Académique Documents
Professionnel Documents
Culture Documents
Established: 2005
R.N.I. No. Delhi UPENG 2006/17831
https://www.facebook.com/jctindia.org
http://econpapers.repec.org/article/jctjournl/
Dr. S. Rajaram
INDEX
1. A Review of Pre-Keynesian Neoclassical Business
Cycle Theory Christopher K. Manner 7-15
2. Bilateral Trade of India with Middle East Countries :
A Study of Iran Anuj Gupta, Ravi Kumar 16-27
3. Implementation of Goods and Service Tax (GST) in India and
its Control over the Tax Collection Pranesh Debnath 28-35
4. Linkage Between Human Resource Management and
Firm Performance Avinash Singh 36-44
5. Social Media Marketing : Opportunities and Challenges
Dr. Kulwant Singh Rana, Anil Kumar 45-49
6. A Conceptual Perspective on Brand Switching Behaviour of
Consumers in Telecommunication Industry
Md. Shahnawaz Abdin, Dr. N. H. Mullick 50-58
7. An Analysis of NPAs Management in PSBs, PVTSBs and FBs
Parasuraman Subramani, Dr. N. Sathiya 59-76
8. Foreign Direct Investment in Defence Sector in India :
Problems and Prospects Dr. Dinesh Mahajan 77-84
9. A Study of Health Insurance Business In India
Dr. Trilochan Sharma 85-90
10. A Study of E-Commerce and Online Shopping
Rashmi Vashishtha, Dr. Sudhir Kumar 91-96
11. Analysis of Relationship among Critical Factors in the
Construction Projects Dr. Seema Sharma 97-100
12. Employee Engagement, Training and Career Development
(Tata Tele Services Limited A Case Study) Shikha Vashishtha 101-108
13. A Study of Buying Behaviour of Customers Towards
Branded and Non-Branded Gold Jewellery
with Reference to Meerut City Dr. Kavita Saxena 109-114
14. Biographien : Raghuram Govind Rajan 115-116
15. Book Review : The Man of the Moment J. N. Sharma 117-118
GFRAD
www.jctindia.org
editorjct@gmail.com
www.jctindia.org
Established : 2005
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Dr. M. L. Agarwal
Retd. Professor, D. N. College, Meerut
Dr. R. A. Agarwal
Retd. Professor, Meerut College, Meerut
Chief Editor
Editor
Dr. S. K. Agarwal
Associate Professor
Faculty of Commerce and Business Administration
D. N. College, Meerut -250002, UP, India
Phone : +91 9411826871
Co-Editors
Dr. M. D. Somani
Dr. S. Rajaram
Associate Professor
Department of Commerce
Mata Jija Bai Govt.Girls PG College,
Moti Tabela, Indore - 452004, M.P., India
Phone: + 91-9425346346
Associate Professor
Department of Business Administration
Kalasalingam University, Krishnakoil,
Tamil Nadu, India
Phone: + 91-9659797417
Indexed :
Cabells Directory,Ulrichs Directory, Citefactor, Repec, Econ Biz, Idea, CC-BY, Journal Seek, Connect Journals
Published by :
Society for Advanced Management Studies
in Association with
Global Foundation for Research and Academic Development
Journal of Commerce & Trade
www.jctindia.org 1
About
Journal ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860
ISSNthe
(P) : 0973-4503
Journal of Commerce and Trade (JCT) is an International Double Blind Reviewed, Indexed and Referred Bi-annual
Publication of the Society for Advanced Management Studies in association with Global Foundation for Research and Academic
Development. It was started in October, 2005. It is both a Print and Online Journal and is published in the months of April and
October every year.
The Journal is registered with RNI bearing No. Delhi UPENG 2006/17831 and is also recognized by ISSN (Print) 0973-4503 and
ISSN (Online) 2454-1702. It is an International Journal intended for Professors, Scholars, Teachers, Academicians, Professionals
and Students. It has been alloted impact factor 3.860 by Cosmos Foundation.
The Journal welcomes new, bonafide and genuine researches in the field of Commerce, Economics, Law, Management and
Trade. Articles, Case studies, Discussions, Book Reviews and Biographies of the Legends in above fields are given place in the
JCT. It, also, throws the light on the contemporary issues of global interests in Commerce and Management.
It has the following repositors : Cabells Directory, USA; Ulrich Directory; Cite factor; RePEc, Econ Biz, Idea, CC-BY,
Journal Seek Directory and Connect Journals. All the articles are published only after the proper approval of the Editorial Board
and the Blind Review Committee. The submitted articles are published in the consultation with the Editors and Editorial Boards
decision. The acceptance and rejection is informed by email. The submitted papers should be as per Submission Guidelines and
should be in Scholarly Style. All the information regarding the journal, its periodicity, subscription details are available on
journals website www.jctindia.org. All the back issues of the journal are available free of cost on website.
The template of the paper, submission guidelines and other support regarding the writing of the paper are given on the
website of the journal. The Journals website www.jctindia.org is the best interactive and supportive journal website on the net.
JCT never rejects any article. It asks only for improvements and modifications.
All the submitted manusctipts are scanned via Anti-Plagiarism Software and Google Search.
Journal of Commerce and Trade is both a Print and Online Journal. You can also see, explore and print previous issues
simply by login on our Home Page. JCT can be subscribed at National and International levels.
Online Payment Facility is also available on the JCT Website.
Publication Statement
Place of Publication
Periodicity
Language
Printers Name
Publisher
Chief Editor
Editor
Nationality
Address
:
:
:
:
:
:
:
:
:
Meerut
Bi-Annual (Six monthly)
English
Arihant Electric Press, Meerut
Dr. Himanshu Agarwal
Dr. Himanshu Agarwal
Dr. S. K. Agarwal
Indian
25, Murari Puram, Garh Road, Meerut, UP, India.
I, Dr. S. K. Agarwal, hereby declare that the particulars given above are correct to the best of my knowledge.
Dr. S. K. Agarwal
Editor
@ 2016, JCT, Vol. XI No. 1, Meerut, India
All Rights Reserved
Date of Publication : 30 April, 2016
No. of Copies : 1000
Administrative Team
Circulation Manager
Financial Advisor
Legal Advisor
Layout, Design & Type Setting
:
:
:
:
www.jctindia.org
Commerce
Trade : ISSN
Editorial
Board*
April 2016 Vol. XI No. 1Journal
IMPACT of
FACTOR
3.860 ISSNand
(P) : 0973-4503
(E) : 2454-1702
RNI : UPENG 2006/17831
Prof. M. Saeed Professor, College of Business, Minot State University, Minot, USA.
Prof. Koji Sano Professor, Faculty of Economics and Business Administration, Fukushima University, Japan.
H. M. R. P. Herath Department of Marketing Management, University of Kelaniya, Sri Lanka.
Dr. Joseph M Mula Associate Professor, Faculty of Business,University of Southern Queensland, Queensland, Australia.
Dr. Hamid Saremi Vice-Chancellor, Islamic Azad University of Iran, Quchan Branch Iran.
Dr. Anura Amarasena Faculty of Business and Economics, Monash University, Churchill, Australia.
Dr. Michael Kenneth Holt Associate Professor, Austin Peay State University, Claksville (TN) US 37044.
Dr. Himanshu Sharma Department of Information Technology, Nizwa College of Technology, Nizwa, Oman.
Terry Parrish Principal, Ice Academy, Leicester, UK.
Dr. M. Rajarajan Professor, City University, London, UK.
Dr. Radhe S. Prodhan Professor, Central Department of Management, Tribhuvan University, Nepal.
Dr. Massod Ali Mirza Department of Commerce, Aligarh Muslim University, Aligarh, UP, India.
Dr. A. P. Singh Associate Professor, Faculty of Commerce and Business Administration, Meerut College, Meerut, UP, India.
Dr. Umesh Holani Director, Institute of Commerce and Management, Jiwaji University, Gwalior, MP, India.
Dr. Somesh Kumar Shukla Professor in Commerce, University of Lucknow, Lucknow, UP, India.
Dr. Anurag Agarwal Associate Professor, S. S. (PG) College, Sahajahanpur, UP, India.
Dr. C. S. Sharma Professor, Shri Ram College of Commerce, University of Delhi, New Delhi, India.
Dr. G. P. Prasain Head, Department of Commerce, Manipur University, Imphal, Manipur, India.
Dr. K. D. Gaur Indian Council of Social Science Research, New Delhi, India.
Dr. V. K. Agarwal Principal, I.P. (PG) College, Bulandshahr, UP, India.
Dr. G. B. Kashyap Head, Department of Economics, SSV College, Panchsheel Nagar, UP, India.
Dr. Nasib Ahmad Associate Professor, Department of Commerce & Business Admn., Jamia Millia Islamia, New Delhi, India.
Dr. S. P. Singh Saint Marys Academy, Meerut, UP, India.
Dr. S. K. Chauhan Associate Professor in Commerce, Government College, Pihani, UP, India.
Dr. Abhay Bansal Professor Amity University, Noida, UP, India
Dr. Samir Gupta Assistant Professor, University of Delhi, Delhi, India.
Dr. K. S. Meenakshisundram Great Lakes Institute of Management, Chennai, India.
Dr. R. K. Singhal Associate Professor, Faculty of Commerce and Business Administration, D.N. College, Meerut, UP, India.
Dr. Mayank Agarwal Assistant Professor, Department of Economics, M. M. (PG) College, Modinagar, Ghaziabad, UP, India
Dr. Arvind Yadav Assistant Professor, Government College, Badalpur, UP, India.
Dr. S. K. Tayal Retd. Professor, Government College, Noida, UP, India.
Dr. S. K. Sharma Associate Professor, Department of Commerce, HNB Garhwal University, Tehri Garhwal, UK, India.
Dr. Mukund M. Tapkir Professor, SHN Institute of Management & Research for Women, Pune, Maharastra
Smt. Tripta Sharma Department of Commerce, RCA Girls PG College, Mathura, UP, India.
Dr. M. K. Gupta Associate Professor, PG Dept. of Commerce, Pt. JLN Govt. PG College, Faridabad, Haryana, India.
Dr. Sudipti Banerjea Professor of Commerce, University of Calcutta, Kolkata, India.
Dr. Mukesh Jain Head, Department of Commerce, Govt. PG College, Noida, UP, India.
Dr. Kapil Bansal SRM University, Meerut.
Dr. Pavnesh Kumar Head, Department of Management, Indira Gandhi National Tribal University, Amarkantak.
Dr. M. Sheik Mohamed Professor, Jamal Institute of Management, Jamal Mohamed College, Tiruchirappaili.
Dr. Mehmet Sachin Faculty of Economics & Admn. Sciences, Canakkale Onsekiz Mart University, Agakoy, Biga-Canakkale.
* http://www.jctindia.org/editors-editorial.html
Journal of Commerce & Trade
www.jctindia.org 3
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Swachh Bharat Mission of PM NAMO has more bright meaning than it appeared two years ago. The
public has undertaken it as a simple hygiene message programme.
It is first time when a PM has crafted a conscious desire to move beyond partisan political concerns and
addressed societal themes that touch peoples daily lines through a free-reach radio talk Mann Ki Baat.
Modi showed his position above political dogma and political puppetry shows. He analysed what can start
the economy with a justified paddling towards a right direction. He did not follow any Bakwas policies whether
they were opposed or favoured by earlier governments. Which had been a trend of Indian political Drama. Modi
has undertaken an expansionist approach that is best described as Keynesian.
Modi appreciated and revived previously opposed MNREGA and AADHAR schemes, which had been
debunked by BJP. And, stored cold Privalisation which Atal Bihari Vajpayee favoured previously.
Modi and his team has done a lot to India with par-excellence, honesty, devotion and continuity. The
Railways and the railway stations, the oil prices, the LPG subsidy allocation, the LPG availability, the power, the
security issues, the banking reforms and everything is being dealt very smartly only to give smoothness to the lives
of Indian citizens. Corruption is lowered. The development process is energized with speedy corrections in the
economy.
The foreign visits of Modi have been objected by various politicians. But, these visits are not simple sight
seen visits. It has strengthen the image of India beyond India. It has given stability in the relations with the World.
It has been a trend that the most powerful PMs in the world have traveled maximum number of the countries in 10
months after sworning-in of the post.
Here to note, correction in RBI policy of Inflation control has also been initiated through inflation targeting
framework. For this, the RBI Act, 1934 was amended as part of the Finance Bill. In the past, the RBI had not
systematically used either CPI or WPI as the inflation target. Soon, the government will notify the level of inflation,
it wants the RBI to largest in the next five years.
Modi, no doubt has substituted political dogmatic absolutes to managerial flexibility. Modi has proved to
be a real Leader than a Boss. If he has worked continuously for 10 years like this, India will become not only world
leader undoubtly but will be a different country also. Help to come Modi Revolution and Condemn Yaha to Aise
hi Chalega team of years.
Now, you have 21st issue in your hands. I am thankful to all concerned and associated ones. We have
done a lot and trying to give more value to the writings of our learned authors. If you have any suggestions, please
write to me at editorjct@gmail.com.
Dr. Himanshu Agarwal
Chief Editor
editorjct@gmail.com
www.jctindia.org
Index
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
1.
2.
7-15
16-27
Implementation of Goods and Service Tax (GST) in India and its Control over the
Tax Collection
Pranesh Debnath
28-35
36-44
45-49
50-58
59-76
77-84
85-90
91-96
3.
4.
5.
6.
7.
8.
9.
97-100
101-108
109-114
115-116
117-118
www.jctindia.org 5
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:7-15
https://ideas.repec.org/a/jct/journl/v11y2016i1p7-15.html
http://jctindia.org/april2016/v11i1-1.pdf
Pages 7-15
A Review of Pre-Keynesian
Neoclassical Business Cycle Theory
Christopher K. Manner
Ph. D. , Union University, Jackson TN, USA
Abstract
Although some practicing economists believe there was no macroeconomics before Keynes, historians of economic thought
recognize a rich and varied stream of literature on monetary and business cycle theory that predate and form the context for
Keyness General Theory. Accordingly, the present paper examines many of the popular Neoclassicalbusiness cycle theories
developed prior to the Keynesian Revolution. There are several valuable classifications of these theories; however, it is
common to sort the writings on business cycles according to the cause attributed. In particular, this paper will follow an
early twentieth century convention, using the terms originating cause and self-generating cycle to describe the
various business cycle theories.Originating causes, such as war and weather, keep the business system in a continual state
of unbalance. The business responses to those originating causes create a self-generating cycle of recurrent upward and
downward movements in economic activity.
This paper should prove useful to teachers (and students) of macroeconomics who wish to complement their technical
material with a historical perspective.
Keywords: Business Cycle Theory, Neoclassical School, Originating Cause, and Self-Generating Cycle.
1.
INTRODUCTION
Economic change is one of the most vital and
all-pervading of economic problems. Change in
economic conditions determines the amount of available
employment, and has an important influence on the
use of leisure, the rate at which people marry and
divorce, attitudes toward religion, and the liberality of
ideas. Many social theorists believe that economic
change has a disproportionate influence on life in
general. Some have suggested that we should slow
down technological progress, so that there would be
fewer changes for which adjustment is needed. Some
have suggested various minor policy adjustments for
reducing fluctuations. Others have suggested that the
capitalist system should be replaced by socialism or
communism.
The understanding of economic change is often
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
www.jctindia.org
Weather Variations
The oldest of the originating cause theories of
the business cycle relates to the weather and its impact
on agricultural crops. The production of any
agricultural crop may vary either from a variation in
acreage planted or from a variation in the yield per
acre. In practice, the principle variation in most crops
is due to variations in the yield. Variations in yield are
chiefly due to a variation in weather conditions. Many
scholars, notably W. S. Jevons (1884) and H. L.
Moore (1914), attempted to explain business cycle
variations solely on the basis of this variation in the
yield of agricultural crops. If the yield is above average,
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
off and wage rates are high, the displaced labor will
not be so readily absorbed. The result will be a
decrease in purchasing power, and then a decrease in
total production, tending to drive production down
toward balanced levels. If the increase in productivity
occurs in a depression period, profits may increase
and therefore encourage capital investment, tending
to drive production back up to balanced levels. It may
be, however, that the increase in productivity will be
offset by the resistance of wage rates to decline. If
such occurs, labor will be displaced, with no tendency
toward reabsorption while business is declining; the
total purchasing power will be decreased, tending to
drive prices down, and tending to drive production
still further below balanced levels. Temporarily, the
increase in productivity may not increase profits.
Both Schumpeter (1927) and England (1915)
emphasized the idea that innovations come in waves,
and initiate periods of activity followed by crisis and
depressions. Invention and discovery are closely
related to several forces present in the self-generating
cycle (discussed in section 3). Schumpeter (1927) has
shown that imitators of successful innovators accentuate
business activity during the phase of incline, and that
this leads to an unstable prosperity. This, in turn,
increases the proportion of capital goods produced
during prosperity, and adds to credit extension. It may
be that the business cycle would not occur without the
progress made possible by invention and discovery,
but these forces alone do not comprise a sufficient
explanation. As Bratt (1937) observed, Schumpeter's
theory of the business cycle "does not explain the
intensified fluctuations in derived demand for durable
goods, nor several self-generating cyclical forces,
including the cyclical shift in the efficiency of workers
and the slow rate of change in the habits of
consumption in prosperity" (p.144).
3.3
War
Many have suggested, at times, that wars are
chiefly or solely responsible for business cycles. Wars
drive industrial production away from balanced levels
in two ways. First, goods purchased for war purposes
are destroyed rather than consumed in the normal
economic process. Second, wars are almost invariably
10 www.jctindia.org
financed by inflation.
Production of goods for war creates an atypical
pattern of scarcity. In addition, dictatorial policies are
usually followed, by means of which, artificial stimulus
is given to the production of certain goods, over and
above that which would be induced in any case by the
abnormal scarcity due to war consumption. Capital
funds which otherwise would be used to produce
dwellings and peace-time factories must be shifted into
the production of ammunition, weapons, and ships.
After the war ends, vast accumulated shortages appear
in residential building and in factories for producing
consumer goods, since depreciation and obsolescence
will have continued during the war. The making up of
the deficits will abnormally stimulate industry.
Major wars are often financed by inflation.
Instead of taxing at the time to pay for the war,
governments resort to the flotation of large bond issues.
Real savings are not large enough to buy these bonds
in addition to the private investments necessary for the
conduct of the war, and therefore the bonds must be
purchased on credit. If the bond market should prove
inadequate, the government would resort to paper
money inflation. In a social sense, when the war is over
it is paid for whether by inflation or taxation. Many of
the goods which were created have been destroyed,
and they cannot be made at a later date. Society has
already paid for these goods, and it is merely a matter
of against whom the costs are to be levied. In other
words, the question is whether the funds are to be
obtained by taxation and the wealth redistribution
effected immediately, or whether the funds are to be
obtained by inflation and the redistribution put off to
some extent. The later method is often chosen.
Bratt (1937) and others cited war inflation as
an originating cause of business cycle movements. Its
primary characteristic is to force a rise in prices. This
price rise lightens the burden of debts and people
become optimistic. Since prices are rising, money
cannot be expected to buy as much in the future, so
people shift from money to goods, and that causes
prices to rise still further. The result is an upward spiral
of mounting prices and a piling up of debts, since it is
now profitable to owe money. This upward spiral
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Episodic Theories
In commenting on the frequency distributions
of business cycles obtained by W.C. Mitchell, Working
(1928) expressed a widely held view:
"The form of several of the distributions (of
length and amplitude) is precisely what one should
expect if business cycles result in considerable measure
from a cumulation of the influence of mutually
independent chance factors. We have too much
evidence of the interaction of economic forces in
business cycles to accept such a theory as a complete
explanation, but there may be more truth than is now
generally admitted in the episodic theory of business
cycles, as thus revised" (p. 89).
"Episodic" theories of the business cycle state
that each depression, and each recovery has its own
unique cause. In many cases, some single force may
be predominant in making for depression or recovery,
but there may be, and usually is, more than one
originating cause creating the unique characteristics of
the particular business cycle. Veblen (1904), Fisher
www.jctindia.org 11
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
SELF-GENERATING CYCLE
THEORIES
Originating cause theories of the business cycle
suggest that exogenous factors keep the business
system in a continual state of unbalance. They are called
originating because they are not generated within the
round of the cycle itself. However, originating causes,
in and of themselves, do not produce a business cycle.
As stated earlier, originating causes throw production
off of balanced levels. As soon as their operation is
discontinued, production might be expected to return
to balanced levels if no other forces were at work.
The responses of the business system to these
originating causes create the business cycle. The
business responses to originating causes create a selfgenerating cycle of recurrent upward and downward
movements in economic activity. That is, one phase of
the business cycle grows out of the preceding phase.
Bratt (1937) and others referred to this line of reasoning
as self-generating cycle theories.
Various writers have attempted to trace the
responsibility of the business cycle to some particular
characteristic of the business process. These include,
psychological factors, over-investment, malinvestment,
money and credit, and consumers' income and saving.
4.1
Psychological Factors
Many early twentieth century economists
traced the cumulative change in business activity to
psychological factors. According to this approach,
businessmen are constantly trying to forecast the future.
These forecasts impact short-run operations and the
development of long-term contractual obligations.
Because business conditions change erratically, errors
in forecast occur. According to Pigou (1927), these
errors are likely to become generalized. That is, the
optimistic errors of some do not offset the pessimistic
errors of others. As Pigou (1927) puts it, "optimistic
error and pessimistic error, when discovered, give birth
to one another in an endless chain" (p. 103). This
12 www.jctindia.org
Over-Investment
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Malinvestment
Malinvestment, a term often used by Austrian
economists, is a form of over-investment that occurs
due to unsustainable increases in the money supply
and artificially low interest rates. The main proponent
of the malinvestment theory is Hayek (1932). His
theoretical explanation of the business cycle focuses
on arbitrary tampering with the credit mechanism,
which impedes the natural flow of economic activity.
According to Hayek, businessmen must
constantly decide how to channel resources between
production for current consumption (consumer goods)
and production for future consumption (capital goods).
Similarly, consumers allocate money income between
consumption and saving. A market-determined
interested rate assures that these decisions correspond.
That is, there is a balance between the savings plans
of consumers and the needs of businessmen for
investment funds.
The disrupting factor, according to Hayek's
explanation, is the banking system. If the central bank
increases the supply of money, the interest rate falls
below its equilibrium level. Businessmen respond by
allocating more resources to the production of capital
goods. As workers are hired and/or wages rise in
producer-goods industries, consumer income grows.
The result is an increase in consumer demand. Assuming
consumers do not increase the proportion of saved
income, consumer demand will eventually rise relative
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
14 www.jctindia.org
CONCLUSION
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
Adams, A.B. (1925). Economics and Business Cycles, McGraw-Hill Book Company, Inc., New york.
Adams, F.G. (1992) Lawrence Kleins The Keynesian Revolution: 50 Years After. Philadelphia:
Department of Economics, University of Pennsylvania.
Aftilion, A. (1927). The Theory of Economic Cycles Based on the Capitalistic Technique of Production.
Review of Economic Statistics, 9, 165-170.
Bouniatian, M. (1928). The Theory of Economic Cycles Based on the Capitalistic Technique of Production.
Review of Economic Statistics, 10, 67-79.
Bratt, E.C. (1937). Business Cycles and Forecasting, Business Publications, Inc. Chicago.
Clark, J.M. (1934). Strategic Factors in Business Cycles, National Bureau of Economic Research.
Dimand, R.W. (2003). Interwar Monetary and Business Cycle Theory: Macroeconomics Before Keynes.
Research in the History of Economic Thought and Methodology, 21-A, 121-148.
England, M.T. (1915). Promotion as the Cause of Crisis. Journal of Economics, 29, 631-41.
Fisher, I. (1913). The Purchasing Power of Money, The Macmillan Company, New York.
Foster, W. T. &Catchings, W. (1925). Profits, Houghton, Mifflin Company, Boston, Pollak Foundation.
Hansen, A.H. (1921). Cycles of Prosperity and Depression in the United States, Great Britain, and
Germany: A Study of Monthly Data, 1902-08, University of Wisconsin.
Hastings, H.B. (1923). Costs and Profits, Houghton, Mifflin Company, Boston, Pollak Foundation.
Hawtrey, R.G. (1913). Good and Bad Trade, Constable & Company, Ltd., London.
Hayek, F.A. (1932). Monetary Theory and the Trade Cycle, Harcourt, Brace & Company, New York.
Hexter, M.B. (1925). Social Consequences of the Business Cycle, Houghton, Mifflin Company, Boston.
Huntington, E. (1919). World-Power and Evolution, Yale University Press.
Jevons, H.S. (1910). The Suns Heat and Trade Activity, P.S. King & Son, London.
Jevons, W.S. (1884). Investigations in Currency and Finance, Macmillan & Company, Ltd., London.
Lederer, E. (1925). Konjunktur und krisen. Grundr. d. Sozialokonomik, 4, Tubingen, 354-413.
Mata, C.G. &Shaffner, F.I. (1934). Solar and Economic Relationships: A Preliminary Report. Quarterly
Journal of Economics, 49, 1-51.
Mitchell, W.C. (1923). Report of a Dinner Meeting. Journal of the American Statistical Association,
18, 657-659.
Mitchell, W.C. (1927). Business Cycles, the Problem and its Setting. New York: National Bureau for
Economic Research.
Moore, H.L. (1914). Economic Cycles: Their Law and Cause, TheMacmillan Company, New York.
Pigou A.C. (1927). Industrial Fluctuations, Macmillan & Company, New York.
Schluter, W.C. (1923). The Pre-War Business Cycle, 1907 to 1914, Columbia University Press.
Schumpeter, J.A. (1927). The Explanation of the Business Cycle. Economica, 7, 286-311.
Spiethoff, A. (1902). VorbemerkungenzueinerTheorie der berproduktion, Schmollers
JahrbuchfrGesetzgebung, Verwaltung und VolkswirtschaftimDeutschenReiche, 26, 721-59.
Tugan-Branovskij,
M.I.
(1894).
Promyshlennyekrizisy
vsovremennoiAnglii,
ikhprichinyivliianienanarodnuiuzhizn.St. Petersburg, RU: I.N. Skorokhodova. German Edition
Veblen, T. (1904). The Theory of Business Enterprise, Charles Scribners Sons, New York.
Working, H. (1928). Review of W. C. Mitchells Business Cycles. Journal of the American Statistical
Association, 23, 89-94.
www.jctindia.org 15
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:16-27
https://ideas.repec.org/a/jct/journl/v11y2016i1p16-27.html
http://jctindia.org/april2016/v11i1-2.pdf
Pages 16-27
Ravi Kumar
Research Scholars (SRF), Faculty of Commerce, Banaras Hindu University.
Abstract
From the recent past, it has been seen that the structure of international trade is made simple & smoothening. India is
having a good political, cultural & economic relationship with Iran. Iranian oil is very popular in India while the cereals
& other food materials are popular in Iran. The need of present hour is to build stronger trade relation with Middle East
nations, among them Iran is an important country. From the study it has been found that the trade balance is negative for
India in the recent past. The share of total export to Iran is also very low. Hence, policies should be made to encourage this
trade between the two nations. Oil is the chief commodity imported due to its natural superiority. An alternative use for oil
must be developed to decrease the use of oil in the nation. Better export of arts & artifacts must be done to improve the
quantity of export from India. Political relation must be made stronger to enhance the trading between the nations.
Providing better environment to the exporters through subsidies, financial & technical assistance, etc. to enhance the total
growth of export will be a better option.
Keywords: smoothening, Iranian oil, trade relation, Middle East, better environment.
1.
INTRODUCTION
Foreign trade has played an important role in
the development of any nation. It has helped in
developing various types of relationship among the
trading countries. India & Iran relations span centuries
marked by meaningful interactions. The two countries
shared a border till 1947 and share several common
features in their language, culture and traditions. Both
South Asia and the Persian Gulf have strong
commercial, energy, cultural and people-to-people
links. However, the trade relations have traditionally
been controlled by Indian import of Iranian crude oil
resulting in overall trade balance in favor of Iran. Both
the countries have immense share in educational system
also. Many students of Iran come to India, vice-versa.
Apart from social, cultural, educational & historical
linkage, both the country posses economic trade
behavior with each other from long era. Indus valley
16 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
(b)
(c)
(d)
(e)
3.
METHODOLOGY
In this research paper, secondary data is used
to the greater extent. The data received from various
sources are properly classified into tables, graphs, etc.
The information is transformed into meaningful
conclusion in the form of percentage share, annual
growth, etc. Various statistical tools like index number,
mean, etc. is used. The secondary data is taken from
the published reports of Ministry of Commerce (India),
Central Bank of Iran, EXIM bank, DGFT, WTO, etc.
Year
World Export
World Import
Trade Balance
2010
15301000
15511000
30812000
-210000
2011
18338000
18503000
36841000
-165000
2012
18496000
18713000
37209000
-217000
2013
18954000
19026000
37980000
-72000
2014
19002000
19091000
38093000
-89000
www.jctindia.org 17
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Source : Table 1
18 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Table 2: Share in total world export by India & Iran in the last five years
US dollar at current prices (Millions)
Year
World
Export
Indices Of World
Export
(2010 Base Year)
Indias
Export
Indices Of India
Export
(2010 Base Year)
Irans
Export
Indices Of Iran
Export
(2010 Base Year)
2010
15301000
100
226351
100
101316
100
2011
18338000
119.848376
302905
133.820924
132000
130.285444
2012
18496000
120.880988
296828
131.136156
104000
102.649137
2013
18954000
123.874257
314848
139.097243
82500
81.4284022
2014
19002000
124.187962
321596
142.078453
88800
87.6465711
Table 3 : Share in total world import by India & Iran in the last five years
US dollar at current prices (Millions)
Year
World
Import
Indices Of World
Import
(2010 Base Year)
Indias
Import
Indices Of India
Import
(2010 Base Year)
Irans
Import
Indices Of Iran
Import
(2010 Base Year)
2010
15511000
100
350233
100
65404
100
2011
18503000
119.289536
464462
132.615145
61760
94.4284753
2012
18713000
120.643414
489694
139.819492
57092
87.2912972
2013
19026000
122.661337
465397
132.88211
49000
74.9189652
2014
19091000
123.080395
463033
132.207131
51000
77.9768821
www.jctindia.org 19
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Export
Export Indices
(1992-93 as
base year)
Growth
Rate
Import
Import Indices
(1992-93 as
base year)
Growth
Rate
Trade
Balance
1992-93
19868
100
23274
100
-3406
1993-94
18080
91
-8.99
19287
82.87
-17.13
-1207
1994-95
19434
97.82
7.48
12617
54.21
-33.76
6817
1995-96
18360
92.41
-5.52
12774
54.89
1.24
5586
1996-97
22391
112.69
21.95
14989
64.40
17.33
7402
1997-98
18602.31
93.63
-16.92
14621.53
62.82
-2.45
3980.8
1998-99
13104.22
65.96
-29.55
15013.88
64.51
2.68
-1909.7
1999-00
20882.34
105.11
59.35
13441.57
57.75
-10.47
7440.8
2000-01
28474.59
143.32
36.35
15860.06
68.14
17.99
12614.5
2001-02
23988.46
120.74
-14.47
18969.09
81.50
16.48
5019.4
2002-03
28109.6
141.48
17.17
22576.35
97.00
19.01
5533.2
2003-04
33991.66
171.9
20.92
30141.36
129.51
33.50
3850.3
2004-05
43834.6
220.63
28.95
38761.83
166.55
28.60
5072.8
2005-06
64524.79
324.77
47.20
43381.49
186.39
11.91
21143.3
2006-07
76190.24
383.48
18.07
49986.57
214.77
15.22
26203.7
2007-08
97667.24
491.58
28.18
58240.08
250.24
16.51
39427.2
2008-09
101288.82
509.81
3.70
70174.95
301.52
20.49
31113.9
2009-10
88326.08
444.56
-12.79
69246.57
297.52
-1.32
19079.5
2010-11
112787.7
567.69
27.69
75457.61
324.21
8.96
37330.1
Source : Table 4.
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Table 5- Irans Total Export Oil & Gas Export and Non Oil Export & Indias Share
Value in (US Million $)
Year
Non Oil
Export
Total Export
Indias
share
% share of
total export
% share of Non
Oil Export
1992-93
16880
2988
19868
NA
NA
NA
1993-94
14333
3747
18080
NA
NA
NA
1994-95
14603
4831
19434
136
0.69
2.82
1995-96
15103
3257
18360
150.4
0.82
4.62
1996-97
19271
3120
22391
120.3
0.54
3.86
1997-98
15471.3
3131.01
18602.31
95.1
0.51
3.03
1998-99
9933
3171.22
13104.22
144.7
1.10
4.56
1999-00
17089
3793.34
20882.34
128.6
0.62
3.39
2000-01
24279.9
4194.69
28474.59
152.5
0.54
3.64
2001-02
19338.64
4649.82
23988.46
187
0.77
4.02
2002-03
22965.6
5144
28109.6
189.23
0.67
3.67
2003-04
27355.02
6636.65
33991.66
296.2
0.87
4.46
2004-05
36314.74
7519.86
43834.6
473
1.07
6.29
2005-06
53819.7
10705.09
64524.79
764
1.18
7.13
2006-07
62011.49
14178.76
76190.24
836.64
1.09
5.90
2007-08
81566.66
16100.57
97667.24
837.47
0.85
5.20
2008-09
82402.52
18886.3
101288.82
1159.44
1.14
6.14
2009-10
66189.64
22136.44
88326.08
1264.49
1.43
5.71
2010-11
86192.87
26594.82
112787.7
1821.71
1.61
6.84
www.jctindia.org 21
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Source : Table 5.
22 www.jctindia.org
Total Import
23274
19287
12617
12774
14989
14621.53
15013.88
13441.57
15860.06
18969.09
22576.35
30141.36
38761.83
43381.49
49986.57
58240.08
70174.95
69246.57
75457.61
Indias Share
NA
NA
214.1
222
231
230
204
199
253.8
560.8
716.8
883.4
1221
1115
1440.22
1457.33
1818.9
1792.94
1296.91
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.945627
R Square
0.89421
Adjusted R Square
0.887158
Standard Error
7674.673
Observations
17.000
ANOVA
df
SS
MS
Significance F
Regression
7.47E+09
7.47E+09
126.7907
1.03E-08
Residual
15
8.84E+08
58900612
Total
16
8.35E+09
Coefficients
Standard
Error
t Stat
P-value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept
4641.371
3196.135
1.452182
0.167047
-2171.03
11453.77
-2171.03
11453.77
X Variable 1
35.89106
3.187445
11.26014
1.03E-08
29.09718
42.68494
29.09718
42.68494
www.jctindia.org 23
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Table 7 - Top 10 import commodities in India from Iran (based on 2 digit HS level)
HS Code
Commodity
27
Mineral Fuels, Mineral Oils And Products Of Their Distillation;
Bituminous Substances; Mineral Waxes.
29
Organic Chemicals
Inorganic Chemicals; Organic Or Inorganic Compounds Of
Precious Metals, Of Rare-Earth Metals, Or Radi. Elem. Or Of
28
Isotopes.
31
Fertilisers.
39
Plastic And Articles Thereof.
08
Edible Fruit And Nuts; Peel Or Citrus Fruit Or Melons.
38
Miscellaneous Chemical Products.
41
Raw Hides And Skins (Other Than Furskins) And Leather
25
Salt; Sulphur; Earths And Stone; Plastering Materials, Lime
And Cement.
70
Glass and glassware.
Total Import from Iran
Total Import of India
%Share Of Iran
2013-14
8,556.95
2014-15
7,292.13
%Growth
-14.78
502.17
637.73
26.99
279.20
559.55
134.20
67.74
43.17
13.95
430.43
230.09
127.27
104.66
38.95
18
54.17
-58.88
-5.16
54.5
-9.77
29.07
19.62
2.82
10,307.16
4,50,199.78
2.2895
17.46
13.73
8,955.02
4,48,033.40
1.9987
-11.03
386.78
-13.12
-0.48
Source : Table 7
24 www.jctindia.org
Source : Table 7
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Table 8 - Top 10 export commodities in India from Iran (based on 2 digit HS level)
Value In (US Million$)
HS Code
Commodity
10
Cereals.
72
2013-14
2014-15
%Growth
1968.73
1239.72
-37.03
290.16
654.48
125.56
29
Organic Chemicals
201.12
240.22
19.44
84
Mechanical
154.38
211.96
37.3
85
221.09
161.85
-26.8
23
681.37
156.25
-77.07
55
97.75
127.44
30.37
73
43.13
122.21
148.73
120.48
105.8
-12.18
87
25.76
95.89
272.2
4971.35
4175.06
-16.02
3,14,405.30
3,10,338.48
-1.29
1.5812
1.3453
Machinery
And
Source : Table 8.
www.jctindia.org 25
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
6.
LIMITATION OF STUDY
CONCLUSION
The relationship between the countries are
nothing new, these find its traces in the Indus Valley
civilization. The international peace is a big topic in the
present era. Good economic & trade relation between
India & Iran will help in building the long term peace
& security in Gulf nations & Indian sub-continent. The
study reveals the negative trade balance for India from
various years. Some commodities like Iranian oils could
not be stopped suddenly. Its alternative must be found
like CNG, E-bikes, etc. Proper transportation activities
must be followed to cover greater region of research.
It has been seen that the import & export of India
from Iran is reducing. The reason for such activities
must be taken care. In this study it is helping the reader
to find a bilateral relationship between India & Iran.
Planning must be done in the field of research &
development for the said field. The work is fruitful for
the government, exporters, importers & other planning
authorities.
m
REFERENCES
1.
2.
3.
Balooch, M. (2009), Iran and Indias Cooperation in Central Asia, China and Eurasia Forum Quarterly,
7(3): 25-29.
Dimelis, S. and K. Gatsios (1995), Trade with Central and Eastern Europe: the case of Greece, in R.
Faini and R. Portes (eds), EU trade with Eastern Europe: adjustment and opportunities, London, Centre
for Economic Policy Research, pp. 123-166.
Gupta.A.(2015). Impact of Marketing Practices Followed By Agro-Based Units on Consumer
Consumption: With Special Reference to Varanasi District.IRJSS Vol.4(11),30-36,Nov(2015)
26 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
4.
5.
6.
7.
8.
9.
10.
11.
12.
Ilias, S. (2010), Irans Economic Conditions: U.S. Policy Issues, Congressional Research Service, USA.
Jbili, A., V. Kramarenko and J. Bailn (2007), Islamic Republic of Iran: Managing the Transition to a
Market Economy, The International Monetary Fund (IMF), http://www.imf.org/External/Pubs/NFT/2007/
iran/market/market.pdf
Leverett, F. and J. Bader (2005), Managing China-U.S. Energy Competition in the Middle East, The
Washington Quarterly, 29(1):187201.
Maloney, S. (2010), Sanctioning Iran: If Only It were So Simple, The Washington Quarterly, 33(1):131147.
Mousavi, M. A. (2011), Indo-Iran relations since New Delhi declarations, in A. Alam (eds), India and
Iran: an assessment of contemporary relations, New Century Publications, New Delhi, pp. 32-51.
Sagar, R. (2009), State of Mind: What Kind of Power will India Become?, International Affairs, 85(4):
801-816.
Torbat, A. E. (2005), Impacts of the US Trade and Financial Sanctions on Iran, The World Economy,
28(3): 407434.
Valibeigi, M. (1993), Islamic Economics and Economic Policy Formation in Post Revolutionary Iran: A
Critique, Journal of Economic Issues, 27(3): 793-812.
Vollrath, T. L. (1991), A Theoretical Evaluation of Alternative Trade Intensity Measures of Revealed
Comparative Advantage, Weltwirtschaftliches Archiv, 127(2): 265279.
www.jctindia.org 27
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:28-35
https://ideas.repec.org/a/jct/journl/v11y2016i1p28-35.html
http://jctindia.org/april2016/v11i1-3.pdf
Pages 28-35
1.
INTRODUCTION
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
LITERATURE REVIEW
The first journey of GST (in some countries it
is known as Value Added Tax) was started in France
in the year 1950 AD (Lin, 2008; Palil & Ibrahim,
2012). Presently near about 160 countries are having
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
METHODOLOGY
Methodology is designed keeping in pace with
the objectives set and to address the research problem.
This paper made an attempt to sightsee the
understanding about GST and the proposed mechanism
of collection and sharing of taxes between centre and
state. It also tries to see the opportunities and
mechanism of GST & its probable impact. This study
is centred on secondary information and fact collected
from books, journals, magazines, newspaper and
websites. The study is conceptual in nature and it is
supported more by facts than by numerical data. A
pictorial demonstration has been used for lucid
30 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Source : https://www.quora.com/How-will-the-goodsand-sevices-tax-GST-work-...
This was the case with the sales tax few years
ago. At that time, a VAT system was introduced
whereby every next stage dealer used to get credit of
the tax paid at earlier stage against his tax liability. This
reduced an overall liability of many traders and also
helped to reduce inflationary impact this had on the
prices. Similar concept came in the duty on manufacture
- The Central Excise Duty - much before it came for
sales tax. The CENVAT credit scheme (earlier known
as MODVAT) was also a welcome move by trade
and industry where credit of excise duty paid at the
input stages was allowed to be set-off against the
liability of excise on removal of goods. With effect from
2004, this system was extended to Service Tax also.
Moreover, cross utilization of credit between excise
duty and service tax was also permitted. To a huge
extent, the problem of cascading effect of taxes is
resolved by these measures. However, there are still
problems with the system that have not been resolved
till date. The problem is addressed here. The credit of
Input VAT is available against Output VAT. In the same
manner, the credit of input excise/service tax is available
for set-off against output liability of excise/service tax.
However, the credit of VAT is not available against
excise and vice versa. We all know that VAT is
computed on a value which includes excise duty. In
Journal of Commerce & Trade
www.jctindia.org 31
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Source : https://www.quora.com/How-will-the-goodsand-sevices-tax-GST-work-...
Source : https://www.quora.com/How-will-the-goodsand-sevices-tax-GST-work-...
Source : https://www.quora.com/How-will-the-goodsand-sevices-tax-GST-work-...
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
3.
(a)
4.
5.
6.
7.
8.
(b)
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
CONCLUSION
GST is the most logical steps towards the
comprehensive indirect tax reform in our country since
independence. GST is liveable on all supply of goods
and provision of services as well combination thereof
at a different stage of production, distribution of goods
and rendering of services. GST will create a single,
unified Indian indirect tax market subsuming all forms
of prevailing taxes at present except alcohol, tobacco
and petroleum products to make the economy stronger.
Experts are argued that GST is likely to improve tax
collections and boost India's economic development
by breaking tax barriers between States and integrating
India through a uniform tax rate. Under GST, the
taxation burden will be divided equitably between
manufacturing and services, through a lower tax rate
by increasing the tax base and minimizing exemptions
(Garg, 2014). In the new tax regime i.e. in GST
structure in every steps of production/ distribution input
tax credit will be allowed against the output tax liability.
Even cross utilization between CGST and IGST as
well as SGST and IGST will be allowed but between
CGST and SGST will not be entertained. Any business
transaction within a particular state shall be liable to
pay SGST to state and IGST to centre. However,
interstate transactions are subject to IGST only which
is equivalent to SGST plus CGST.
m
REFERENCES
1.
2.
3.
4.
5.
Bhiwandikar, M. (2013). Goods and Service Tax. Tactful Management Research Journal, 110-113.
Ezeoha, A. E., & Ogamba, E. (2010). Corporate Tax Shield or Fraud? Insight from Nigeria. International
Journal of Law and Management, 52(1), 5-20.
Kumar, N. (2014). Goods and Service Tax in India: A Way Forward. Global Journal of Multidisciplinary
Studies, 3(6), 216-225.
Lin, S. (2008). Chinas Value Added Tax Reform, Capital Accumulation, and Welfare Implications. China
Economic Review, 19(2), 197-214.
Onji, K. (2009). The Response of Firms to Eligibility threasholds from the Japanese Value Added Tax.
Journal of Public Economics, 93(5-6), 766-775.
34 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
6.
7.
8.
9.
10.
11.
Palil, M. R., & Ibrahim, M. A. (2012). The Impacts of Goods and Service Tas (GST) on Moddle Income
Earners in Malayasia. World Review of Business Research, 1(3), 192-206.
Sanusi, S., Omar, N., & Sanusi, Z. M. (2015). Goods and Service Tax (GST) Governance in Malayasian
New Tax Environment. Procedia Economics and Finance, 31, 373-379.
Garg, G. (2014). Basic Concepts and Features of Good and Service Tax In India. International Journal
of scientific research and management, 2(2), 542-549.
Government of India. (2009). First Discussion Paper of Goods and Service Tax in India. The Empowered
Committee of State Finance Ministers.
Kumar, N. (2014). Goods and Service Tax in India: A Way Forward. Global Journal of Multidisciplinary
Studies, 3(6), 216-225.
Vasanthagopal, R. (2011). GST in India: A Big Leap in the Indirect Taxation System. International
Journal of Trade, Economics and Finance, 2(2).
Webliography :
1.
2.
3.
4.
5.
6.
7.
8.
http://www.business-standard.com/article/economy-policy/what-is-gst-a...
http://www.mapsofindia.com/my-india/government/gst-one-step-towards...
http://taxguru.in/goods-and-service-tax/gst-origin-indian-model-destinati...
https://www.quora.com/How-will-the-goods-and-sevices-tax-GST-workhttps://www.quora.com/How-will-the-goods-and-sevices-tax-GST-work- ...
http://www.ey.com/IN/en/Newsroom/News-releases/EY-budget-2015-implementation-of-gst-on-april2016-a-reality-or-mirage
http://dor.gov.in/Gstintro
https://www.quora.com/
www.jctindia.org 35
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:36-44
https://ideas.repec.org/a/jct/journl/v11y2016i1p36-44.html
http://jctindia.org/april2016/v11i1-4.pdf
Pages 36-44
1.
INTRODUCTION
The impact of human resource management
(HRM) policies and practices on firm performance is
an important topic in the field of human resource
management. In theoretical literature and the emerging
conventional wisdom among human resource
professionals there is a growing consensus that
organizational human resource policies can, if properly
configured, provide a direct and economically
significant contribution to firm performance.
Performance in the context of organization is not only
a broad concept which has been used synonymously
with productivity, efficiency, effectiveness but it has also
been a subject of study for researchers. Many efforts
have been made by HRM theorists to try to establish a
36 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Author
Main statements
Contingency theory
Barney, 1991
Grant, 1991
AMO framework
3.
v
v
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
4.
HYPOTHESES
As this research is investigative in nature and
the researcher had to check the availability and
existence of Human Resource Planning and some of
its tools in the Private Sector Banks, there are some
hypotheses which we developed :
AlternativeHypotheses
v
H1: HRP has a significant relationship with
employee motivation
v
H2: HRP has a significant relationship with
technology
v
H3: HRP has a significant relationship with
efficiency
v
H4: HRP has a significant relationship with job
satisfaction
SampleSize
Among the Private Sector Banks, I visited
more than 25 offices including head offices. The data
collected from Allahabad District of UP, we made a
questionnaire regarding this research topic which was
covering almost all of the above mentioned tools
regarding human resource planning.
Quantitative Analysis
Analysis based on some statistical tools
including some HRP variables and some qualitative
variables to measure the organizational performance
in the results which explain the relationship of one
variable with another and those numerical values proves
our hypothesis.
Qualitative analysis has been done to show
the importance of Human resource planning.
38 www.jctindia.org
Employee
motivation
Job
satisfaction
Organizational
Performance
Technology
Efficiency
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
R Square
Adjusted R
Square
DurbinWatson
.461
.212
.197
3.20535
2.967
In the above table the value of R square indicates that total variation in dependent variable employee
motivation is explained by the independent variables i.e. selection, incentives, training and the remaining is due to
some other factors.
Table 2 : ANOVA
Model
1
Sum of Squares
df
Mean Square
Sig.
Regression
431.842
143.947
14.010
.000
Residual
1602.789
156
10.274
Total
2034.631
159
The ANOVA table suggests that the relationship of employee motivation with independent variables is
highly significant and its value is (.000).
Table 3 : Coefficients
Model
Unstandardized coefficients
Std. Error
(Constant)
2.678
1.477
Selection
.857
.563
Incentives
1.544
Training
.203
Standardized coefficients
Beta
Sig.
t
1.813
.072
.110
1.523
.130
.257
.431
6.015
.000
.271
.054
.748
.456
In the above table of coefficient, employee motivation is highly significant with incentives only; its significance
level is (.000). As the incentives among the employees in an organization increases, the employee motivation
increases. The value of Beta (.431) suggests that there is a positive relationship between employee motivation and
incentives.
Table 4 : Model Summary
Model
R Square
Adjusted R
Square
DurbinWatson
.246
.060
.042
.26047
2.504
In the above table the value of R square indicates that total variation in dependent variable employee
motivation is explained by the independent variables selection, incentives, training and the remaining is due to some
otherfactors.
www.jctindia.org 39
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Table 5 : ANOVA
Model
1
Sum of Squares
df
Mean Square
Sig.
.679
.226
3.339
.021
Residual
10.583
156
.068
Total
11.263
159
Regression
ANOVA table suggests that the relationship of technology with independent variables is significant at 1%
level and its value is (.021)
Table 6 : Coefficients
Model
Unstandardized coefficients
Std. Error
(Constant)
2.025
.120
Selection
.084
.046
Incentives
.017
Training
.049
Sig.
Standardized coefficients
Beta
t
16.869
.000
.146
1.846
.067
.021
.063
.807
.421
.022
.173
2.213
.028
In the above table of coefficient, technology is significant with selection; its significance level is (.067). The
selection process improves with the help of improvements in technology. The value of Beta (-.146) suggests that
there is a negative relationship of technology with selection. Technology is also significant with training, as technology
improves the training process also improves. The value of Beta (.173) suggests that there is a positive relationship
technology with training.
Relationship of Efficiency with Independent Variables:
Table 7 : Model Summary
Model
R Square
Adjusted R
Square
DurbinWatson
.649
.422
.411
.58823
2.506
In the above table the value of R square indicates that total variation in dependent variable efficiency is
explained by the independent variables selection, incentives, training and the remaining is due to some other factors.
Table 8 : ANOVA
Model
1
Sum of Squares
df
Mean Square
Sig.
Regression
39.366
13.122
37.923
.000
Residual
53.979
156
.346
Total
93.345
159
40 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
ANOVA table suggests that the relationship of efficiency with independent variables is significant at 1%
level and its value is (.000).
Table 9 : Coefficients
Model
Unstandardized coefficients
Std. Error
(Constant)
.098
.271
Selection
.959
.103
Incentives
.138
Training
.178
Standardized coefficients
Beta
Sig.
t
.361
.718
.575
9.285
.000
.047
.180
2.924
.004
.050
.220
3.580
.000
In the above table of coefficient, efficiency is highly significant with selection; its significance level is (.000).
The efficiency in an organization improves as the selection process is refined. The value of Beta (.575) suggests that
thereis a positive relationship of efficiency with selection. Efficiency is also significant with incentives (.004), as
more the incentives will be provided to the employees; the more it will bring efficiency in terms of time saving and
expenditures. The valueof Beta (.180) suggests that there is a positive relationship of efficiency with incentives.
Efficiency is also highly significant with training (.000), as more and more will be the training the efficiency among
the organization increases. The value of Beta (-.220) suggests that there is a negative relationship of efficiency with
training.
Relationship of Job Satisfaction with Independent Variables:
Table 10 : Model Summary
Model
R Square
Adjusted R
Square
DurbinWatson
.414
.046
.027
37.63192
2.353
In the above table the value of R square indicates that total variation in dependent variable job satisfaction
is explained by the independent variables selection, incentives, training and the remaining is due to some other
factors.
Table 11 : ANOVA
Model
1
Sum of Squares
df
Mean Square
Sig.
Regression
10593.912
3531.304
2.494
.062
Residual
220921.234
156
1416.162
Total
231515.147
159
ANOVA table suggests that the relationship of job satisfaction with independent variables is significant at
10% level and its value is (.062).
Journal of Commerce & Trade
www.jctindia.org 41
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Table 9 : Coefficients
Model
Unstandardized coefficients
Std. Error
(Constant)
11.829
17.345
Selection
14.884
6.606
Incentives
1.985
Training
3.729
t
.496
.179
2.253
.026
3.014
.052
.659
.511
3.186
.092
1.170
.244
6.
Beta
Sig.
.682
7.
Standardized coefficients
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
CONCLUSION AND
RECOMMENDATIONS
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Asta Savaneviciene and Zivile Stankeviciute, Human Resource Management and Performance : From
Practices towards Sustainable Competitive Advantage.
Huselid, M. (1995). The impact of human resource management practices on turnover, productivity,
and corporate financial performance. Academy of Management Journal.
Guest, D. E. (1997). Human resource management and performance : a review and research agenda.
The International Journal of Human Resource Management.
Fang Lee Cooke, Human Resource Strategy to Improve Performance.
Becker, B., & Gerhart, B. (1996). The impact of human resource management on organizational
performance : Progress and prospects. Academy of Management Journal.
Kamoche, K. (1991). Human Resource Management Personel Review.
Ana Maria Bercu, The Impact of Human Resource Management Practices on SMEs Performance in
Romania.
Arthur, J. B. 1994. Effects of human resource systems on manufacturing performance and turnover.
Academy of Management Journal.
Yongmei Liu, James G. Combs, David J. Ketchen Jr., R. Duane Ireland, (2007), The value of human
resource management for organizational performance, Business Horizons 50, 503-511.
Steven J. Mayer, PhD, (2008), Strategic Human Resource Management practices of high performance
organizations, Innovative Human Dynamics.
Ed van Sluijs and Frits Kluytmans, Business Strategy and Human Resource Management: Setting the
Scene.
J. du Plessis, B. Beaver, and P.S. Nel, (2006), Closing the gap between current and future requirements
in Human Resource Management in New Zealand: Some empirical evidence, Journal of Global Business
and Technology, 2(1).
Seonghee Cho, Robert H. Woods, (2005), Examining the impact of Human Resource Management s on
organizational performances, Academy of Management.
Fernando Martin-Alcazar, Pedro M. Romero-Fernandez and Gonzalo Sanchez-Gardey, (2005), Strategic
Human Resource Management: Integrating the universalistic, contingent, configurational and contextual
perspectives, Intternational Journal of Human Resource Management, 16(5), 633-659
James Wallace, Nelarine E. Cornelius, (2007), The use and impact of Human Resource information
Systems On Human Resource Management professionals, Information and Management, 44, 74-89.
E.E. Lawler, S.A. Mohrman, (2003), HR as a strategic partner: what does it take to make it happen?,
Human Resource Planning 26 (3), 15-29.
Javier Martinez and Liz Collins, (2005), A review of Human Resource issues in the Health sector,
DFID Health System Resource Centre.
Huselid, M. A. (1995), The impact of human resource management practices on turnover, productivity
and corporate financial performance. Academy of Management Journal, 38, 635670.
Wright, P. M. and Gardner, T. (2003), The human resource-firm performance relationship: Methodological
and theoretical challenges. In The new workplace: A guide to the human impact of modern working
practices, (eds) D. Holman, T. D. Wall, C. W. Clegg, P. Sparrow and A. Howard. John Wiley & Sons,
London.
Ichniowski, C., Shaw, K. and Prennushi, G. (1997), The effects of human resource management practices
on productivity: A study of steel finishing lines. The American Economic Review.
44 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:45-49
https://ideas.repec.org/a/jct/journl/v11y2016i1p45-49.html
http://jctindia.org/april2016/v11i1-5.pdf
Pages 45-49
Anil Kumar
Assistant Professor in Commerce, Shyamlal College (Eve.), University of Delhi
Abstract
Consumer is the basic foundation of every business. What consumer seeks, thinks, prefers and buys is of great importance to
marketers to know and study the buying behavior of people. Every person has their own taste and preferences. It is
influenced by many factors. Traditionally buyers concentrate on different aspects of products like quality, price and brand
preferences, but now in present time many consumers relied also on social recommendations while making purchase
decision. Many consumers are using blogs/ face book reviews and ratings as mean to seek recommendation. Peer advice
and find product / service information. So social media is serving as an all-purpose medium to engage with consumers at all
stages of the consumer decision journey. India is in transition stage we are moving from traditional marketing tools like, TV,
radio, magazine etc. to modern marketing tools i e. Social media tools face book, corporate blogs, video channels, banners
as on social nets. The trend of online marketing is increasing all over the world as well as in India also. Main focus of the
proposed study is to provide an understanding to the concept social media marketing and to find out the challenges and
opportunities for social media marketing in India.
Keywords : Concept of Social Media, Online Marketing, Challenges and Opportunities.
1.
INTRODUCTION
Nowadays technology is constantly changing,
and when your brand is a part of the social networks it
is obvious that it be able to change with it. Globally,
companies are increasingly using social media and
adopting new type of networked enterprises to exploit
emerging market opportunities. According to a survey
by McKinsey & Co. released in November 2011,
Two thirds of big companies now use social networks
or blogs. Most companies are using social media to
increase their financial performance and market share.
Companies use social networking technologies for a
range of business processes as also generate new ideas.
Social networking and blogs, in particular, are used
largely in externally focused processes that gather
competitive intelligence and support marketing efforts.
Social media has changed the way companies interact
with customers. A fully networked business environment
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
2.
LITERATURE REVIEW
46 www.jctindia.org
2.
4.
RESEARCH METHODOLOGY
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
2.
3.
4.
5.
6.
www.jctindia.org 47
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
48 www.jctindia.org
2.
3.
4.
5.
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
6.
CONCLUSION
It has been concluded from the research paper,
Nowadays technology is constantly changing, and
when your brand is a part of the social networks it is
REFERENCES
1.
2.
3.
4.
5.
6.
Gallaugher, J., & Ransbotham, S. (2010), Social media and customer dialog anagement at Starbucks. MIS
Quarterly Executive, 9(4), 197-212.
Gunelius, S. (2011), 30 minutes of social media marketing, McGraw Hills publication. New York.
Joseph, J., (2010), The Experience Effect: Engage Your Customers with a Consistent and Memorable
Brand Experience. New York: AMACOM.
Trusov, M. Bucklin, R.E. and Pauwels, K., (2009), Effects of Word-of-Mouth Versus Traditional Marketing:
Findings from an Internet Social Networking Site. American Marketing Association, September 2009, 73,
pp.90-102. University of technology, LULEA, Sweden, July 6, 2011.
Xiang, Z., & Gretzel, U. (2014), Role of social media in online travel information search Tourism
Management, .pp. 179-188.
India Trend Survey (2015) Accessed on Nov. 12, 2015;
http://www.ey.com/in/en/srrvices.advisory/social-media-marketing-india-trendsstudy-2015.
www.jctindia.org 49
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:50-58
https://ideas.repec.org/a/jct/journl/v11y2016i1p50-58.html
http://jctindia.org/april2016/v11i1-6.pdf
Pages 50-58
Dr. N. H. Mullick
Associate Professor, Department of Management, Faculty of Management, Jamia Hamdard, New Delhi
Abstract
The best thing to happen to mankind was the mobile phone. India has emerged as the fastest growing mobile phone market
in the world. Mobile phone was thought of as a magical gadget in the past. It is a reality now. With the advent of advanced
technologies like GSM, CDMA, WLL and 3G technology and growing number of service providers, the competition has
increased many folds. Every day, companies belonging to both the public sectoras well as the private sector are putting in
their resources and efforts to improve their services so as to give maximum benefit to their customers. Hyper competition in
the telecommunication industry, availability of number of subscriber options for consumers, diverse tariff rates offered by
each player influence consumers to switch their services providers. This paper focuses on enlisting factors influencing
consumer switching behaviour in telecommunication industry. However, one thing is certain. By providing value added
services and effective pricing strategies; telecom service providers can influence and control to a large extent the consumer
brand switching behaviour and can retain customers.
Key Words : Telecommunication Industry, Brand Switching, Buyer Behaviour, Technology and Competition.
1.
INTRODUCTION
It is often said that it is easier to retain existing
customers than to attract new customers. It is five times
costlier to attract new customers than to hold on to
existing customers. The concept of brand switching
becomes all the more important in the above mentioned
context. Who would like to lose a customer in today's
era of hyper-competition. Existing customers are like
treasure. Once you get them, do not lose them. Losing
customers could be extremely damaging for
telecommunication companies. Once a customer goes
away from you, he/she may or may not come back to
you. The idea of brand loyalty and the corresponding
idea of brand switching have gained too much
importance and popularity in modern day extremely
competitive telecom sector. The Indian telecom sector,
50 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
LITERATURE REVIEW
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
52 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
4.
5.
4.
RESEARCH OBJECTIVES
The following are the objectives of this paper:
To understand the concept of customer
satisfaction in telecommunication industry.
To throw light on components of customer
satisfaction in telecommunication industry.
To understand the notion of customer
satisfaction leading to customer loyalty in
telecommunication industry.
To know the various reasons of brand
switching and customer churn in
telecommunication industry.
To gain insight into the factors critical for
customer retention in telecommunication
industry.
RESEARCH METHODOLOGY
The methodology used for this paper is as
below:
www.jctindia.org 53
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
1.
2.
3.
5.
ANALYSIS
Research indicates that there are at least eight
factors that play an important role in switching
consumers in telecommunication industry. These
factors are:
1. Service Quality
2. Brand Image
3. Trust
4. Satisfaction
5. Customer Loyalty
6. Switching Cost
7. Value Added Services
8. Price
Let us have a look at some statistical data from
India.
(Data As on 31st March, 2015)
Telecom Subscribers (Wireless +Wireline)
Total Subscribers
996.49 Million
% change over the previous quarter 2.63%
Urban Subscribers
577.18 Million
Rural Subscribers
419.31 Million
Market share of Private Operators 89.89%
Market share of PSU Operators 10.11%
Tele-density
79.38
Urban Tele-density
148.61
Rural Tele-density
48.37
54 www.jctindia.org
Wireless Subscribers
Total Wireless Subscribers
969.89 Million
% change over the previous quarter 2.75%
Urban Subscribers
Rural Subscribers
555.71 Million
414.18 Million
GSM Subscribers
CDMA Subscribers
917.73 Million
52.16 Million
77.27
143.08
47.78
Wire-line Subscribers
Total Wire-line Subscribers
% change over the previous quarter
Urban Subscribers
Rural Subscribers
26.59 Million
-1.50%
21.47 Million
5.12 Million
24.93%
75.07%
2.12
5.53
0.59
5,85,981
7,36,855
Internet/Broadband Subscribers
Total Internet Subscribers
Narrowband subscribers
Broadband subscribers
Wired Internet Subscribers
Wireless Internet Subscribers
Urban Internet Subscribers
Rural Internet Subscribers
Total Internet Subscribers
per 100 population
302.35 Million
203.15 Million
99.20 Million
19.07 Million
283.29 Million
190.60 Million
111.76 Million
24.09
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
49.07
12.89
Rs.65227 Crore
Sistema
9.09
8.92
Videocon
MTNL
4.99
6.91
7.13
7.06
Quadrant
Loop
2.39
2.90
2.96
----
Total
933.01
996.49
Rs.120
Rs.108
383 Minutes
265 Minutes
245 Million
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Marketing
Strategy and
Pricing
Positive
Customer
Experience
Long Term
Relationship
Negative
Customer
Experience
Brand Switch
Customer
Experience
Value Added
Service
Customer
Service
6.
CONCLUSION
In modern times, customer is the king of
business. He / she should be the focus of all attention
from the company. The option of Mobile Number
Portability (MNP) has made the telecommunication
consumer even more informed and powerful. It is,
therefore, critical for telecommunication service
providers to hang on to existing customers while trying
to attain new customers. It is easier and cheaper for
firms to retain existing customers than going after and
attracting new customers. Telecom companies must
ensure to undertake every effort to keep existing
customers happy. The company must make all possible
attempts to establish a relationship of absolute trust
with customers. Any breach of trust or even a hint of
breach of trust would be very harmful for the
company's business prospects. A common complaint
by customers is that while the service providers
announce a low call rate/price for the package, there
are some hidden charges which are not specified. The
company may find a legal recourse in "Terms and
Conditions Apply" or what is popularly known today
as TnC, but will distance itself from the consumers.
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
Kumaravel and Kandasamy (2011). Impact of Mobile Number Portability on Mobile Users Switchover
Behavior-Indian Mobile Market, Journal of Arts, Science and Commerce, 200-205.
Dick, A.S. and Basu, KI (1994). Customer Loyalty: Toward Integrated Conceptual Framework, Journal
of the Academy of Marketing Science, 22 (2) 99-113.
Christopher, M., 1996. From Brand Value to Customer Value. Journal of Marketing Practice, 2(1), 55-66.
John, J (2011). An Analysis on the Customer Loyalty in Telecom Sector: Special Reference to Bharath
Sanchar Nigam Limited, India. African Journal of Marketing Management 3(1), 1-5.
Serkan Aydin, Gkhan zer, mer Arasil, (2005) Customer loyalty and the effect of switching costs as
a moderator variable: A case in the Turkish mobile phone market.Marketing Intelligence & Planning,
Vol. 23 Iss: 1, pp.89 103.
Meyer, C. and Schwager, A.(2007). Understanding customer experience. Harvard Business Review.
Vol 85 No2, pp.116-26.
Payne, A. & Frow, P., 2005. A Strategic Framework for Customer Relationship Management. Journal of
Marketing, 69(4), 167-176.
Kuusik, A (2007). Affecting Customer Loyalty: Do Different Factors Have Various Influences in Different
Loyalty Levels? 3-24.
Lee, R and Murphy, J (2005). From loyalty to Switching: Exploring Determinants in the Transition. ANZMAC,
Perth Australia. Prestige e-Journal of Management and Research Volume 1, Issue 1(April 2014)
ISSN 2350-1316.
Pine II, J. & Gilmore, J., 2004. Experience is Marketing. Brand Strategy, (187), 50-51.
UK Essays. November 2013. Factors Behind The Brand Switching In Telecom Industry Marketing Essay.
[Online].
Parmar, H and Chaudhari, J (2012). A Comparative Analysis of Customer Satisfaction Before and After
the Adoption of Mobile Number Portability. Business Innovation and Entrepreneurship: Transforming
World Economy, 342-348.
Telecom Regulatory Authority of India (TRAI) Report on The Indian Telecom Services Performance
Indicators; January - March, 2015.
Sathish, M; Kumar, K; Naveen, K and Jeevananthamn, V (2011). A Study on Consumer Switching Behavior
in Cellular Service Provider: A Study With Reference to Chennai. Far East Journal of Psychology and
Business, 71-81.
Sureshchandar, G., Rajendran, C. & Anantharaman, R., 2002. The Relationship between Managements
Perception of Total Quality Service and Customer Perceptions of Service Quality. Total Quality
Management, 13(1), 69-88.
Gordon, Terrence (2000). Customer satisfaction with services: putting perceived value into the equation.
Journal of Services Marketing, Vol. 14 Iss: 5, pp.392 410.
58 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:59-76
https://ideas.repec.org/a/jct/journl/v11y2016i1p59-76.html
http://jctindia.org/april2016/v11i1-7.pdf
Pages 59-76
Dr. N. Sathiya
Assistant Professor, Research Department of Commerce, Sri Vijay Vidalaya College of Arts and Science,
Dharmapuri, Periyar University, Tamilnadu
Abstract
Non-Performing Assets (NPAs) are one of the biggest challenges facing the global banking system, and particularly Indian
banks. Some years before these banks were in flourishing heights, but health of these banks deteriorated because of NPAs.
Many Indian banks have been controlled their NPAs up to a level, but some banks still have been failed to control their
NPAs. As a result, NPAs hitting the profitability, liquidity and solvency, in addition to posing threat on quality of asset and
survival of these banks. It involves the necessity of provisions, which reduces the overall profits and shareholders value. The
problem of NPAs is not only affecting the banks but also the whole economy. In fact high level of NPAs in Indian banks is
nothing but a reflection of the state of health of the industry and trade. It is essential to trim down NPAs to improve the
financial health in the banking system. In the background of these developments, this study strives to examine the state of
affair of the NPAs of the Public Sector Banks (PSBs), Private Sector Banks (PVTSBs) and Foreign Banks (FBs) in India. The
study is based on the secondary data retrieved from Statistical Tables Relating to Banks in India. This paper analyses the
position of NPAs in PSBs, PVTSBs and FBs for the period of 2009-10 to 2014-15.
Keywords : Non-Performing Assets, Profitability, Liquidity, Public Sector Banks, Private Sector Banks and Foreign Banks.
1.
INTRODUCTION
NPAs can be defined as a loan or an advance
where payment of interest or repayment of installment
of principal (in case of term loans) or both remains
unpaid for a certain period. In India, the definition of
NPAs has changed over time. According to the
Narasimham Committee Report (1991), those assets
(advances, bills discounted, overdrafts, cash credit
etc.,) for which the interest remains due for a period
of four quarters (180 days) should be considered as
NPAs. Subsequently, this period was reduced, and
from March 31, 2004 onwards when interest or
principle payments due to a bank remains unpaid for
more than 90 days, the entire bank advance
automatically turns intoNPAs. If NPAs not controlled
timely will reduce the earning capacity of assets and
badly affect the Return on Investment (ROI). The cost
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
(i)
(ii)
(iii)
CLASSIFICATION OF NPAs
Standard assets
Standard assets are the ones in which the bank
is receiving interest as well as the principal amount of
the loan regularly from the customer. It is also very
important to note that in this case the arrears of interest
and the principal amount of loan do not exceed 90
days at the end of financial year. If asset fails to be in
category of standard asset that is amount due more
than 90 days then it is NPAs and NPAs are further
need to classify in sub categories.
3.
CAUSES OF NPAs
The causative factors for rising NPAs in the
banks are 3 Bs i.e. Business Environment, Borrower
and Banker. These causes are elaborated on next page.
(a)
(b)
(c)
(d)
Sub-standard Assets
Doubtful Assets
Up to 1 year
1 to 3 years
More than 3 years:(i) Outstanding stock of NPAs as
on March 31, 2010
25%
20%
30%
40%
-60% with effect from March 31, 2011
-75% with effect from March 31, 2012
-100% with effect from March 31, 2013
Loss
Loss Assets
Assets
60 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Causes of NPA
4.
Business Environment
Borrower
Banker
TYPES OF NPAs
(a)
Gross NPAs: Gross NPAs is an advance
which is considered irrecoverable, for bank has made
provisions, and which is still held in banks books of
account. Gross NPAs are the sum total of all loan assets
that are classified as NPAs as per RBI Guidelines as
on Balance Sheet date. Gross NPAs reflects the quality
of the loans made by banks. It consists of all the
nonstandard assets like as sub-standard, doubtful, and
loss asset. It can be calculated with the help of following
ratio: Gross NPAs Ratio = Gross NPAs / Gross
Advances
(b)
Net NPAs: Net NPAs are those type of NPAs
in which the bank has deducted the provision regarding
NPAs. Net NPAs shows the actual burden of banks.
Since in India, bank balance sheets contain a huge
amount of NPAs and the process of recovery and write
off of loans is very time consuming, the banks have to
make certain provisions against the NPAs according
to the central bank guidelines. It can be calculated by
following ratio:
Net NPAs = Gross NPAs Provisions /Gross
Advances Provisions
Journal of Commerce & Trade
5.
(a)
(b)
(c)
IMPACT OF NPAs
Profitability : NPA means booking of money
in terms of bad asset, which occurred due to
wrong choice of client. Because of the money
getting blocked the profitability of bank
decreases not only by the amount of NPAs
but NPAs lead to opportunity cost also as that
much of profit can be invested in some return
earning project/asset. So NPAs not only affect
current profits but also future stream of profits,
which may lead to loss of some long-term
beneficial opportunity. Another impact of
reduction in profitability is low ROI (Return
on Investment), which adversely affect current
earning of bank.
Liquidity : Money is getting blocked lead to
lack of enough cash in hand which lead to
borrowing money for short period of time from
outside which lead to additional cost to the
bank. Difficulty in operating the functions of
bank is another cause of NPAs. Due to lack
of money Routine payments and dues are not
paid on time.
Credit loss : In case of bank is facing problem
www.jctindia.org 61
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
(d)
6.
COMPREHENSIVE APPROACH TO
NPAs MANAGEMENT & EWS
The Banks will require a comprehensive
approach to NPAs management that includes not just
curative but also preventive actions across the credit
life cycle.While tools such as automated decision
making, early warning solution (EWS), external credit
data can further strengthen a banks existing credit
origination and appraisal process and drive lower
Credit Origination
and Appraisal
Credit Monitoring
collateralization logic
Default Management
Default recognition
Loan restructuring
Collection analytics
NPA Collections
and Legal Recovery
62 www.jctindia.org
Liquidation
Debt sale
enforcement teams
Effective pricing of bad asset for optimizing debt-sale
Litigation management
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
4
4
4
Building an EWS
Building an EWS requires banks to adopt a
custom approach that is specific to their portfolio needs.
Five steps approach that combines a banks existing
and new data sources within a strong analytical
framework offers an effective solution.
(a)
Portfolio Prioritization
For banks to derive maximum value from an
EWS within a short time-frame, they should prioritize
select customer segments (MSME, Corporate, and
Retail) within their portfolio. Depending upon the
composition of their portfolio, banks can consider
factors like loan loss provisions, cyclicality of the
portfolio, management view, regulatory guidelines,
significant deterioration in credit quality, and risk
mitigation levers, to prioritize. For example while
EWS for an MSME segment can significantly drive
lower NPAs formation, it might have limited impact
on directed lending which is governed by specific
regulatory requirements. Additionally, a proof of value
assessment through case studies can help drive
additional insight into the relevance of an early warning
framework and address portfolio requirements.
(b)
Data Landscape
A comprehensive EWS solution utilizes a mix
of the banks internal data as well as external data
elements. While banks across regions have historically
focused on traditional data sources, we have observed
that recently more successful banks have differentiated
themselves by leveraging non-traditional and powerful
data that exists both within and outside their systems.
For example; instances of bounced checks in
customers deposit account, advance tax deposit
receipts, stock market data, and more. While
evaluating alternate data sources, it is important for a
bank to clearly articulate the value of these sources
from a credit perspective and avoid the temptation of
some of the new age source/techniques that offer
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Quantitative
Qualitative
Labour problems
Frequent changes in plans
External
Internal
Bureau
Out-of-business flag
Invocation of guarantees
Public sources
Name appearing in Ministry of
Corporate Affairs defaulters list
Inability to raise supplies on unusual
credit terms
Litigation filed in courts
Payment/Attitudinal behaviour
Increasing delinquency
High capacity utilization/Out of pattern
behaviour
Increasing percentage of customers
with 60 or 90 days past due
Dishonoured check
Avoiding contact with bank
News feeds
Negative web sentiment through
text mining
Adverse press releases on financial
or operating performance
Financials
Declining current ratio or total
net worth
Low cash to liability
Funding of financials or auditor
qualifications
Borrower reporting stressed financials
Delay in submission of stock
statements or audited financials
Worse than expected financial
performance
64 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
66 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
v
v
v
v
Operational
Attitude of borrowers
Information about
borrower initiating the
process of winding up or
not doing the business
Overdue receivables
External non-controllable factor like natural
calamities in the city
where borrower conduct
his business
Frequent changes in
plan and nonpayment of
wages
8.
FACTORS
CONTRIBUTING
TO NPAs
According to the recent study
conducted by RBI, the factors
contributing to NPAs are divided into two segments.
E xternal factors
O ther fa cto rs
L ib eralizatio n of th e eco no my
an d th e con sequ ent pressu res
from lib eralization like several
co mp etition s,
red uction
of
t ariffs etc.
P oo r mo ni toring of credi ts and
failu re to reco gnize early
w arni ng s ign als sh ow n b y
s tand ard as sets.
S ud den crash ing of cap ital
m ark et and in ability to rai se
ad equ ate fun ds .
M is matchin g of fu nd s i.e.
u sin g l oan granted fo r sho rt
t erm for lon g term tran saction s.
(e) G rantin g of loan s to certain
s ectors o f the eco no my on th e
b asis of g ov ern men t di rectives
rath er
than
com mercial
i mperatives .
www.jctindia.org 67
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
9.
REVIEW OF LITERATURE
NPAs engender negative impact on banking
stability and growth. Issue of NPAs and its impact on
erosion of profit and quality of asset was not seriously
considered in Indian banking prior to 1991. There are
many reasons cited for the alarming level of NPAs in
Indian banking sector. Asset quality was not prime
concern in Indian banking sector till 1991, but was
mainly focused on performance objectives such as
opening wide networks/branches, development of rural
areas, priority sector lending, higher employment
generation, etc. The accounting treatment also failed
to project the problem of NPAs, as interest on loan
accounts were accounted on accrual basis (Siraj K.K.
& P. SudarsananPillai, 2012). NPAs not only affect
the performance of credit institutions but also have a
direct negative impact on economy (Satpal, 2014). In
the studies of Ganesan and Santhanakrishnan (2013),
it is clearly revealed that the sound financial position of
a bank depends upon the recovery of loans or its level
of NPAs. According to Sontakke and Tiwari (2013)
NPAs doesnt affect current profit but also future
stream of profit, which may lead to loss of some longterm beneficial opportunity. However according to
Vemula and Mahalingam (2012) in recent times, the
banks have become very cautious in extending loans,
the reason being mounting non-performing assets.
A Committee on Banking Sector Reforms
known as Narasimham Committee was set up by RBI
to study the problems faced by Indian banking sector
and to suggest measures revitalize the sector. The
committee identified NPAs as a major threat and
recommended prudential measures for income
recognition, asset classification and provisioning
requirements. These measures embarked on
transformation of the Indian banking sector into a viable,
competitive and vibrant sector. The committee
recommended measures to improve operational
flexibility and functional autonomy so as to enhance
efficiency, productivity and profitability (Chaudhary
S & Singh S, 2012). The main cause of mounting NPAs
in public sector banks is malfunctioning of the banks.
Narasimham Committee identified the NPAs as one
of the possible effects of malfunctioning of public sector
banks (Ramu N, 2009). It has been examined that the
reason behind the falling revenues from traditional
68 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Standard Advances
Sub-Standard
Advances
Doubtful Advances
(Amount in Billion)
Loss Advances
Total
Advances
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
Amount
2009-10
26,735
97.8
288
1.1
254
0.9
58
0.2
27,335
2010-11
32,718
97.8
350
1.1
332
1.0
65
0.2
33,465
2011-12
38,255
97.0
623
1.6
490
1.2
60
0.2
39,428
2012-13
43,957
96.4
815
1.8
761
1.7
68
0.2
45,601
2013-14
49,887
95.6
958
1.8
1,216
2.3
99
0.2
52,159
2014-15
53,382
95.0
1,054
1.9
1,630
2.9
100
0.2
56,167
Source: https://www.rbi.org.in/
Journal of Commerce & Trade
www.jctindia.org 69
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Year
Standard Advances
Sub-Standard
Advances
Doubtful Advances
Loss Advances
Total
Advances
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
Amount
2009-10
6,265
97.3
89
1.4
66
1.0
22
0.3
6,442
2010-11
7,936
97.8
45
0.6
108
1.3
29
0.4
8,118
2011-12
9,629
98.1
52
0.5
104
1.1
29
0.3
9,814
2012-13
11,384
98.2
64
0.6
112
1.0
32
0.3
11,592
2013-14
13,371
98.2
86
0.6
114
0.8
42
0.3
13,613
2014-15
15,750
97.9
108
0.7
176
1.1
52
0.3
16,087
Source: https://www.rbi.org.in/
Year
Standard
Advances
Sub-Standard
Advances
Doubtful Advances
Loss Advances
Total
Advances
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
Amount
2009-10
1,603
95.7
49
2.9
14
0.9
0.5
1,674
2010-11
1,943
97.5
19
0.9
21
1.1
11
0.6
1,994
2011-12
2,284
97.3
21
0.9
22
1.0
20
0.8
2,347
2012-13
2,610
97.0
29
1.1
27
1.0
23
0.9
2,689
2013-14
2,880
96.1
43
1.4
43
1.4
29
1.0
2,996
2014-15
3,259
96.8
23
0.7
54
1.6
30
0.9
3,366
Source: https://www.rbi.org.in/
70 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Foreign Banks
Year
Gross
Advances
Gross
NPAs
Gross
NPAs
%
Gross
Advances
Gross
NPAs
Gross
NPAs
%
Gross
Advances
Gross
NPAs
Gross
NPAs
%
2009-10
27,334.58
573.01
2.3
5,795.35
173.07
3.0
1,632.13
71.11
4.4
2010-11
30,798.04
710.47
2.3
7,232.05
179.05
2.5
1,929.72
50.45
2.6
2011-12
35,503.89
1,124.89
3.2
8,716.41
182.10
2.1
2,267.77
62.69
2.8
2012-13
45,601.69
1,644.62
3.6
11,512.46
203.82
1.8
2,604.05
79.26
3.0
2013-14
52,159.20
2,272.64
4.4
13,602.53
241.84
1.8
2,995.76
115.68
3.9
2014-15
56,167.18
2,784.68
5.0
16,073.39
336.90
2.1
3,366.09
107.58
3.2
Source: https://www.rbi.org.in/
Net
Advances
Net NPAs
2009-10
27,013.00
293.75
2010-11
33,056.32
360.00
2011-12
38,773.08
593.91
2012-13
44,728.45
900.36
2013-14
51,011.43 1,306.23
2014-15
55,164.40 1,602.08
Source : https://www.rbi.org.in/
Journal of Commerce & Trade
Net
NPAs
%
1.1
1.2
1.5
2.0
2.6
2.9
(Amount in Billion)
Foreign Banks
Net
Advances
Net
NPAs
1,632.60
1,955.39
2,298.49
2,636.80
2,911.54
3,241.66
29.77
12.00
14.12
26.80
31.72
17.57
Net
NPAs
%
1.8
0.6
0.6
1.0
1.1
0.5
www.jctindia.org 71
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
2010-11.
Whereas, the PVTSBs showed lower ratio
is1.8 during the year 2012-13 &2013-14and it
indicates the good management of PVTSBs as
compared to PSBs and FBs. PSBs and FBs should
take necessary actions under the Securitization Act to
reduce the Gross NPAs.
The above table 6 indicates the quality of
NPAs of PSBs, PVTSBs, and FBs. High Net NPAs
ratio indicates the low Credit Portfolio & Risk of bank
and vice-versa. Over the year, the PSBs has higher
Net NPAs ratio is 2.9 during the year 2014-15 and
Table 7 : Trends in Income and Expenditure of Public Sector Banks (Amount in Billion)
Net
Provisions
Operating Profit(Loss)
and
Profit
during
Interest Other
Interest Operating Interest
VII=
the year
Earned Income Expended Expenses Income Contingencies
(I+II-III-IV)
V=(I-III)
VI
I
II
III
IV
VIII
2009-10 3059.83 488.93
2119.40
660.75
940.43
376.04
768.61
392.57
2010-11 3661.35 479.65
2311.53
829.65
1349.81
550.80
999.81
449.01
2011-12 4847.32 504.00
3285.89
902.05
1561.43
668.24
1163.37
495.14
2012-13 5548.72 567.63
3879.29
1018.67
1669.43
712.56
1218.39
505.83
2013-14 6202.28 651.29
4371.39
1205.66
1830.89
906.33
1276.52
370.19
2014-15 6761.50 756.32
4809.76
1329.89
1951.74
1002.77
1378.17
375.40
Source: https://www.rbi.org.in/
Year
72 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Year
Net
Interest Other
Interest Operating Interest
Earned Income Expended Expenses
Income
V=(I-III)
I
II
III
IV
Profit
Provisions
Operating
(Loss)
Profit
and
during
Contingencies
VII=
the year
(I+II-III-IV)
VI
VIII
2009-10
263.90
99.51
89.38
111.02
174.52
115.60
163.01
47.41
2010-11
284.93
110.12
106.23
125.69
178.70
85.95
163.14
77.19
2011-12
359.97
108.96
149.82
133.37
210.14
91.47
185.73
94.26
2012-13
422.49
112.29
187.39
143.07
235.10
88.45
204.32
115.87
2013-14
457.69
134.89
211.92
153.29
245.77
125.97
227.37
101.40
2014-15
504.43
148.99
238.35
162.61
266.08
124.43
252.46
128.03
Source: https://www.rbi.org.in/
13.
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
RECOMMENDATIONS AND
SUGGESTIONS
While advancing loans, the three principles of
bank lending viz., Principle of Safety, Principle
of Liquidity and Principle of Profitability must
be adhered.
Banks should find out the original reasons and
purposes of the loan required by the borrower.
Proper identification of the guarantor should
be checked by the bank including scrutiny of
his/her wealth.
Framing reasonably well documented loan
policy and rules.
Sound credit appraisal on well-settled banking
norms with emphasis on reduction of NPAs.
Position of overdue accounts is reviewed on
a weekly basis to arrest slippage of fresh
account to NPAs.
Half yearly balance confirmation certificates
should be obtained from the borrowers.
A committee is constituted at Head Office, to
review irregular accounts.
Based on the recent trends, banks should
emphasize more on priority sector for reducing
the quantum of NPAs.
Banks should ensure credibility of the
borrower.
Banks should ensure that there is no diversion
of funds disbursed to the borrower.
Bank officials should frequently visit the unit
and should assess the physical conditions of
the assets, receivables and stocks therein.
Banks should get the Non Encumbrance and
Valuation of the primary and collateral
securities done.
74 www.jctindia.org
15.
CONCLUSION
Now days the serious problem faced by banks
all over the world is the growth of NPAs. The value of
loan-disbursement process is harmed because of nonrecovery of loan instalment and the interest on the loan
which in turn is the consequence of growth of NPAs
which adversely affect the lending activity of the banks.
As a result significant importance has been given, to
make stronger the capital adequacy requirements like
the measure of Capital adequacy ratio(CRAR) to
measure the capacity of banks to absorb losses
occurring from NPAs. PSBs in India have been able
to manage high level of CRAR to provide sufficient
cushion for any unexpected losses, in relation to capital
adequacy requirements. Despite the fact, rise of NPAs
in recent years remains an area of concern and should
be tackled with sincere efforts during the periods of
disbursement of loans and recovery of the same. In
recent times, the use of the method, in which
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Ashly Lynn Joseph, Dr. M. Prakash (2014), Jain University, A Study on Analysing the Trend of NPA
Level in Private Sector Banks and Public Sector Banks, International Journal of Scientific and Research
Publications, Volume 4, Issue 7, July 2014 ISSN 2250-3153
Asha Singh (2013), Performance of Non-Performing Assets In Indian Commercial Banks, International
Journal of Marketing, Financial Services & Management Research ISSN 2277- 3622 Vol.2, No. 9,
September (2013), www.indianresearchjournals.com
A Study on Management of Non-Performing Assets in Priority Sector reference to Indian Bank and
Public Sector Banks (PSBs) By B.Selvarajan&Dr. G. Vadivalagan, Anna University, Chennai, Global
Journal of Management and Business Research Volume 13 Issue 1 Version 1.0 Year 2013 ISSN: 22494588 & Print ISSN: 0975-5853
Bhavya MA N. Sathyanarayana (2014),A Study on Non-Performing Assets of State Bank of India With
Special Reference To Chintamani Branch in Chikkballapur District, Karnataka, International Journal of
Advanced Research in ISSN: 2278-6236
BanambarSahoo (2015), Deputy General Manager, Allahabad Bank, Kolkata, Non-Performing Assets in
Indian Banks: Its Causes, Consequences & Cure, The Management Accountant, January 2015,
www.icmai.in
ChandanChatterjee, Jeet Mukherjee, Dr.Ratan Das (2012),Management of Non-Performing Assets - A
Current Scenario, International Journal of Social Science & Interdisciplinary Research Vol.1 Issue 11,
November 2012, ISSN 2277 3630
Dr.HarpreetKaur (2011), A Comparative Study of Non-Performing Assets of Public and Private Sector
Banks, International Journal of Research in Commerce & Management, Volume No. 2 (2011), Issue No.
9 (September) ISSN 0976-2183
Dr.Ravindra N. Sontakke1 Mr.ChandanTiwari (2013), Trend Analysis of Non-Performing Asset in
Scheduled Commercial Banks in India, International Journal of Application or Innovation in Engineering
& Management (IJAIEM) Web Site: www.ijaiem.org Email: editor@ijaiem.org, editorijaiem@gmail.com,
ISSN 2319 4847,
Dr. Sonia Narula, Monika Singla (2014), Empirical Study on Non-Performing Assets of Bank, International
Journal of Advance Research in Computer Science and Management Studies, Volume 2, Issue 1, January
2014, www.ijarcsms.com, ISSN: 2321-7782
J Venkatesh, R LavanyaKumari (2015), Role of Non-Performing Assets A MSMEs Perspective,
International Journal of Research Science & Management ISSN: 2349- 5197, Venkateshet al., 2(9):
September, 2015
www.jctindia.org 75
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
11.
12.
13.
14.
15.
16.
17.
Lakshit Gupta (2016), Manager, Central Bank of India, Rising non-performing assets in Banks, International
Journal of Commerce and Management Research ISSN: 2455-1627, Volume 2; Issue 2; February 2016;
Page No. 47-50, www.managejournal.com
Laveena1, MeenakshiMalhotra, Chitkara University, Rajpura, Empirical Analysis of Non-Performing Assets
Related to Private Banks of India, International Journal of Management Excellence Volume 3 No.1 April
2014
Manish kapoor (2014), Non-Performing Assets of Public Sector Banks in India, International Journal of
Innovations in Engineering and Technology (IJIET), Volume 3 Issue 3 February 2014 33 ISSN: 2319
1058.
Suresh Babu K, Dr.Suresh RamanaMayya (2016), Management of NPA in Selected Co-Operative Banks
with Special Reference to D.K. District, Karnataka, India, IRACST International Journal of Commerce,
Business and Management (IJCBM), ISSN: 23192828, Vol. 5, No.1, Jan-Feb 2016
Srinivas K T (2013),A Study on Non-Performing Assets of Commercial Banks In India,International
Monthly Refereed Journal of Research In Management & Technology, Volume II, December13 ISSN
2320-0073
Smita Ramakrishna and ReebaKurian (2014), A Comparative Study of Foreign Banks and Public Sector
Banks with reference to Non-Performing Assets, National Monthly Refereed Journal of Research In
Commerce & Management, Volume III, February14 ISSN 2277-1166
S Poornima, M Theivanayaki (2015), A Study on the Portfolio of Non-Performing Assets in Indian Public
Sector Banks, International Journal of Applied Research 2015; 1(12): 655-657
76 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:77-84
https://ideas.repec.org/a/jct/journl/v11y2016i1p77-84.html
http://jctindia.org/april2016/v11i1-8.pdf
Pages 77-84
1.
INTRODUCTION
India has been a closed economy for many
decades which proved a major obstacle in the way of
development of various sectors in India as per their
potential. It was only during the last decade of 20th
century that India took some bold initiatives to boost
its economic growth. Many sectors were thrown open
for foreign direct investment (FDI) during this period.
This resulted in motivating the foreign investors and
they gave positive response to the steps undertaken
by Government of India. FDI can be a source of
valuable technology and know-how while fostering
linkages with local firms, which can help jumpstart an
economy (Alfaro, 2003). In recent years FDI has
gained renewed importance as a vehicle for transferring
resources and technologies across the national border
(Arshad, 2012). Now most of the developing nations
are competing for FDI in the world to foster their
economic development.
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
REVIEW OF LITERATURE
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
5.
www.jctindia.org 79
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Sector
Total FDI
Inflows
1.
2.
2000-2005
2.36
954,815.27
0.0002
2006
00
503,573
0.0000
2007
00
654,950
0.0000
2008
00
1,595,295
0.0000
2009
00
1,309,799
0.0000
2010
00
960,150
0.0000
2011
174.4
1,599,349.20
0.0109
3.
934,427.15
2012
22.10
1,215,914.41
0.0018
4.
Telecommunications
883,392.48
2013
44.72
1,294,824.81
0.0035
5.
Automobile Industry
749,492.74
2014
0.04
1,753,134
2.2816
6.
667,406.10
7.
524,470.91
8.
Trading
586,262.70
9.
Power
494,278.43
10.
Metallurgical Industries
421,178.26
11.
Defence Industries
2015
(upto
September )
4.80
Cumulative
Total
248.42
1,681,922.01
13,523,726.70
0.0003
0.0018
248.42
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
6.
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
MANAGERIAL IMPLICATIONS
9.
CONCLUSION
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
Alfaro, Laura (2003). Foreign Direct Investment and Growth: Does the Sector Matter? Retrieved
from http://www.grips.ac.jp/teacher/oono/hp/docu01/paper14.pdf
Arshad, Muhammad (2012). Impact of Foreign Direct Investment on Trade and Economic Growth of
Pakistan: A Co-integration Analysis. International Journal of Economics and Research, 3(4), 42-75.
Bitzinger, Richard A. (2014). The State of Defense Innovation in India: Can It Catch Up With Global
Leaders? Retrieved from https://escholarship.org/uc/item/5c7911bp
B2B Bureau (2015). Italys Sipal Form JV with Lumax Auto for Aerospace & Defence Sector. Retrieved
from http://www.business-standard.com/content/b2b-manufacturing-industry/italy-s-sipal-form-jv-withlumax-auto-for-aerospace-defence-sector-115112700655_1.html
Das, Sohini (2014). Very Positive on Defense Outlook in India: Honeywell. Retrieved from http://
www.business-standard.com/article/companies/very-positive-on-defense-outlook-in-india-honeywell114061100775_1.html
Federation of Indian Chambers of Commerce and Industry (2015). India: Aerospace & Defence.
Retrieved from http://ficci.in/spdocument/20605/India-Aerospace-Defence-Sector-Report.pdf
Government of India (2015). Secretariat of Industrial Assistance (SIA) Newsletter, New Delhi.
Government of India. Secretariat of Industrial Assistance (SIA) Newsletter, Various Issues, New Delhi.
Institute for Studies in Industrial Development (2014). Indias Defence FDI Policy. Retrieved from
www.isid.org.in/pdf/deFDI-Conp.pdf
www.jctindia.org 83
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
10.
11.
12.
13.
14.
15.
16.
Janu, Raveen and Kaur, Karanpreet (2015). Make in India Programme: Industry Perspective. Retrieved
from www.claws.in/images/journals_doc/1414647512_RaveenJanuandKaranpreetKaur.pdf
Malhotra, Bhavya (2014). Foreign Direct Investment: Impact on Indian Economy. Global Journal of
Business Management and Information Technology, 4(1), 17-23.
Mitra, Kushan (2012). A Shot At $50 Billion. Retrieved from http://www.businesstoday.in/magazine/
features/private-sector-in-defence-manufacturing/ story/24554.html
Mohanty, Deba R. (2004). Changing Times? Indias Defence Industry in the 21st Century. Paper No.
36, Bonn International Center for Conversion, Germany.
Press Trust of India (2016). L&T sees huge potential in defence under Make in India. Retrieved from
http://www.business-standard.com/article/pti-stories/l-t-sees-huge-potential-in-defence-under-make-inindia-116020700253_1.html
Shah, Vishal and Parikh, Alka (2012). Trends, Changing Composition and Impact of Foreign Direct
Investment in India. International Journal of Economics and Research, 3(4), 134-144.
Singh, Sushant K. (2010). Foreign Direct Investment in Indias Defence Sector Go Beyond 51. Retrieved
from http://takshashila.org.in/wp-content/uploads/2010/03/TDD-DefenceFDI-SKS- 20100414.pdf
Websites:
1.
2.
3.
4.
5.
6.
7.
8.
9.
www.dipp.nic.in/english/Discuss_paper/DiscussionPapers_17May2010.pdf
http://scroll.in/article/666232/why-some-people-fear-that-100-fdi-in-defence-sector-will-compromisenational-security
http://www.makeinindia.com/sector/defence-manufacturing
https://targetjobs.co.uk/career-sectors/engineering/282427-defence-technology-industry-sector-overview
http://www.business-standard.com/article/companies/india-needs-to-work-on-challenges-of-defencemanufacturing-sector-experts-115120900986_1.html
http://www.agora.mfa.gr/agora/images/docs/rad4F4A3defence-sector-in-india.pdf
http://www.ey.com/Publication/vwLUAssets/ey-attractiveness-survey-india-2015/$FILE/ey-attractivenesssurvey-india-2015.pdf
http://defencesecurityindia.com/problems-prospects-indian-defence-planning/
http://voiceof.india.com/features/india-south-korea-relations-the-prospects-of-defence-industry/1249.
84 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Pages 85-90
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:85-90
https://ideas.repec.org/a/jct/journl/v11y2016i1p85-90.html
http://jctindia.org/april2016/v11i1-9.pdf
1.
INTRODUCTION
Health is a most important part of life for every
human being: average age of a citizen in India is 68
years. This is also a fact that a number of citizens dying
in the absence of proper treatment of their illness. The
health insurance makes easy to the medical treatment
on a small amount of investment. The Indian
government is now properly aware about the fact. The
health insurance is only option to facilitate the medical
care to every citizen. So the government is also inspiring
the people for health insurance.
The insurance industry comes under the
financial service sector. Health insurance looks a matter
of life insurance but it comes under the non life
insurance category in India. The Life insurance
companies also rolling the health insurance product in
India.
The health insurance industry is the fastest
growing service industry in India. It has a sea of
opportunity. The maximum part of the population
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
2.
3.
3.
4.
86 www.jctindia.org
Sr.
No.
Public Sector
Sr.
No.
Private Sector
1.
Oriental
1.
Apollo Munich
2.
United India
2.
Bajaj Allianz
3.
Future Generation
3.
Bharti Axa
4.
5.
Future General
6.
HDFC ERGO
7.
ICIC Lombard
8.
IF
9.
L&T
5.
FACILITATOR OF HEALTH
INSURANCE IN INDIA
I.
Public Sector
Public sector health care system includes
central government health schemes (CGHS) and state
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
The ESI Scheme is being implemented areawise by stages. The Scheme has already been
implemented in different areas in the following States/
Union Territories of Indian Union.
States All the States except Manipur,
Sikkim, Arunachal Pradesh Mizoram, Delhi and
Chandigarh
(d) Universal Health Insurance Scheme
(UHIS) : The four public sector general insurance
companies have been implementing Universal Health
Insurance Scheme for improving the access of health
care to poor families. The scheme provides for
reimbursement of medical expenses up to Rs.30,000/
- towards hospitalization floated amongst the entire
family, death cover due to an accident @ Rs.25,000/
- to the earning head of the family and compensation
due to loss of earning of the earning member @ Rs.50/
- per day up to maximum of 15 days. The Universal
Health Insurance Scheme (UHIS) has been redesigned
targeting only the BPL families. The premium subsidy
has been enhanced from Rs.100 to Rs.200 for an
individual, Rs.300 for a family of five and Rs. 400 for
a family of seven, without any reduction in benefits.
88 www.jctindia.org
II.
Private Sector
Health insurance is also open for private sector
after IRDA act. Presently in the private sector more
than 19 players are operating in India in health care.
All the players are issuing the varieties of product for
Indian national. Industrial hubris which providing their
employee insurance cover. Many private sector
organizations are providing the facility to their
employee.
The Indian government was deregulating the
insurance sector with establishment of IRDA in the yare
1999. There are many private players in this sector
which providing the facility of health insurance in India.
But the private sector players increase the cost of health
insurance. The health insurance required focus to
improve the Quality of insurance. The new players
coming in this sector and the prices of the product are
increasing day to day. It is affecting the quality of health
insurance.
III.
Seva Gram
Medical college is working in Maharashtra.
Akshi work in worth Gujarat, Tribunandas is working
in Khara districts where the annul daily is established
in Gujarat. Nav Sarjan work with reduced cost in more
thousand villages in Gujarat. These all NGOs working
at a very nominal premium and providing the facility of
primary as well as secondary health.
6.
PERFORMANCE OF HEALTH
INSURANCE BUSINESS :
The performance of health insurance industry
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
2007
2008
2009
2010
2011
2012
2013
2014
Private Sector
1223.99
1832.50
2266.30
2349.80
2580
3446
4205
4482
Public Sector
1973.6
3136.50
2824.00
4883.3
6689
8015
9580
10841
Stand Alone
11.16
155.94
535.09
1072.10
1491
1608
1668
2172
Total Industry
3208.7
5125.00
6625.50
8305.2
11031
13070
15453
17495
Government
20
17
15
12
45
46
47
46
Individual
35
37
38
42
2011
2012
2013
2014
Government
1891
1612
1494
1553
226
300
343
337
Individual
419
206
236
273
2535
2118
2073
2162
www.jctindia.org 89
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Premium
Percentage
Maharashtra
5379
31
Tamil Naidu
1938
11
Karnataka
1773
10
Delhi
1680
10
6725
38
7.
CONCLUSION
The journey of health insurance was started
from France in 1883. It came in Germany and Britain
SUGGESTION
It suggests that the government of India try to
make mandatory to health insurance. The process to
purchases the health care product must be promoted.
The government should make some effort to provide
the insurance coverage to every citizen of India.
m
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
Indian J Ratterson, E.W.: Essentials of Insurance Law, McGraw-Hill Book Co., INC., New York and
London, 1935.
Ramnadhan, V.V.: The Efficiency of Public Enterprises, Allied Publishers Pvt. Ltd., Bombay, 1962.
Sharma, R.S.: Insurance Principles and Practice, Vora & Co., Ltd., Bombay, 1960.
Shah, K.T.: Report of sub-committee, National Planning Committee Series, Vora & Co., Publishers Ltd.,
Kalabadevi Road, Bombay, 1948.
Subba Rao, M.V.: An outline of Banking System in India, Vora & Co., Ltd., Kalabadevi Road, Bombay,
1948.
Tayler, H., Hosking and others: Life Assurance, SIR, ISAAC, Ritman & Sons Ltd., London, 1932.
Annual report IRDA
Annual Report LIC and Private Co.
Journal of Commerce.
Yogakshema, Bombay.
Commerce, Bombay.
Economic Times Daily.
R.B.I. Bulletin.
Financial Express Daily.
Economic and Political weekly.
Reserve Bank of India report of currency and finance
90 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:91-96
https://ideas.repec.org/a/jct/journl/v11y2016i1p91-96.html
http://jctindia.org/april2016/v11i1-10.pdf
Pages 91-96
1.
INTRODUCTION
English entrepreneur Michael Aldrich invented
online shopping in 1979. His system connected a
modified domestic TV to a real-time transaction
processing computer via a domestic telephone line.
He believed that videotext, the modified domestic TV
technology with a simple menu-driven human
computer interface, was a new, universally applicable,
participative communication medium the first since
the invention of the telephone. This enabled closed
corporate information systems to be opened to
outside correspondents not just for transaction
processing but also for e-messaging and information
retrieval and dissemination, later known as e-business.
His definition of the new mass communications medium
as participative [interactive, many-to-many] was
fundamentally different from the traditional definitions
of mass communication and mass media and a
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
REVIEW OF LITERATURE
The emergence of e-commerce is not
revolutionarily new as it has existed for quite some
time (OECD, 1997). Since in the 1970s and 1980s,
businesses have been deploying e-commerce via
electronic data interchange (EDI) for computer to
computer exchange of standardized electronic
transaction documents within an organization or interorganizations using proprietary private valued-added
networks (VANs) as a communication medium.
However, this form of traditional e-commerce using
private value-added networks as communication
medium is costly to install and maintain, and has put ecommerce out of reach in many small and medium sized
businesses (Margherio, 1998). The arrival of the
commercial use of the Internet and its World Wide
Web (WWW) has been defining the new e-commerce
since 1993 (Zwass, 1996). With the emergence of the
Internet and World Wide Web (WWW) as a medium
for commercial transactions, it has thrust e-commerce
into the spotlight, becoming the main focus of the
international community. The Internet and WWW have
made it easier, simpler, cheaper and easily accessible
for businesses of all sizes and consumers to interact
and conduct commercial transactions electronically as
compared with the traditional approach of using private
value-added networks (Margherio, 1998). By virtue
of the Internets network architecture, e-commerce is
born global, where geographical boundaries and
political boundaries mean little in this networked
environment (OECD, 1997). As a result, ecommerce
through the Internet dramatically shrinks the distance
between producers and consumers, who can make
their purchases directly without involving traditional
middlemen such as retailers, wholesalers and
distributors. Although new intermediaries are required
(for example network access providers, electronic
payment system, and authentication and certification
92 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
PROSPERITY OF E-COMMERCE IN
INDIA
According to the survey by industry body
Assocham (The Associated Chambers of Commerce
and Industry of India), Indias e-commerce market,
which stood at $2.5 billion in 2009, reached $8.5
billion in 2012 and rose 88% to touch $16 billion in
2013. The survey also estimated that the countrys ecommerce market will soon reach $56 billion by 2023
with the rise of online retail. India is gradually becoming
the country with highest number of internet literate
population in the world and the internet penetration is
largely driven by mobile phones, with some of the
cheapest and most basic hand-sets currently offering
access to the internet.
As per data released by Telecom Regulatory
Authority of India (TRAI), Indias total internet
subscribers stood at 238.71 million as of December
31, 2013. Due to high internet penetration in India,
the adaptability of online shopping and better shopping
Journal of Commerce & Trade
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
GROWTH OF E-COMMERCE IN
INDIA
Online retailers would have to leverage
technology to the fullest, and by developing
strategies through analytics produced using big
data will help in making customers feel special
and increase brand loyalty.
It is necessary to create high quality and SEOfriendly ecommerce site for building long
relationship with customers with exclusive
content helps increase the profit volume ratio.
5.
94 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
6.
CONCLUSIONS
Indian e-commerce and online shopping
together plays a significant instrument in making
comprehensive growth and will definitely witness
greater changes in the coming years. It is contributing
to the economy in a significant manner and has gained
its popularity due to the fast development in the area
of information technology. Owing to the increasing
internet population, it has become easier and simpler
in dealing with the competitive market for better deals
on product. However, along with development and
changes in e-commerce, there are also security and
privacy concerns among the customers. Hence,
researchers in this field will need to study more on the
security and critical issues relate to e-commerce.
m
www.jctindia.org 95
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
Dr. Anukrati Sharma, A Study on E-Commerce and Online Shopping: Issues and Influences, in
International Journal of Computer Engineering and Technology, Volume 4, Issue 1, January- February
2013, pp. 364-376.
Himani Grewal & Shivani, A Study of Ethical and Social Issues in E-Commerce, in International Journal
of Advanced Research in Computer Science and Software Engineering , Volume 2, Issue 7, July 2012, pp.
167-174.
Lotfollah Forouzandeh Dehkordi , Ali Shahnazari, Ali Noroozi, A Study of the Factors that Influence the
Acceptance of e-Commerce in Developing Countries: A Comparative Survey between Iran and United
Arab Emirates, in Interdisciplinary Journal of Research in Business, Vol. 1, Issue 6, June 2011,pp.44-49.
Niranjanamurthy M, DR. Dharmendra Chahar, 2013,, The study of E-Commerce Security Issues and
Solutions in International Journal of Advanced Research in Computer and Communication Engineering,
Vol. 2, Issue 7, July 2013,pp. 2885- 2895.
Tryambak Hiwarkar,2013, E- Commerce impact on Indian Market: a Survey on social impact in
International Journal of Advanced Research in Computer Engineering & Technology (IJARCET), Volume
2, Issue 3, March 2013, pp. 870- 874.
Indian e-commerce market up 88% in 2013, arket-up-88-in-2013 Survey/articleshow/28146273.cms7
India to have 243 million internet users by June 2014: IAMAI, http:// timesofindia.indiatimes.com/tech/
tech-news/India-to-have-243-million-internet-users-by-June-2014- IAMAI/articleshow/29563698.cms
Sonnet Debbarma, Gypsy Nandi (2014) Promoting E-Commerce in India : Main Issues and Challenges,
Department of Computer Science & Engineering and IT, School of Technology, Assam Don Bosco
University, Guwahati, Assam-781017, India.
Eastlick, M.A. and S. Lotz. 1999. Profiling Potential Adopters and Non-Adopters of an Interactive
Electronic Shopping Medium, International Journal of Retail & Distribution Management, 27(6): 9-19.
96 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:97-100
https://ideas.repec.org/a/jct/journl/v11y2016i1p97-100.html
http://jctindia.org/april2016/v11i1-11.pdf
Pages 97-100
1.
INTRODUCTION
Collins (1996) describes quality as the worlds
oldest documented profession. Quality professionals
use a number of definitions to define project quality.
Quality in its simplest form can be defined as: meeting
the customers expectations, or compliance with
customers specification. No matter what definition
we follow for quality, it becomes very complex when
we try to put it into actual practice. For a user, quality
is nothing but satisfaction with the appearance,
performances, and reliability of the project for a given
price range.
In the realm of project management, the
schedule, cost and quality achievement is also referred
to as the iron triangle. Out of these three aspects, it is
the achievement of schedule and cost compliances that
the project management is attending to most of the
time. This results in a half-hearted attempt to achieve
quality at project sites. In order to achieve the schedule
Journal of Commerce & Trade
LITERATURE REVIEW
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
4.
CONCLUSION
The methodological approach used in this
paper suggests that in order to promote successful
R&D projects some fundamental areas should be
looked at: processes, human resources, organization,
markets, technology transfer, and client involvement.
Once these critical factors were rigorously identified,
it became clear that it is feasible to design actions to
enhance impacts from positive factors and to attenuate
those springing from negative ones. Although this paper
is a contribution to the understanding of technology
management within Public Research Centers, it also
suggests a methodology to identify critical factors for
the success of any R&D project. Besides the provision
of variables explaining relationships between projects
and their success or failure, our results can help top
managers and decision makers to improve the
performance of R&D projects, for the sake of the very
centers which are committed to carry them out.
m
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Arslan, G., Kivrak S., Critical Factors to company success in the construction industry, International
Journal of Human and Social Sciences, 4(8), 561-564, 2009.
Chan, A. P.C., Ho, D.C.K. and Tam, C.M., Design and Build project success factors; Multivariate
analysis, Journal of Construction Engineering Management, 127(2), 93-100, 2001.
Cooke-Davies, T., The real success factors on projects, International Journal of Project Management,
vol. 20, issue 3, p. 185-190, 2002.
Fortune, J., White, D., Framing of project critical success factors by a systems model, International
Journal of Project Management, 24, 5365, 2006.
Iyer, K. C.; Jha, K. N., Factors affecting cost performance: evidence from Indian construction projects,
International Journal of Project Management, 23: 283295, 2005.
Jha, K. N. (2004) Factors for the success of a construction project: an empirical study. Doctoral thesis,
Indian Institute of Technology, Delhi, India.
K. N. Jha & K. C. Iyer Critical Factors Affecting Quality Performance in Construction Projects, Vol. 17,
No. 9, 1155 1170, November 2006.
Rubin, I. and Seeling, W., Experience as a factor in the selection and performance of project managers,
.IEEE Trans. Eng. Management, 14 (3) 131134, 1967.
Schultz, R. L., Slevin, D. P., and Pinto, J. K., Strategy and tactics in a process model of project
implementation, Interfaces, v.17, May-June, pp.34-46, 1987.
Sumesh Sudheer Babu1 & Dr.Sudhakar, Critical Success Factors Influencing Performance of Construction
Projects, International Journal of Innovative Research in Science, Engineering and Technology, 2015.
Terry Cooke-Davies, The real success factors in projects, International Journal of Project Management,
Vol. 20, No. 3, pp 185-190. 2002.
Walid Belassi and Oya Lcmeli Tukel, A New Framework for determining Critical Success Factors in
Projects, International Journal of Project Management, vol 14, no.3, 1996.
100 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:101-108
https://ideas.repec.org/a/jct/journl/v11y2016i1p101-108.html
http://jctindia.org/april2016/v11i1-12.pdf
Pages 101-108
1.
INTRODUCTION
Over the past decade, and particularly in the
past three years, employers and employees have faced
human capital challenges and an uncertain economy.
The economic downturn that started in 2008 has had
a significant impact on companies and the resulting
decisions made by management. These decisions have
impacted employee engagement levels and perceptions
globally, leading to changes in leading drivers of
employee engagement. In uncertain times, organizations
need to focus on harnessing the discretionary effort
that engaged employee. This makes a difference in how
companies are affected during the economic downturn,
how quickly they emerge from it, and how strong they
are in the future after the downturn passes. Employee
engagement initiative has a direct impact on the
organizations productivity. Also, employee engagement
is directly influenced by growth of the organization,
value addition experienced by employees and
employee perception of the organization. When
managers become disengaged, employees are 37%
Journal of Commerce & Trade
REVIEW OF LITERATURE
Alan M. Saks (December 2011), the study
www.jctindia.org 101
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
EMPLOYEE ENGAGEMENT :
AN OVERVIEW
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
MANAGERIAL STYLES
Changes in managerial styles have contributed
greatly to the overall success of career development.
Management scholars have long been aware of the
distinctions between Douglas McGregors Theory X
and Theory Y management styles. According to
McGregor (1960), Theory X managers assume that
employees dislike work, seek to avoid responsibility,
and need coercion and control to make them work
toward organizational goals. The Theory Y manager
believes in the inherent creativity of employees and
assumes that they are generally interested in directing
their own work. The Theory X manager was also
concerned with productivity, rather than with
employees needs for involvement. The Theory Y
manager tends to emphasize the human aspects of the
work environment.
Organizations must no longer choose between
concern for people or concern for production.
According to Blake and Mouton (1978), the most
effective managers are those who realize that employee
commitment and productivity are directly related to
the organizations overall effectiveness.
8.
TECHNOLOGY
Rapid changes in technology have transformed
every aspect of the workplace. Advances in technology
(computers, communication, etc.) have resulted in the
need for skilled professionals, and this has caused
problems for many organizations. As a result, these
organizations were forced to hire skilled technicians
or fill these positions with untrained personnel. These
technological advances further stress the importance
of having a Career Development Program. Employees
would be able to make practical career decisions based
upon the organizations current and future needs.
Organizations will benefit by being able to use existing
personnel to fill new positions.
9.
TRAINING
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
EMPLOYEE ENGAGEMENT
INITIATIVES
Case study: Tata Teleservices: HR
interventions and Employee engagement Tata
Teleservices (TTSL) many HR interventions have
earned it the distinction of being an employer of choice.
CN Nagakumar, CHRO, TTSL, believes that his
companys commitment to employee engagement is
what has earned it this accolade. The companys HR
practices include a strong HR model that talks about
alignment, assignment, engagement, empowerment and
pride of the workforce. The annual employee
engagement survey - Darpan - has been designed
around the HR model. In order to foster a customercentric and performance-driven culture in the
organisation, the pillars of organisational culture were
defined under the acronym CRISP - customer focus,
responsibility for results, initiative with speed, selfconfidence with consciousness and passion for
achievement. A robust performance management
scheme, a reward and recognition policy, and a career
progression policy exist in the organisation, besides a
number of engagement activities. The performance
management system ensures the top down cascade of
business goals. The key performance indicators of
every employee are aligned to any one or multiples of
the five key business levers, namely revenue, profit
maximisation/cost optimisation, cash flow, customer
satisfaction and employee engagement, aligning the
entire organisation towards the vision, mission and
business plans of the organisation. The reward and
recognition (R&R) policy aims to create a framework
for recognising and rewarding the contributions of
individuals and teams, and institutionalises a culture of
openness, transparency and meritocracy. The
recognitions include Spotlight (for on-the-spot
recognition), Star of the Month, Super Stars for
achievers, Customer First Reward and Valuable
Reward. These awards are decided at both the circle
and corporate level by various business units and circle
R&R committees. TTSL strives to provide career
growth in consonance with performance, merit and
potential of an employee, while considering
organisational needs. The opportunities include Career
Progression Policy and CAS (Career Advancement
Scheme), Job Rotation Policy and Internal Job
Postings. The Career Progression Policy ensures
career progression for all employees based on their
performance rating, tenure in the role, SPARK
Assessment Center scores and potential for growth.
It also highlights the commitment to building a
leadership pipeline by grooming talent from within.
To ensure a supportive and encouraging environment,
TTSL has focused its efforts towards institutionalising
several initiatives like the employee health and well
being policy, Long Service Award on completion of
five and 10 years of service, Medical Insurance, Liberal
Personal Accident Insurance coverage etc. For
www.jctindia.org 105
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
12.
CONCLUSION
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
REFERENCES
1.
Factors Persuading Employee Engagement and Linkage of EE to Personal & Organizational Performance
Hafiz Abdur Rashid Ammar Asad M.Phil Mian Muhammad Ashraf M.Phil, Journal of Contemporary
Research in Business Institute of Interdisciplinary Business Research September 2011 vol 3, no 5
2.
3.
Drivers of Employee Engagement in Indian Organizations Rama J. Josli & J.S. Sodhi The Indian Journal
of Industrial Relations, Vol. 47, No. 1, July 2011
4.
5.
6.
7.
Employee Engagement predictors: A study at GE Power & Water Dr. P. Vaijayanthi , Mr. K. A. Shreenivasan,
Ms. Suma Prabhakaran School of Management, SASTRA University, Thanjavur., International Journal
of Global Business, 4 (2), 60-72, December 2011.
8.
Saradha H and Harold Andrew Patrick, Ph.D Employee Engagement in Relation to Organizational
Citizenship Behaviour in Information Technology Organizations Third Annual Global Business, IT and
Management for Economic Development Conference (BITMED) 2011
9.
10.
11.
Vishal Gupta and Sushil Kumar (2013), Impact of performance appraisal justice on employee engagement:
a study of Indian professionals, Emerald Group Publishing Limited, Employee Relations Vol. 35 No. 1,
2013 pp. 61-78.
12.
Soumendu Biswasa, Arup Varmab and Aarti Ramaswami (2013), Linking distributive and procedural
justice to employee engagement through social exchange: a field study in India, The International Journal
of Human Resource Management, 2013, Vol. 24, No. 8, 15701587
13.
Kumar Alok & D.Israel (2012), Authentic Leadership & Work Engagement, The India Journal of Industrial
Relations, Vol 47, No.3.
14.
Elaine Farndal, Veronica Hope Hailey, Clare Kelliher, Marc van Veldhoven (2011), A study of the link
between Performance Management and Employee Engagement in Western multinational corporations
operating across India and China, SHRM Foundation.
108 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:109-114
https://ideas.repec.org/a/jct/journl/v11y2016i1p109-114.html
http://jctindia.org/april2016/v11i1-13.pdf
Pages 109-114
1.
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
110 www.jctindia.org
2.
METHODOLOGY
It is micro level study based on the primary
data collected from both 50 male and female,
respondents of Service and Business class families in
Meerut city. This study is based specially on liking of
customers towards branded and Non-branded
jewellery because the area of this study is Meerut a
major jewellery market of India. The data is primarily
collected through personal interviews and questioning
with families. The questionnaire is based on their
position in family, financial and family status and their
problems.
3.
(i)
(ii)
(iii)
(iv)
4.
Family
structure
Service
Business
Total
Joint
09
04
13
Single
28
09
37
Total
37
13
50
74%
26%
100%
Percentage
Source : Questionnaire.
74% service sector family
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Jeweller prefer
Branded Non-Branded
Jew.
Jew.
Total
Service
29
08
37
Business
05
08
13
Total
34
16
50
68%
32%
100%
Percentage
Source : Questionnaire.
Monthly Income
No. of Person
Purpose of Purchasing
Marriage
Investment
Interest
1.
Below 20,000
02
02
2.
20,000 40,000
28
21
04
03
3.
40,000 60,000
10
03
07
4.
60,000 80,000
02
01
01
5.
80,000 1,00,000
01
01
6.
1,00,000 1,20,000
01
01
7.
1,20,000 1,40,000
8.
1,40,000 1,60,000
06
02
02
02
Total
50
31
13
06
100%
62%
26%
12%
Percentage
Source : Questionnaire.
Journal of Commerce & Trade
www.jctindia.org 111
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
No. of
families
Branded Jewellery
23
Non-Branded Jewellery
27
50
Total
Characteristics of Family
Jewellery
No. of Points
Reasonable/Convenient
15
Taditional Design
03
Purity
02
Trust
02
Hallmark
02
Variety
02
Total
26
Source : Questionnaire.
Source : Questionnaire.
Non-Branded
Jewellery
Branded
Jewellery
54%
46%
No. of
families
Yes
46
No. of Points
No
04
Purity
24
Total
50
Trust
08
Quality
02
Hallmark
05
Return Value
13
Status Symbol
02
Variety
06
Characteristics of Branded
Jewellery
Total
Source : Questionnaire.
112 www.jctindia.org
65
Source : Questionnaire.
8% customers are
not satisfied
92% customers are
satisfied
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
No. of
Customers
02
Purity, Trust
02
Purity
04
Quality, Purity
01
05
Purity, Hallmark
02
03
Purity, Variety
02
02
Hallmar, Trust
02
01
02
Design, Quality
01
01
Total
30
2.
Source : Questionnaire.
3.
Table no. 8 shows that consumers like to
purchase brand jewellery because of purity, return value
and trust at the most.
Table 9 : Causes given by consumers for liking
Branded Jewellery
Causes of purchasing
Non-Branded Jewellery
No. of
Consumers
13
01
Traditional
02
01
Purity
01
Reasonable, Traditional
01
Reasonable, Trust
01
Total
20
Source : Questionnaire.
Journal of Commerce & Trade
4.
5.
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
www.icmrindia.org//branded-gold-business%20Strategy%20Case.htm
Shodhganga.inflibnet.ac.in:8080/jspui/bitstream//06_chapter%203pdf
https://en.wikipedia.org/wiki/Meerut_district
www.gold.org/jewellery/india-market
www.hicow.com/indian-economy/polished-diamond/CAGR-1html
www.managementstudyguide.com/what-is-consumer-behaivour
https://en.wikipedia.org/wiki/Tanishq
www.bis.org.in/cert/hallmark.htm
www.slideshare.net//a-comparative-study-on-the-consumer-preference..
Newspapers : Times of India, Delhi times & Hindustan etc.
http://www.allbankingsolution.com/Banking-tutor/Gold/Gold-hallmarking-in-india-Gold-purity.htm
114 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Biographien
www.jctindia.org 115
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
level committee on financial reforms, headed by Rajan, submitted its final report to the Planning Commission. He
chaired the Indian Government's Committee on Financial Sector Reforms (2007-2008).
In 2009, he became a member of the American Academy of Arts and Sciences. In 2011, he served as
President of the American Finance Association. On 10 August 2012, Rajan was appointed as chief economic
adviser to India's Ministry of Finance. He prepared the Economic Survey for India for the year 2012-13. On 5
September 2013, he took charge as the 23rd Governor of the Reserve Bank of India, at which point he took a
leave of absence from the University of Chicago Booth School of Business. Rajan's research interests were in
banking, corporate finance, and economic development, especially the role finance plays in it. Raghuram Rajan's
most important contribution has been to the theory and practice of finance. He has written numerous journals that
have revolutionized the way that economy has been handled and how it should be handled. He has raised questions
and sought the answers by working towards them himself.
Raghuram Rajan is married to Radhika Puri Rajan, whom he met while they were both students at IIM
Ahmedabad. Radhika teaches at University of Chicago Law School. She is also an Adjunct Associate Professor of
Behavioral Science at the University of Chicago Booth School of Business. They have a daughter and a son.
Raghuram Govind Rajan has the following awards to his credit :
v
Financial Times Business Book of the Year award for "How Hidden Cracks Still Threaten the World
Economy" in 2010.
In November 2011 he received the Infosys Prize for Social Sciences - Economics for his work in analyzing
the contribution of financial development to economic growth, as well as the potentially harmful effects of
dysfunctional incentives that lead to excessive risk-taking.
In 2013 he was awarded the fifth Deutsche Bank Prize in Financial Economics for his "ground-breaking
research work which influenced financial and macro-economic policies around the world".
In 2014 he was conferred the Best Central Bank Governor award by Euromoney Magazine.
In 2014 He was conferred with the Governor of the Year Award 2014 from London-based financial
journal Central Banking.
m
116 www.jctindia.org
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Book Review
www.jctindia.org 117
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Test of Faith
v
Renaissance Outside the Labyrinth
v
The General in Command
v
The View Beyond the Prism
v
No Full Stop; Not Yet,
Section II : From Government to Governance
v
Focus on Governance
v
Women, Tribal Welfare and Skill Development
v
Novel Developments
v
Economic and Industrial Growth
v
Beyond the Shores of Gujarat
v
Spreading Sadbhavana
v
Modi and the Media
v
Vibrant Gujarat 2013
v
Pinpricks
v
The Elections of 2012
v
The Press Post-Mortem after Election 2012
v
Will He or Wont He?
v
At Close Quarters: The Man and His Persona
The Man of the Moment is the book written by Kamath & Randeri. It gives a perfect look in the life of
Narendra Modi as a politician. Narendra Modi is the face of Indias new and revived politics. The man is known
for his amazing stamina and his disposition even when he is being criticised. Modi has been able to attract both
foreign and Indian investments through his model of governance. The book The Man of the Moment : Narendra
Modi is a perfect read to know more about the politician. His speeches are captivating and grip everybodys
attention. The Man of the Moment : Narendra Modi is about the man himself, his style of governance and
consecutive victories in the elections.
Narendra Modi unfolds the rollercoaster life and the evolution of a consummate politician who has enlarged
the contours of politics in India. Narendra Modi is poised to evolve as the ultimate game-changer of Indian
politics. His mesmeric hold over Gujarats masses has translated into three consecutive victories in the state assembly
elections. Unravel the enigma of Modi his convictions and motivations, the secret of his amazing stamina, and his
propensity to remain unfazed in the face of criticism. Accused of being communal, castigated for engineering the
2002 Gujarat riots and maligned for being a polarizing figure; Modi counterbalances these negatives with his
Gujarat model of governance, ability to attract both foreign and Indian investment, and his personal integrity.
Indeed, his connect with the youth makes him the strongest challenger to the Congress monopoly in India.
Savour the fascinating journey of Modi from an ordinary RSS pracharak to Gujarats longest serving chief minister
and now, to a larger role on the national stage as chairman of BJPs Election Committee for the 2014 general
elections And if several opinion polls and Modis popularity in the social media are anything to go by, as the
future prime minister of India!
Strong Man of Gujarat to Game-Changer of the Indian political scene June 2013 has seen the catapulting
rise of the man who started out as a humble pracharak of the BJP and a foot soldier of the RSS. While the public
at large was still debating whether to join the camp of Modi-takers or Modi-haters, and the BJP itself was arguably
acting out the theatre of the absurd, the Gujarati colossus has seized the moment and positioned himself as the
dynamo who the youth see as a possible messiah someone who can deliver the country from the deep rot of
stagnation and corruption and give the nation governance and not just political government.
m
Journal of Commerce & Trade
118 www.jctindia.org
v
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Tvctdsj qujpo!Gpsn
Subscription No.
NAME - INDIVIDUAL/INSTITUTE
PLEASE PASTE
POSITION
YOUR
LATEST COLOUR
PHONE/MOBILE
PHOTOGRAPH
IN CASE OF
EMAIL
INDIVIDUALS
OFFICIAL ADDRESS
RESIDENTIAL ADDRESS
Subscription Rates
One Year
Five Years
Institution
Individual
Bank Draft in favour of Society for Advanced Management Studies payable at Meerut, UP, INDIA
Number.................................Date...................... Rs.................
Bank Deposit: Society for Advanced Management Studies A/c No. 1323730910 IFSC: CBIN 028 1194
Central Bank of India, Gandhi Ashram, Meerut .
www.jctindia.org 119
April 2016 Vol. XI No. 1 IMPACT FACTOR 3.860 ISSN (P) : 0973-4503 ISSN (E) : 2454-1702
Articles, Case Studies, Discussions, Interviews, Book Reviews, and Biographies of bonafide
and genuine nature are openly invited.
2.
The author must necessarily be the full time member of the Journal. The manuscripts from
the non members shall not be accepted.
3.
Any manuscript published in the journal is pre reviewed by the review committee i.e., Board
of Editorial Advisors. The journal is a recognised and referred journal.
4.
Manuscripts should be sent along with the authorization letter in favour of the Chief Editor
that it may be published after necessary editing and the copyright shall remain with the Chief
Editor. Manuscript should also accompany a brief Resume and the latest Photograph of the
author on separate sheet.
Manuscripts should normally be of around 5000 words (typed double spaced in MS word,
Times New Roman font size 12). The title of the manuscript must not exceed 10 words.
Manuscripts should be submitted in duplicate with the cover page bearing only the title of
the paper and authors names, designations, official addresses, phone/fax numbers and
e-mail address. CD of the manuscript is also necessarily required.
Abstracts: All the manuscripts should include an abstract of about 150 words.
Notes: Notes are also required up to a number of 5.
Tables and Figures: Tables should approximate the appearance of printed tables and
preferably submitted in a CD. Tables/figures should be placed at the end of the text. Tables
should contain a source and units of measurement. Their location in the text should be
indicated as follows:
Table 1 about here
References: Place the references at the end of the manuscript. The list should mention only
those sources actually cited in the text or notes. Authors name should be same as in the
original source. For mare than one publication by the same author, list them in chronological
order, with the older item first. For more than one publication in one year by the same
author, use small lower case letters to distinguish them (e.g. 1980a, 1980b). Following are
some examples:
BooksSrivastava, S.K. (1990) Managerial Economics, New Delhi, S. Chand
& Co.
Ph.D. Thesis- Agarwal, R. K. (2000) Problems of Small Scale Industries in India,
Ph. D. Thesis, Meerut University, Meerut.
JournalNarayanan, Rajaram (Oct 2001) Dilemma of Management Leadership, Journal of Commerce and Trade, pp. 25-26.
An author will receive Two complementary copies of the issue in which his /her paper
appears and a Certificate of Publication.
5.
6.
7.
8.
9.
10.
120 www.jctindia.org
www.jctindia.org
www.jctindia.com
A Bi-annual Publication of
GFRAD
Cite Factor
ULRICHS WEB
In
Association
With
Global Foundation of
Research and Academic Development