bluuebunny/crossref_metadata_2025 huggingface dataset:
Does the Indian Stock Market encourage Socially Responsible Companies?
Authors: Murthy K. V. Bhanu , Bhandari Varun , Pandey And Vishal
Published: December 2015

A paradigm shift has taken place in the conceptual framework of Corporate Responsibility which has led to the emergence of a holistic approach towards Governance, Corporate Social Responsibility and Environmental Accountability. We expect that social responsibility has a distinct and positive effect on the security prices in the stock market. This paper aims at studying the broad trends in the market in terms of ESG, as proxy of socially responsible companies, and NIFTY, as the proxy of general companies, to identify the breaks, if any, and to examine the price discovery process in both the indices, in terms of growth rate. We have identified three periods i.e. pre-crisis, crisis and post-crisis period. We conclude that the growth rate and return is more in ESG index than NIFTY index. Hence, social responsible companies are performing better than general companies both in terms of price discovery and returns, for the whole period. After the crisis the investors had become sensitised to social responsibility and had begun to absorb and internalise the behaviour of socially responsible companies in the price discovery process.
Subsidies and Fiscal Deficit in Post Reforms India
Authors: Jena Jasoda , Nayak Chittaranjan
Published: December 2015

The Government of India has been subsidising various economic goods, mainly food, fertiliser and petroleum. It is argued that subsidies are responsible for persistent high fiscal deficit over the years. The present paper attempts to study the trend of major subsidies given by the Government of India, and then examines whether all the forms of subsidies are uniformly responsible for fiscal deficit or otherwise. Based on annual time series data from 1992-93 to 2012-13, the study observes that in the post-reforms period, food and fertiliser subsidies have grown at a sharper rate than petroleum subsidies. The regression results also confirm that food and fertiliser subsidies have a positive and significant impact on fiscal deficit. The analysis of petroleum subsidies is more complicated. If we see only the explicit subsidies for petroleum products, then their rise is not significant over the post-reforms period, except for 2008-12. However, when we include the under-recoveries of Oil Marketing Companies (OMCs), the story of petroleum subsidies becomes completely different. While the effectiveness of subsidies vis-à-vis their fiscal burden need a detailed scrutiny, the present paper argues for a National Policy on Subsidies.
Impact of Self Help Groups on Women Empowerment: A Case Study of Puri District, Odisha
Authors: Mishra K. C.
Published: December 2015

Self Help Groups (SHGs) are meant to empower women both socially and economically. They encourage women to participate in decision making in the household, community and local domestic sector and prepare rural women to take up leadership positions. This study examines the pre-SHG and post-SHG status of rural SHG members in Puri district of Odisha. On the basis of primary data analysis, the study finds that SHGs have not only produced tangible assets and improved the living conditions of the members, but has also helped in changing much of their social outlook and attitudes. In the study area, SHGs have served the cause of women empowerment, social solidarity and socio-economic betterment of the rural poor.
Companies Act and Corporate Governance in India: Quo Vadis?
Authors: Chand Phool , Deb Ashis Taru
Published: December 2015

The theoretical framework of the paper draws from institutional economics and conceptual framework of corporate governance is derived from incomplete contract among various stakeholders in a firm. Three institutions stand at the center of a capitalist economy: private property, markets, and the Rule of Law. Capitalism depends on the Rule of Law to prohibit coercion and fraud. Without the Rule of Law, long-term agreements and contracts cannot be provided by market, because people could not be prevented from dealing dishonestly with each other. It is in this context, we set out to examine critically evaluate the present form of Companies Act and its implications for corporate governance The paper analyses certain provisions in the Companies Act 2013 that will improve corporate governance by reducing conflicts at various levels. However, certain problem areas remain. They include incorporation of clause 49 in the Articles of Association, developing and incorporating company policy specific provisions under the model of corporate governance, fully independent audit committee, appointment of chief ethics officer, setting up independent committee on corporate governance issues, rotation of external auditors, number of independent directors, significant reduction in the number of companies of which a person can be director.
Applied General Equilibrium Analysis of Food Security in India: A CGE Modelling Approach
Authors: Das Koushik , Rout Himanshu Sekhar
Published: December 2015

Ensuring food security is not only the responsibility of the national government but the right of the common people of the nation. In order to keep track of the issue, the Indian government has decided to undertake bulk procurement of basic food crops like paddy, wheat and coarse serial; and distribute them to the downtrodden people at a very nominal price. In this paper, we have applied Computable General Equilibrium (CGE) modelling based on India’s Social Accounting Matrix (SAM) to study the impacts of trade liberalisation and food subsidy policies on the macroeconomic variables. We find that, subsidy policy in basic food crops like, paddy, wheat and coarse cereals along with some reallocation of budgetary expenditures in other developmental activities will certainly reduce food insecurity, destitution and hunger among the targeted population. This will increase overall social welfare as in the whole process of food transfer mechanism, the upper tier of the urban and rural population will have to sacrifice less than the welfare gain enjoyed by the targeted rural and urban population.
Globalisation and Patents: A Study of Patents filed by India
Authors: Murthy K. V. Bhanu , Alam Tausheef
Published: December 2015

This paper studies the impact of globalisation on Indian patents. An attempt is made to analyse the impact of globalisation on patent filings by Indian citizens from 1993 to 2011. Using semi-log and double-log regression models, we study the impact of FDI, GDP and R&D expenditure on patent filings by Indians. Our results show that real GDP per capita is a significant determinant of FDI; an increase in GDP per capita by 1% leads to an increase in patents filed by 0.72%. FDI is not a significant determinant of patents filed, implying that the notion that globalisation leads to increase in patent filing does not hold good in the Indian case.
Micro-insurance and its Role in Poverty Alleviation: A Study with Reference to a Private Insurance Company in Assam
Authors: Baidya Dipankar
Published: December 2015

Microfinance phenomenon is one of the most remarkable socio-economic developments of our times. In this context, micro insurance is emerging as a prepaid financing option for the risks facing the poor. Earlier, insurance as a prepaid risk managing instrument was never considered as an option for the poor. Often they were considered uninsurable, given the wide variety of risks they face. To combat these risks, the poor used to do pro-active risk management such as grain storage, savings and asset accumulation. However, these forms of risk management which were appropriate earlier are no longer adequate. Micro-insurance should, therefore, provide greater economic and psychological security to the poor by reducing exposure to multiple risks and cushioning the impact of a disaster. In this reference, we look at the functioning of a private insurance company, ICICI Prudential Life Insurance Company in giving support to micro-insurance in Assam. ICICI Prudential has selected tea tribes of Assam as the target group to launch their Micro-insurance product.
Valuation of a Troubled Firm: A Case Study on Jet Airways
Authors: Kalsie Anjala
Published: December 2015

The objective in the paper is to value a firm in distress which is struggling to survive and continue its operations, unable to meet its debt obligations, and making losses so that it has a negative book value. The paper has taken a listed Indian firm which is in operation since a decade called Jet Airways. The paper looks at different methods to value this company, the most prominent being the real option approach to valuation. Finally, a comparison of different valuation methods was done with the real company price. The Discounted Cash Flow method tends to overvalue the price of a distressed firm. Real option method gives us a much smaller intrinsic price which is even close to the market price of the share.
Mechanisms to be a Winner in the Indian mutual fund Industry: A Case Study of HDFC AMC
Authors: Sharma Pooja Chaturvedi , Pandey Anoop
Published: December 2015

The Indian mutual fund market is still under penetrated, as even in today’s scenario, most of India’s population prefers to channelise their savings into fixed deposits, real estate, and gold rather than in the capital market. The given case study discusses the practices to be followed by an asset management company (AMC) to spread out its market share. The case is based on the largest AMC in India, according to market capitalization, which is HDFC Asset Management Company Limited. HDFC as an AMC is shouldering its responsibilities quite well and can offer some operational tactics to be followed by other mutual fund market participants. The foundation for its success lies in the basic functionalities of the organisation and its belief in serving investors’ interest and practicing ethical values. We have not come across any earlier studies based on HDFC AMC in consideration of market mechanisms, corporate social activities by the firm, and practical implications for the Indian Mutual Funds Market. Through this case study, we offer some practical implications that could be helpful for other players in the Indian Mutual Fund market.
Groundwater Arsenic Contamination in Bihar: Causes, Issues and Challenges
Authors: Thakur Barun Kumar , Gupta Vijaya
Published: December 2015

Around forty percent of the district of Bihar is having arsenic in its groundwater. The causes of arsenic contamination are mostly through geogenic channel. Excess use of arsenic in drinking water over prolonged period leads to primary, secondary and tertiary health impacts. The agricultural activity is getting hampered due to decline in soil fertility, productivity, and, nuisance of food chain problem. Social problems like depression, suicidal tendency and social ignorance are common, and, therefore, hinder the social and economic activity to the affected person. The majority of the population residing in the arsenic prone belt are from low income and are not aware about the problems of the arsenic menace. The challenges are on the mitigation (at macro) and adaptation (micro and macro) activity. Therefore both short and long term mitigation strategy is needed.
Indian Coal Industry: Trends and Challenges
Authors: Raghavalu M. V.
Published: December 2015

Coal is an most important fuel resource for generating energy across the world. An estimation of world coal resources reveals that India has 10% of the total resource and more than 55% of the current total commercial energy needs are met by coal. In view of the importance of coal as an important fuel, this study attempts to study the trends on actual coal resources, production, demand, and supply, and challenges faced by the coal industry in the Indian economy. It also suggests ways that would help in the efficient use of coal resources so that it can be preserved for future generations. The Central and the concerned State governments have to take bold steps to safeguard the existing coal reserves through suitable policies and serious steps not only for the future generations but also for present generations and maintenance good environmental conditions.
Carbon Trading: A Study of Trends and Evolution
Authors: Murthy K. V. Bhanu , Gambhir Sakshi
Published: December 2015

The global energy landscape is rapidly changing as a result of economic shifts and technological breakthroughs. There has been an increased focus on climate change through the phenomenon of global warming, which is caused by accumulation of green house gases (GHG) in the atmosphere. Efforts have been underway at the international as well as national level for abatement of GHG emissions through cost-effective and sustainable solutions. The UNFCCC with its mandate of a safer future launched the Kyoto Protocol in 1997, to firm-up ongoing efforts for stabilizing the ecosystems. The Protocol commits its Parties through internationally binding emission reduction commitments. The idea was to create an international unified carbon market, which would render a check on the worldwide emission levels. However, actual experience with the markets has revealed that the dream of a global top-down market is far from being realised. Against this backdrop, this paper attempts to review the evolution of carbon markets, through the mechanism of International Emissions Trading. It also highlights some trends and developments that have characterised these markets over the past few years. Overall, the literature seems to signify the emergence of a decentralised bottom-up design of the market. There is a multitude of regional, national and subnational markets in operation, with EU ETS as the frontrunner. Moreover, these systems are starting to link with one another to facilitate the evolution of an international carbon market, in the wake of an unpromising future outlook for Kyoto credits.
Unethical Financial Reporting: An Empirical Analysis of Causes and Consequences
Authors: Singh Ajay Kumar , Vasudeva Sakshi
Published: December 2015

The study attempts to identify the major causes and consequences of unethical financial reporting. We also try to find out if these causes and consequences discriminated between two groups of respondents. The study is based on primary survey with respondents including Chartered Accountants and commerce/ management teachers in Delhi. Using factor analysis and discriminant analysis, we find that ‘delay in final judgement of fraud related court cases’ is the most important cause of unethical financial reporting followed by ‘inadequate punishment for defaulters’. Other important identified causes were protection of self-interest of the auditor and the company, lack of effective corporate governance in the company, and whistle-blowing issues. The identified consequences include law suits against the company as the most important one, followed by increase in the volatility in stock market. The most important factor identified is the decline in the stock market valuation followed by loss of credibility of the company. The results also varied among two groups of respondents for identifying factors of causes and consequences.
Examining the Relationship between Financial Development and Economic Development
Authors: Murthy K. V. Bhanu
Published: December 2015

Relationship between financial development and economic growth is a long-debated issue. The objective of this study is to determine if a relationship exists between financial development and economic growth. Better functioning financial systems ease the external financing constraints that impede firm and industrial expansion. On the other hand, changes in economic activity and economic growth can influence financial systems. With the help of Principal Component Analysis, we develop two indices - one for ‘financial development’ and the other for ‘economic development’. Through a set regression equations, we find that the elasticity of ‘financial development’ with respect to ‘economic development is 0.37 and elasticity of ‘economic development’ with respect to ‘financial development’ is 1.69. The gains from financial development are much greater.
Case study India’s First Women’s Bank - Bharatiya Mahila Bank
Authors: Ahirrao Jitendra
Published: December 2015

India launched the Bhartiya Mahila Bank (BMB), its first public sector bank for economically empowering millions of women across the country, in 2013. This bank is meant for those women who do not have access to basic financial services such as bank accounts or loans. Access to a bank account is essential for women's economic empowerment as it provides a safe place to save money and opens up a channel to credit which can be used for investing in education, property or in a business. BMB is a good beginning in the direction of women empowerment in India. Nevertheless, pro-active emphasis should be on rural areas and less-educated / illiterate women folk irrespective of their earnings. It will create more job opportunities for women and will pay special attention to the weaker and more neglected sections of women.
Global Inward Foreign Direct Investment: Trends and Concentration Patterns
Authors: Murthy K V Bhanu , Sinha Manoj Kumar
Published: December 2015

With globalisation, there has been a phenomenal rise in Foreign Direct Investment (FDI). This has led to an international relocation of production and consequent generation of income and employment. This, in turn, has led to international specialisation of production and is likely to maximize global welfare. This could happen only if the concentration of FDI is low or FDI is well distributed. We use a set of new indices and Herfindahl index of concentration to examine concentration of inward FDI in terms of flow and stock during 1990-2009. The results clearly indicate that there is a low concentration in distribution of FDI in terms of inflow and stock. The low concentration ratio implies that the share of developing countries is increasing. It implies that the distribution of FDI has been moving towards uniform distribution of productive resources across countries, which is the basic purpose of globalisation and competition.
Agricultural and Non-Agricultural Loan Recovery Performance of District Central Co-operative Banks in Maharashtra
Authors: Bahir L. B.
Published: December 2015

Co-operative banks in India have primarily been established with the intention of providing agricultural and non-agricultural credit to the farmers, small artisans and other people particularly in rural area. There are various co-operative credit institutions in India. Of them, District Central Co-operative Banks (DCCBs) in Maharashtra have been chosen in order to study their agricultural and non-agricultural loan recovery performance. There have been number of studies of the subject carried out by various researchers as on today. Some of them have been reviewed from the point of view of the present study. The study is based on secondary data for the period of ten years from 2001-02 to 2010-11. From the study, it is revealed that the DCCBs in Maharashtra have achieved increasing trend in all the indicators selected for the study except number of branches. There is also a matter of concern that outstanding loans and over dues of the banks in the state have increased over the period. It is also found that average recovery percent of non-agricultural loan is higher than the agricultural loan recovery in case of both short term and medium term loans. The study suggests that DCCBs should lay emphasis on recovery of agricultural loan. While distributing loans, viability of each case of loan application should be properly inspected and finalized. In addition, wilful and non-wilful defaults should also be identified.
An Empirical Study on Efficient Market Hypothesis: The Case of Indian Capital Markets
Authors: Kalsie Anjala
Published: December 2015

The objective of this paper is to study the efficiency of Indian stock markets during the period 2001-2011. The weak form of efficient markets is extensively tested using NIFTY and 6 major NSE sectoral indices Pharma, IT, MNC, Bank, FMCG and Nifty Junior. Univariate time series analysis of indices returns is carried using tests for randomness / non-stationarity - runs test, unit root testing. ACF, correlograms and other relevant statistical methods. The study concludes that Indian markets are inefficient in its weak form for the study period.
A Comparative Study of the Mutual Fund Schemes of Reliance and Unit Trust of India
Authors: Jacob Tom , Kattookaran Thomas Paul
Published: December 2015

The mutual fund industry has experienced phenomenal growth in the past two decades. The increase in the number of schemes with increased mobilisation of funds in the past few years shows the importance of the Indian mutual funds industry. Proper assessment of various fund performance and their comparison with other funds helps retail investors for making investment decisions. Among various financial products, mutual fund ensures the minimum risks and maximum returns to the investors. The development of various mutual funds products has proven to be one of the most catalytic instruments in generating momentous investment growth in the Indian capital market. In this context, close monitoring and evaluation of mutual funds have become essential. Therefore, choosing profitable mutual funds for investment is a very important issue. The main objectives of this research work are to analyse the financial performance of select mutual fund schemes of reliance and UTI through the statistical parameters such as alpha, beta, standard deviation, r-squared, Sharpe ratio. The findings of this research study will be helpful to investors for their future investment decisions.
Customer Satisfaction towards ATM Services: A Case Study of State Bank of India in Nadia District, West Bengal
Authors: Roy Swapan Kumar , Roy Suhas
Published: December 2015

The advancement in information technology in banking sector has resulted in innovation of alternative delivery channels. ATM, internet, telephone/mobile banking, call centres etc. are the main non-branch delivery channels. ATM is one of the alternative delivery channels that allows the customers to have banking services without being physically present in the brick-and-mortar branches. It is designed to perform the most important functions of bank. Banks have been installing ATMs to increase their reach. Customers using ATMs can easily withdraw cash, deposit cash, transfer funds from one account to another and engage in many such transactions. These services make the customers happy, content and satisfied. In this backdrop, this paper attempts to discuss about the ATM services in different forms provided by different banks; examine and analyse whether ATM services provided by the banks satisfy the customers; and provides suggestions to improve customer satisfaction.
Rural Infrastructure in Odisha: An Inter-District Analysis
Authors: Nayak Chittaranjan
Published: December 2015

The present study attempts to analyse inter-regional disparity in rural infrastructure in the state of Odisha. Three separate indices have been developed for different categories of rural infrastructure-physical, social and financial - with help of the Principal Component Analysis before unifying them to a single index known as the Rural Infrastructure Index (RII). The study observes that there exists vertical inequality in the spread of different categories of infrastructure in the state. Disparity is the severest in the case of financial infrastructure. The study attributes underdevelopment of Kalahandi-Bolangir-Koraput (KBK) belt and some of districts of western-central Odisha to the underdevelopment of rural infrastructure. The analysis lauds the formation of special plans such as the KBK plan and formation of Western Odisha Council by the government. It calls for a time-bound delivery system and region-specific measures in place.
A Research Study on Development of Self-Help Groups in Belgaum District
Authors: Pangannavar Arjun. Y.
Published: December 2015

Self-Help Group (SHG) program is a pragmatic approach to eradicate poverty. It is initiated as a self-employment program in the jargon of poverty eradication measures as well as empowerment program in the country. The SHG program was initiated in Belgaum District of Karnataka State in 2000 by the Govt. with a view to bring more poor women under this program to make them empowered politically, socially and economically. But the development of Women Self Help Groups (WSHGs) is very slow in terms of its number, membership, accumulation of funds and size of disbursement of funds among beneficiaries. There is a dire need of effective efforts from all sides to make the development process of WSHGs strong and sustainable in the district.
The Economics of Indian Organised Retail
Authors: Kaushal Leena , Singh Prawesh
Published: December 2015

This study investigates the key determinants of organised retail in BRIC countries. The study analyses the factors that have led to a growth in the organised retail in the context of China, Brazil and Russia. In the subsequent section, we retrospect on these factors in the Indian context and explore the economics of organised retail sector in India. Using simple econometric modeling, we try to identify the key determinants in the growth of the organised retail sector in the Indian for the time period 2000-10. We also provide some policy suggestions to expedite the growth of organised retail sector in India.
Investment in Indian Power Sector: Growth, Prospects and Challenges
Authors: Aggarwal Pallvi , Jain Neelam
Published: December 2015

To keep pace with other developing countries and to maintain growth of the economy, power sector is a critical sector for India. The widening gap between power demand and supply is hindering the growth of the economy. This concern is attracting the attention of central and state governments towards the infrastructure development, various reforms and the fresh investment in the power sector. This paper focuses on the growth of power sector along with the current state of investment needs. It analyses investment prospects in the light of infrastructure development, reforms and macroeconomic factors. The study also aims to find out the potential opportunities and challenges for the investment in power sector.
Role of Utkarsh Microfinance Institution in the area of Women Empowerment
Authors: Tripathi Mukta , Chaturvedi S. K.
Published: December 2015

Women are the most crucial elements of the social structure and are playing a pivotal role in the socioeconomic scenario of Allahabad District. Microfinance has come to play a major role in many gender and development strategies because of its direct relationship to both poverty alleviation and to the empowerment of women. Microfinance programs like the Joint Liability Groups (JLGs) in India have been promoted for their positive economic impact and the belief that they empower women. The survey was conducted on 100 respondents from Twenty JLGs of Utkarsh Microfinance Institution in Allahabad District, and the analysis was done to study the empowerment of women through microfinance. The results strongly demonstrate that on an average, there is a significant increase in women empowerment of the Joint Liability Group members of Utkarsh Microfinance Institution.
Manipulation Theory of Inflation: A Research Study on Components of General Price Rise
Authors: Pangannavar Arjun. Y.
Published: December 2015

In general, inflationary situation arises when aggregate demand increases more than aggregate supply. The imbalance between these market forces are caused by several monetary and non-monetary factors. This is what we all know about theoretical frame work of the concept ‘inflation’ but the practical aspects of inflation are different. The present ‘world inflation situation’ is quite different from the past one; despite various efforts by government through economic policy, the inflationary situation has grown worse. In this context, it is necessary to find out the causes for mounting inflation rate making all anti-inflationary measures ineffective. There is a need to realise the fact that whether inflation is a myth i.e. the saga of historical events like war-inflation, cost-push and demand-pull inflation, monetary-inflation, tax-induced inflation, etc. or a miracle i.e. the manipulation of policy makers, and market big-bulls. This is the contention of my theory: Manipulation theory of inflation. This paper focuses on some select factors and their contribution to inflation and also suggests some measures to be incorporated in the government’s economic policies to deal with it. Besides, I intend to make my research work of societal relevance.
Real Impact Evaluation of Micro Finance on Urban Women in India
Authors: Aggarwal Pallvi , Shah Mamta
Published: December 2015

In India, microfinance is one of the most important innovations in anti-poverty policy in the last half-century. Microfinance has been accepted as a tool for growth. Significant divergence exists between local and external perspectives on use of money and other resources for gender. The general idea of the paper is to assess and evaluate the contribution of microfinance institutions for the empowerment of urban poor women. It explores impacts of microfinance on economic, social and overall empowerment perspectives of women; using different frameworks. The paper is based on primary data collected from 120 women through questionnaire along with secondary data to assess the impact of MFIs in relation to Non-Government Organizations (NGOs). Results found that most urban women in this association experienced increased income and educational level, therefore improved their economic status and social conditions after receiving the loans from NGOs.
A Study on Socio-Economic Conditions and Political Status of Scavengers in Erode Municipal Corporation
Authors: Mani N. , Parthiban R.
Published: December 2015

Although the Constitution of India has framed strict rules to abolish ‘untouchability’ and given equality of status and opportunity to all the individuals, yet there are millions of people in the country who face inhuman treatment and perpetual humiliation at the hands of other people. This study looks into the effects of scavenging work on scavengers from an environmental perspective. In particular, we study the socio-economic conditions of scavengers in Erode Municipal Corporation. Using primary data analysis, we find that scavengers in the study area still have a deplorable socio-economic condition and are suffering a lot due to the caste system.
Microfinance and Women Empowerment: A Case Study of Darjeeling District
Authors: Barman Bhajan Chandra
Published: December 2015

Micro finance in the form of Self-Help Group (SHG) Linkage model has been able to inspire hope in the lives of thousands of rural poor especially poor women by shifting them from debt-trap of informal credit sources to formal credit system. In this context the present study makes a modest attempt to examine that extent to which microfinance programme is effective in empowering rural women. A primary field survey has been carried out in Kharibari block of Darjeeling district to get the real picture. Survey method was applied and interview schedule has been used to collect relevant data from the respondents. Using tabular analysis and chi square test, results of this study indicate significant differences between SHGs women (i.e., those involved with SHG) and non-SHGs women regarding various economic, socio-cultural and political indicators of empowerment. It was also found that SHGs women have more active participation in various income generating activities. They earned more income, saved more money and at the same time owned more assets than non-SHGs women. The study also stresses the need of more loans to be expanded to rural poor women folk to enhance their economic solvency and empower them economically.
The Impact of Fiscal Policy on Foreign Direct Investment Inflows: A Study of India and Select Asian Economies
Authors: Bhasin Niti
Published: December 2015

While the role of taxation in influencing FDI has received considerable attention in literature, there has been very less work on examining the role of fiscal policy as a whole on FDI inflows. The dimension of fiscal policy that relates to the expenditure of the government has not received much attention in terms of its impact on FDI. This study would attempt to bridge the gap in literature by examining the impact of both the revenue and expenditure side of fiscal policy on FDI inflows in India and other select economies of the Asian region. The paper identifies the determinants of FDI flows with special reference to fiscal policy variables, namely tax treaties and developmental expenditure of the government. With the help of principle component regression, we have estimated a panel equation with the Least Squared Dummy Variables (fixed effects model) approach. The determinants which have emerged as significant are FDI openness and infrastructure. Our variables of interest, that is, the fiscal policy variables turn out to be insignificant. Thus while a competitive fiscal policy may facilitate operations of business, it is still not a prime consideration in investment decisions.
India’s Transition from State Level Sales Tax to Value Added Tax (VAT)
Authors: Jain Vandana
Published: December 2015

An outstanding development in the sphere of State finances since Independence has been the precipitous growth in the relative revenue significance of sales tax levied under entry 54 of List II in the Seventh Schedule of the Constitution. It has grown considerably in depth and coverage, and forms the mainstay of States. tax revenue. Prior to tax reforms initiated in early 1990s, sales tax was characterised by a multiplicity of tax rates and exemptions, lack of uniformity across States, large number of exemptions and concessions, and differing procedures for tax collection. In mid-1990s, most states had agreed to phase out the incentive-related exemptions and implement floor rates of sales tax. As part of the nation-wide efforts to redesign commodity taxation and the implementation of CENVAT at the level of the Centre, many States have modified their sales tax regimes to launch a state level VAT under the scheme prepared by the Empowered Committee for this purpose. This paper explains and examines various problems associated with sales tax and its switch over to Value Added Tax (VAT) in recent years.
Capital Gains Tax in Theory and Practice
Authors: Akhtar S. M. Jawed
Published: December 2015

Capital gains arise from the sale of assets other than those held in the ordinary conduct of business. For example, gains from the sale of a house by the house owner are capital gains while gains from appreciation in the value of houses held by a real estate dealer are ordinary gains of business. A decrease in the value of an asset is called a capital loss. In India, capital gains tax is levied within the framework of Indian Income Tax Act, 1961. Sections 45 to 55A of the Act relate to the taxation of capital gains. Since capital gains are not annual accruals from a given source but represent appreciation in the market value of assets over a period of time, they are treated on a different footing. The preferential treatment is given to long-term capital gains only. This paper examines the various theoretical issues associated with the taxation of capital gains and the present system of taxing capital gains in India.
Issues in Designing a System of Income Tax
Authors: Sury M M
Published: December 2015

Among the various indices of ability-to-pay taxes, income is regarded, by far, as the most appropriate. This is borne out by the popularity of income taxes the world over. Income tax is levied on the annual income of various taxable entities, mainly individuals and companies. For operating an income tax system successfully, fiscal authorities, particularly in developing countries, are required to resolve various issues to make it compatible with the socio-economic objectives of government policy. This paper examines general policy issues relevant for designing and reshaping a suitable income tax system.
Union Excise Duties: Evolution and Present Structure
Authors: Bhasin Niti
Published: December 2015

Excise duties are an important source of indirect tax revenue for the Central Government. This paper looks at the evolution of the excise duty structure in India. The nomenclature, administration and revenue significance of excise duty has been outlined. The paper then looks at the reforms in the excise duty structure by analysing the recommendations of the various Committees constituted in this regard. We also examine the problem of the taxation of inputs and the resulting cascading effect on the prices of final products by looking at the transition from pre-MODVAT arrangements to MODVAT and CENVAT structure. Finally, the paper highlights the problems created by exemptions and concessions and how these concessions are misused. There is a need to understand that if concessions are judiciously used, they can become an effective tool of economic change on desired lines.
Buoyancy and Elasticity of Tax Revenue: Measurement Techniques
Authors: Akhtar S. M. Jawed
Published: December 2015

High degree of responsiveness of tax yield to changes in national income is a desirable characteristic of any tax system. If a government depends on tax revenue to finance a large part of its expenditure then it is necessary to ensure that an increasing proportion of national income flows into the public treasury as taxes. In other words, the requirement is to increase the incremental tax ratio. Computation of tax buoyancy and elasticity becomes relevant in this context. This paper explains the concepts of buoyancy and elasticity of tax revenue and describes the various methods to compute them.
Direct Taxes Code (DTC): What Does it Seek to Achieve?
Authors: Rani Vaneeta
Published: December 2015

DTC seeks to consolidate and amend the law relating to all direct taxes, namely income tax, dividend distribution tax and wealth tax so as to establish an economically efficient, effective and equitable direct tax system which will facilitate voluntary compliance and help increase the tax-GDP ratio. All the direct taxes have been brought under a single code and compliance procedures unified, which will eventually pave the way for a single unified taxpayer reporting system. The need for DTC arose from concerns about the complex structure of half a century old Income Tax Act, 1961, which has been amended a large number of times, making it incomprehensible to the average taxpayer.
White Paper on Black Money Government of India, Ministry of Finance, May 2012 Strategies for Curbing Generation of Black Money
Published: December 2015

Generation of black money and its stashing abroad in tax havens and offshore financial centres have dominated discussions and debate in public fora during the recent past. Members of Parliament, the Supreme Court of India and the public at large have unequivocally expressed concern on the issue, particularly after some reports suggested estimates of such unaccounted wealth being held abroad. After uproar in Parliament, Government of India came out with a White Paper on Black Money in May 2012. The White Paper presented the different facets of black money and its complex relationship with policy and administrative regime in the country. It also reflected upon the policy options and strategies that the Government had been pursuing in the context of recent initiatives, or need to take up in the near future, to address the issue of black money and corruption in public life. Extracts from the White Paper are presented below.
A Study into the Nature and Consequences of Tax Evasion with Special Reference to India
Authors: Sury M. M.
Published: December 2015

Tax evasion is a serious problem in developing countries which are in the process of evolving their tax systems. The major causes of tax evasion include high level of tax rates, apathy towards government and its laws, and lenient penal action. Widespread tax evasion is a perennial problem of the Indian tax system. The paper looks at the history of taxation law amendments in India which is essentially a history of plugging loopholes, as and when discovered, to prevent leakages of revenue. To fight the evil of black money and tax evasion in India, some of the important measures taken include reduction in tax rates, minimisation of controls and licences, regulation of donations to political parties, creating confidence among small taxpayers, substitution of sales tax by excise duty, vigorous prosecution policy and compulsory maintenance of accounts.
Tax Havens: A Global Issue
Authors: Kaur Harmanpreet
Published: December 2015

In recent years, tax havens have attracted increasing attention of many international organisations, policy makers and development agencies. This article deals with concept of tax havens and their impact on different countries. Tax havens are the countries which offer very low tax rates to foreign investors and ensure very high level of secrecy for their transactions. This paper is an attempt to discuss seminal work on tax havens, its characteristics, positive and negative aspects of these states as examined by various researchers. The impact of tax havens on India and initiatives taken by OECD against these harmful tax practices have also been discussed.
Analysis of Tax Reforms among Salaried Assessees: A Case Study of Tamil Nadu
Authors: Jayakumar A. , Elavarasan R.
Published: December 2015

This paper focuses on the impact of tax reforms among salaried assessees in Tamil Nadu. The aim of the paper is find out whether and how tax reforms affect the level of salaried assessees. Using convenience sampling method, the primary data was analysed with the help of descriptive statistics. Chi square test and Anova test were used to test if significant relationship exists between assessees' personal information and opinion level of tax allowances. The respondents were asked to indicate their level of agreement with a given statement on a likert five point scale. The results shows that, overall the assessees have negative opinion towards impact of tax reforms in India.
Taxation of Agriculture Income in India: An Overview
Authors: Jain Sandeep
Published: December 2015

Agricultural income, which comes under the jurisdiction of State governments, has largely remained exempt from the purview of income tax law. While various Committees on tax reforms have proposed partial taxation of agricultural income, the States, on their part, have highlighted serious problems in the assessment of agricultural incomes such as widely dispersed potential assessees, fluctuations in production due to uncertain weather conditions, and lack of accounting practices in the agricultural sector. The near absence of direct taxation of the agricultural sector is partly due to the preponderance of big landlords and other vested interests in State legislatures. Moreover, the exclusion of agricultural incomes from the income tax base provides opportunities for tax evasion by camouflaging taxable income and black money as gains from agriculture. Therefore, there is a need to relook the proposal for taxation of agricultural income from various angles such as economic logic, administrative feasibility, and political expediency. If a case for taxation of agricultural income can be worked out, it could lead to a more judicious use of taxation powers allotted to the States.
ON TECHNOLOGY OF PASSIVE DEGASSING OF SOLID MUNICIPAL WASTE LANDFILL FACILITIES
Authors: ZELENTSOV Danila Vladimirovich , SAVELYEV Aleksey Aleksandrovich , CHERTES Konstantin L'vovich
Published: December 2015

The paper describes the technology of passive degassing of solid municipal waste landfill facilities. When landfill gas penetrates into the environment it causes negative effects. The described method is used to prevent uncontrolled emission of landfill gas into atmosphere. Passive degassing of solid municipal waste landfill is carried out with the help of a chain of gas draining boreholes. The technique for calculating the chain of gas draining boreholes and their structural design has been given.
THE INTERRELATIONSHIP OF FRACTIONAL COMPOSITION, SUPRAMOLECULAR STRUCTURE AND PERFORMANCE OF ROAD BITUMEN. PART II
Authors: SHEINA Tatyana Viktorovna , SAMOKHINA Anastasia Aleksandrovna
Published: December 2015

The paper thoroughly investigates the composition, structure and properties of road bitumen malthenes. It describes the infl uence of the nature of raw materials and ways of their processing on the deformation properties of the binderm and the infl uence of quantitative relation of malthenes faction hydrocarbons of their structural characteristics.
CATEGORY ABSTRACT FORM IN THE STRUCTURE OF THE COMPOSITE DESIGN METHOD
Authors: MALAKHOV Sergey Alekseevich
Published: December 2015

Discusses the abstract category of form, i.e. the phenomenon of «separation» binary formulas «function-form» in the interests of the form not at the level of abstract reasoning and generally accepted, and in the discourse it is valid and productive to the project method of substantionally. Therefore, the author proposes to legalize an abstract form as an artistic genre and a specific type of models, although the actual application of these models emerged in the era of the propaedeutic experiments of the Bauhaus and the VKhUTEMAS. Developed by the author for composite design method abstract form (form as a separate substance activity) means a fundamental prerequisite for the reconstruction of architectural activity in a holistic relationship to the landscape and development as relevant to the profession’s reality of the author.
ON THE ISSUE OF WATER SUPPLY AND SEWAGE IN THE VOLGA REGION AND SOFTWARE METHODS FOR PROBLEM SOLUTION
Authors: SAYRIDDINOV Sayriddin Shakhobovich , SELEZNEV Vladimir Anatol'evich , SELEZNEVA Alexandra Vasil'evna
Published: December 2015

The state of surface and underground sources, networks and installations of drinking water supply facilities and networks of water disposal systems in the Volga region on the example of Togliatti. Priorities are defined in accordance with the strategy of socio-economic development of Samara region for the period up to 2020 carried out ecological and statistical analysis of supply sources; technological analysis of the treatment and transportation of drinking water, status of feeder pipelines and the degree of their accidents, leaks; technological analysis of the operation of the networks and structures of drainage systems. It was noted that increased levels of anthropogenic pollution of drinking water sources, significant wear of facilities and equipment the water sector, the lack of a backup water source (Avtozavodskiy district) determine the urgency of the problem to guarantee the residents with clean drinking water and dispose of it in the priorities of socio-economic development in Togliatti. Noted that organization of joint actions of bodies of Executive and legislative authorities, enterprises of the water sector, investors, technical experts, the population of the city to create in the water sector efficient, qualitatively new, modern forms and methods of management. The magnitude of the problem determines the need to develop programs using program-target solutions of complex organizational-technical, legal, economic, social and other tasks and events, providing conditions for its implementation.