Vol. 51, No. 1, 2021
Development of Economic and Social Infrastructure in Jammu and Kashmir
Anvesak, Vol. 51 (1), pp. 5-22, Received: 6 Feb. 2020; accepted: 10 Nov. 2021
Tasleem Araf Cash1, and Prakash C. Anthal2
1Central University of Kashmir, Jammu and Kashmir, India
2University of Jammu and Kashmir, India
Abstract: The economy of the Union Territory (UT) of Jammu and Kashmir (J&K) has been facing many challenges. Foremost among them are political instability (millitancy), poor financial condition, tough terrain, harsh climatic conditions and relative isolation. Moreover, the region is suffering from relatively poor and lopsided infrastructural development. The paper evaluates the development of economic and social infrastructure at the district and regional levels in the newly created UT of J&K, which is one of the least studied areas in India. An attempt has been made to identify the districts which are lagging behind in terms of infrastructure development and thus need government intervention. In this study, a multidimensional approach has been adopted and two indices, namely, Economic Infrastructure Development Index (EIDI) and Social Infrastructure Development Index (SIDI) have been constructed to measure the district level development of infrastructure. Based on the indices values, the districts are ranked and classified into three development categories: highly developed, medium developed, and less developed. It is found that stark differences exist across the districts in the levels of development of both economic and social infrastructure. Second, infrastructure facilities are highly concentrated in the two capital districts of the UT, namely, Srinagar and Jammu districts. Third, districts, namely, Kupwara, Poonch, Ramban and Reasi, are lagging behind in terms of both economic and social infrastructure development. Fourth, districts located in the Jammu region are lagging behind compared to the districts located in the Kashmir region in terms of both economic and social infrastructure development. The study suggests that additional resources should be allocated to develop socio-economic infrastructure in less developed districts of the UT, in general, and newly created districts of the Jammu region, in particular, if the government intends to promote balanced regional development in the UT of J&K.
Key Words: Economic infrastructure, Social infrastructure, Regional disparities, Inter-district disparities
Manias, Panics and Crashes: A Prodigious Debt Debate
Anvesak, Vol. 51 (1), pp. 23-39, Received: 6 Jun. 2021; accepted: 3 Oct. 2021
Bashir Ahmad Joo and Simtiha Ishaq
University of Kashmir, Srinagar, India
Abstract: Whenever the news of financial and economic crises emerges, economists and financiers regress at “what went wrong?” and “why did markets lack resilience?” As the pandemic progresses into the second year, we are asking the same questions again. In pursuit of the answers, we find the previous pattern repeating over multiple episodes. Though these episodes take place in different locations, sectors, or conditions, it usually stays close to the precedents in the order of events, starting from “Manias” to “Panics” and eventually to “Crash”. This paper is a theoretical review of the works relating to the role of credit-fuelled expectations in speculative credit excesses and covers studies in the pre and post liberalized era. In view of the three generations of crisis models, the paper deliberates on the irrationality of human beings, the part played by the banking sector, particularly financial innovation, and the volatility of financial markets in driving the financial crisis. The results make one significant manifestation that credit plays a vital role in determining the economic course and acts as an amplification mechanism for both up and downturns.
Key words: Credit bubbles, Euphoria, Credit excess, Banking and financial crisis
An EGARCH (1, 1)-M Approach to Time Verying Risk-Return Nexus in Dhaka Stock Exchange
Anvesak, Vol. 51 (1), pp. 40-48, Received: 31 Mar. 2021; accepted: 25 Oct. 2021
Md. Masud Karim1, Md. Monimul Huq1 and Utpal Kumar De2
1University of Rajshabi, Rajshabi, Bangladesh
2North Eastern Hill University, Shillong, India
Abstract: This paper investigates the relationship between time varying risk-return, volatility and leverage impact in Dhaka Stock Exchange (DSE) by using EGARCH (1, 1)-M model. The model is estimated using daily return based on DSE Broad Index (DSEX) and DSE Shariah Index (DSES). It is found that the risk-return relationship is positive but insignificant which indicates that the risk premium is absent (or very poor) in both cases of DSE. Nevertheless parameter of DSES shows better trade-off between risk return than DSEX return series. Besides, the coefficients of ARCH and GARCH for both cases are significant and volatility of both return series are persistent and explosive. The volatility clustering is more prevalent and high value of β indicates that the impact of old news is very important in DSE. It is also observed that the leverage effect (γ) is significant for DSEX but insignificant in case of DSES, because shariah compliant companies cannot invest in speculative investment, synthetic and debt securities.
Key Words: Time varying risk-return trade-off, Dhaka Stock Exchange, Volatility, Leverage effect, EGARCH (1, 1)-M
Achieving the Green Deal through the EU's Economic Recovery Plan and the Common Agricultural Policy: What Does It Mean for the Global South?
Anvesak, Vol. 51 (1), pp. 49-57, Received: 30 Nov. 2021; accepted: 17 Dec. 2021
Meine Pieter van Dijk
Erasmus University Rotterdam, Rotterdam, The Netherlands and Maastricht School of Management, Maastricht, The Netherlands
Abstract: The new European Commission, when it took office at the end of 2019, immediately presented a plan. Ms. Ursula von der Leyen and Mr. Frans Timmermans, as President and Vice- President of the Commission, respectively, presented the Green Deal to make the European Union (EU) CO2 neutral by 2050. It is an ambitious plan that—as reported in Financial Times on 27 February, 2020—would determine their five years in office, and the transition to “carbon neutrality as leitmotif of Brussels’ policy making”. However, then came COVID-19 and its effects on the European economy surpassed the effects of the 2008 financial crisis. So, there had to be a Recovery Plan. In the meantime, the new Common Agricultural Policy (CAP) of the EU was accepted in the European Parliament. It is about the distribution of agricultural subsidies during 2023-2027, which will be based on a number of EU policies and criteria. This paper is about the relation between the CAP and the other EU policies. Can we achieve the Green Deal through the CAP and the European Union’s Recovery Plan? What do these new programmes mean for the Global South?
Key words: Green Deal, Economic recovery plan, Common agricultural policy, Global south, European Union
Multidimensional Inequities in Acsess to Water Supply: Empirical Evidence from Urban Households of Cuddalore District, Tamil Nadu
Anvesak, Vol. 51 (1), pp. 58-70, Received: 2 Mar. 2020; accepted: 3 Dec. 2020
Central University of Kerala, Kerala, India
Abstract: Existing literature on urban water focused on inequity in water access at macro level with the perspective of policy reinforcements. The present study analyses the multidimensional inequities in access to water supply at micro level in Cuddalore district of Tamil Nadu state in India. This study confirms the existence of multidimensional inequity in access to water supply by area, sources of water supply, income, and ownership of house. Of this, household income has largely led to inequality followed by sources, area and house ownership. However, all the dimensions of inequity are interrelated. Suggested measures to ensure equity in access to water are: (i) authorities need to review the existing procedure of water supply connection and infrastructure, (ii) appropriate regulatory mechanisms should be mandatory to manage market based water supply and ground water, and (iii) the slums require special attention to increase the number of public tap and ground water sources and maintenance service.
Key words: Multidimensional inequities, Access to water, Urban areas, Tamil Nadu, India
The Extent of Financial Inclusion and the Credit Accessibility of Scheduled Caste Households
Anvesak, Vol. 51 (1), pp. 71-83, Received: 27 Apr. 2020; accepted: 3 Oct. 2021
Jyolsna S.1, and Shaijumon C.S.2
1NSS College, Kerala, India
2Indian Institute of Space Science and Technology, Kerala, India
Abstract: Financial inclusion is the most important aspect of achieving inclusive growth in an economy. The major objective of this study is to analyse the influence of financial inclusion on the incidence of borrowings of the Scheduled Caste (SC) households in Kerala. The study has employed the financial service usage dimension for constructing an indicator for measuring the extent of financial inclusion of the marginalized SC households. The study has found that the share of formal borrowing of SC households increases with their financial inclusion. Interestingly, the study has also observed that as the extent of financial inclusion improves, various informal sources are increasingly supplying credits to the SC households. The study has found that the operation of informal financiers is highly prevalent, and these financiers’ supply of credit accounts for a significant share of borrowings availed by the SC households.
Key Words: Financial inclusion, Sources of credit, Informal borrowing, Self-help groups, Scheduled caste households
Empowering Women through Entrepreneurship: The Role of Pradhan Mantri Mudra Yojna
Anvesak, Vol. 51 (1), pp. 84-100, Received: 21 Mar. 2021; accepted: 3 Oct. 2021
Pushpender Kumar and Divya Nandrajog
Kirori Mal College, Delhi, India
Abstract: Women entrepreneurs from all across the world suffer from several challenges in their growth and development process. Lack of easy access to capital and ownership of land or assets are identified to be the major constraints in the entrepreneurial journey of women from developing countries. To support entrepreneurial growth and overcome the problem of lack of capital, microfinance seems to be an alternative solution. Several microfinance institutions are already functioning in the economy to facilitate easy financing to the poor, but their effectiveness is still a question. The Govt. of India has recently launched a programme, namely, Pradhan Mantri Mudra Yojana (PMMY), which aims to fund the unfunded and encourage small and medium-sized entrepreneurs. The present study examines the role of mudra loan in promoting women entrepreneurship and empowering women of the Delhi-NCR region using tabular and graphical analysis.
Key words: Mudra loan, Urban area, Women entrepreneurship, Women empowerment
Social Inclusion and Exclusion: East-West Dichotomy
Anvesak, Vol. 51 (1), pp. 101-112, Received: 1 Jun. 2021; accepted: 16 Oct. 2021
Assam University, Silchar, India
Abstract: In a multi-religious and multi-cultural society like India, the roots of discrimination and alienation go deep and the question of social inclusion and exclusion becomes increasingly complex. In an authoritarian society, the problem of exclusion remains suppressed and does not generally surface till it reaches the boiling point. But a democratic society, being open to dissent, remains sensitive to the question of social exclusion. In Indian context, exclusion is witnessed in various forms and it is much interrelated. It revolves around social institutions and values that exclude, discriminate, isolate and deprive some groups on the basis of primordial identities. For example, caste is a unique determinant of social exclusion in the Indian sub-continent. Given this distinctiveness of Indian society from its western counterpart, the concept needs more deliberation and needs to reflect the realities of India in a more meaningful way. Social Exclusion in India is, in fact, an internalised phenomenon, the solution of which needs far deeper understanding of the concept and strategy beyond the policy of reservation. Until it happens, India’s dream to emerge as a vibrant democracy with an impressive chronicle of inclusive growth will remain half-way.
Key words: Social exclusion, Caste, Dalit, Sub-caste, Reservation
Alcohol Consumption and Its Prohibition in India: A Comprehensive Review
Anvesak, Vol. 51 (1), pp. 113-130, Received: 28 Nov. 2021; accepted: 5 Feb. 2022
Ishan Janbandhu and Anurag Asawa
Gokhale Institute of Politics and Economics, Pune, India
Abstract: This paper intends to provide a brief review of literature on alcohol consumption and prohibition, emphasising the historical retrospect of India. The literature study suggests that the most rational means to reduce alcohol consumption is education, inculcating moral values and the spiritual progress of an individual and society as a whole. The benefits of no drinking over moderate drinking purely from a health perspective do not fully justify the prohibition as a policy. Indian experience over the long-run suggests illegal liquor is more likely to get back in the prohibited area, creating a parallel economy. From the government perspective, pricing and taxation can show positive benefits.
Key words: Alcohol consumption, Addiction, Prohibition, Religion, Education, Spirituality, Policy.
Vol. 50, No. 2, 2020
Style of Question Matters: An Experiment with Questions on Gender Violence
Anvesak, Vol. 50 (2), pp. 1-21, Received: 27 Nov. 2020; accepted: 19 Mar. 2021
Manoranjan Pal1, Chaiti Sharma-Biswas1, Sriparna Banerjee2, Anjali Ghosh1, Subhendu Chakrabarti1, Sumana Guha3 and Premananda Bharati1
1Indian Statistical Institute, Kolkata, India
2West Bengal State University, Barasat, India
3St. Xavier’s College, Kolkata, India
Abstract: Reliable data in surveys is a pre-requisite to correct estimates. There are various kinds of ‘response errors’ in surveys which lead to biased or inconsistent estimates of the population parameters. Some of the response errors are not intentional but when it comes to opinion survey, it might often lead to asymmetric distribution of errors. This paper experimented with positive and negative styles of questions in the forms of statements on gender violence, which were canvassed among randomly drawn adult individuals. The analysis of the data using a statistical model revealed that, instead of a single set of questionnaires, one should make two sets - one positive and one negative and canvass the two sets to two independent samples in the population. The model can then be used to estimate the exact proportion of persons who accept the statement.
Key Words: Response error in survey, Style of question, Gender violence, Chi-square test, Statistical model
Determinants of Green Practice by Manufacturing SMEs in Urban Areas of Sri Lanka
Anvesak, Vol. 50 (2), pp. 22-41, Received: 7 Jan. 2021; accepted: 23 Feb. 2021
S.P. Premaratna, Nayani Melegoda, Kumuduni Dissanayake, Sudeera Ranawala and Ranil Senaratna
University of Colombo, Colombo, Sri Lanka
Abstract: This study examines factors that determine green practice adoption by small and medium scale manufacturing enterprises (SMEs) located in urban areas of Sri Lanka. The determinants include technological factors, organizational factors, business environments, and environmental attitudes and awareness. A questionnaire survey on the green practice adoption of manufacturing SMEs located in the Western Province of Sri Lanka was conducted and data from 342 sample firms was analyzed. The logit regression results reveal that external factors such as regulatory pressure, governmental support, relative advantage, compatibility of green practices and internal factors such as organizational support, quality of human resources, awareness, attitudes and costs and benefits have significant and positive influences on green practice adoption by urban manufacturing SMEs. Meanwhile, complexity has a negative influence on adoption of green practices. However, firm size and customer pressures do not have significant influence.
Key words: Green practices, SMEs, Sri Lanka, Manufacturing sector, SDGs, Logit model
Assessing the Output and Productivity Growth of Indian Manufacturing Industries during the Post Reform Period: Evidence from Stochastic Frontier Approach
Anvesak, Vol. 50 (2), pp. 42-56, Received: 3 Feb. 2021; accepted: 13 Apr. 2021
Dinabandhu Andrews College, Kolkata, India
Abstract: Applying the stochastic frontier production function approach, this paper estimates and decomposes the output growth as well as total factor productivity (TFP) of aggregate manufacturing industries across states in India during 1993-2011. The result indicates that change in inputs and TFP play more important roles for output growth while the contribution of capital input is negative. It is remarkable to note that most of the states have achieved negative change in input growth in the years 1998, 2000, and 2001, respectively. However, of all the factors responsible for the output growth, change in input growth contributes the most, followed by technological progress and technical efficiency, respectively. Though technical efficiency is a component of TFP growth, it contributes little to TFP growth and thus the improvement of technical efficiency is the key element for improving the efficiency of Indian manufacturing sector. Technical progress being larger than technical efficiency to the TFP growth in most of the states for the Indian manufacturing sector. The estimated technical efficiency scores across the states have increased over the years, implying that the states gradually move closer to the production frontier over time.
Keywords: Indian manufacturing, Total factor productivity, Technical efficiency, Technological progress, Stochastic frontier
Enabling People and Processes for Rural Transformation: A Knowledge Enabled Institutional Economics Perspective in Gujarat
Anvesak, Vol. 50 (2), pp. 57-62, Received: 10 Dec. 2020; accepted: 23 Feb. 2021
Sardar Patel Institute of Economic and Social Research, Ahmedabad, India
Abstract: This paper discusses markets in the farm to food process sector. In addition, access to credit, technical knowledge and education backed by access to institutions play a role in improving farm income and create a Vent for Agricultural Surplus. These enabling processes are then described in detail based on author’s field visits in Gujarat.
Key Words: Rural transformation, Wholesale mandi (market), Farm efficiencies, Institutions, Vent for surplus.
Multidimensional Poverty and Deprivation in Rural Area: Insights from Two Villages of Gurugram District in India
Anvesak, Vol. 50 (2), pp. 63-79, Received: 28 Dec. 2020; accepted: 30 June 2021
Anjali and Kiran Lamba
B.P.S. Mahila Vishwavidyalaya, Haryana, India
Abstract: Despite the relatively high growth of the overall world economy in the recent decades, the incidence of poverty and deprivation in various pockets of the globe is still considered a critical matter that needs to be addressed; otherwise balanced international development will remain a far-reaching goal. Poverty is one of the root causes of underdevelopment of a region. It is imperative to look at this problem through a macro as well as a micro glance. Our focus in this study is on micro issues. The main objective of this paper is to measure multidimensional poverty and deprivation in two villages - Alipur and Kasan - of Gurugram district of Haryana state in India. The study collected data from 235 households and the selection of these sample households was done based on the stratified random sampling method, covering the population groups such as ‘general category’, ‘scheduled caste’ and ‘other backward class’. The study used an updated version of the Rangarajan committee poverty line for measuring income poverty and the Alkire and Foster (2009) methodology for multidimensional poverty analysis. The results show that multidimensional poverty is higher than income poverty; and education and health deprivations are the most significant reasons for multidimensional poverty.Key words: Income poverty, Deprivation and multidimensional poverty, Rural Haryana, India
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