BITS Faculty Publications

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Author: search.filters.author.Bal, Debi PrasadSubject: search.filters.subject.Economics

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Now showing 1 - 10 of 15
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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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    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.
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    Does energy poverty matter for decent employment among women in india? An empirical insight from the dissimilarity index
    (2025-02) Kumar, Rahul; Bal, Debi Prasad
    This study examines the impact of multidimensional energy poverty on women’s access to regular employment opportunities in India and its major states. The World Bank’s “human opportunity index” framework is applied to a sample of 31,611 employed women from the fifth round of the National Family and Health Survey. The findings indicate that energy poverty significantly affects women’s access to regular employment.
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    Digitalisation and economic growth in G-20 countries: a panel ardl analysis
    (Faculty of Business and Economics at Alberto Hurtado University, 2024) Debata, Byomakesh; Bal, Debi Prasad
    The 4th industrial revolution, or Industry 4.0 for short, has been ushered in by technological improvements over the past 30 years. As a result, the growing trend of digitalization has had a distinctly beneficial effect on economic growth, particularly in the banking and financial sector where it has increased productivity and efficiency due to reduced information asymmetry and by making financial services more widely available and reasonably priced for a wider range of people. Keeping in mind the notable benefits brought about by rising digital advancements and its impact on financial sector, this study aims to show the dynamic relationship between digitalization, financial inclusion and economic growth for G20 nations. We used the annual data for the time span of 2010 to 2020 for G20 countries and has used panel ARDL approach for the analysis. The panel ARDL technique reveals a positive correlation between digitalization and long-term economic growth. Conversely, the research findings indicate a negative relationship between them in the short run. Similarly, we spot an detrimental long-term association between financial inclusion, measured as the number of commercial bank branches, and economic growth. The study also comes to the conclusion that, in the short and long terms, respectively, population and gross-fixed capital formation have an impact on economic growth. Further, we have checked the robustness of our results by using internet usage as proxy for digitalization. The finding in this case proves the robustness of our study. Based on our study, we suggest that widespread digitalization and financial inclusion along with the introduction of FinTech might contribute to sustainable economic growth from a policy perspective.
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    Sector wise nonlinear causality between stock market volatility and COVID 19 pandemic: Evidence from India
    (Asian Economics Letters, 2021) Bal, Debi Prasad
    This paper examines the linear and nonlinear relationship between daily confirmed COVID-19 cases and sectoral stock market volatility in India. The linear Granger causality test reveals bidirectional causality. Further, we observe that bidirectional nonlinear Granger causality exists between stock market volatility and COVID-19. This implies that the historical and lagged information can have a significant role in predicting COVID-19 cases and the stock market.
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    Does Crude Oil Price Affect the Inflation Rate and Economic Growth in India? A New Insight Based on Structural VAR Framework
    (Sage, 2021) Bal, Debi Prasad
    Based on a structural vector autoregressive framework on the monthly data from April 1997 to July 2016, this study is an attempt to show the impact of crude oil price on the rate of inflation and economic growth in India. The results showed that the crude oil price has a positive impact on the rate of inflation whereas an inverse relation exists between crude oil price and economic growth. Further, we segregated the crude oil price into two components, that is, positive and negative partial sum of oil price through the nonlinear and asymmetric autoregressive distribution lag framework. A similar kind of result is derived in the case of positive partial sum of oil price on the rate of inflation and economic growth, while a significant negative relationship is found in the negative partial sum of crude oil price on economic growth. From the policy perceptive, we suggest that policymakers may focus on reducing the consumption of crude oil and using renewable energy for accelerating the economic growth. This would not only prevent the domestic economy from international oil price fluctuations and inflation but also assist in achieving sustainable environmental goal of reduced crude oil use.
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    Estimation of price and income elasticity of water: a case study of Darjeeling town, West Bengal, India
    (IAS, 2021-03) Bal, Debi Prasad
    This study examines the price and income elasticity of water of Darjeeling town in West Bengal, India. We collected the primary data between 2017 and 2018 through the survey method. Here simple random sampling has been used for interviewing 100 house- holds. We divided the households into groups of 25 each according to the mode of consumption of water, such as domestic pipeline, commercial pipeline, domestic water tanker, and commercial water tanker. This study concludes that the price for domestic pipe- line connection, commercial pipeline, domestic water tanker, and commercial water tanker is elastic by using the midpoint formulae of elasticity. More specifically, the consumption of commercial water tanker and commercial pipeline connection is relatively more elastic as compared to the domestic pipeline and domestic water tanker. Further, the result shows that the income elasticity of water demand is relatively high. Mainly, the income elasticity is less in the domestic pipeline and domestic water tanker compared to those under commercial pipeline and commercial water tanker. The paper's overall implication is that rising water per litre price has compelled the residents to compromise on the quality of drinking water. Therefore, it is recommended that the government follows the objective of inter-generational equity for water in the long run.
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    ESG Volatility Prediction Using GARCH and LSTM Models
    (Sciendo, 2024) Bal, Debi Prasad
    This study aims to predict the ESG (environmental, social, and governance) return volatility based on ESG index data from 26 October 2017 and 31 March 2023 in the case of India. In this study, we utilized GARCH (Generalized Autoregressive Conditional Heteroskedasticity) and LSTM (Long Short-Term Memory) models for forecasting the return of ESG volatility and to evaluate the model’s suitability for prediction. The study's findings demonstrate the GARCH effect inside the ESG return volatility data, indicating the occurrence of volatility in response to market fluctu-ations. This study provides insight concerning the suitability of models for volatility predictions. Moreover, based on the analysis of the return volatility of the ESG index, the GARCH model is more appropriate than the LSTM model
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    Developing a model for residential water demand in the Indian Himalayan Region of Ravangla, South Sikkim, India
    (Elsevier, 2023-05) Bal, Debi Prasad
    Climate change and increased demand for human needs have led to drinking water scarcity in the cities and towns located in the Indian Himalayan region. This paper aims to address the challenge of drinking water security by proposing a model of water demand among households in Ravangla town of South Sikkim, India. Our field survey results indicate that the water demand increases significantly due to the number of household members between the age of 18 and 60. Further, we find that the number of taps in the household is positively and significantly correlated with water demand. Number of water taps, storage capacity and the water consumption are positively related. However, we did not find any such strong association with the number of toilets in the household. The GIS maps of South Sikkim shows the areas with households that will soon face acute water stress and drinking water insecurity. In order to address the scarcity of water in these regions, policymakers may develop plans like rainwater harvesting to ameliorate the situation through a GIS based decision support system.