhand and Haryana while is
completely open in the states of Chattisgarh, Jharkhand,
Madhya Pradesh, Rajasthan, Uttar Pradesh and Bihar. The
study is based on explanatory research design for a period
of 30 years taken for seven points of time – 1990-91, 1995-
96, 2000-01, 2005-06, 2010-11, 2015-16 and 2020-21. The
growth of NSDPPC is taken as the dependent variable and the
independent variables include initial NSDPPC, initial
working-age population, growth of working-age
population, gross fixed capital formation, growth of gross
fixed capital formation, total fertility rate, sex ratio, gross enrolment ratio and infant mortality rate. The study mainly
focused to carry a detailed analysis of change in share of
working-age population in total population on economic
growth rate of selected Indian states. The results suggest
that the magnitude of relationship between independent
variable and dependent variables is changing across
models while their direction remains same. Additionally,
the paper studies in detail the favorable and non-favorable
circumstances India is likely to experience to a certain
extent because of its distinguished process of demographic
transition.
Keywords : Demographic Dividend, Age-Composition,
Economic Growth, Inter-state Disparities.
- Junior Research Fellow, Department of Applied Economics, University of Lucknow-
226007, E-mail: ishsoniya@gmail.com
- Professor, Department of Applied Economics, University of Lucknow-226007,
E-mail: bimalsiyaram@gmail.com
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Investment Preference of Salaried Women in Varanasi
District, Uttar Pradesh
Ritika Maurya1
V. Shunmugasundaram2
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Financial planning is critical for establishing clear financial
objectives and constructing the appropriate investment
portfolio to satisfy financial needs and aspirations. The goal
of investment is to generate a profit through investing money.
The author examines the investment preference of women
investors belonging to urban and rural areas. They also
investigate the factors motivating women investors to take
investment decisions. A well-structured questionnaire was
prepared and the response of 384 respondents was
examined. Mann-Whitney U test and Kruskal-Wallis test
were used to determine whether there is any difference in
investment preference of urban and rural women investors
and to determine the motivating factors responsible for
investment decisions based on different demographic
attributes. Results revealed that women investors in urban
and rural areas have the same investment preference except
for saving accounts, FD, shares, mutual funds and LIC. The
factors motivating female investors to invest differ based on
demographic traits. The current study will assist financial
institutions and policymakers in understanding the
preference of women investors and the factors influencing
their investment decisions and recommend the investment
options to the investors on the based on expectations and
needs.
Keywords : Investment, Preference, Decisions, Working
women, Investors.
JEL classification code: : G11, G24, G5, G51, G53
- Research Scholar, Faculty of Commerce, Banaras Hindu University, Varanasi,
Uttar Pradesh. Email ID: ritikamaurya05@gmail.com
- Professor, Faculty of Commerce, Banaras Hindu University, Varanasi, Uttar Pradesh.
Email ID: sundarambhu@gmail.com
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Does Global Spillover Matter in the Indian Money
Market? A Vector Error Correction Model
Avijit Bakshi1
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This study examines the role of global liquidity, confidence
and exchange channels in transmission to the Indian money
market. It also attempts to explore which channel is
predominant and how it influences the policy rate- repo and
call money rate which is market determined. The Vector
error correction model (VECM) was applied to the weekly
data (obtained from RBI, Bank of St. Louis and Federal
Reserve Bank) from 29 April, 2001 to 21 March, 2021. The
results suggest that the domestic money market is not fully
shielded from global spill over. The weighted average call
money Rate (WACR) which is a market-determined rate, is
more responsive to transmission channels than to repo.
Long-run causality exists between call money rates and
global liquidity, confidence and exchange channels. Shortterm
causality runs from Global Liquidity and Exchange
Channel to Repo. The confidence and exchange channel
were found to be more dominant than global liquidity in
influencing WACR and Repo. This study examines the role of
transmission channels from international markets to the
Indian money market. This study attempts to enrich empirical
research in the field by providing insight into the role of
individual channels in transmission of global spillover to
money markets and observing the reaction of call money rate
and policy rate. The study provides conflicting evidence
regarding the role of confidence channel but similar results
regarding the role of liquidity channel in transmitting global
spillover. This study is likely to be resourceful for
policymakers to maintain monetary policy independence.
Keywords- Global liquidity, Spill over Effect, VECM, WACR,
Repo Rate, Confidence Channel, Exchange Channel.
JEL Classification Codes -- E51, E52, E58
- Assistant Professor, CMS Business School, (Jain-Deemed-to-be University), 17, Seshadri
Rd, Gandhi Nagar, Bengaluru, Karnataka 560009. Email: avijit.bakshi2008@gmail.com
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Missing from Imagination – Context of Migrant Labour
and Lock down – Study from South India
Trinadh Nookathoti1
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It is unimaginable to envisage India’s growth, especially the
urban, without the migrants. Migration is perceived as a
natural phenomenon in growth and development, but the
estranged lives and livelihoods of migrants have not been
able to capture the imagination of not only the policymakers
but also the civil society. Across the globe, migrant labour
has been exposed to the exigencies during the Covid -19
pandemic. Indian Economy, which is predominantly an
informal economy, maintains a massive chunk of circular
migration. The lockdown 1.0, imposed to contain covid, has
galvanised the governments to rehabilitate and rescue the
sagging and grief-stricken migrants. Since the catastrophe
was unprecedented, migrants succumbed to the vicious
repercussions. They had to undergo insurmountable vagaries
manifested in hunger, destitution, unemployment, infections,
casualties, indebtedness...etc. Against the backdrop, the
study has been undertaken to examine the trajectory and
impact of lockdown 1.0 on migrant labour, especially
construction labour, through empirical observations from
south India. The Study found that there has been a gigantic
loss of employment and income to the migrants and, the
governments’ relief and rescue measures have neither been
able to commensurate the loss nor embolden the sagging
migrants/economy.
JEL classification : F 22, J 16, O 15, R 23.
- Assistant Professor, Department of Economic, Studies and Planning, School of
Business Studies, Central University of Karnataka.
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Industrial Performance and Industrial Dispute:
A Case Study of Tamil Nadu
Anish Gupta1
Rahul Ranjan2
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Social unrest is usually a result of the political or economic
demands of the people not being met. Protests,
demonstrations, picketing, and collective petitioning have
become increasingly common in Tamil Nadu’s industries. As
Tamil Nadu's economy has grown during the last decade, the
quality of living standards for many of its residents has
improved. Simultaneously, social protests have increased
considerably. This paper shows that Tamil Nadu had highest
number of closed units in 2000-01 and 2018-19. The closed
unit in Tamil Nadu has been increasing sharply after 2013-
14 and reached at highest level in 2018-19. It is evident that
the concentration of closed units lies in 0-10 worker size and
Micro enterprise. But there are also some closed units in the
worker size of more than 51 workers and large enterprise
which is a matter of concern for the government and policy
makers. Further, panel regression shows that industrial
disputes, closure of units and loss of mandays has negative
impact on net value added and each of the three factors are
statistically significant.
Keywords : Social Unrest, Industrial Dispute, Industrial
Performance, Closed Units, Tamil Nadu.
- Assistant Professor at Delhi School of Economics, New Delhi.
E-mail: pioneer.article@gmail.com. This paper is an outcome of ICSSR-Impress Project
title “Industrialization and Social Unrest: A Case Study of Tamil Nadu
- Consultant at Research and Information System for Developing Countries (RIS), New
Delhi.
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Productivity Trends of Paddy in Andhra Pradesh and
Telangana: An Analysis of Agro-Climatic Zones
Shreyasee Kaushik1
T Varun Reddy2
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This study has examined the paddy yield trends of the
erstwhile state of Andhra Pradesh, and the present-day twin
‘rice-bowl’ states of Andhra Pradesh and Telangana, from
1997-98 to 2019-20. We see a phenomenal turnaround of
rice production in Telangana, which for the first time in
2019-20, has overcome Andhra Pradesh, both in terms of
paddy production and acreage. However, there’s still some
catching up to do for Telangana’s paddy yield rates vis-a-vis
Andhra Pradesh. To further understand the dynamics of yield
differences across time and space, we delve into the agroclimatic
zones of both these states to gauge the intra-state
variation in paddy productivity. There has been a steady
growth in the yield rates of all the agro-climatic zones of
Andhra Pradesh from 2013-14 and of Telangana after 2016-
17, with the latter witnessing reduced volatility as well.
These trends have been correlated with expected changes in
climatic factors. Finally, we contrast the paddy production in
these states with the procurement under the Central Pool of
Paddy and observe anomalies in the data for Telangana for
two years, in that the procurement of rice is found to be more
than the production of rice.
Keywords : Paddy Productivity, Paddy Yield, Andhra
Pradesh, Telangana, Agro-Climatic Zones.
- Research Scholar, Delhi School of Economics, University of Delhi, Delhi, IN-110007.
Email: shreyaseekaushik@gmail.com
- Research Scholar, Delhi School of Economics, University of Delhi, Delhi, IN-110007.
Email: tvarunreddy333@gmail.com
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Mutual Fund Performance and Stock Selection Abilities
of Fund Managers in India- An Experiential Analysis
Anju Bala1
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Mutual fund industry of India has been developing
significant growth in terms of AMCs started from Rs. 246.7
million in 1965 to Rs. 1006 billion in 2002 to 7599.95 billion
end of 2012 to 8252 billion INR in 2014 to 36.09 trillion in
August 2022.As a result of this large investment interest,
Stock selection is the nucleus in the investment management
process and the stock selection skills exploited by the fund
managers to earn superior returns always merits for
continuous assessment. For this, the present study tried to
evaluate the performance of selected 60 schemes and stock
selection performance of the equity growth-oriented schemes
of mutual funds by fund managers in India for the duration of
16 years from January 2006- July 2022 using Jensen alpha
(1968) and FamaNet Selectivity (1972) models for fund
selection. The study has found insignificant evidence for
superior returns due to stock selectivity of the fund managers
in India. It has also found that selected mutual fund schemes,
on an average, have failed to perform better the market and
bearing low risk than market. In the diversification front,
majority of the schemes have performed moderately well. As
a result, compensation for the inadequate diversification has
not impacted selectivity performance.
Keywords: Diversification, Mutual Fund, Stock Selection,
Risk, Selectivity.
- Assistant Professor, Dev Samaj College for Women, Ferozepur.
E-mail: anju.sarna@gmail.com
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Self Help Groups in Mizoram: A Study of Group
Governance and Nature of Bank-Linkages
C. Laldingliana1
Bhartendu Singh2
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This paper examines the performance of self-help groups in
the state of Mizoram (Northeast India) with reference to
group-governance and the nature of bank-linkages. The
study covered a sample of 500 SHGs drawn from all districts
(08) of Mizoram. The performance of SHG was measured
mainly on the basis of NABARD’s SHG performance
indicators. It was found that SHGs in Mizoram were
democratically governed (high level of members
participation) in terms of selection of their leaders and
identification of group activities. It attained a medium level
of performance with respect to management of group lending
system and access to formal bank credit. However, SHGs in
Mizoram were found lagged in terms of regularity of
meetings and savings, which could be one of the important
backlogs that need to be improved for the sustainability of
the movement. Meanwhile, Mizoram Rural Bank (MRB) has
made a significant contribution to the SHG movement,
registering over 93 percent of the total selected SHGs in
Mizoram.
Keywords: Chi-Square Statistics, NABARD, NABARD’s SHG
performance indicators, Self-help groups, performance,
Mizoram.
JEL Classification Codes: O17, I38, J16, D71, C93.
- Mizoram University, Aizawl, Mizoram, India. E-mail: madingac@gmail.com
- Department of Commerce, Mizoram University, Aizawl, Mizoram, India.
E-mail: bsingh@mzu.edu.in
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