Department of Economics and Finance

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Access and uses of icts: can virtual learning be an alternative mode of education in India?
(Sage, 2023-09) Padhi, Balakrushna
This study analyses household access and persons’ uses of information and communication technologies (ICTs) in India by using the latest National Sample Survey Organization’s (NSSO) Education survey (2017–2018) datasets. Accordingly, an ICT Index is computed, and a logistic model is applied to examine the pattern and likelihood of digital technology usage and access. The result shows that access to ICTs is lower in rural areas and access increases with the level of education. The study also observes that factors like education, income and regional variations are significant aspects of the disproportionate uses and access of ICTs at the household and individual levels. This study also observed that the low level of access to ICTs will be a huge challenge for the Government to ensure alternate online or virtual modes of education.
Ajitava Raychauduri, Prabir De and Suranjan Gupta (Eds.), World Trade and India: Multilateralism, Progress and Policy Response
(Sage, 2021-09) Arora, Rahul
Today, the entire world is witnessing a tough time because of the deadly coronavirus spread. It has adversely impacted almost all aspects of human lives and hit the world economy since last year. The pandemic has also hit the international trading system which is already facing many challenges. As per the latest report on trade trends by UNCTAD (2021), the last decade has witnessed declining dependence, calculated by the ratio of the value of world trade flows to the world output including goods and services, on international trade since the year 2009. This ratio was 30% in the year 2008, and it is expected that this ratio will settle at 25% by the end of the year 2020. The last decade has witnessed changes in many economic phenomena such as rising share of trade in intermediate goods and services, the emergence of technology as a major factor of production, and asymmetry in its intensity, which pose severe challenges to the countries involved in international trade indirectly or directly. Losing faith in the WTO by its member countries, the rising level of protection, unilateralism, and emerging regionalism are few such challenges. These challenges gave birth to many complexities that compelled trade economists to think from a different perspective and formulate trade policy in such a way that it satisfies the demand of all the stakeholders. Before devising any solution, understanding all these complexities and channels of their potential impact is very much necessary. This is where World Trade and India: Multilateralism, Progress and Policy Response, a book edited by Ajitava Raychaudhuri, Prabir De, and Suranjan Gupta, comes into play and provides the required knowledge. The book offers fussy insights on various international trade issues of the present-day world, challenges associated with those issues, and the steps taken at the country level. Focusing particularly on the Indian economy, the book covers almost all the aspects related to India’s progress in new trade issues and its policy responses and provides few potential solutions.
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.
Analysis of the carbon emissions trend in the Indian manufacturing sector: a decomposition and decoupling approach
(Springer, 2024-07) Padhi, Balakrushna
There is a growing emphasis on fostering green growth and lowering carbon emissions in order to achieve sustainable economic development. This study uses the Tapio decoupling model and analyzes the factors influencing changes in carbon emissions from manufacturing in India utilizing the log mean Divisia index (LMDI) techniques. Furthermore, the nexus between carbon emission intensity, information and communication technology (ICT), total factor productivity (TFP), skill, and energy intensity has been analyzed using the system-GMM approach. It is based on the plant-level Annual Survey of Industries (ASI) datasets for the organized manufacturing sector of India from 2001 to 2002 to 2019 2020 for the major 21 Indian states/UT. The findings reflect the presence of weak decoupling in the manufacturing sector both at the aggregate level and in states. This indicates that both output and emissions are increasing; however, output growth surpasses emission growth, which signifies an effort to transition towards more environmentally friendly production methods and enhanced energy efficiency. The output and population effect are found to be leading factors in carbon emissions, while energy intensity is found to be reducing the effect. Further, the system-GMM estimates show that ICT and energy intensity positively affect total factor productivity, while with an increase in carbon emission intensity, productivity declines. The study confirms the existence of an inverted N-shaped Kuznets curve in the sector. This present study will contribute to formulating energy and environmental strategies to reduce emissions and promote adopting cleaner energy sources. These efforts will facilitate the attainment of carbon neutrality and enhance energy efficiency within the sector.
Analyzing Poverty and Inequality Dynamics across North-Eastern States of India
(IARIW, 2017) Padhi, Balakrushna
This study intends to explore the poverty inequality dynamics across North Eastern States (NES) of India during recent decade. Based on NSSO’s Consumer Expenditure Survey Rounds an analysis has been carried out for two time points i.e. 2004-05 (61st round) and 2011-12 (68th round) to examine the changing pattern of poverty and inequality in these regions by decomposing changes in poverty in to growth, redistribution and interaction components. This paper used headcount ratio to measure poverty, Gini Index as well as poverty decomposition method (Datt and Ravallion, 1992) to quantify the relative contribution of economic growth and redistribution to changes in poverty. The results depict that the NES are quite different in terms of basic socioeconomic attributes from the mainland as per the level of development. As per the decomposition results the growth mean effect and redistribution component determines the rise or fall in the poverty effect. States where economic reforms were initiated properly with other developmental activities those NES performs better than the rest in terms of the said effects
The antecedents of entrepreneurial intention among women entrepreneurs in India
(Emerald, 2020-04) Rao, N.V.M.
The purpose of this paper is to understand the role of entrepreneurial intention in promoting women entrepreneurship in Indian micro, small and medium enterprises (MSMEs). This study seeks to clarify the construct of entrepreneurial intention and then reports the validation of the entrepreneurial intention instrument.
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.
Are Unpaid Women Willing to Work in the Labour Market? Evidence from India
(Bridgewater State University, 2022) Krishna, M.
India has set an ambitious target of achieving a US$5 trillion economy by 2025. However, a steady increase, perhaps even more rapid in recent years, in women’s participation in unpaid domestic work poses a grave threat to India’s economic development. Significantly, the extent of women’s participation in unpaid domestic work ballooned in India, recording a quantum leap from 200 million in 2004–05 to 287 million in 2017–18. The main aim of this paper is to examine the role of socio-economic factors in explaining the willingness of unpaid women to undertake work in the labour market, using data from unit-level records of employment and unemployment and labour force surveys. This study shows that, despite engaging in routine household chores, about one-third of unpaid women are willing to take up work in the labour market. Moreover, the majority of women engaged in unpaid domestic work in India have no choice but to do this work due to the socio-economic constraints. From a policy perspective, governments should encourage unpaid women who are willing to participate in the labour market to do so, by reinforcing gender-focused measures such as provision of basic facilities, public childcare, easy access to credit facilities for entrepreneurial activities, and invigorating technical education and vocational training.
Are Unpaid Women Willing to Work in the Labour Market? Evidence from India
(Bridge, 2022) Krishna, M.
India has set an ambitious target of achieving a US$5 trillion economy by 2025. However, a steady increase, perhaps even more rapid in recent years, in women’s participation in unpaid domestic work poses a grave threat to India’s economic development. Significantly, the extent of women’s participation in unpaid domestic work ballooned in India, recording a quantum leap from 200 million in 2004–05 to 287 million in 2017–18. The main aim of this paper is to examine the role of socio-economic factors in explaining the willingness of unpaid women to undertake work in the labour market, using data from unit-level records of employment and unemployment and labour force surveys. This study shows that, despite engaging in routine household chores, about one-third of unpaid women are willing to take up work in the labour market. Moreover, the majority of women engaged in unpaid domestic work in India have no choice but to do this work due to the socio-economic constraints. From a policy perspective, governments should encourage unpaid women who are willing to participate in the labour market to do so, by reinforcing gender-focused measures such as provision of basic facilities, public childcare, easy access to credit facilities for entrepreneurial activities, and invigorating technical education and vocational training.
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.
Assessing the role of ICT, governance, and infrastructure on inbound tourism demand in India
(Emerald, 2022-08) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The main purpose of the present research is to explore the possible effectiveness of information and communication technology (ICT), infrastructure development, exchange rate and governance on inbound tourism demand using time series data in India.
Assessing the Triple Deficit Hypothesis for Major South Asian Countries: A Panel Data Analysis
(Econ Journals, 2017) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The paper examines the “triple deficit hypothesis” - An extension of the “twin deficit hypothesis” with inclusion of private saving gap for a panel of five South Asian countries, namely India, Pakistan, Bangladesh, Srilanka and Nepal for the period 1985-2015. The results based on first and second generation panel cointegration tests indicate long-run relationship among budget balance (BB), current account balance (CAB) and private saving gap. The long-run coefficients obtained using mean group (MG)-dynamic ordinary least square, MG-fully modified ordinary least squares and common correlated effect MG indicate positive impact of BB and private saving gap on CAB thus confirming triple deficit hypothesis. The causality analysis reveals feedback relationship between CAB and BB implying that improvement in CAB requires fiscal austerity but fiscal adjustment is not fully policy controlled and requires adjustment in current account. Further, the causation also runs from saving gap to CAB and BB implying that plugging the saving gap would help improve both current account and BB.
Assessment of living condition of urban slum dwellers in India in the New Millennium
(Taylor & Francis, 2021-02) Padhi, Balakrushna
This study analyzes the changes in access to basic services and maps the inter-regional differences in the slums over a period of 5 years in India by using the 2012 NSSO Slum Survey. This study uses the Multidimensional Wellbeing/Deprivation Index (MWD) towards the assessment of accessibility and availability of basic amenities like education, health, sanitation, electricity, and water facilities. The findings reflect that there is an apparent mutuality among different dimensions of deprivation. This situational inspection of slums has a direct policy imperative for intervention to address the regional imbalance in urban living.
Assessment of the Proposed India-China Free Trade Agreement: A General Equilibrium Approach
(Emerald, 2015-02) Arora, Rahul
The present study is an attempt to evaluate the impact of the proposed India-China free trade agreement (FTA) in goods trade on both countries under a static general equilibrium framework.
An assessment of the public confidence in governance institutions in India: Empirical evidence using IHDS survey
(Elsevier, 2023) Padhi, Balakrushna
Using two rounds of the Indian Human Development Survey (2004–05 & 2011–12), this study evaluates levels of household confidence in the governance institutions across Indian states. The observed broad pattern conveys that although there is a marginal improvement (from 0.582 in 2004–05 to 0.602 in 2011–12) in the confidence in the governance institutions, there still exists a great deal of deficit in it. analysing the socioeconomic determinants of the degree of confidence, we find that over time regional identities along with class, caste, and other attributes shape the levels of confidence in governance institutions. Such an observation leads to an inference that improvement in confidence in governance institutions is responsive to the development divide across regions.
An assessment of the water quality index (WQI) of drinking water in the Eastern Himalayas of South Sikkim, India
(Elsevier, 2022-05) Bal, Debi Prasad
The current research was performed to evaluate the Water Quality Index (WQI) from the South Sikkim district, India, in the Eastern Himalayan region. Due to the rapid development of the tourism industry in the region, water scarcity has become one of the significant issues in some parts of the South Sikkim district. The lack of sufficient spring water to meet their drinking water needs has forced the local people to depend on alternate sources such as surface or rainwater. The main aim of the current research is to determine the acceptability of drinking water sources using the Water Quality Index (WQI) values. The Bureau of Indian Standard (BIS 2012) was used to evaluate the WQI and evaluate the quality of water for the water sources. Physicochemical parameters such as potential of hydrogen (pH), hardness, alkalinity, iron (Fe), fluoride (F−), chloride (Cl−), nitrate (NO3−), and turbidity were analysed using standard devices and found that water is safe for drinking purpose. The presence of all these parameters did not affect the water quality as all are below the permissible limit. The water delivered after conventional treatment to individual households by local administration is free from contaminants and suitable for drinking. Based on WQI values, surface waterfalls under the projected area of South Sikkim district into two categories: excellent water and good water (ranging from 0 to 50). However, water scarcity continues to remain a major challenge. The current study concludes with some suggestions for proper planning and managing drinking water resources in the South Sikkim district and hilly areas.
Beyond Growth: Does Tourism Promote Human Development in India? Evidence from Time Series Analysis
(Korea Science, 2020) Giri, Arun Kumar
The present study aims to investigate the impact of tourism growth on human development in Indian economy. For this purpose, the study uses annual data from 1980 to 2018 and utilizes two proxies for tourism growth - tourism receipt and tourist arrivals - and uses human development index calculated by UNDP. The study uses control variables such as government expenditure and trade openness. The study employs auto regressive distributed lag (ARDL) approach to investigate the cointegrating relationship among the variables in the model. Further, the study also explores the causal nexus between tourism sector and human development by using the Toda-Yamamoto Granger non-causality test. The result of ARDL bounds test reveals the existence of cointegrating relationship between human development indicators, government expenditure, trade openness, and tourism sector growth. The cointegating coefficient confirms a positive and significant relationship between tourism sector growth and human development in India. The causality result suggests that economic growth and tourism have a positive impact while trade openness has a negative impact on human development in India. The major findings of this study suggest that tourism plays an important role in the socio-economic development of Indian economy in recent years and the country must develop this sector to achieve sustainable development.
Budget deficit sustainability and revenue expenditure linkages in major South Asian economies
(EJBE, 2017) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The paper examines sustainability of budget deficits and dynamic linkages between government revenues and expenditures in five major South Asian economies, namely India, Pakistan, Bangladesh, Srilanka and Nepal for period 1985-2014. The study contributes to the literature by combining individual-country analysis with recent panel data approaches for robustness of results. Our results support existence of long-run relationship between government revenues and expenditures for the countries in a specification allowing for unknown structural break. The size of slope parameter obtained from Dynamic Ordinary Least Squares is however significantly less than one except for Bangladesh indicating incoherence with ‘strong’ sustainability of deficits. The long run causality analysis lends support to ‘spend-tax hypothesis’ for India, Bangladesh, Pakistan and Srilanka and ‘tax- spend hypothesis’ in case of Nepal. From perspective of design of fiscal consolidation programmes, this implies that adjustment of revenues would be optimal solution to control spending in Nepal while control of expenditure would be effective in case of India, Bangladesh, Pakistan and Srilanka. The results from Pedroni (1999) and Westerlund (2007) panel cointegration tests and block exogeniety and Dumitrescu-Hurlin (2012) panel causality tests are broadly in conformity with the time series results.
Calculation of Ad Valorem Equivalents of Non-Tariff Barriers: A Case Study of 16 RCEP Countries
(Springer, 2017-12) Arora, Rahul
This chapter provides the calculation of ad valorem equivalents (AVEs) of nontariff barriers, particularly those barriers that increase both the time to import and the time to export goods between two trading partners. The calculation considers the example of 16 member countries of the proposed Regional Comprehensive Economic Partnership (RCEP) agreement. This chapter evaluates the impact of trade facilitation in RCEP countries on their bilateral trade flows and other macroeconomic variables. Using an econometric approach, sectorwide AVEs of the time to import and the time to export have been calculated through the estimation of an augmented version of the gravity model.
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.