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This study aims to analyze how Indian management practices have influenced the international management research agenda. International interest in India as a business destination has been growing since the Indian policy-makers began opening up the economy in 1991. India’s continuing economic development and integration with global economy has led to a reassessment of its political, social and commercial relevance by the international community.

The authors choose four management disciplines and examine 40 peer-reviewed international journals for research related to India over the period 1991-2014. From the sample of 217 papers, the authors identify the trends, themes and motivations, and discuss the potential for future research.

The authors find that research on India remains flat for the 1991-2000 decade, and starts growing from 2005 onwards. Organizational behavior remains non-participative in the overall growth of research. The authors find very low levels of qualitative research, and none on endogenous phenomena that have been tested for applicability in non-Indian contexts. Marketing research remains mainly peripheral to Indian contexts. Review of highly cited papers reveals that management research on India is at an early stage, and offers fairly significant opportunities for future researchers.

Normal limitations of sample-based literature review apply. Further, the literature search is limited to a select set of highly ranked journals.

Studies analyzing themes related to Indian contexts in international publications are sparse. To the best of authors’ knowledge, no study of this nature exists in literature. This study makes a primary contribution for future management researchers across the four areas by informing on the research trends, journal outlets, and the characteristics of the research agenda.

The global financial crisis of 2008 emphasized the need for monetary policy authorities to have a more comprehensive view of the conditions prevailing in the economy before deciding their policy stance. The purpose of this paper is to outline the construction of a financial conditions index (FCI) and investigate the possible co-integrating relationship between the economic growth and FCI.

The study employs the PCA methodology, with appropriate augmentations to handle the unbalanced panel data-sets and constructs a FCI for India. It tests the growth-predicting power of FCI by applying the auto regressive distributed lags approach to co-integration and verifies if the FCI is co-integrated with real GDP growth. It also discusses construction of a financial development index (FDI) which tracks the financial markets through M3, market capitalization and credit amount to residents.

The constructed FCI has a quarterly frequency and is available starting 1998q2. The long-run coefficient of FCI while predicting the real GDP growth is significant at 10 percent. The results confirm that a more-broader index FCI outperforms a narrower index FDI in growth prediction.

By showing that FCI is a better growth predictor than FDI, the study establishes the importance of including the foreign exchange markets, bond markets and stock markets while summarizing the conditions in the economy. The authors hope that the FCI would be helpful to the monetary authorities in their policy decisions.

The paper adds to the few existing studies studies dealing with FCI for Indian economy and constructs a more comprehensive index which tracks multiple markets simultaneously. It also fills the gap in literature by evaluating the correlating relationship between FCI and economic growth.

Globalisation accompanied by the rapid development of the information and communication technology (ICT) has largely boosted international trade in services over the past decade or so. Because services account for a higher proportion of production costs, firms are taking every opportunity to go for lower-cost solutions for the provision of business process services. International sourcing of business support services has, therefore, been a preferred solution to the ongoing cost pressures and related skill shortages experienced in many developed countries.

This study aims to analyze the structure and trend in employment in the Indian economy between 1980-8081 and 2015-2016.

Use of India KLEMS data set. Estimate growth rate of employment and discuss employment prospects using “Point” employment elasticity.

Whilst India’s GDP growth rate has been quite impressive since the reforms of 1991, the rate of employment growth, especially in the recent period of 2003-2015, has been quite slow (1 per cent) with low employment elasticity (0.1). The pattern of employment growth has also been imbalanced with slow rate of employment growth in manufacturing and rapid growth rate in the construction sector. India now also has low labour force participation rate and a large share of informal employment in the economy.

The limitation is the lack of reliable data on employment for the recent period.

With overall low employment elasticity, India would have to explore sectors where more employment opportunities could be created.

India has to create not only more jobs but also “good” jobs.

The India KLEMS data provide a time series for employment, which has been used in this paper to find “Point” elasticity instead of arc elasticity of employment and is an improvement over existing employment elasticity estimates.

The Indian economy has experienced a boom in outward FDI (OFDI) in 2006. The study aims at exploring the factors that drive the boom in OFDI of Indian firms.

The participation of a firm in OFDI is a two-stage process -first, the decision to internationalization and second, how much to invest. We employ a two-stage model to decompose the effects on the decision to internationalization from effects on how much to invest. The two-stage model has the advantage of allowing us to estimate separately the probability of internationalization by a firm – Pr(OFDI > 0) – and the expected volume of investment, E(OFDI|OFDI > 0). The former is estimated by the probit model and the latter is estimated by the ordinary least square model.

The study finds that prior experience and institutional advantage can strongly drive the internationalization of Indian multinationals. The study also examines the relative importance of two aspects of prior knowledge – length of prior knowledge and depth of prior knowledge on OFDI of Indian firms. The study finds that the depth of prior knowledge is a must influential driver of OFDI in comparison to its length.

The present study is a novel attempt to investigate, ‘What drives the boom in OFDI from India?’

The purpose of the current paper is to examine the nature of profit persistence and to estimate the dynamic relationship between research and development (R&D) intensity and firm profitability in the Indian pharmaceutical industry.

A dynamic panel data model with generalized methods of moments (GMMs) technique has been deployed to estimate the relationship between R&D intensity and performance. Arellano and Bond (1991) estimation methodology has been used to generate the estimates. A sample of 55 publicly listed firms operating in the Indian pharmaceutical industry for the period 2005-2014 has been considered.

The study finds moderate to heavy profit persistence in the Indian pharmaceutical industry. The study also finds that there exists a positive relationship between R&D intensity and performance for the Indian pharmaceutical Industry. The results hold even after considering two separate measures of profitability – return on assets and return on sales. The results also hint at a possible non-linear relationship between R&D intensity and profitability.

The results highlight positive profit persistence among pharmaceutical firms. The results also highlight the need for a sustained investment in R&D, as its benefits are driven in the long run. Thus, managers should devise proper policies R&D investments. Also, prospective entrants should properly study the existing entry barriers before deciding upon the mode and timing of entry.

The degree of profit persistence and the dynamic nature of relationship between R&D intensity and firm performance in the Indian pharmaceutical sector has not been studied. Thus, this paper fills this gap and also highlights the impact of certain firm- and industry-specific variables on profitability.

The study provides medium-term estimates of recovery paths for Indian economy using a dynamic factor (DF)-based approach that employs data on high-frequency indicators à la Bhadury, Ghosh, and Kumar (2020). The DFs are used to analyze the post-pandemic recovery and convergence with its pre-COVID-19 trend for India between March 2021 and March 2022. A broad sectoral assessment of the impact of COVID-19 is also conducted. In addition, forward-looking measures based on stock returns are used to analyze the transmission of additional banking sector risks to the real sectors by constructing daily delta conditional value-at-risk (CoVaR) estimates. Our estimates based on the DFs suggest that the aggregate economic activities may catch up to the estimated pre-COVID trend by March 2021 predominantly driven by the growth in services sector. The industrial sector and consumer goods sector continue to show moderate signs of recovery. Our CoVaR estimates corroborate these findings. Banking sector transmission risk is among the lowest for services such as healthcare and information technology (IT), for both the lockdown period between March 25 and June 8, 2020, and for the latter months. The transmission risk continues to remain high for metal, oil and gas, and capital goods sector. Broadly, the evidence on forward-looking banking sector risk transmission for major sectors is in alignment with our finding on their recovery based on DF models, after easing of COVID-19 lockdown.

There has been an increase in the number of multinational banks (MNBs) in India and Nigeria. While the literature is replete with analysis of multinational banking in developed countries, not much is known about the drivers of multinational banking in developing countries. This chapter uses the linear probability estimation technique and a sample of 57 Indian and Nigerian banks to investigate firm-level determinants of bank internationalization, as well as inter-bank variations in the number of foreign branches/subsidiaries. The empirical results suggest that the decision by banks from India and Nigeria to internationalize is influenced by firm-level characteristics such as after-tax profit, capital adequacy ratio (CAR), total assets (TA or bank size), volume of customer deposits (CD) and the number of domestic branches. A bank’s decision to establish a given number of foreign branches and subsidiaries depends on variables such as CAR, CD and TA. Based on the empirical results, the chapter proposes some hypotheses about bank internationalization in developing countries.

The purpose of this paper is to compare and learn from Chandigarh in addressing an orderly urbanisation in India. Chandigarh is considered as a benchmark for city design in India. The aim is recapitulate the city design process and garner useful inputs towards city design process in India.

Considering the purpose of the study, two research methodologies are identified – namely “case study” and “analytical narrative”. A case study method is usually focused on certain urban systems with a view to explain why certain systems were a success and why some ended up being a failure. It mostly concerns itself with questions of efficiency. A narrative analysis seeks to understand urban development process and change. It appeared in disciplines such as policy analysis, urban history, social science, political science and economics. Analytical narrative evaluates the explanatory performance of new genre, using some philosophy.

This paper contributes in reinvigorating the aura of Chandigarh and its contribution in developing an Indian city with its own identity. It also reflects upon the series of failure among the recent city planning endeavours, and its avenue of differences from the successful case.

The paper contributes in understanding the existing shortcomings of city design approaches in India from the perspective of a relatively successful case of a functional Indian city. It also helps to point out the forgotten dimensions of city design that contributes in creating a functional city.

The paper aims to unravel the congruence of entrepreneurship and India’s excellence in information technology (IT). Considering the fact that entrepreneurship is a multifaceted concept encompassing a complex set of contiguous and overlapping constructs, the study takes into consideration interlinkages between the institutional environment, the nature of the industry and the responses and expectations that influenced entrepreneurship. The study complements these factors by analysing the sequential transformation of the Indian IT industry owing to the advent of outsourcing opportunities and concomitant ramifications on entrepreneurial activities. In effect, the study highlights the endogeneity in the system wherein entrepreneurs have continually adapted to the industry dynamics resulting in its significant expansion.

The methodology adopted is the historical research method. Fundamentally idiographic, it helps in understanding contemporary issues, how they arose and how their characteristics unfolded over time. To this end, historical contextualisation has been carried out as an interpretative or analytical activity to capture the dynamic process of entrepreneurship. The idea was to capture the broad consequences of entrepreneurial interactions and processes over a long-time horizon classified into six different phases since inception. The historical contextualisation enabled us not only to pinpoint the disequilibrium processes at each phase of development that ushered in structural changes in the industry but also to identify and examine the complex interactions between the various factors that led to the growth of entrepreneurship.

Findings reveal that the Indian IT industry has undergone a series of disruptive changes since inception. Disequilibrium in the market plays a critical role in the initiation of entrepreneurship. In the formative phases, disequilibrium is initiated by the “adaptive” responses of the entrepreneurs, whereas in the advanced phases, entrepreneurial process is augmented by the “creative” responses resulting in the perpetuation of disequilibrium. Such shifts in entrepreneurial responses indicate a gradual progression from “gradient” to more “heuristic” search efforts on the part of the entrepreneurs. This progression testifies the perpetuation of entrepreneurship in imparting sustainability to the growth momentum of the industry in the foreseeable future.

The study attempts to fill three important gaps in the literature: First, enrich the Austrian economics with empirical findings. Second, integrate two different strands of literature on entrepreneurship and evolution of India’s IT sector using unique configuration. Third, extend the literature on entrepreneurship in the Indian context to capture entrepreneurial prudence in the Indian IT sector and thereby enrich the literature with newer findings and richer insights.

Analysis of factors that imparted entrepreneurial prudence in the Indian IT sector can endow policymakers with valuable information for enhancing growth in industries that are having a close association with the IT industry in the “product space”.

The study is original on account of the unique configuration that it has adopted to unravel the complexity embedded in the concept of entrepreneurship considering a long-time horizon of six decades since inception which includes the analysis of disequilibrium; the entrepreneurship-institution interlinkages; the nature of the industry; and the role of outsourcing.