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This paper aims to analyse the pattern of structural transformation and productivity growth of 15 major Indian states at a ten-sector level of disaggregation from 1983 to 2017.

The analysis has been carried over in a ten-sector disaggregated level through construction of the labour and output data from various micro data sets.

The majority of Indian states have bypassed the stage of industrialization, wherein labour previously engaged in agriculture has transitioned directly into the modern services sector while skipping the manufacturing. There are no sign of convergence of sectoral productivities and the heterogeneity among Indian states persists throughout the time period. The growth performance of states are not positively associated with the movement of labour across sectors as measured by the structural transformation index (STI). This goes against the narrative that structural transformation help reduce the misallocation of factors. Despite an increase in educational attainment of workers across all sectors, more than one-third of agricultural workers still remain either illiterate or lack formal schooling. Among sectors, construction (C) and trade, hotels and restaurants (THR) have absorbed the majority of workers who have left agricultural jobs. Finance, insurance, real estate and business services (FIRB), electricity, gas and water supply (EGWS) and mining and quarrying (MQ) are the three sectors that have seen significant gains in labour productivity during the study period.

To the best of the authors’ knowledge, this is the first attempt to analyse structural change and productivity growth in the Indian economy using Indian states as critical geographical marker. The results are new and add value to the literature.

This paper aims to study the weak form of efficiency of Indian capital market during the period of global financial crisis in the form of random walk.

The study considered daily closing prices of S&P CNX Nifty, BSE, CNX100, S&P CNX 500 from April 1, 2005 to March 31, 2010. The data source is the equity market segment of NSE and BSE. Both parametric and nonparametric tests (“ex‐posts” in nature) are applied for the purpose of testing weak‐form efficiency. The parametric tests include Augmented Dickey‐Fuller (ADF) unit root tests and nonparametric tests include Phillips‐Perron (PP) unit root tests and Run test. ADF tests use a parametric autoregressive structure to capture serial correlation and PP tests use non‐parametric corrections based on estimates of the long‐run variance of ΔY_t.

The results suggested that the Indian stock market was efficient in its weak form during the period of recession. It means that investors should not be able to consistently earn abnormal gains by analysing the historical prices. Hence one should not be able to make a profit from using something that everybody else knows.

The study reports that all the stocks in these selected indices are fundamentally strong and their prices are not influenced largely by historical prices and other relevant factors which came from industry and any other information that is publically available. Thus it can be concluded that the Indian stock market was informationally efficient and no investor can usurp any privileged information to make abnormal profits.

Where past studies have examined the weak‐form of efficiency of various markets and the effect of globalisation and global financial crisis on the various sectors of developing and emerging economies, this paper attempts to study the weak form of efficiency of the Indian capital market in the period of recession in the form of random walk.

Purpose: This chapter aims to evaluate the impact of money laundering and terrorism financing on the Indian economy and to study the effectiveness of prevention of money laundering acts and terrorist financing as per the guidance of the financial protection task force.

Need for the study: Developing countries like India have been more vulnerable to terrorism and financial scams over the last four decades. Despite the establishment of regulating bodies and anti-money laundering acts, this problem continued to be a national threat. Therefore, examining the impact of money laundering and terrorism finance on the Indian economy is necessary.

Methodology: This study is based on secondary data gathered from the web portals of government agencies and international organisations dealing with money laundering and terror funding. Newspapers, journals, and annual reports are reviewed to identify the modus operandi of money laundering operators and their impact on the economy.

Findings: Money laundering and terrorism financing significantly threaten the Indian economy and national security. Despite different anti-money laundering laws and multiple regulating authorities, the system has pitfalls that allow economic fraud and money transactions for terrorist activities. There is a need for cyber security, and integrated enforcement agencies to combat money laundering at national and international levels.

Practical implications: This study would be helpful for academicians and policymakers to understand the nexus of money laundering and terrorism financing and its impacts on the Indian economy.

The purpose of this paper is to investigate the value relevance of segment information for both public and private sector banks in India. In doing so, this paper examines a rapidly developing economy and perhaps its most critical sector during this period of strong economic growth.

In this study uses the simplified Ohlson model, for a sample of 136 private sector and public sector banks for the period 2007-2010 in India.

The paper finds that public sector banks have higher share prices, higher earnings and more equity compared with private sector banks. Segment earnings data is highly value relevant for both sectors; however, segment equity data is only marginally value relevant for Indian banks. The number of segments is also value relevant and associated with higher share prices.

The results of this study contribute additional evidence to the literature on segment reporting by studying the effect of adoption of segment reporting in an emerging market. Findings from the paper are particularly relevant as India is currently in the process of changing its segment reporting requirements and moving to an IFRS-based segment standard.

In this interview with Kumar Mangalam Birla, Chairman of Aditya Birla Group (ABG), he talks about the international journey of ABG, governance issues, experience with acquisitions, Indian management styles, challenges for multinationals from emerging economies and his vision of the future. This paper seeks to report the issues discussed in this interview.

The paper is an interview.

The ABG is a Fortune 500 conglomerate and a world leader in most of the business segments it operates in. The interview sheds light on the international process and strategy, management philosophy, corporate values framework, approach to and experience with international acquisitions, the need for global mindset, control and coordination issues and an evaluation of the strengths and weaknesses of the Indian economy and firms, in the words of a well‐known and high‐profile Indian business leader.

With the changing global economic landscape, there is a growing interest in the way multinationals from emerging economies leverage their country‐ and firm‐specific advantages to compete against mature Western multinational firms in both the developed and developing markets. The perspectives of the Chairman of a highly successful Indian multinational provide a fertile ground for the cross‐national transfer of best practices in a multi‐polar world.

Having transformed his company to become a global market leader, Mr KM Birla provides unique insights into the psyche and strategic mindset of his corporation. This interview takes the reader through a journey that traces the evolution of a 150‐year old, large, family‐owned enterprise into a world class, professionally managed global corporation.

Religion and culture can influence ethical behavior in business. It is suggested that there has been and continues to be, a deep interrelationship between religion, business ethics, and economic activity in India. As India is becoming a major global economic business partner, understanding its unique ethical business infrastructure is gaining in importance. The purpose of this paper is to intend to further the understanding of Indian (“Vendantic”) business ethics, as opposed to Greco – Roman business ethics, as the foundation of business culture in India. This paper further elaborates on the evolution of business ethics and its implications on doing business in and with Indian companies.

The authors undertook a conceptual approach in order to understand the evolutionary process of Indian business ethics in a holistic view in order to understand better its workings and effect on business interaction.

The paper explains the constructs of business ethics in India and shows its evolution over time.

This original theoretical paper examines the evolution of Indian business ethics over time in line with environmental changes in the Indian business landscape.

The purpose of this paper is to analyse the performance of the Indian non-life (general) insurance sector in terms of efficiency, productivity and returns-to-scale economies. In addition to this, it identifies the determinants of efficiency.

This study employs a two-stage data envelopment analysis (DEA) bootstrap approach to estimate the level and determinants of efficiency. In the first stage, the DEA bootstrap approach is employed to estimate bias-corrected efficiency scores. In the second stage, the truncated bootstrapped regression is used to identify the effect of firm-level characteristics on the efficiency of insurers. Moreover, the bootstrapped Malmquist index is used to examine the productivity growth over the observation period 2005–2016.

The bootstrapped DEA results show that the Indian non-life insurance sector is moderately technical, scale, cost and allocative efficient, and there is a large opportunity for improvement. Moreover, the results reveal that the public insurers are more cost efficient than the private insurers. It is also evident that all the insurers irrespective of size and ownership type are operating under increasing returns to scale. Malmquist index results divulge an improvement in productivity of insurers, which is attributable to the employment of the best available technology. Bootstrapped DEA and bootstrapped Malmquist index results also show that the global financial crisis of 2008 has not severely affected the efficiency and productivity of the Indian non-life insurance sector. The truncated regression results spell that size and reinsurance have a statistically significant negative relationship with efficiency. It also shows a statistically significant positive age–efficiency relationship.

The results hold practical implications for the regulators, policy makers, practitioners and decision makers of the Indian non-life insurance companies.

This study is the first of its kind that comprehensively investigates different types of robust efficiency measures, determinants of efficiency, productivity growth and returns-to-scale economies in the Indian non-life insurance market for an extended time period.

This paper aims to explore the relationship between board characteristics and firm performance for Indian companies.

Corporate governance structures of 391 Indian companies out of CNX 500 companies listed on National Stock Exchange have been studied for their impact on performance of companies. Panel data regression methodology has been used on data for five financial years from 2010 to 2014 for the selected companies. Performance measures considered are market-based measure (Tobin’s Q) and accounting-based measure (return on asset [ROA]).

The empirical findings indicate that the market-based measure (Tobin’s Q) is more impacted by corporate governance than the accounting-based measure (ROA). There is a significant positive association between board size and firm performance. Board independence is found significantly related to firm performance. Number of board meetings is found to be sending positive signal to the market creating firm value. Separation of chief executive officer and chairman of the board is found to be value-creating, and overburdened directors affect firm performance adversely.

Limitations of the study are in terms of methodology and possible omission of some variables. It is understood that the qualitative dynamics happening inside board meetings impact corporate performance. The strategic decision-making process adopted by the boards to fight competition or to increase market share is not easily available in public domain. The decision-making processes and monitoring for implementation of those decisions could impact corporate governance performance relationship. These parameters and their impact on corporate performance are not covered under the scope of the present study.

The paper adds to the emerging body of literature on corporate governance performance relationship in the Indian context by using a reasonably wider and newer data set.

The present study compared Indian consumers' attitude (AT) toward and purchase intention (PI) from Western apparel brands, as a function of their Western acculturation (WA), consumer ethnocentrism (CE) in apparel consumption, consumer cosmopolitanism (CC) and country of residence (India vs the USA).

The sample included Indians residing in India and the USA, who were 19 years or older, and visited online or brick-and-mortar apparel stores. An online survey was administered through Amazon Mechanical Turk to collect the data. The data was analyzed through multi-group structural equation modeling.

WA engenders CE among Indian consumers, especially among Indians residing in India. WA and CC positively influence AT. CE did not have a significant negative influence on AT. Although a high CE lowers the PI, a high WA, CC and positive AT can translate into high PI.

The study did not use an experimental design. Therefore, causal relationships between the research variables could not be explained. Majority of the respondents were male. This might have confounded the findings with potential gendered effects.

Western apparel brands targeting Indian consumers in India and the USA should focus on projecting their cosmopolitan and pro-Indian image to target this population's cosmopolitan and ethnocentric outlook, thereby enhancing PI.

The study proposed and empirically tested a conceptual model indicating the relationship between some of the important predictors of Indian consumers' PI in the context of Indians residing in the USA and India.

The purpose of this paper is to critically examine the evolution of open educational resources OER initiatives in India – how OER movement emerges from the open access movement in the backdrop of an emerging knowledge‐based economy. This paper also illustrates how OER help in democratizing lifelong learning spaces that eventually help in skills development.

This paper primarily uses baseline surveys and recommendations of different working groups of Indian National Knowledge Commission. Relevant policy instruments of the Ministry of Human Resources Development, UNESCO, International Federation of Library Associations and Institutions and other national and international bodies are also critically examined to understand India's stand on OER in comparison with other promising developing countries. This paper analyses impact of OER on Indian systems of education, ranging from lifelong learning, technical and vocational education and training to higher education systems. This paper also illustrates various models of innovations which are shaping up multi‐dimensional lifelong learning pathways to cater to career aspirations of young Indians.

This paper finds out that Indian OER initiatives make use of textual platforms as well as audio‐visual platforms embracing YouTube, Metacafe and other web‐based streaming video channels. This paper also illustrates the collaboration patterns in OER initiatives in order to attain sustainability, optimum usage and integration with formal curriculum of skills development programmes.

Although this paper identifies external as well as internal factors that are shaping up OER movement in this emerging knowledge economy, this paper mainly focuses on country‐level initiatives. The challenges faced at the institutional level as well as users level can be traced through advanced research studies.

This paper suggests some sustainable models for OER deployment, lessons learned and challenges faced by practitioners and users communities.

OER development has become a social movement. Proper deployment and utilization of OER resources will lead to social empowerment of young adults. This paper helps in understanding how Indian society embraces OER in order to attain social justice and empowerment through sustainable educational development.

This paper is a unique attempt to produce a state‐of‐the‐art report on the emergence of the OER movement in a transitional emerging economy.