Prelims

Modeling Economic Growth in Contemporary India

ISBN: 978-1-80382-752-0, eISBN: 978-1-80382-751-3

Publication date: 22 July 2024

pdf (227 KB) ePub (11.3 MB)

Citation

(2024), "Prelims", Sergi, B.S., Tiwari, A.K. and Nasreen, S. (Ed.) Modeling Economic Growth in Contemporary India (Entrepreneurship and Global Economic Growth), Emerald Publishing Limited, Leeds, pp. i-xxv. https://doi.org/10.1108/978-1-80382-751-320241017

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:

Emerald Publishing Limited

Half Title Page

Modeling Economic Growth in Contemporary India

Series Title Page

Entrepreneurship and Global Economic Growth

Series editor: Bruno S. Sergi, Harvard University, USA & University of Messina, Italy

Entrepreneurship and Global Economic Growth is Emerald's cutting-edge Global Economic Growth book series, presenting modern examinations of economic growth at national, regional, and global levels. Each book in this series discusses different dimensions of the changing economic and industrial contexts and examines in detail their impact on the nature of growth and development. For academics and senior practitioners, this series puts forward significant new research in the global economic growth field, opening discussions regarding new topics and updating existing literature.

Published Titles in This Series

Modeling Economic Growth in Contemporary Russia, edited by Bruno S. Sergi

Modeling Economic Growth in Contemporary Belarus, edited by Bruno S. Sergi

Modeling Economic Growth in Contemporary Malaysia, edited by Bruno S. Sergi and Abdul Rahman Jaaffar

Modeling Economic Growth in Contemporary Greece, edited by Vasileiois Vlachos, Aristidis Bitzenis and Bruno S. Sergi

Modeling Economic Growth in Contemporary Indonesia, edited by Bruno S. Sergi and Dedhy Sulistiawan

Modeling Economic Growth in Contemporary Hong Kong, edited by Michael K. Fung and Bruno S. Sergi

Modeling Economic Growth in Contemporary Poland, edited by Elżbieta Bukalska, Tomasz Kijek and Bruno S. Sergi

Modeling Economic Growth in Contemporary Czechia, edited by Daniel Stavárek and Michal Tvrdoň

Forthcoming Titles in This Series

Modeling Economic Growth in Contemporary Slovakia, edited by Michael Augustín, Peter Jančovič and Bruno S. Sergi

Title Page

Modeling Economic Growth in Contemporary India

Edited By

Bruno S. Sergi

University of Messina, Italy; Harvard University, USA

Aviral Kumar Tiwari

Rajagiri Business School, India

And

Samia Nasreen

Lahore College for Women University, Pakistan

United Kingdom – North America – Japan – India – Malaysia – China

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Emerald Publishing Limited

Emerald Publishing, Floor 5, Northspring, 21-23 Wellington Street, Leeds LS1 4DL

First edition 2024

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ISBN: 978-1-80382-752-0 (Print)

ISBN: 978-1-80382-751-3 (Online)

ISBN: 978-1-80382-753-7 (Epub)

List of Figures and Tables

Figures
Fig. 1.1.	CPI Inflation Over the Years 1991–2021.	13
Fig. 1.2.	Unemployment Rate Over the Years 1991–2021.	13
Fig. 1.3.	ACF and PACF for CPI Inflation and Unemployment Rate.	14
Fig. 1.4.	Forecasts From ARIMA for CPI Inflation and Unemployment. (a) Forecasts From ARIMA (5,0,2) With Non-Zero Mean. (b) Forecasts From ARIMA (0,0,1) With Non-Zero Mean.	18
Fig. 1.5.	Forecasts From VAR. (a) Forecast for CPI. (b) Forecast for UNE.	19
Fig. 1.6.	Trends for CPI Inflation and Unemployment Rate.	19
Fig. 2.1.	Literature Review Process Adapted (Williams, 2018).	28
Fig. 3.1.	Reaction of Stock Price to New Information in Efficient and Inefficient Markets.	37
Fig. 3.2.	Log Return.	42
Fig. 3.3.	Abnormal Return Constant Mean Return Model.	43
Fig. 3.4.	Abnormal Return Market Adjusted Return Model.	43
Fig. 3.5.	Abnormal Return CAPM.	43
Fig. 4.1.	BSE 100 Daily Return.	55
Fig. 4.2.	CARBONEX Daily Return.	55
Fig. 4.3.	BSE Energy Daily Return.	56
Fig. 4.4.	BSE Oil & Gas Daily Return.	56
Fig. 4.5.	BSE Sensex Daily Return.	57
Fig. 5.1.	Social Predictors of Money Management Behaviour.	67
Fig. 6.1.	The Evolution of Insurance Industry in India.	85
Chart 6.1.	Percentage of New Individual Policies Issued by Life Insurers in 2020–2021.	86
Fig. 6.2.	Agent Training Process.	92
Fig. 6.3.	Need Analysis/Identification of Individuals/Customers.	93
Fig. 6.4.	Life Insurance Uptake and Individual's/Customer's Profile.	95
Fig. 6.5.	The Three Pillars of Success in the Insurance Business.	98
Fig. 6.6.	Impact of Reforms on Insurance Industry.	100
Fig. 6.7.	Tactical Approach Towards Individuals/Customers for Sale of Life Insurance.	101
Fig. 6.8.	Dimensions Critical to Life Insurance Uptake.	104
Fig. 7.1.	Publication Trend of EPU Research.	113
Fig. 7.2.	Total Publications by the Authors.	116
Fig. 7.3.	Total Publications University Wise.	117
Fig. 7.4.	Total Publications Country Wise.	117
Fig. 7.5.	Journal-Wise Total Publications.	119
Fig. 7.6.	Network Map of Keyword Co-occurrence Analysis.	125
Fig. 7.7.	Network Map of Co-Authorship.	128
Fig. 7.8.	Network Map of Inter-Country Co-Authorship Analysis.	131
Fig. 8.1.	Frequency of Shopping.	140
Fig. 8.2.	Amount Spent in One Time on Shopping.	141
Fig. 8.3.	Most Preferred Shopping Destination.	141
Fig. 8.4.	Most Preferred E-Commerce Platform.	142
Fig. 8.5.	Requirement of Teen-Specific Category on E-Commerce Application.	142
Fig. 8.6.	Brands Preferred by Teens.	148
Fig. 9.1.	The Trilemma.	154
Fig. 9.2.	Major Variables and Their Trend. (a) Weighted average call money rate. (b) Wholesale price index. (c) Change in output gap (percent). (d) Real effective exchange rate. (e) Effective federal funds rate. (f) Volatility index. (g) Gross capital flows.	159
Fig. 9.3.	Trilemma in India (With Reference to Ito and Kawai (2014)).	166
Fig. 9.4.	Trilemma Policy Indices – Composition.	167
Fig. 10.1.	SDG Score of Countries 2022.	177
Fig. 11.1.	Flow of Study.	194
Fig. 11.2.	Number of Research Papers Available Related to Aspirational Districts.	197
Fig. 11.3.	Distance of Districts From the Benchmark/Target Set in March 2018.	198
Fig. 13.1.	Annual Electricity Generation From 2011 to 2019.	237
Fig. 13.2.	Generation Share of Various Sources of Renewable Energy Sources as of 31st March 2018.	238
Fig. 13.3.	Generation Share of Various Sources of Non-renewable Energy Sources as of 31st March 2018.	238
Fig. 13.4.	CO₂ Emission in the Indian Power Sector.	239
Fig. 13.5.	Regulatory Framework of Electricity Sector.	240
Fig. 13.6.	Meta-Frontier Model.	248
Fig. 13.7.	Efficiency Trends in Coal Power Plants.	252
Fig. A1.1.	Technological Progress and Unemployment Rate in Japan.	274
Fig. A1.2.	Technological Progress and Labour Productivity in Japan.	274
Fig. A1.3.	Regression Line – Technological Progress and Unemployment Rate in Japan.	275
Fig. A1.4.	Regression Line – Technological Progress and Labour Productivity in Japan.	275
Fig. A1.5.	Technological Progress and Labour Productivity in Brazil.	276
Fig. A1.6.	Technological Progress and Unemployment Rate in Brazil.	276
Fig. A1.7.	Regression Line – Technological Progress and Unemployment Rate in Brazil.	277
Fig. A1.8.	Regression Line – Technological Progress and Labour Productivity in Brazil.	277
Fig. A1.9.	Technological Progress and Labour Productivity in Angola.	278
Fig. A1.10.	Technological Progress and Unemployment Rate in Angola.	278
Fig. A1.11.	Regression Line – Technological Progress and Unemployment Rate in Angola.	279
Fig. A1.12.	Regression Line – Technological Progress and Labour Productivity in Angola.	279
Fig. 16.1.	Fuel Use by Locality.	302
Fig. 16.2.	Fuel Use and Education.	304
Fig. 16.3.	Fuel Use Based on the Age of the Household Head.	305
Fig. 16.4.	Fuel Use by Household Head.	307
Fig. 16.5.	Fuel Use Based on Household Size.	308
Fig. 16.6.	Fuel Use by Fuel Prices.	309
Fig. 16.7.	Kerosene Prices.	310
Fig. 16.8.	LPG Prices.	312
Fig. 16.9.	Fuel Use Based on Household Chulha Types.	314
Fig. 16.10.	Fuel Use Based on Income.	315

Tables
Table 1.1.	Tests for Stationarity.	14
Table 1.2.	Comparison of Tentative ARIMA (p,0,q) Models for CPI.	14
Table 1.3.	Parameter for ARIMA (5,0,2) Model for CPI.	15
Table 1.4.	ARIMA (p,0,q) Model for UNE.	15
Table 1.5.	Parameter for ARIMA (0,0,1) Model for UNE.	15
Table 1.6.	Model Residuals Adequacy Analysis (Diagnostic Tests).	16
Table 1.7.	VAR Lag Order Selection Criteria.	17
Table 1.8.	Results of Granger Causality Wald Testing.	17
Table 1.9.	Forecasted Results of ARIMA Model and VAR Model.	18
Table A1.1.	In-Sample Forecasting.	24
Table A1.2.	Mean Absolute Percentage Error (MAPE).	24
Table 3.1.	Log Return.	39
Table 3.2.	Constant Return Model.	40
Table 3.3.	Market Adjusted Return Model.	40
Table 3.4.	CAPM.	41
Table 3.5.	Constant Return Model.	45
Table 3.6.	Market Adjusted Return Model.	46
Table 3.7.	CAPM.	47
Table 4.1.	Summary of Statistics.	54
Table 4.2.	Unit Root Test Results of the Indices.	58
Table 4.3.	Day-Wise Summary of Statistics.	59
Table 4.4.	Day-Wise Returns – OLS.	60
Table 4.5.	Indices Volatility.	61
Table 5.1.	Socio-Demographic Profile of the Respondents.	70
Table 5.2.	Results of Kolmogorov–Smirnov Normality Tests.	71
Table 5.3.	Results of Kruskal–Wallis Test.	72
Table 5.4.	Descriptive Statistics of the Sample.	72
Table 6.1.	Credentials of the Interviewees.	88
Table 6.2.	Timeline: Evolution and Development of Insurance Industry in India.	90
Table 7.1.	Search Criteria and Article Selection.	112
Table 7.2.	Top Authors, Institutions and Countries of Economic Policy Uncertainty.	114
Table 7.3.	Top Journals for Economic Policy Uncertainty Research.	118
Table 7.4.	Top Cited Articles on Economic Policy Uncertainty.	120
Table 7.5.	Cluster-Wise List of Keywords With the Number of Occurrences.	121
Table 7.6.	Cluster-Wise List of Co-Authors.	126
Table 7.7.	Cluster-Wise List of Countries.	130
Table 8.1.	Evolution of Teenage Girl's Fashion Identity.	144
Table 8.2.	Evolution of Teenage Boys Fashion Identity.	145
Table 9.1.	Variables Description and Data Source.	157
Table 9.2.	Correlation Between Variables.	161
Table 9.3.	Regression Results Based on 2 = α _tMI+β _tERS+γ _tKO+ε _t.	166
Table 9.4.	Regression Results for Dilemma.	168
Table AI.	Estimation Result – Taylor's Rule.	172
Table AII.	Stationarity Test (ADF and PP).	173
Table AIII.	Summary Statistics.	173
Table AIV.	Capital Control Episodes.	174
Table 10.1.	Number of Goals, Targets and Indicators in all Three Versions of NITI Aayog's SDG India Index.	178
Table 10.2.	Progress Categories Defined Based on a Composite Score Range.	179
Table 10.3.	No. of Indicators Moving Towards Targets by 2030 at National Level.	180
Table 10.4.	No. of Indicators Moving Towards Targets by 2030 at State Level.	181
Table 10.5.	No. of Indicators Moving Towards Targets by 2030 at Union Territories Level.	183
Table 10.6.	Goal Wise of List of Indicators in Which Indian States Are Predicated to Achieve Targets by 2030.	183
Table 11.1.	Indicators Under Inquiry.	195
Table 11.2.	Publications Surveyed for Review of Literature.	200
Table 11.3.	Districts Under ‘Target Achieved’ Category.	204
Table 11.4.	Districts Under ‘Very Far’ Category.	205
Table 11.5.	Districts Under ‘Far’ Category.	207
Table 11.6.	Districts Under ‘Near’ Category.	209
Table 11.7.	Districts Under ‘Very Near’ Category.	210
Table 12.1.	Year-Wise Sample Distribution.	218
Table 12.2.	Equal Weighted.	219
Table 12.3.	Value-Weighted.	219
Table 12.4(a).	CAPM and Equal Weighted (Panel A).	221
Table 12.4(b).	CAPM and Three-Factor Model (Panel B).	223
Table 12.5(a).	CAPM and Three-Factor Model.	225
Table 12.5(b).	CAPM and Three-Factor Model.	227
Table 13.1.	Year-Wise Generation From 2015 to 2020 (in Billion Units).	236
Table 13.2.	Timeline for Significant Power Sector Reforms – Pre-and Post-independence.	241
Table 13.3.	Studies on the Efficiency Performance in the Indian Thermal Power Sector.	244
Table 13.4.	Specification of Input(s), Desirable and Undesirable Output(s).	249
Table 13.5.	Descriptive Statistics of Variables.	250
Table 13.6.	Yearly Mean Carbon-Adjusted Efficiency in India (2013–2014 to 2017–2018).	252
Table 13.7.	Carbon Emission Adjusted Performance Under Group-Frontier Technologies.	253
Table 13.8.	Carbon-Adjusted Efficiency Across Ownership Groups From 2013–2014 to 2017–2018.	255
Table 13.9.	Results of Tobit Analysis.	256
Table 14.1.	Correlation Analysis for Developed, Developing and Least Developed Countries.	267
Table 14.2.	Regression Analysis for Developed, Developing and Least Developed Countries.	271
Table 15.1.	Summary of Studies on Intra-industry Trade in Tourism Services.	285
Table 15.2.	India's Intra-industry Trade of Tourism Flows With Other BRICS Nations – Static Approach.	289
Table 15.3.	India's Intra-industry Trade of Tourism Flows With Other BRICS Nations: Dynamic Approach.	290
Table 16.1.	Variable Description.	301

About the Editors

Bruno S. Sergi is an Instructor at Harvard University, where he teaches courses on development economics and the economics of emerging markets. At Harvard, he is also a Faculty Affiliate at the Harvard Center for International Development and an Associate at the Asia Centre. He is codirector of the Lab for Entrepreneurship and Development (LEAD), a research lab based in Cambridge, USA. LEAD aims to generate and share knowledge about entrepreneurship, development, and sustainability.

Dr Aviral Kumar Tiwari is an Associate Professor of Economics at the Indian Institute of Management Bodh Gaya (IIMBG) in the Department of Economics and Business Environment. Prof Tiwari is a C-EENRG Fellow at the Department of Land Economy, University of Cambridge and Research Fellows, University of Economics Ho Chi Minh City, Vietnam. Before joining IIMBG, he worked as an Associate Professor at Rajagiri Business School (RBS), India, and Montpellier Business School (MBS), Montpellier, France, from where he received his post-doc. After graduating with a degree in Economics from Lucknow University, Lucknow, India, he received his MPhil (in Labour Economics) and PhD (in Energy and Environment) from ICFAI University Tripura. He is basically an Applied Economist with broad empirical interests focusing on, but not limited to, emerging economies, particularly Asia. His research interests focus on various issues concerning energy, environment, tourism, macroeconomy and growth and development, etc. He has published widely in peer-reviewed international journals and contributed more than 100 ABDC-A &A* research papers so far. He is the only economist from India in the career ranking of the world’s top 2% scientists list of 2021, 2022, 2023 and 2024 published by Stanford University Study. He is ranked in first position in India as a researcher by IDEAS. He is one of the Highly Cited Researchers 2020, 2022 and 2023 by Clarivate™ of Web of Science™. He is one of the recipients of M J Manohar Rao Award (for young econometrician) for 2014 from The Indian Econometric Society, 2015. He is a life member of the Indian Economic Association, India, and a member of several other international associations such as the International Association for Energy Economics (IAEE), USA, Association for Comparative Economic Studies, USA, Western Economic Association International, USA, etc. He holds different editorial positions at more than 10 journals of international repute (ABDC, Scopus and ABS-indexed journals).

Samia Nasreen is an Associate Professor in the Department of Economics at Lahore College for Women University, Lahore, Pakistan. Her primary research interests are in development economics, energy economics, environmental economics, and financial economics.

About the Contributors

Bhavya Advani is a Research Scholar pursuing her PhD in the department of Humanities and Social Sciences at Maulana Azad National Institute of Technology, Bhopal, India. Her current areas of research are environmental economics and economics of happiness. She has delivered research paper presentations in conferences at Gokhale Institute, Maharashtra and at Rajagiri Business School, Kerala. She has qualified 2021 UGC NET JRF and has completed her Master’s in Economics from the Institute for Excellence in Higher Education in the year 2021. She has a corporate working experience of 2 years.

Shilpa Ahuja is a PhD Research Scholar at the Department of Economics, Indian Institute of Technology, Bombay. Prior to this, she was working as an Assistant Professor in the Department of Business Economics, Sri Guru Gobind Singh College of Commerce, University of Delhi. She has taught subjects like International Economics, International Finance and Investment Analysis and Portfolio Management to undergraduate students. She has a keen interest in the area of international capital flow movements, monetary policy, and financial markets. She has completed her postgraduation from Delhi School of Economics, University of Delhi.

Namrata Barik, a PhD Scholar at IIT Bombay, specializes in Energy Economics. Her research focuses on the economic aspects of renewable energy adoption.

Anusuya Biswas is an Associate Professor at Alliance University, Bangalore. She holds a PhD degree in Economics from Amity University Uttar Pradesh. She has qualified UGC-NET exam in Economics. Dr Anusuya has an experience of over 11 years as an academician, researcher, and administrator. Her research interest entails Applied Econometrics, International Trade, Timeseries Forecasting, Prescriptive and Predictive Analysis, Macroeconomic Analysis, and Environmental Sustainability. As a researcher, she has presented her papers in more than 30 conferences and published above 10 research papers in various peer-reviewed international and national journals including SCOPUS, Web of Science, and one paper accepted in ABDC. She also published six book chapters in reputed journals.

Sukhmani Bhatia Chugh is an Assistant Manager at Canara Bank, Chandigarh. She has done her MBA in Finance from Punjab Agriculture University, Ludhiana. She also has done various certifications from IIBF including JAIIB and CAIIB. She has about 12 years of corporate experience in banking, project finance, and sales and marketing in various organizations. Her areas of interest in research include Mergers and Acquisitions, Economic policy, strategy etc. She has attended international and national conferences and presented her work there. She is pursuing her PHD in Management from Chitkara Business School, Chitkara University.

Varsha Singh Dadia is currently a Senior Research Scholar at the Department of Humanities and Social Sciences, Indian Institute of Technology Roorkee, Roorkee, India. She completed her Bachelor in Economics (Honors) from the University of Delhi. She received her Master of Economics from the Central University of Haryana, Haryana, India. She qualified National Eligibility Test (NET-JRF) for Lectureship and Junior Research Fellowship conducted by the University Grant Commission-UGC, New Delhi, India. Her research interests include efficiency and productivity analysis and the thermal power sector. She has also presented several papers at National and International conferences.

Ruchika Dawar, with a strong academic background, PhD from HNB Garhwal University (A Central University) and MBA from IMS, Dehradun. Having experience of more than 24 years with 7 years in the corporate sector that is in sales and marketing and 17 years in teaching. Currently associated with the National Institute of Fashion Technology (NIFT), Jodhpur since 2012. Published and presented many papers, posters, and case studies at reputed national and international platforms. With vast experience in industry and academics also involved in various projects at NIFT and giving a sincere effort to bring the Department of Fashion Management Studies (FMS) at its best expertise includes entrepreneurship management, consumer buying behavior, organizational behavior, marketing management, professional practices, etc.

Shilpa Deo is currently working as an Assistant Professor in the School of Humanities and Social Sciences at DES Pune University, India. Dr Deo has completed her doctoral degree (PhD) from the premier and India's top-ranked institutes in economics – Gokhale Institute of Politics and Economics, Pune, India. Her teaching and research interests have been in development economics, micro and macroeconomics, research methods, and international business. She has won the “Best Research Paper Award” for a paper presentation at two international conferences. She has been a reviewer and editorial board member for reputed journals. Currently, she serves as a Research Fellow at the Center for International Trade and Business in Asia, James Cook University, Australia.

Narayanage Jayantha Dewasiri is a Professor attached to the Department of Accountancy and Finance, Sabaragamuwa University of Sri Lanka. Further, he currently serves as the Brand Ambassador at Emerald Publishing, UK, and the Vice President of the Sri Lanka Institute of Marketing. He is a pioneer in applying triangulation research approaches in the management discipline. He is currently serving as the Co-Editors-in-Chief of the South Asian Journal of Marketing published by Emerald Publishing, Managing Editor of the Asian Journal of Finance, and South Asian Journal of Tourism and Hospitality, published by the Faculty of Management Studies, Sabaragamuwa University of Sri Lanka.

Ekta Duggal, MCom, MPhil, PhD, is working as a Professor, Department of Commerce, Motilal Nehru College, University of Delhi. She has done her doctorate in marketing from FMS, University of Delhi. Her areas of teaching and research include business organization and management, e-commerce, services marketing, and retail quality. She has taught courses in master’s programmes at Department of Commerce, Delhi School of Economics, and Guru Gobind Singh College of Commerce, University of Delhi. She has also participated in numerous conventions and seminars. She has published 28 research papers in various journals of repute including International Journal of Business Ethics in Developing Economies, Journal of Marketing and Business Communication, and South Asian Journal of Global Business Research. She participated in the third Academy of Indian Marketing–American Marketing Association Sheth Foundation Doctoral Consortium as the Consortium Fellow at Dubai.

Thilini Chathurika Gamage is a Professor attached to the Department of Marketing Management, Sabaragamuwa University of Sri Lanka. Her research interests center on Digital Marketing, Technology Management, Tourism and Hospitality Marketing, and Entrepreneurship. Her research works were published in top-tier management and marketing journals, including the Journal of Strategic Marketing, the Journal of Product and Brand Management, Tourism Management, and the International Journal of Hospitality Management. Further, she is an Editor of the South Asian Journal of Marketing, published by the Sri Lanka Institute of Marketing in collaboration with Emerald Publishing.

Athula Gnanapala is a well-respected expert in Tourism Management and currently serves as a Professor at the Sabaragamuwa University of Sri Lanka. He is also the Dean of the Faculty of Management Studies at SUSL. Prof Gnanapala is the Co-editor-in-chief of the South Asian Journal of Tourism and Hospitality and has an impressive research record with over 50 articles published in indexed and refereed journals, 25 books, and book chapters and has presented at more than 70 international conferences. He serves as a consultant, reviewer, editorial member, and scientific committee member for nationally and internationally recognized academic journals.

Archana Goel is an Assistant Professor at Chitkara Business School. She has done MCom, BEd, and PhD and has 12 years of corporate and academic experience. Her PhD is in corporate governance. Her research areas include corporate governance, mergers and acquisitions, financial reporting, ESG, etc. She specializes in teaching accounts, statistics, research methodology, and finance courses. She has around 25 papers published in national and international journals of repute and has attended many national and international conferences. Several patents have been granted to her. Currently, she is guiding two PhD scholars as well.

Bhumika Goswami, a dedicated student currently pursuing a Master’s in Economics at Riga Technical University. With a strong foundation in the field, Bhumika completed her BSc Hons in Economics from MIT WPU. Alongside her academic pursuits, Bhumika has developed a keen interest in the fascinating realms of neuroeconomics, behavioral science, and neuromarketing. This unique blend of disciplines allows her to explore the intricate connections between economics and the human mind, unraveling the complexities of decision-making and consumer behavior. Bhumika's passion for understanding the interplay between economics and psychology highlights her drive to uncover new insights and bridge the gap between theory and practice. With her enthusiasm and dedication, Bhumika is poised to make meaningful contributions to the field.

Rachita Gulati is an Associate Professor of Economics at the Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Roorkee, Uttarakhand. She received the Subir Chowdhury Visiting Fellowship 2017–2018 from the India Observatory, London School of Economics and Political Sciences, London, UK. Her teaching and research interests relate to applied econometrics, banking efficiency, financial stability, corporate governance, and efficiency and productivity analysis. She has published over two dozen articles in top-ranked journals, including Omega, Quarterly Review of Finance and Economics, Economic Modelling, and The North American Journal of Finance and Accounting, among others. She has worked on project studies awarded/sponsored by the Reserve Bank of India, the State Finance Commission of Haryana, the Ministry of Tribal Affairs, and ICSSR (IMPRESS Scheme). She is also a member of several national and international associations, including the International Society of Efficiency and Productivity Analysis, the Indian Econometric Society, the International Corporate Governance Society, the International Econometric Society, etc.

Kokila K is a research scholar in Finance at VIT Business School, Chennai. Prior to this, she completed her MBA in finance and marketing. She has work experience in the stock market and commodities market trading. Her area of interest is financial market, stock market anomalies, investor sentiments, and macroeconomic variables.

Anuja Kure, currently a Financial Analyst at Wipro, possesses a deep-seated passion for both economics and finance. With an academic background that includes graduating with honors in Economics from Dr Vishwanath Karad MIT-WPU, Pune, India, she skillfully applies her analytical prowess to navigate the financial landscape. Apart from her academic and professional role, she is deeply committed to giving back to the society. This commitment is evident in her involvement with S.H.E, a social enterprise dedicated to empowering women artists in rural Kerala. Through this initiative, she has not only explored the mental health needs of rural women but has also demonstrated her leadership and persuasive communication skills by securing seed funding for the cause through a compelling presentation at Dunin Deshpande Queen's Innovation Center (DDQIC).

Bhajan Lal holds the position of Assistant Professor within the domain of Human Resource Management at the Institute of Management, Nirma University, located in Ahmedabad, Gujarat, India. He has successfully attained his doctoral credentials from the esteemed Indian Institute of Technology, Roorkee, focusing on Human Capital Creation. Accumulating over a span of 9 years, Dr Lal has garnered a wealth of expertise in the realms of pedagogy, scholarly inquiry, and professional advisement. His scholarly pursuits primarily revolve around the spheres of HR analytics, performance assessment, measurement methodologies, and the intricate realm of human capital generation.

J. Divya Merry Malar is an Assistant Professor in the Department of Commerce at Holy Cross College (Autonomous) in Nagercoil, Tamilnadu, India. Affiliated with Manonmaniam Sundaranar University, Tirunelveli. With a wealth of knowledge and experience in the field of Commerce, Dr Malar is dedicated to imparting valuable insights to her students and contributing to the academic community. Dr Malar holds a PhD in Commerce and has a profound interest in accounting and commerce.

Priya Mandleshwar is a Doctoral Scholar in the area of Finance and Accounting at the Indian Institute of Management Indore. Her research interests cover Corporate Social Responsibility (CSR), corporate finance, mergers and acquisitions, and corporate governance. Along with that, she is working on papers in the area of institutional investors. Prior to her doctoral studies, she completed MCom with a finance specialization at Banaras Hindu University. Her academic prowess earned her a gold medal during her undergraduate studies at Guru Ghasidas Central University. Passionate about unraveling the link between responsible business practices, Priya aspires to contribute significant insights into the realm of ethical corporate frameworks.

Srishti Nagarajan is an MPhil Scholar, Department of Commerce, Delhi School of Economics, University of Delhi. She has done her Master’s (MCom) from Ramjas College, University of Delhi, India. She has presented papers in International Conferences. She has won the best paper award for presentation of a paper in the 10th International Conference on Business and Management organized by the Department of Commerce, Shaheed Bhagat Singh College, University of Delhi. She has published a chapter in an edited book titled Paradigm Shift in Marketing and Finance by Bharti Publications. Her research interest includes areas such as international business and financial management.

Prof Puja Padhi is a distinguished academic professional renowned for her expertise in Economics. She holds a PhD from the Central University of Hyderabad. She has significantly contributed to the field, particularly in financial economics, applied econometrics, and macroeconomics. Since 2008, she has been an integral faculty member at the Department of Economics, IIT Bomby, where her impactful research and multidisciplinary approach have influenced the academic discourse.

Anuradha S Pai is currently working as an Assistant Professor at the Department of Economics, PES University, Bangalore. She is pursuing PhD in the area of Organ Donation. Her areas of interest include Law and Economics and Development Economics. She has one book chapter and two articles to her credit. She has won Best Paper Award at an International Conference. She has completed a certificate program from Gokhale Institute for Politics and Economics on Computer Applications in Economics. She teaches papers like law and economics and tries to deliver through innovative teaching learning pedagogies.

Pratham Parekh has completed a PhD from the Center for Studies in Society and Development, School of Social Sciences, Central University of Gujarat. He has to his credit 15 research papers to his credit and nine book chapters from reputed publishers. He has authored two scholarly acclaimed books titled Epistemes of Death and Infrastructure Growth & Human Development in Gujarat. He has 7 years of experience working on the policy interventions with the Government of Gujarat. He has prepared and contributed to 16 policy intervention documents. He is appraised by the Government of Gujarat for his contribution in developing Outcome Budget, Gender Budget, Development Program, SDG monitoring system, and CM Dashboard. His interdisciplinary research interests' range across sociological aspects related to public policy, governance, information technology, data analytics & visualization, human resources management, labor laws, social policy, gender & women studies, mythology, medical sociology, and development studies.

Ashis Kumar Pradhan is currently positioned as an Assistant Professor in the department of Humanities and Social Sciences at Maulana Azad National Institute of Technology, Bhopal, India. He has completed his PhD in Financial Economics from Indian Institute of Technology Kharagpur, India. His current area of research includes International Finance, Corporate Finance, Macroeconomics, and Energy Economics. His teaching interests are Corporate Finance and Macroeconomics.

Mananage Shanika Hansini Rathnasiri is a Lecturer attached to the Department of Marketing Management, Faculty of Management Studies, Sabaragamuwa University of Sri Lanka. She serves as an Associate Editor cum Editorial Assistant of the South Asian Journal of Marketing, published by Emerald Publishing. She also serves as the Associate Editor of the Sri Lankan Marketer Magazine, published by the Sri Lanka Institute of Marketing. Furthermore, she contributes as the Editor-in-chief of FMS Today published by the Faculty of Management Studies, Sabaragamuwa University of Sri Lanka.

E. Joseph Rubert, Professor and Head, Department of Management Studies, Arunachala College of Engineering for Women, Manavilai, Kanyakumari District, Tamilnadu, He has successfully completed his PhD in Management Studies from Noorul Islam University, Kumarkovil. He is the Guest Editor of UGC CARE Listed and Scopus Journals. He has published 35 research articles in various reputed journals including UGC Care, Scopus, Peer Refereed and Conference Proceedings. He is the Editor of 25 ISBN Edited books and has presented more than 16 papers in various national and international conferences including International Conference conducted by IIT, Chennai. He guided 4 PhD Research Scholars in Manonmaniam Sundaranar University, Tirunelveli. He has organized 7 National, International Conference, 50 Seminars, Workshops and Business Conclaves. He is a Doctorate Committee member of the Department of Management Studies, Manonmaniam Sundaranar University and Nesamoney Memorial Christian College. He is a member of Board of Studies in St. Xavier's College (Autonomous) Tirunelveli. He was the convenor of different academic programs and coordinators of various academic committees.

Anshita Sachan is a Research Scholar pursuing her PhD in the department of Humanities and Social Sciences at Maulana Azad National Institute of Technology, Bhopal, India. Her academic achievements include successfully clearing the UGC NET 2019; MPSET 2019 examinations. She specializes in the fields of macroeconomics, environmental economics, and energy economics, showcasing a keen interest in addressing critical issues at the intersection of economics and sustainability. She has authored and published papers in esteemed international SCIE and SSCI journals. She has also presented her research papers at prestigious institutes such as IIT Bombay, India; IIM Bodhgaya, India; and Rajagiri Business School, India.

Udit Kumar Sahu is a Research Scholar pursuing his PhD in the department of Humanities and Social Sciences at Maulana Azad National Institute of Technology, Bhopal, India. He qualified UGC NET in the year 2019. His research areas of interests are energy economics, environment, macroeconomics, and financial economics. He has coauthored two research papers published in SCI and SSCI journals. He has also presented research papers in the conferences held at IIT Bombay, IIT Roorkee, and other reputed institutes of India. He has also worked in S&P Global Market Intelligence, Hyderabad, India for one year and seven months.

Shaik Saleem, currently working as an Assistant Professor in Finance at VIT Business School, Chennai. He holds a PhD in management and his area of specialization is finance. He has eight years of teaching experience, and his area of interest includes Corporate Finance, Business Valuation, Financial Modeling, capital markets, and mergers and acquisitions. He has participated and presented papers at several national and international conferences. Also, he has published research papers in various journals and conference proceedings.

Ananya Sarkar is a recent BSc (Hons) Economics graduate at Dr Vishwanath Karad MIT-WPU University, with a keen interest in macroeconomics, development economics, international economics, and quantitative research. Ms Sarkar has actively pursued academic excellence. She has presented her research findings at two international conferences, showcasing her dedication to advancing knowledge in the field. Ms Sarkar's commitment to rigorous economic analysis developed through various academic and professional research reflects her potential to make meaningful contributions in the field of economics.

Sapna Sehrawat is a student in the National Institute of Fashion Technology, Jodhpur, India in the Department of Fashion Management Studies.

Atreyee Sengupta is a BSc (Hons) Economics graduate from Dr Vishwanath Karad MIT World Peace University, Pune, India. Her research interests have been in the areas of international economics and trade, labor economics, and developmental economics. She possesses a strong academic foundation and has consistently directed her endeavors toward economic research and analysis. Ms Sengupta participated in several academic research projects in the fields of micro and macroeconomics during her university days and employed various statistical and econometric methods and models. She is a former member of her university's research club and presented some of her research findings at an international conference. In the forthcoming years, Ms Sengupta aspires to delve deeper into her areas of interest through advanced studies while maintaining a commitment to making substantial contributions to the progressive development of knowledge in the field of economics and business.

J. Sahaya Shabu is a dedicated Research Scholar currently pursuing her PhD studies at Holy Cross College (Autonomous) in Nagercoil, Tamilnadu, India. Affiliated with Manonmaniam Sundaranar University, Tirunelveli. His research interests span asset pricing, market dynamics, investor sentiment, etc. Mr. Shabu brings a wealth of academic expertise to his research, holding an MBA in finance and marketing. With a passion for advancing knowledge in finance and accounting, he is committed to contributing valuable insights to the academic community. In addition to his current role as a Research Scholar, J. Sahaya Shabu is working as an Assistant Professor in Xavier Institute of Business Administration, Palayamkottai, Tirunelveli.

Bharti Singh is a Professor at the Institute of Management Technology Center for Distance Learning, Ghaziabad, Uttar Pradesh, India. She holds a PhD in Economics from the University of Lucknow. She has about three decades of teaching and research experience. Her areas of academic interests include international trade, development economics, environmental economics, and consumer behavior. Prof Singh has supervised PhD candidates, authored books, published research papers in journals, and created academic resources for distance education. She has been associated with corporate trainings at prestigious public and private sector organizations like NTPC, THDC, Genpact, Ericsson, Hero Motocorp Ltd., American Express, RBS, Hindalco, Sopra Steria, Unichem Laboratories Ltd. and Sunlife.

Dr Anju Singla is working as a Head and Professor in the Centre of Management and Humanities (CMH), Punjab Engineering College (PEC), Deemed to be University, Chandigarh. Apart from this, she has also served as a Head of the Entrepreneurship and Incubation Cell, President of Institute Innovation Council, PEC under MHRD Innovation Cell (MIC), Govt. of India and Coordinator of National Innovation and Startup Policy (NISP) under AICTE. She has twenty-two years of teaching and research experience in Management and Finance. Her research areas include Micro Financing, MSMEs, Entrepreneurship, Financial Inclusion, Financial Literacy and Financial Technology (Fintech). She has published more than 80 research papers in reputed International/National Journals and Conference Proceedings and presented papers in numerous International/National Conferences and Seminars. She has also completed a course on “Entrepreneurship in Emerging Economies” from Harvard Business School, Harvard University.

Sonika Siwach is an Assistant Professor with the Department of Fashion Management Studies in National Institute of Fashion Technology, Jodhpur. She is a NIFT graduate in Fashion Technology and MBA in Operations. She has worked in the Fashion e-commerce industry for a decade as Category Manager, Buyer and Merchandising Manager. She specializes in Online Retailing, Fashion Merchandising, and Digital Marketing. Her research interests are based on fashion business landscape and e-commerce development.

Prihana Vasishta is a Senior Research Fellow at the Center of Management and Humanities (CMH), Punjab Engineering College (Deemed to be University), Chandigarh, India. Her research interests include FinTech Adoption, Financial Literacy, Financial Inclusion, and Artificial Intelligence. She has participated in various international conferences and also been a reviewer for some reputed journals indexed in Scopus. She has delivered expert presentations/ invited talks on various topics such as Startups, Academic Research Writing, Cyber security and Financial Literacy.

Book Chapters

Prelims

Chapter 1 Forecasting Major Macroeconomic Variables of the Indian Economy

Chapter 2 ICT Sector Development and Its Contribution to Innovation and Economic Growth in South Asia: A Critique

Chapter 3 Crisis Chronicles: Unraveling the Russo-Ukrainian Impact on the Indian Stock Market – An Event Study

Chapter 4 Calendar Effects in the Indian Stock Market Sustainability Index

Chapter 5 Social Predictors of Money Management Behaviour Among Emerging Adults

Chapter 6 Life Insurance Industry in India: The Inside Story

Chapter 7 Research on Economic Policy Uncertainty: A Bibliometric Analysis

Chapter 8 Indian Teens Buying Behaviour Towards E-Commerce

Chapter 9 Impossible Trinity: Deepening Capital Flows and Converging Exchange Rate Regimes

Chapter 10 Assessing Progress Made by Indian States and UTs for the Attainment of Sustainable Development Goals

Chapter 11 Assessing Financial Inclusion, Skill Development and Basic Infrastructure in 112 Aspirational Districts of India

Chapter 12 Advertisement Expenditure and Stock Returns: Evidence From India

Chapter 13 Ownership Structure and CO2 Emission-Adjusted Efficiency of Coal-Fired Power Plants: Evidence From India

Chapter 14 Interlinkages Between Technological Progress, Unemployment and Labour Productivity: Insights From the Solow Residual Model on Sustainable Economic Development

Chapter 15 Intra-industry Trade in Tourism Services in Emerging Economies: A Study of India and BRICS Countries

Chapter 16 Temporal Trends and Determinants of Household Cooking Fuel Choices in India: A Comprehensive Analysis

Citation

Publisher

Half Title Page

Series Title Page

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Forthcoming Titles in This Series

Title Page

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About the Editors

About the Contributors

Book Chapters

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