Department of Economics and Finance

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    Are India's young founders redefining the rules of startup success?
    (India Today, 2025-10-16) Kumar, Arya
    The Indian economy needs job creators, for which multiple initiatives have been introduced by the Government to give a push to entrepreneurship and innovation. The policy initiatives on multiple fronts have resulted in building a vibrant startup ecosystem over years. More than 117 startups have become unicorns, out of a total number of 4.15 Lakh (0.75 Lakh women led) startups, growing at 12–15 percent per annum, having provided employment to around 17.28 Lakh persons. This could happen with an improvement in the Global Innovation Index (GII) from 81st in 2015 to 39th in 2024, a leap of 42 spots, demonstrating substantial progress in the innovation ecosystem and a jump in Ease of Doing Business from 142nd in 2014 to 63rd in 2020, reflecting efforts to simplify regulations and promote a business-friendly environment.
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    Assessing the education production function for India with a specific focus on climatic factors
    (Emerald, 2025-08) Mohapatra, Geetilaxmi
    The study estimated a model that considers education index data as the output in the education production function (EPF) as a function of various socioeconomic and climatic factors. This study utilized the autoregressive distributed lag (ARDL) cointegration bound testing approach to evaluate long-term connections and short-term fluctuations.
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    Role of FinTech and technological innovation towards energy, growth, and environment nexus in G20 economies
    (Springer Nature, 2025) Bal, Debi Prasad; Rao, N.V.M.
    The current global consumption scenario is characterized as an energy-intensive economic development, indicating a rising mismatch in the harmonious relationship between individuals and the environment. The mismatch is caused by unsustainable consumption practices that do not take into account long-term ecological repercussions. To address this mismatch, it is necessary to turn toward sustainable energy use, greener technologies, and more responsible resource management, with the goal of balancing human economic progress with environmental care. Therefore, this study examines the influence of FinTech and technological innovations on the energy-growth-environment nexus in the context of G-20 economies for the time span of 2005- 2022. The study employs the panel vector autoregressive (PVAR) model in the generalized method of moment (GMM) approach to explore the interrelationship among the variables. From the findings, it was concluded that FinTech has a positive impact on the energy-growth-environment nexus. Similar to FinTech, technological innovation also has favourable influence on the energy-growth-environment nexus. Finally, there exist positive influence of energy on growth and environment, whereas rising carbon emissions exerts negative influence on growth and renewable energy consumption. From the policy standpoint, authorities can catalyse a more sustainable and inclusive future by encouraging collaboration among the fintech, technological advancement, energy, and environmental sectors.
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    Analysing the role of fintech and resource use in shaping environmental outcomes using load capacity factor in G20 countries
    (Springer, 2025-07) Rao, N.V.M.; Bal, Debi Prasad
    This study examines the dynamic interrelationships between financial technology (fintech), natural resource rents, economic growth, urbanization, and environmental sustainability, using the Load Capacity Factor (LCF) as a composite measure of ecological balance. Unlike prior studies that rely solely on demand-side indicators such as carbon emissions or ecological footprint, this research employs LCF to capture both environmental supply and demand dimensions. Utilizing annual data spanning from 2005 to 2022, we construct fintech index using variables, namely, automated teller machine, mobile cellular subscription, fixed broadband subscription, and internet usage, by employing Principal Component Analysis approach. For preliminary testing, current study considers cross-sectional dependency test, slope homogeneity tests, pedroni and westerlund tests for cointegration and pairwise dumitrescu hurlin panel granger causality tests, and common correlated effects mean group and driscoll-kraay estimation for robustness. For result findings, we utilized the panel Vector Autoregression (Panel-VAR) method to illustrate the dynamic relationships among these variables. Our findings from Panel VAR approach indicate that fintech shocks initially have a positive impact on natural resource rent and load capacity factor but this effect weakens over later horizon, suggesting the need for cautious policy design. Furthermore, economic growth responds positively to fintech shocks, while the influence of fintech on natural resource rent and urbanization appears to be negative. From a policy standpoint, our research suggests that promoting fintech could mitigate environmental degradation and contribute to sustainable development.
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    Managerial sentiment, macroeconomic uncertainty, and stock liquidity: Evidence from India
    (Elsevier, 2025-11) Debata, Byomakesh
    This study examines how managerial sentiment shapes the relationship between macroeconomic uncertainty and stock liquidity. Using a FinBERT-based large language model to assess sentiment from management discussion and analysis (MD&A) disclosures and a customized macroeconomic uncertainty index for India, we find that increased uncertainty significantly reduces stock liquidity. Optimistic managerial sentiment alleviates this adverse effect, particularly in firms with higher information asymmetry. The results are robust to the endogeneity test, propensity score matching, and alternative sentiment and uncertainty measures. This study advances macroeconomic uncertainty research by being the first to explore how managerial sentiment moderates its deterrent effects on stock liquidity.
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    Unraveling the role of green innovation, renewable resources, and urban concentration on green and sustainable growth in India
    (Emerald, 2025-06) Giri, Arun Kumar
    This study uses econometric methods robust to unit root analysis, such as ADF and DF-GLS, and the ARDL bounds test approach to analyze the long-run and short-run relationship between the selected time-series variables for India from 1993 to 2021. Further, diagnostic inspection like the Breusch-Pagan-Godfrey test and the Breusch–Godfrey Serial Correlation LM test to determine whether heteroskedasticity and serial correlation exist in the data. CUSUM and CUSUMSQ were applied to assess the stability of the model.
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    Can digital financial inclusion (DFI) effectively alleviate poverty? Evidence from Asian countries
    (Emerald, 2025-06) Giri, Arun Kumar
    The study constructed a digital financial inclusion index using principal component analysis (PCA). To determine the long-run relationship among the identified variables, this study uses various panel econometric techniques such as cross-sectional dependence (CSD) tests; second-generation unit root tests including CIPS and CADF; Pedroni, Kao and Westerlund cointegration tests; CS-ARDL, Driscoll–Kraay (DK) standard error approach and Dumitrescu and Hurlin (D&H) causality tests.
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    Linking information and communication technology diffusion with green technology innovation in emerging economies: Does globalization and green energy growth matters?
    (Emerald, 2025-06) Giri, Arun Kumar; Mohapatra, Geetilaxmi
    The present study aims to explore the intricate dynamics that shape the development of green technology innovation (GTI) in emerging economies during the period spanning from 2000 to 2020. With a specific focus on the crucial factors of ICT diffusion, globalization, green energy and economic growth, this research aims to elucidate the complex dynamics that contribute to the development of sustainable technological advancements.
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    Examining the role of green finance, trade-adjusted carbon emissions and major green economic variables for the BRICST economies
    (Springer, 2025-06) Giri, Arun Kumar
    The BRICST (Brazil, Russia, India, China, South Africa and Turkey) region has experienced rapid economic growth in the last two decades, significantly contributing to the global GDP, population and carbon emissions. Because of their rapid industrial expansion, these economies face environmental challenges that necessitate a transition toward sustainable economic practices. The present study identifies the significant research gap by analyzing the BRICST region studies through thematic mapping. It investigates the impact of the various green economic variables, namely green finance, green trade, green environmental concerns, green energy, green growth and green patents towards trade-adjusted carbon emissions through the MMQR econometric technique. The study provides empirical evidence to support policy interventions to accelerate green growth and climate-resilient economic transitions. These findings offer valuable insights for policymakers, financial institutions and international organizations, emphasizing the need for integrated green strategies to achieve long-term environmental and economic sustainability. The study’s findings indicate that all these green economic parameters help to reduce emissions and thus contribute to the greening of the BRICST region.
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    Size of fiscal multipliers for major Indian states
    (Springer, 2025-01) Bal, Debi Prasad
    The study aims to analyze the fiscal multipliers in Indian states and assess the effectiveness of present fiscal policies in supporting economic growth. We use annual data from 1980 to 2021. Using the structural VAR framework, this study establishes the relationship between GDP, aggregate expenditure, and tax revenues in Indian states. We classify Indian states into five regions: Northern, Southern, West and Central, Eastern, and Northeastern. Our research reveals that the amount of fiscal multipliers differs significantly among regions of Indian states. From a policy standpoint, this study argues that fiscal policy measures can be carefully planned and implemented to maximize their impact on economic activity and reach the required multiplier effects within different Indian states.