Indian Journal of Economics and Finance (IJEF)
The Indian Journal of Economics and Finance (IJEF) has ISSN 2582-9378 (online), an open-access, peer-reviewed, periodical half-yearly international journal, which is published by Lattice Science Publication (LSP) in May and November. Authors can electronically submit articles throughout the year using the Article Submission System. Authors can format their article either in (i) a single-column format or (ii) as per the journal template. The submitted articles should not have been previously published or are currently under consideration for publication elsewhere. The journal does not accept brief or short notes for publication. The editors retain the right to reject any articles that lack quality or originality without sending them for review. All articles must fall within the journal’s scope and will undergo a double-anonymized peer-review process. Authors must confirm that they have read and understood the content of their submitted article and ensure that it meets acceptable English grammar and usage standards. To help with the proofreading process, authors can use tools like Grammarly or similar applications. As an open-access journal, authors must pay an Article Processing Charge (APC) to publish their articles and retain copyright. Additionally, authors should familiarise themselves with the editorial and publishing policies of the journal.
CC-BY-NC-ND 4.0
From Formalisation to Inclusion: Forecasting MSME Growth and Women’s Entrepreneurship in India using Exponential Smoothing
This study examines the growth patterns, employment potential, and inclusivity aspects of India’s Micro, Small, and Medium Enterprises (MSMEs) during the Udyam phase (formalisation), with a specific focus on women-owned businesses. It underscores the importance of inclusivity in development. While many studies have analysed MSME growth and women's entrepreneurship separately, very few address these topics during the Udyam phase, particularly with respect to inclusivity. Additionally, this study forecasts MSME growth and employment generation using exponential smoothing, thereby filling a gap in the existing literature. Secondary data is obtained from the annual reports of the Ministry of MSME and the Udyam Portal, covering the period from 2020-21 to 2024-25. The study adopts a descriptive-analytical approach. The Exponential Smoothing Model is used to forecast growth trends and employment potential, while Pearson’s correlation analysis evaluates the relationship between enterprise growth and job creation. Further, a composite North-South Women MSME Inclusivity Index (NS-WMII) is constructed to assess inclusivity across various dimensions. The findings show that formalising businesses has significantly increased the number of registered MSMEs. Many previously unregistered firms have become registered, strengthening the sector's role in job creation. Forecasts indicate that the total number of MSMEs could exceed 93 million by 2029-30, with cumulative employment generation potentially surpassing 640 million jobs. Our analysis demonstrates a strong positive correlation between enterprise growth and job creation, highlighting the crucial role of MSMEs in promoting inclusive economic development in India. In addition to analysing overall trends, a regional comparison of women-owned micro, small, and medium enterprises (MSMEs) in selected Northern and Southern states is done, resulting in the development of the NS-WMII. This index accounts for various factors, including intra-state participation, national contributions, and growth momentum, to assess inclusivity in women’s entrepreneurship. Our findings reveal a significant regional imbalance: Southern states demonstrate higher levels of inclusivity and more stable entrepreneurial ecosystems, while Northern states are experiencing rapid growth but have comparatively weaker levels of inclusion. This study integrates a clear time-series forecasting method with a newly developed inclusivity index to deliver analytical insights relevant to policymaking. Our findings emphasise the significant impact of formalisation reforms and underscore the necessity for regionally tailored, gender-sensitive strategies to enhance the quality of micro, small, and medium enterprises (MSMEs).
Copyright (c) 2026 Dr. S. R. Keshava (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Bhartiya Model of Inclusive Governance: A Comparative Study of Social and Economic Development of Selected Areas
The Bhartiya Model of Inclusive Governance is highly significant for the socioeconomic development of the people. Irrespective of the goals, governance is about actors' capacity to work toward aspirations and aims resulting from the dynamic interactions and power struggles between the state and society's players. Ensuring that no one is left behind, particularly women, youth, and persons with disabilities, inclusive governance promotes an integrated approach to peacebuilding, the rule of law, access to justice, and economic recovery. The objectives of this paper are to study the factors or barriers responsible for the non-implementation of the welfare schemes and rural development programs for the socioeconomic development of the people in the selected districts for inclusive governance, to study the factors or barriers responsible for the nonparticipation, to find the relation between socioeconomic development and inclusive governance and to suggest measures for effective implementation of Bhartiya Model of inclusive governance for inclusive governance. The research question for this study is: Is there a relationship between economic development and inclusive governance? What factors affect the implementation of the Bhartiya model of inclusive governance? How has the Bhartiya inclusive governance model improved people's living standards and economic growth? Do the schemes and policies available under the institution provide ample scope for people to participate in governance? Is the current status of inclusive governance giving enough opportunities to people? How do governance factors manifest themselves in and shape the processes and outcomes of delivering selected services? Inclusive governance facilitates the identification of innovative solutions to complex problems, thus leading to more effective and sustainable policies.
Copyright (c) 2026 Prof. Dr. Meenu Sharma, Dr. Supriya David, Dr. Nisha Kumari (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Stock Market Integration Between Developed and Emerging Markets: Evidence from the EURO STOXX 50 and NIFTY 50
In today’s era, every country is aligning itself with a regional bloc to increase its trade. India, with 1.4 billion people, offers a lucrative market for other countries. Everyone wants to make trade ties with India. Recently, in January 2026, a mother of all trade deals wassigned between India and the EU. In light of all these developments, this paper sought to explore the interlinkages between the Indian and EU stock markets. Here, we tried to identify the interlinkages in front of the return generated by these two blocs of the stock market over the period. The present study examines the interdependence between the NIFTY 50 and the EURO STOXX 50 using daily data from January 2000 to December 2025. To ascertain the basic characteristics of the data, descriptive statistics and graphical analysis have been conducted. These tests serve as a torchlight for further analysis. The study employs the Augmented Dickey–Fuller and Phillips–Perron unit root tests to check the stationarity of the data. The unit root tests reveal that the logarithmic price series for both indices are nonstationary in level but stationary after dif erencing, indicating that the variables are integrated of order one. This is completely in line with the descriptive statistics and graphical analysis. Johansen cointegration analysis and Granger causality testing is performed to understand the long-run and short-run behaviour of the two indices. The Johansen cointegration test found that the two markets do not move together. At the same time, Granger causality indicated unidirectional causality from India to the EU. We found that only the EU has a significant influence on the Indian stock market.
Copyright (c) 2026 Prof. Deepak, Dr. Amit Kumar Nandal (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Financial Inclusion in India: A study on Post-Reform Period (1991–2025)
This study explores the progress of financial inclusion in India during the post-reform period from 1991 to 2025. The study is based on secondary data collected from Reserve Bank of India reports and other official sources. The research highlights major indicators, including the development of bank branches, progress in deposits and credit, and the expanding use of digital payment systems. The findings show that financial inclusion has significantly improved, especially since the 2000s and during the post-pandemic period, driven by banking reforms, government programs, and technological developments. Even though financial transactions remain higher in urban and metropolitan areas, contributions from semi-urban regions have gradually increased, indicating broad access to financial services. The rapid advancement of digital payments shows the increasing importance of technology in improving financial inclusion. Though regional differences remain, they underscore the need for sustained policy support to achieve stable, sustainable financial development in India.
Copyright (c) 2026 M. P. Priya (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Rewarding Poverty, Penalising Effort: A Deep Dive into Taxpayer Stress and Welfare Incentives
India collects taxes at scale. What it does not do— reliably, visibly, or convincingly—is return value to the people who pay them. This paper asks why that gap persists and why it has produced a specific folk label—"tax mafia"—that circulates among salaried professionals and small traders, with a conviction that goes well beyond routine fiscal complaints. The research draws on published state budget data, compliance cost studies of Indian microenterprises, fiscal federalism literature, and a documented episode from late 2025 in which the Income Tax Department's automated systems dispatched bulk notices implying fraudulent filing to largely compliant taxpayers. No new primary data are collected; the paper's contribution is analytical, reading existing evidence against the specific question of why formal-sector taxpayers feel structurally penalised rather than served. Three findings emerge. First, India's welfare architecture has grown in ways that make staying poor the financially rational choice for many households: free utilities, untargeted ration entitlements, and farm loan waivers are structured in ways that impose steep benefit cliffs on households that cross income or mobility thresholds. States have allocated 20–37% of receipts to subsidies and transfers—Chhattisgarh at 37.6%, Punjab carrying debt at 73.1% of revenue—leaving chronic shortfalls in capital expenditure. Second, tax compliance is not free. A sole proprietor in Bhiwandi or Pimpri who registers under GST, files GSTR-1 and GSTR-3B monthly, reconciles TDS certificates, and responds to AIS mismatches is bearing a compliance cost that her unregistered roadside competitor does not. This is not a minor administrative friction; it is a recurring tax on honesty. Third, the state communicates with its taxpayers as though they are suspects. The December 2025 notice episode—"false claims" — dispatched to tens of thousands of filers days before deadlines is the latest example of a long pattern in which the default register of official communication is accusatory rather than helpful. These findings matter because the standard response to taxpayer grievances—public education campaigns and awareness of where taxes go— addresses the wrong problem. The grievance is not ignorance; it is experience. Fixing it requires changing the experiences: portable welfare benefits that do not penalise mobility, GST return frequencies that do not penalise small-scale formalisation, and notice language that does not penalise honesty. The paper closes with a set of specific, technically feasible reforms oriented to each of these.
Copyright (c) 2026 Jitendrakumar Narayanlal Suthar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
India’s Evolving FDI Landscape: Trends and the Role of Make in India
Annual Foreign Direct Investment data on equity inflows are analysed for the period from 2000-01 to 2024-25. We also examine the sectoral and geographical (state- and countrywise) composition of inflows. The Make in India initiative is evaluated by comparing the performance of the targeted sectors. The estimates indicate clear and positive policy effects, most noticeable after 2014-15. State-wise and country-wise analyses reveal concentration. The pace of diversification remains slow. This emphasizes the need for broader, innovation-driven FDI for India.
Copyright (c) 2026 Dr. Manjusha Senapati, Dr. Prabha Jadav, Srijan Hazra (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Macroeconomic Sensitivity of Blue-Chip vs. Growth Stocks in India: A Decadal Regression-Based Analysis
By analysing the distinct ways in which blue-chip and growth stocks respond to systematic macroeconomic factors, this study addresses a significant gap in Indian financial research. Previous Indian studies often compared total stock returns but frequently blurred firm-specific characteristics with broader economic influences. Here, we use a multi-factor OLS regression on monthly returns data for the Nifty 50 (as a blue-chip benchmark) and the Nifty Midcap 150 Total Return Index (as a growth stock benchmark), covering the period 2014 to 2024. The analysis examines explicitly how these stock categories (through their betas) respond to changes in GDP growth (G), CPI-based inflation (u), and shifts in the RBI policy rate (∆I). The findings show that, with statistically significant negative coefficients, growth stocks are about twice as sensitive to high inflation and rising interest rates as blue-chip stocks. In contrast, growth stocks demonstrate stronger positive sensitivity to phases of GDP growth. These results indicate that systematic risk in the Indian equity market is complex and varies across investment types, providing valuable insights for studies on the transmission of central bank policy and dynamic asset allocation strategies.
Copyright (c) 2026 Partth Kant (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Does Biotechnology Innovation Drive Economic Growth? Panel Evidence from Developed Economies, 2018-2023
In today's world, the biotechnology field is not just a scientific development but also a pivotal economic contributor across healthcare, agriculture, and many other industries. This study explores the crucial relationship between the biotechnology innovations and the economic growth indicators of 11 nations for the years 2018 to 2023. A secondary dataset comprising 11 countries over 6 years was gathered and used to conduct correlation and regression analyses. These analyses help evaluate how innovation indicators affect an economy's growth. The findings reveal a strong global biotechnological innovation infrastructure dominated by the United States, while Switzerland shows extraordinary innovation efficiency during the selected period. The correlation test shows a strong positive relationship among various innovation parameters, including Research and Development Spending and nations' GDP shares, as well as biotechnology patent registrations. However, the regression results for both Fixed and Random effects fail to establish an impactful relationship between innovation and economic parameters. The findings suggest that policymakers should consider longer-term data when evaluating R&D investments and develop dedicated frameworks for measuring innovation impacts beyond traditional GDP metrics. The study enriches the innovation economics literature by verifying the complex, non-linear relationship between biotechnology innovation inputs and economic growth outcomes.
Copyright (c) 2025 Navya Patel (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
An Analysis of Adoption Patterns and Challenges of Digital Marketing Strategies in Agribusiness: Special Reference to Coconut Farmers
The digital space in agribusiness enables coconut farmers in Coimbatore district, Tamil Nadu, to deal with the systemic barriers that hinder their access to the markets and income generation. This situation has been analysed, leading to the conclusion that farmers can profit from a proper understanding of the facilitating factors, thereby widening the scope and increasing productivity if digital constructive use is inculcated. The research analysed why small farmers get trapped in traditional marketing modes, failing to adopt necessary changes, such as using digital tools despite their utility. A descriptive research design was followed, and primary data were collected from 65 coconut farmers using a structured questionnaire. The survey focused on demographic characteristics, the marketing mix, reasons for adopting digital media or challenges to adoption, satisfaction levels, and market performance. Chi-square tests, cross-tabulations, and principal component analysis were used to analyse the data and draw conclusions about the association between education and patterns of media adoption and market performance. The findings suggest that educational attainment is a leading determinant of digital marketing uptake and the issues associated with it. Digital literacy is cited most often as the predominant challenge by farmers with higher secondary education, but 54% of farmers with degrees report reaching out with fear of trust issues. The most common method is traditional marketing, used by 43.1 per cent of respondents. Those who use digital-only strategies are 32.3, and those who use a mixture of traditional and digital approaches are 24.6. Early adopters comprise 28% of the sample, and late adopters comprise 30%, with better-educated farmers adopting digital marketing more quickly. Most farmers are satisfied with digital marketing; 76% have indicated that cost effectiveness has led to their satisfaction, and 68% have said that their sales conversion rates have improved. The market results demonstrate that 72 per cent of the farmers achieved higher prices, 64 per cent experienced growth in sales volume through digital marketing, and 48 per cent noticed moderate profit improvements. The research finds that body-focused measures, including training, infrastructure development, and sensitisation initiatives, are required to hasten the uptake of digital marketing among coconut farmers. By mitigating significant adoption barriers, stakeholders can reduce farmers' dependence on intermediaries, Increase their competitiveness and improve outcomes in their economic processes. This study identifies the potential for transforming digital marketing in agribusiness. It offers policies and guidelines applicable to policy-makers, farming institutions, and providers of digital services, with a view to fostering good use.
Copyright (c) 2025 Dr. V Murugesh, Mrs. Jincy D (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Factors of Credit Risk Handling in Selected Microfinance Institutions of Ethiopia
This study examined how certain Ethiopian microfinance institutions manage credit risk. Microfinance institutions are a crucial means of raising substantial funds in developing nations. Secondary data sources were collected from specific microfinance institutions for this investigation. The years 2010 through 2018 were consecutively included in the collected data. The data were analysed using a balanced regression model. Purposive sampling was used to select the sample, and a quantitative research methodology was employed to achieve the study's objectives. The study's target population is the whole Ethiopian microfinance industry. An explanatory research design is used to achieve the study's aim. For analytical reasons, credit risk management is measured as the dependent variable. Moreover, explanatory (independent) factors include the loan-todeposit ratio, average loan balance per borrower, company development, managerial performance, and total assets. Credit risk is positively correlated with total assets, the loan-to-deposit ratio, management performance, and average loan balance per borrower, as indicated by a regression analysis in EViews 8. The study also recommended that companies enhance their overall asset value and management performance by implementing training and other strategic measures.
Copyright (c) 2025 Mr. Idris Ali Yimer (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Understanding Consumer Challenges and Bank Strategies in the Adoption of E-Banking: A Psychosocial Perspective in the Covid-19 Era
The COVID-19 pandemic fueled digital banking adoption in India. The relevance of traditional banking has diminished as consumers have chosen safer and more contactless options. This rapid shift exposed psychological barriers, including trust deficits, emotional disconnection, and perceived technological complexity. Despite banks investing in security upgrades and user education, gaps remain in aligning these efforts with evolving consumer sentiments. This study examines the dual challenge of functional efficiency and emotional trust in the adoption of e-banking. Guided by two key objectives — identifying consumer challenges and assessing psychological shifts both before and after the pandemic — the survey was conducted online with 210 respondents. Using descriptive statistics and pairedsamples t-tests in SPSS, the study analysed 10 variables, including trust, convenience, emotional response, and perceived control. Findings reveal statistically significant changes in experience, convenience, confidence, social influence, emotional reactions, user control and future intent post-pandemic. However, emotional adaptation did not fully translate to satisfaction. Key issues include functional dissatisfaction, perceived control and trust. The study concludes that while banks have advanced in usability and security, emotional-functional dissonance still limits user loyalty and engagement. Banks must embed empathy, transparency and user empowerment into their digital strategies. Future research should adopt longitudinal designs and focus on vulnerable populations for a more comprehensive understanding.
Copyright (c) 2025 Tisha Shah, Rashika Agarwal, Anika Bafna, Tanisha Surana, Prisha Sheth (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Is India Prepared to be an Investment Destination Among Asian Countries?
India represents one-sixth of the world's population (UNFPA), and today, the country is the third-largest economy in purchasing power parity. India is the sixth-largest economy, even when measured by the nominal exchange rate of the dollar. It has grown at an average annual rate of 7% over the past 40 years, increasing from $189 billion in 1980 to nearly $3 trillion today. India faces numerous challenges in achieving its growth path. India needs to focus on quality over quantity, reform its policies, and execute them to achieve tangible outcomes. In this study, our objective is to identify the key areas for reform that will help India prepare as an investment destination among Asian countries.
Copyright (c) 2025 Dr. Anindya Pal (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Effects of Debt Finance on Financial Performance of Listed Deposit Money Banks in Nigeria
This study was inspired by the persistent poor performance of Nigerian Deposit Money Institutions, which in turn affects the return on investment available to capital providers. It concentrated on debt financing and return on investment for businesses that transfer money from economic sectors with surpluses to those with deficits. The study examines how both total debt-to-total assets and long-term debt-to-total assets influence the return on assets of Nigerian listed deposit money banks. The audited financial accounts of eleven (11) of the fourteen (14) DMBs that make up the study population over ten years (2014– 2023) served as the secondary data for the study. The Trade-Off Theory serves as the foundation for the study, which used a correlational research approach. The panel data used in the study were analysed using STATA 14, and several regression models were applied. The results from the Random Effect Regression model for the 110 observations were examined. The results showed that whereas long-term debt to total assets (LTDTA) has a considerable and positive impact on ROA, total debt to total assets (TDTA) has an adverse but significant effect. The study's findings showed that debt financing has a 26% impact on the ROA of listed DMBs in Nigeria, with long-term debt accounting for the remaining 74%. The study recommends that DMBs should use debt more prudently to prevent debt traps that could jeopardise their ability to continue operating in the event of default.
Copyright (c) 2025 Jeremiah Ogorry Ogbu, Dr. Seini Odudu Abu, Prof. Emmanuel Apedzan Kighir (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Influence of Foreign Direct Investment (FDI) on India's Financial Markets: Trends, Impact, and Future Outlook
Foreign Direct Investment (FDI) has emerged as a crucial driver of economic growth and financial market expansion in India. As a rapidly developing economy, India has consistently attracted substantial foreign investment, particularly after the 1991 economic liberalisation. This research examines the influence of Foreign Direct Investment (FDI) on India’s financial markets, analysing its impact on GDP growth, stock market performance, sectoral distribution, and overall economic stability. The study highlights key trends, showing that FDI inflows peaked at USD 84,835 million in 2021-22, with a cumulative inflow surpassing USD 70,000 million since 2000. Major contributing sectors include services, computer software & hardware, trading, and infrastructure, while leading investor countries such as Mauritius, Singapore, and the United States continue to dominate. The correlation analysis between FDI, GDP, Nifty, and Sensex indicates a strong positive relationship, reinforcing FDI’s role in enhancing financial market efficiency and investor confidence. Despite these benefits, the research identifies significant challenges, including regulatory hurdles, policy uncertainty, exchange rate fluctuations, and sectoral imbalances. The study suggests that India's over-reliance on a few investor countries and specific industries could pose risks to sustained investment growth. To ensure long-term economic stability, the research recommends policy enhancements, diversified investment sources, and sectoral reforms to attract high-quality foreign direct investment (FDI). By fostering a stable and transparent investment climate, India can further integrate into global financial networks, solidifying its position as a preferred FDI destination. This research contributes to the broader discourse on the role of FDI in emerging economies, offering insights for policymakers, investors, and financial analysts seeking to optimise India’s investment potential.
Copyright (c) 2025 Dr. Jay Prakash Verma, Sanskriti Wadhwa, Tushar Bhiwaji Gahane (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Humital Banking: The Future of Banking at the Intersection of Human and Digital Touch
The global banking sector is undergoing a rapid and multidimensional transformation. This study examines the transition from conventional, human-centric service models to an increasingly digital-first landscape. This paradigm not only redefines customer expectations but also challenges the traditional foundations of trust and engagement in the banking industry. At the heart of this transformation lies the concept of Humital Banking—a strategic convergence of human empathy and digital efficiency. This paper introduces and articulates the scope, application, and impact of this hybrid model, designed to bridge the emotional intelligence of human interactions with the convenience and scale of digital platforms. The research employs a qualitative methodology, incorporating analyses of recent banking trends, reviews of policy developments, and empirical insights from real-world case studies involving top Indian banks. It critically assesses the limitations of traditional banking practices, such as limited accessibility, operational inefficiencies, and demographic constraints. Simultaneously, it acknowledges the significant advancements brought by digital technologies, including Automated Teller Machines (ATMs), Cash Deposit Machines (CDMs), Unified Payments Interface (UPI), Net Banking, and Central Bank Digital Currencies (CBDCs). Emerging digital banking formats, such as Digital Banking Units (DBUs) and phygital branches, are also examined for their role in reshaping the banking experience across diverse regions. Findings from this study reveal that while digital transformation has increased operational speed and scalability, it often fails to address emotional engagement, trust deficits, and the digital divide prevalent in rural and underbanked populations. This gap can be effectively filled by the Humital Banking model, which integrates digital tools with personalised human support. Video-enabled relationship management, multilingual banking interfaces, and digitally trained personnel in hybrid branches serve as key components of this model. The implications of this approach are particularly significant in developing economies like India, where technology adoption is uneven, and large segments of the population remain outside the formal banking system. By deploying Humital Banking, financial institutions can deliver a more inclusive, trustworthy, and emotionally intelligent banking experience. The paper concludes that such a model not only enhances customer satisfaction and loyalty but also facilitates cost optimisation, risk mitigation, and increased financial inclusion. Overall, Humital Banking represents a forward-thinking framework—an adaptive strategy that aligns with the digital age without compromising the relational essence of traditional banking. It offers a resilient pathway for banks seeking to strike a balance between operational efficiency and human-centric service delivery in a rapidly evolving financial landscape.
Copyright (c) 2025 Dr. Kumar Vikas (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Real-Time Forecasting of Stock Trends using Particle Swarm Optimization
The traditional neural network algorithm for stock price forecasting is prone to local optima. To enhance the accuracy of stock price forecasting and reduce forecasting time, this paper introduces an improved Particle Optimisation Neural Network Algorithm. By integrating neural networks and particle swarm optimisation algorithms, a more effective forecasting model is constructed that better reflects the dynamic changes in stock prices. Meanwhile, introducing chaos-interference and mutation factors can enhance the algorithm's diversity, thereby further improving forecast accuracy and stability. This method presents a novel solution for research and application in stock price forecasting, offering a valuable reference for relevant practitioners.
Copyright (c) 2025 Suraj Kumar Sahu, Dr. Zubair Ahmed Khan, Dr. Abhishek Guru, Ankita Singh Baghel, Divya Soni (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
A Study of Customer Buying Behavior for Online Shopping with Special Reference to Electronic Goods
This paper aims to identify the various factors that affect customer buying behaviour. In the Digital era, online shopping has seen a rapid rise. The emergence of the internet and technological progress has transformed how consumers interact with commerce. Online shopping has become a pivotal element of modern consumer behavior, altering purchasing habits, preferences, and decision-making processes. This essay provides a comprehensive analysis of consumer behaviour in the context of online shopping, addressing factors that shape buying decisions, the significance of trust and convenience, the influence of social dynamics, the psychological elements that impact choices, and the implications for businesses. By reviewing existing research and empirical evidence, this study provides meaningful insights into the complexities of online consumer behaviour in the electronic goods sector.
Copyright (c) 2025 Dr. Punit Dubey, Dr. Rajeev Sharma, Dr. Vandana Kanaskar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Financial Inclusion through SHGs: A Study of Women’s Economic Participation in Ziro Valley
Financial inclusion has emerged as a crucial aspect of economic development, providing individuals and businesses with access to valuable and affordable financial products and services. In India, financial inclusion has gained significant attention as a means to empower marginalized and low-income populations, particularly women. One key mechanism for promoting financial inclusion among women in rural areas has been the establishment of Self-Help Groups (SHGs). This study examines the role of SelfHelp Groups (SHGs) in promoting financial inclusion and empowering Apatani women in Ziro Valley, Arunachal Pradesh. It explores how SHGs facilitate access to credit, enhance financial literacy, and influence household economic decision-making. Additionally, the research highlights the contribution of SHGs in fostering social cohesion, leadership skills, and community development. Through collective savings and microcredit facilities, these groups not only provide economic support but also strengthen women's financial independence and resilience. The study employs a mixed-methods approach, integrating both qualitative and quantitative techniques to assess the financial behaviour of SHG members. A purposive sampling method was used to select 70 SHG members, ensuring a focused analysis of their financial practices and socio-economic transformations. Furthermore, interviews with local community members were conducted to gain deeper insights into the informal financial system, revealing the widespread prevalence of traditional fund associations as alternative financial mechanisms in the absence of formal banking institutions. The findings of this study offer valuable insights into the effectiveness of SHGs in promoting financial inclusion and enhancing financial behaviour among Apatani women. By expanding access to financial resources and strengthening financial literacy, SHGs serve as critical instruments of empowerment, driving sustainable economic growth and socio-economic development in Ziro Valley.
Copyright (c) 2025 Lobsang, Pura Suniya (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Behavior and Trends in Retention of Employees of Automobile Industries-A Study in Bangalore
The retention of employees in the automobile industry has emerged as a critical factor for maintaining organizational stability and competitiveness, especially in rapidly growing markets like Bangalore. This study examines the behaviour and trends that influence employee retention within the automobile sector in Bangalore, a hub for numerous global and domestic automobile companies. The research highlights key factors, including job satisfaction, career development opportunities, organisational culture, leadership styles, and compensation packages, which play a significant role in influencing employees' decisions to remain with their employers. By analysing the perceptions and experiences of employees working in various automobile companies, the study identifies prevailing retention strategies and the challenges faced by organisations in fostering long-term employee engagement. The findings aim to provide actionable insights for human resource practitioners and organisational leaders to develop effective retention policies that align with the evolving needs of the automotive industry workforce. Additionally, the study provides a comparison of different employee segments based on demographics, job roles, and career stages to understand the diverse factors influencing retention within this dynamic industry.
Copyright (c) 2025 Dr. V. Basil Hans (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
In the Indian federal system, the Central Finance Commission is appointed every five years under Article 280 to make recommendations on the distribution of central taxes among the states. Besides, the central government provides grants for various needs to the states under Article 275. To address challenges such as evident economic imbalances, distorted resource distribution, natural disasters, epidemics, and adverse global events, the Government of India has established a robust and resilient grant system. Unlike the central share of taxes, the central government imposes selected conditions on utilising specific grants. Some states have complained that this affects their fiscal autonomy. However, in many states, by sacrificing the basic tenets of public resource utilisation, stupendous amounts of loans are mobilised in the name of capital investment and diverted to financial extravagance for their political gain, creating fiscal stress in the economy and a high burden for the taxpayers in the years to come. In this context, the role of central grants in the financial status and economy of various states is analysed with the help of simple statistical techniques using budget data. This system is designed to deliver assistance rapidly during crises, supported by a flexible framework that helps states navigate their crisis phases efficiently. At the same time, federal grants are beneficial for achieving sustainable development goals. They encourage states to prioritise projects that emphasise environmental and social considerations and maximise both creative and productive investments. The advantages of grants from the central government extend beyond mere financial assistance; they also strengthen the country’s framework and improve public welfare programs that promote inclusive development for all. Further, these grants empower states and help them fully leverage the benefits of a cooperative federal structure. This article analyses the goals of central grants, focusing on practicality and effectiveness.
Copyright (c) 2025 Dr. Jose Jacob (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
An Unprecedented Surge: Understanding the Investor Boom in India
The COVID-19 pandemic has caused remarkable disturbances in the global financial markets, causing a ripple effect in investor behaviour. The Indian stock market has witnessed an investor boom amidst this crisis. This research paper aims to provide a refined understanding of the reasons behind this phenomenon and its profound implications. By focusing on the qualitative research method, such as interviews, questionnaires, and content analysis, this paper delves into the underlying psychological reasons behind the entry of new retail investors into the market during the COVID-19 pandemic. The conclusions spotlight the need to comprehend investor behaviour during times of crisis and highlight how resilient the Indian stock market is in the face of global uncertainty. We’ve also inspected factors influencing investor participation, like socio-economic background, risk perception, and access to information. Moreover, we also scrutinise the role of technological advancements, such as online training and trading platforms, in facilitating greater access to the market. The findings of this research paper contribute valuable insights into the underlying psychology behind investor behaviour and the dynamics of the financial market, specifically during times of global crisis. The qualitative perspective in this study adds to various quantitative analyses that offer a nuanced understanding of the human dimensions. In conclusion, this study helps other students, novice and experienced researchers, and market participants devise strategies to enhance market resilience, investor education, and regulatory frameworks amidst unknown challenges.
Copyright (c) 2025 B. Mahalakshmi, Manasvini Anand, Aghilan. M, Dr. L. Jalaja (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Financial Literacy of Women: A Systematic Review of Predictors, Behaviours, and Financial Outcomes
This systematic review examines the determinants of financial literacy among women, focusing on key predictors and financial outcomes. Financial literacy is essential for effective personal finance management, enabling informed savings, investments, and debt decisions. This review assesses current levels of financial literacy among women across different regions and socio-economic contexts, identifies influential factors, and evaluates interventions aimed at improving women’s financial literacy. The study includes a comprehensive search of databases such as Scopus, Elsevier, and Google Scholar, using predefined criteria to select relevant papers. Extracted data from the selected studies reveal significant disparities in financial literacy between men and women, with women generally scoring lower. Factors contributing to these disparities include socioeconomic status, educational attainment, cultural norms, and access to financial education. Studies indicate that women often have lower confidence and engagement in financial decision-making. The review emphasises the need for tailored financial education programs addressing the specific needs of diverse groups of women. Policy interventions that integrate financial education into school curricula and community programs are recommended to promote early and lifelong financial skills. The rise of digital financial services offers new opportunities for enhancing financial inclusion and literacy among women. Enhancing women’s financial literacy is crucial for their economic, social, and psychological empowerment, contributing to broader socio-economic development and gender equality.
Copyright (c) 2025 Nidhi Vahi, Prof. Dr. Archna Kumar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Perceptions of Bank Employees Towards Green Finance: A Case Study
This study investigates the perceptions of bank employees towards green finance at ICICI Bank, focusing on how internal stakeholders view and engage with sustainable finance practices. The research aims to evaluate the impact of green finance on environmental sustainability, financial sector resilience, regulatory compliance, market opportunities, and corporate social responsibility. Utilizing a sample of 126 bank employees from two branches, L.B. Nagar and Uppal, the study employs a structured questionnaire and primary data analysis to assess familiarity, knowledge, and attitudes towards green finance. Findings reveal that while a significant portion of employees are familiar with and knowledgeable about green finance, there is a need for further education and increased training participation. Awareness is high regarding renewable energy financing, but low for green bonds and carbon credit trading. Key motivators include financial returns, reputational benefits, and management support, with high implementation costs and regulatory constraints identified as significant barriers. The study provides insights into enhancing ICICI Bank’s green finance strategy, emphasizing the need for improved awareness, training, and internal communication.
Copyright (c) 2025 Chokkamreddy Prakash, Kanthi Vineela (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Fundamental Review of the Trading Book (FRTB): A Deep Dive into US, UK and EU Rulemaking and Implementation
The Fundamental Review of the Trading Book (FRTB) is a comprehensive Basel III framework introduced to overhaul market risk capital requirements during the 2007–2009 financial crisis. The framework includes two main approaches for measuring market risk capital: a more risk-sensitive Internal Models Approach (IMA) for banks that obtain supervisory approval and a revised Standardised Approach (SA) that applies granular risk-weighted sensitivities for all banks. This framework has global significance, and its implementation is underway across major jurisdictions. However, the United States, European Union and United Kingdom have taken somewhat divergent paths and timelines in adopting FRTB, reflecting local regulatory priorities and constraints. This document provides a condensed analysis of FRTB’s framework, comparing US, UK and EU regulatory approaches, methodologies and model approval processes. It also discusses the anticipated impact on large international banks, including changes in risk-weighted assets and capital requirements. It evaluates whether FRTB’s benefits in risk management and financial stability justify the compliance costs. The findings underscore FRTB’s role in strengthening market risk regulation while highlighting the importance of coordinated implementation and fine-tuning to address industry concerns. Key innovations of FRTB include: desk-level model approvals, a rigorous Profit & Loss Attribution (PLAT) test to ensure model accuracy, a Default Risk Charge (DRC) for jump-to-default risks and capital add-ons for Non-Modellable Risk Factors (NMRFs). Since BCBS finalized FRTB standards (as part of the Basel III “final reforms” in 2017–2019) [5], jurisdictions have moved at different paces to implement them.
Copyright (c) 2025 Abhishek Nagesh (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
An Analysis of Life Insurance Company for Sustainable Business Development with Special Reference to HDFC Life Insurance Company Limited in India
Risk and uncertainty are inextricable components of life. Although it is difficult to move away from it, one can minimize the impact of risk and uncertainty through insurance. One of these is life insurance, which directly connects to each of our lives. Thus, the provision of life insurance, according to the rules and regulations established by the government, necessitates the co-existence of public and private life insurance companies in our economy. Life Insurance is a growing domain, as many of our population is not covered yet. In the event of mis-happenings, it offers financial security to a family and supports economic growth from many perspectives. However, given specific barriers from individual and social attitudes and regulatory norms, life insurance companies have not grown in our country as they should have. As a result, bearing in mind the significance of life insurance to an individual and the economy, the current study has been undertaken to analyse the roles, importance, and impact of life insurance through life insurance companies on our economy. Thus, HDFC Life Insurance Company Limited has been taken as a case study unit, keeping in mind the functions, features and business planning followed to grow.
Copyright (c) 2025 Vaishnavi Gupta (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Impact of Artificial Intelligence on Business Administration
This paper explores the transformative integration of Artificial Intelligence (AI) into business administration, particularly within economics and finance. Through an extensive review, the research investigates what impact AI has across core business domains such as human resources, finance, marketing, and logistics, and how AI technologies—automation, data analytics, and machine learning—redefine traditional administrative practices. The study identifies AI’s role in optimizing routine operations, enhancing cost-efficiency, and improving customer experiences by leveraging large datasets for actionable insights. The research delves into why these impacts are significant by examining AI-driven enhancements in human resources (recruitment, talent management, and engagement), finance (predictive analytics, risk management, and fraud detection), marketing (personalization and predictive engagement), and logistics (route optimization, demand forecasting, and inventory management). This analysis provides insights into how AI-driven efficiencies and innovative strategies contribute to strategic decision-making and organizational competitiveness. Addressing why AI integration also presents challenges, the study highlights ethical concerns like job displacement, algorithmic bias, and data privacy, urging responsible AI practices that uphold transparency, fairness, and accountability. The research underscores the necessity for AI education, ethical frameworks, and ongoing innovation to harness AI’s potential while mitigating associated risks fully. In conclusion, this paper emphasizes that the future of business administration will likely involve a synergistic approach, where AI complements human intelligence. The findings suggest that AI holds vast potential for shaping sustainable business models, advanced decision-making, and enhanced economic practices, ultimately contributing to an AI-enabled future in business administration.
Copyright (c) 2025 A Amarendar Reddy (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Assessing the Contribution of E-Banking System Reliability on Revenue Collection at Kilimanjaro Christian Medical University College in Tanzania
This research assessed the contribution of e-banking systems’ reliability to revenue collection within higher learning institutions, specifically focusing on Kilimanjaro Christian Medical University College. Anchored in Electronic Payment Theory, the study aimed to assess the reliability, convenience, and accessibility of the e-banking system and their collective contributions to enhancing revenue collection efficiency. A mixed-methods research approach was employed, combining interviews, questionnaires, and documentary reviews. Key stakeholders, including students and finance officers, were engaged to gather comprehensive data. This approach facilitated a detailed analysis of how e-banking systems contribute to revenue collection in the context of higher education. A pilot study involved a selected sample subset and was crucial for identifying potential issues with the survey questionnaire and interview protocols. Notably, the reliability of the data collected during the pilot phase was rigorously assessed using Cronbach’s alpha coefficient test, a statistical measure of internal consistency. The results were promising, with a Cronbach’s alpha coefficient of 0.704, indicating a good level of reliability, affirming the instruments’ ability to measure the variables of interest consistently. Data Analysis involved both descriptive and inferential statistics. Findings indicated high satisfaction with the system’s reliability, particularly its capability to handle high transaction volumes during peak periods and its robust security measures safeguarding user transactions, contributing to revenue collection significantly at p-value < 0.05. The study concluded that the e-banking system’s reliability is crucial in optimising revenue collection processes. It is recommended that regular updates, an enhanced user interface based on feedback, expanded technical support, and continuous improvement in security measures be implemented to maintain and improve system efficiency.
Copyright (c) 2025 Thecla Ategeka, Nyanjige Mayala, Ladis Komba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Economic Analysis of Income and Employment in the Indian Economy: Granger Causality Approach
This paper investigates the relationship between economic growth and employment in India, focusing on the post-reform period. Using a semi-log quadratic model, the study examines trends in GDP and jobs, drawing comparisons across various countries and income groups. The Granger causality test and the Johansen co-integration technique are employed to analyse the linkages between these variables. The findings reveal that while GDP and employment exhibit positive correlations in some countries, including China, Pakistan, and the USA, the relationship is predominantly negative in India, where corresponding increases in employment have not accompanied GDP growth. Specifically, the study finds that a 1% increase in GDP leads to a 0.28% reduction in employment. The results underscore the “jobless growth” phenomenon in India, where structural shifts towards capital-intensive sectors have led to stagnation in labour absorption. This paper argues that economic growth in India must be redefined to focus on output expansion and inclusive job creation. The paper concludes with policy recommendations aimed at fostering labour-intensive growth, promoting skill development, and addressing regional disparities, to ensure that economic growth translates into equitable employment opportunities for all sectors of society.
Copyright (c) 2025 Dr. Altaf Hussain Padder, Dr. B Mathavan (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Influence of Loan Size on Financial Performance of Small and Medium Enterprises in Moshi Municipality
The study investigated the influence of loan size on the financial performance of Small and Medium Enterprises (SMEs) in Moshi Municipality, Tanzania, focusing on how varying loan amounts impact profitability, solvency, and liquidity. Using a convergent parallel research design grounded in the Theory of Capital Structure, data were collected from 195 respondents out of a target population of 7,600 SMEs. Simple random and purposive sampling techniques were used, and quantitative analysis was conducted to ensure validity and reliability. The findings showed that larger loan sizes generally benefit SME profitability, efficiency, and flexibility. However, the impact of loan sizes on financial performance varied significantly across different businesses due to differences in economic strategies, market conditions, and business models. The regression analysis revealed that loan sizes significantly influence SME financial performance, accounting for approximately 48% of the variance. The study recommends that financial institutions and policymakers develop strategic loan management techniques, including offering a range of loan sizes, providing flexible loan terms, and ensuring accessible collateral requirements to meet the diverse needs of SMEs.
Copyright (c) 2025 Stanslaus James Nicholaus, Dr. Amembah A. Lamu Amos, Dr. Ladis Komba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Callable Bond Pricing using the Hull-White Model:A Comprehensive Analysis
This paper comprehensively analyses callable bond pricing using the Hull-White interest rate model. We compare the performance of the Hull-White model with other short-rate models, namely the Vasicek and Cox-Ingersoll-Ross (CIR) models, in pricing callable bonds across various market conditions. We demonstrate through extensive numerical simulations and empirical analysis that the Hull-White model generally outperforms other models in fitting the initial term structure and pricing callable bonds, particularly in volatile interest rate environments. We also propose an improved parameter estimation method for the Hull-White model, which enhances its pricing accuracy. Furthermore, we explore the implications of using the Hull-White model for callable bond pricing on issuer and investor behavior. Our findings contribute to the literature on interest rate modelling and provide practical guidelines for financial professionals in callable bonds’ valuation and risk management.
Copyright (c) 2025 Sarvagya Jha (Author) https://creativecommons.org/licenses/by-nc-nd/4.0