BITS Faculty Publications
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Item 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 PrasadThis 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.Item 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 PrasadThe 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.Item Changing contours of growth and employment in the indian labour market: a sectoral decomposition approach(Elsevier, 2023-12) Padhi, BalakrushnaThis study analyses the changing contours of employment and economic growth in the Indian labour market over four decades (1983–2019-20) using the NSSO-EUS & PLFS datasets. Here, the Shapley Decomposition methodology (as developed by World Bank) has been used to decompose the per capita income growth into changes in employment, changes in output per worker, and the population change components at the aggregate level and by sectors for the Indian labour market. The study unfolds a pattern of inter-sectoral variations in growth in income and employment since pre and post-reform periods. The estimate shows that the major contributor to the value-added is output per worker and inter-sectoral shifts. Further, despite the output growth in the industrial and service sector, it didn't reflect in absorbing the labour force entering the job market. The aggregate employment and income growth pattern entails proper policy intervention in the Indian labour market.Item Institutional imbalance moderating the linkage between GVC participation and economic growth: empirical evidence(Emerald, 2023-10) Arora, RahulParticipation in global value chains (GVCs) is increasingly related to the economic growth of any country. The conceivable beneficial impact of GVCs on economic growth differs across countries and could be modified with the countries' domestic institutional arrangements. However, ignoring the complementarity between the components of institutional quality led to ignorance of the institutional imbalance present in the country. Hence, the primary purpose of this study is to examine the role of institutional imbalance as a moderating variable between GVC participation and economic growth from 2000 to 2018.Item Technological development, financial development, and economic growth in India: Is there a non-linear and asymmetric relationship?(Emerald, 2023-02) Giri, Arun Kumar; Mohapatra, Geetilaxmi; Debata, ByomakeshThe study employs the nonlinear autoregressive distributed lags model (NARDL) and Hetemi J asymmetric causality tests to explore nonlinearities in the dynamic interaction among the variables. The stationarity properties of data are checked by using Ng–Perron and ADF structural break unit root tests. The unit root test confirms that the variables are non-stationarity in level and are differenced stationary.Item Examining the linkages between human capital and economic growth in India(Emerald, 2023-05) Mohapatra, GeetilaxmiThe study used the methodology given by World Bank, 2018) in calculating the human capital index (HCI). The HCI has been constructed at a regional level for all 28 Indian states and 8 Union Territories (UTs) for the period of 2015–2016. The study explored the linkages between HCI and per capita gross state domestic product (PGSDP). The study further employed OLS (Ordinary Least Square) for overall significance and Spearmen’s Rank correlation coefficient test for establishing the linkage between HCI and PGSDP.Item 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 PrasadBased 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.Item India's Green Growth Puzzle: Decoding the interplay between carbon dioxide emissions, energy mix and GDP(2024) Bal, Debi PrasadWe show the dynamic relation between environmental degradation, energy composition, and economic growth in India, utilizing annual data from 1985 to 2022. Our research illuminates a robust, long-term equilibrium relationship among these pivotal variables. Notably, our findings underscore the pivotal role of renewable energy adoption and strategic enhancements in energy efficiency as potent strategies for curtailing CO2 emissions. In addition, we emphasize the imperative of diversifying the energy portfolio and reducing dependence on fossil fuels. Moreover, our Granger causality analysis unveils dynamic interdependencies among these variables, enriching our comprehension of their temporal dynamics. Building upon these compelling results, we proffer a comprehensive set of evidence-based policy recommendations, encompassing the incentivization of renewable energy sources, the augmentation of energy efficiency measures, the introduction of carbon pricing mechanisms, and the steadfast pursuit of sustainable development objectives. This synthesis of findings, intricately coupled with the robust VECM methodology, equips policymakers with invaluable insights to navigate the multifaceted landscape of sustainable development in the dynamic Indian context.