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C O N T E N T SCulture and Communication Challenges: An International Scenario - Prof. H.P. Gupta

Phonetic Transmogrification of Indian Loan Words - Dr. S.D. Sharma

Venture Capital : Sustainable Growth in Indian Context - Kamini Rai & Anshu Tyagi

Livestock Production in India - Trends and Role in Indian Economy - Stuti Vatsya

The Startup Innovation in India - Dr. Kamal Agrawal & Dilip Kumar Mishra

Surrogacy: A boon to In fecund or a Curse to Womanhood - Tanuja Tiwari

Inclusive and Accessible Environment: At Workplace - Neha Goyal

Role of Women in Indian Economy - Dr. Sweta Singh

Level of Motivation - A Gender wise Study - Annu Tomar & Dr. Alka Agrawal

Transport Industry and Indian Capital Market: An Empirical Study - Ravi Kant

Maturity Models for Educational Institutions - Himanshu Sherma

Secular Intolerence MYTH or Reality - Shivam Agarwal

Dumping and its Legal Issues: Anti-Dumping Duties - Deepshikha Gupta

BOOK REVIEWPerspectives on Creative and Analytical Writing - Prof. A.K. Gupta

Pleasures of Imaginative Flight - Prof. Nitin BhatnagarExecutive Editor Professor H. P. GuptaVice-Chairman, IME

Write us at:G.T. Road, Sahibabad, Ghaziabad, U.P.

or E-mail at:[email protected]

See us at:www.imesahibabad.ac.in

IME Journal The Bi-annual Journal of Management Education

Volume X No. 1 January 2016

ISSN: 0974-0716

Executive EditorProfessor H.P. GuptaVice-Chairman, IME

EditorProfessor (Dr.) S.D. Sharma

Advisory Board

IME Journal

Professor Anu S. Lather

GGS IP University, Delhi, India

Professor Anthony F. Smith

Eastern Mennonite University, Virginia, USA

Professor B.K. Mohanty

IIM Lucknow, India

Professor C.P. Gupta

MDI, Gurgaon, India

Professor D.S. Broca

XLRI, Jamshedpur, India

Professor D. K. Banwet

IIT Delhi, India

Professor G. Arivarignan

Madurai Kamraj University, Madurai, India

Professor H. S. Sandhu

GNDU, Amritsar, India

Professor Ijima Masaki

Aichi-Gakuin University, School of Management

Nissin, Japan

Professor I. Ramesh Babu

Acharya Nagarjuna University, Guntur, India

Professor Katarzyna Czainska

Poznan University, Poznan, Poland

Professor Mark Goh Keng Hock

National University of Singapore, Singapore

Professor Majed Al-Mashari

King Saud University, Saudi Arabia

Professor M. L. Singla

FMS, University of Delhi, India

Professor Mukesh Dhunna

M. D. University, Rohtak, India

Professor P. K. Ghosh

North Bengal University, India

Professor Paul Lapoule

Advancia Negocia, Paris, France

Professor Richard Lynch

Middlesex University, London, UK

Professor Rui Gu

Dalian Maritime University, China

Professor Samir Ranjan Chatterjee

Curtin University of Technology, Perth, Western

Australia

Professor Shyam Sunder

Yale School of Management, New Haven, USA

Professor S. K. Gupta

IIT Delhi, India

Professor S. K. Goyal

Concordia University, Canada

Professor S. Sivakumar

Indian Law Institute, New Delhi, India

Professor Tojo Thatchenkery

George Mason University, Virginia, USA

Professor W. Benoy Joseph

Cleveland State University, Ohio, USA


The Editor

CORRESPONDENCE ADDRESS

IME JournalInstitute of Management EducationG.T. Road, Sahibabad, Ghaziabad-201005 (India)

Tel: +91-120-2900243, 2900245, 2621424, Fax: +91-120-2621425

E-mail: [email protected]

Website: www.imesahibabad.ac.in

About the Journal

IME Journal is a referred bi-annual Journal of the Institute of Management

Education, Sahibabad, Ghaziabad. It is published twice a year in January and July. The

objective of the Journal is to provide research and information support to the

academicians, researchers, corporate sector and policy makers so as to equip them with

latest development & trends in the areas of Management, Information Technology and

Law. The Journal publishes Research Papers, Articles, Case Studies, Book Reviews,

Bibliography, etc. The selection of the papers in this journal is done through a blind

review process.

Manuscript Submission

All correspondence relating to submission of papers for the Journal should be

submitted to the editor on the address given below. The Guidelines for authors are given

at the back page of the Journal.

The views expressed by individual contribution in the Journal are not

necessarily those of the editorial staff or the publisher.

All rights are reserved with IME, Ghaziabad. No part of this publication may be

reproduced or distributed in any form or by any means without the prior written

permission of the publisher. Any person who does any unauthorized act in relation to

this publication may be liable to criminal prosecution and civil claim for damages.

The Bi-annual Research Journal of IME

“The real danger is,” writes Sydney J. Harris, “not that

computers will begin to think like men, but that men will begin to

think like computers.” Indeed, static thinking leads to no creativity

and motivation and it is only the incessant quest for truth that leads

to discoveries and inventions. In the present milieu of information

revolution every where, it is really very difficult to survive without

research, discoveries and innovations. In order to keep pace with

the latest developments in education, business, commerce and

industrial fields, the academics at IME are fruitfully engaged in

research pursuits, which are yielding wonderful results.

The IME Journal of Research comprises research papers related

to the latest research breakthroughs in diverse domains of

Management, Information Technology, Commerce and Economics,

Library Science, Law, Computer Application, Social Sciences and

Humanities.

Succinctly speaking, the papers included in the Journal cover a

wide circumference of research endeavors in the field of

management, information technology, law, humanities. Commerce

and economics and humanities. If in one paper, the dichotomy

presented between culture and communication at the international

level together with solutions provided have been dealt with lucidly

and rationally. Another paper, phonetic transmogrification of

Indian Loan Words in English deals all aspects related to them from

the point of view of phonetics, semantics, syntax and empiricism. In

the paper titled Maturity Models for Educational Institutions

explains various process methodologies for business

improvements. The issue of Surrogacy, Motivation: A Gender wise

Study, Venture Capital & Livestock Production are other research

topics which have been dealt with very comprehensively by the well

known scholars in this issue. In addition, Inclusive and Accessible

Environment at Workplace, Role of Women in Indian Economy,

From the Editor's Desk ......

Transport Industry and Indian Capital Market: An Empirical Study

& Dumping and its Legal Issues: Anti-Dumping Duties included in

the journal through sufficient light on current economic and

commercial problems of the country.

The IMEJR is the epitome of the concerted research efforts of the

IME Faculty of Management, the Faculty of Information, the Faculty

of Information Technology, the Faculty of Commerce and

Economics, the Faculty of Law, the Faculty of Library Sciences and

the Faculty of Social Sciences and Humanities. The Journal is well-

adrnired by the acclaimed academicians, industry bigwigs,

researchers, scientists and academic administrators.

Succour and support, inspiration and motivation received from

Prof. H.P. Gupta, Vice-Chairman, IME in bringing out the Journal so

expeditiously is profoundly acknowledged. Indebtedness to the

Advisory Board and also to the contributors is also acknowledged.

Inspiration provided by Dr. Kamal Agrawal, Director, IME is worth

appreciation. Dr. Anshu Tyagi, Assistant Professor, IME and Dr.

Kamini Rai, Assistant Professor, IME rendered yeoman's service in

the publication of the Journal. Lastly, thanks are also due to all the

peer reviewers, language experts and external experts for making

judicious appraisals of the papers included in this issue of the

Journal. In the end, thanks are also due to Ms Lalita Bisnoi, Auditor

General, IME, for her wise counsels and active cooperation.

Prof. (Dr) S.D. Sharma

Editor

Research Papers

Culture and Communication Challenges: An International Scenario 01

Prof. H.P. Gupta

Phonetic Transmogrification of Indian Loan Words 06

Dr. S.D. Sharma

Venture Capital : Sustainable Growth in Indian Context 13

Kamini Rai & Anshu Tyagi

Livestock Production in India - Trends and Role in Indian Economy 22

Stuti Vatsya

The Startup Innovation in India 33

Dr. Kamal Agrawal & Dilip Kumar Mishra

Surrogacy: A boon to In fecund or a Curse to Womanhood 43

Tanuja Tiwari

Inclusive and Accessible Environment: At Workplace 48

Neha Goyal

Role of Women in Indian Economy 55

Dr. Sweta Singh

Level of Motivation - A Gender wise Study 59

Annu Tomar & Dr. Alka Agrawal

Transport Industry and Indian Capital Market: An Empirical Study 64

Ravi Kant

Maturity Models for Educational Institutions 75

Himanshu Sherma

Secular Intolerence MYTH or Reality 82

Shivam Agarwal

Dumping and its Legal Issues: Anti-Dumping Duties 89

Deepshikha Gupta

BOOK REVIEW

Perspectives on Creative and Analytical Writing 93

Prof. A.K. Gupta

Pleasures of Imaginative Flight 94

Prof. Nitin Bhatnagar

IME Journal


C O N T E N T S

The modern milieu is an era of communication revolution. Culture is an integral part of

communication. Nonetheless, many challenges do exist which hinder the smooth operation of culture

and communication in a unified pattern. The enormous potential that is dormant in the integrated

character of culture and communication the world over has hitherto been unexploited. The borderless

interface of both these mighty factors for business globally yet remains a difficult task to accomplish,

despite a number of achievements in the domain of communication sciences. A common medium of

international communication is a big hurdle. The use of computer for translation purposes is yet to be

developed. The pragmatic application of semiotics technology for an international communication has

also to be found out.

Keywords: Culture, Communication, Borderless Interface, Semiotics Technology

INTRODUCTION

One of the challenges of culture and communication is their desultory world-wide interface. Despite the fact that the whole world has come much closer now than before, there is yet the challenge of their uninterrupted borderless interface. To get over this obvious handicap, a manager, a professional or an entrepreneur has to invent very quick means of communication and also very innovative methods of comprehending other’s culture, because culture and communication are inseparable from each other. Events of historical import conveyed through slow means of communication often prove disastrous. Napoleon traveled from Vilna to Paris covering a long distance of more than 1400 miles in 312 hours after leaving his army in retreat from Moscow. Napoleon met his Waterloo on June 18, 1815 by the allied armies, but the British Government could get this communication of the historic defeat only on June 21 and its news appeared in the New York dailies only after 44 days.1 But the global scenario has, of course, now undergone a volte-face change. Everyone in America

Culture and Communication Challenges:

An International Scenario

ABSTRACT

Prof. H.P. Gupta*

*Vice-Chairman, IME, Sahibabad, Ghaziabad

02

and Europe would like to watch an astronaut’s journey into space on his television exactly at the moment of its blast-off. Hence, for global success in the realm of business, uninterrupted borderless interface of culture and communication is paramountly needed.

DICHOTOMY BETWEEN SLOW AND RAPID MEANS OF COMMUNICATION

Culture and communication are just the two sides of the same coin. Both are inevitably bound to advance the summum bonum of human welfare. However, there exists an obvious dichotomy between the slow and rapid means of communication. This leads to a hindered flow of global communication enormously affecting international business. Moreover, the lack of universal language of culture and communication adversely affects global opportunities of success for a manager and also for a professional. In the modern milieu of cut-throat competition and volcanic outburst of information, a global means of communication heavily affects the economic health of the nations. An equally important challenge of culture and communication world over is the paucity of computer translation devices. It is recommended that in this area, help from the gainful application of semiotics technology may be exploited. In addition, international centres of cultural and social interactions are also recommended so that the business clubs having global bearing may crop up in abundance to augment business opportunities. In the field of science and technology, many revolutions have already taken place and it is anticipated that the Information Revolution is certainly bound to affect a volte-face change in the systems of communication in the times to come. India is one of the harbingers of Information Revolution and it is hopefully believed that our rich culture heritage reaches the world over to establish One World.

CHALLENGE OF INTERNATIONAL MEDIUM OF COMMUNICATION

Another challenge spawned by the abrupt growth of science and technology is the development of and adherence to an international medium of communication. The story of the Tower of Babel has already put a permanent lid on the prospects of a universal language. However, efforts have been made in the past to resurrect the almost extinct hope of a universal language for culture and communication. It is, of course, a big challenge for a manager or a professional for global success. Based on the existing languages, an artificial language has also been thought of. A Polish Jew named Lazarus Jamenhol attempted one such language named Esperanto during the 19th century. Esperanto was appreciated by many, but the serious charge against it was that it was not suitable medium of communication for politics, philosophy and religion. In due course of time, another global language for culture and communication was attempted which was known as idea-code-number language. For example, if I is coded and numbered as 126, speak as 3489 and German as 2176, then the sentence 126-3489-2176 means I speak German. However, this idea-code-number language is fit for telegraphic messages only, but unsuitable for speaking universally. Some communication experts now think that a language widely used in the world as a second language and also as the language of science and technology may be used as a universal language for culture and communication. At a point of time, such languages as Latin, French, Russian, Chinese etc., were thought to be fit as universal languages. But

IME Journal - Volume X, No. 1, January 2016

presently, it is English language which linguists think may be given the status of a universal language of communication looking to its wider circumference, global utility and empirical uses all over the world.

CHALLENGE OF COMPUTER TRANSLATION

Another challenge to culture and communication world over is the challenge of computer translation. Often very urgent communication goes unnoticed because of the non-availability of authentic sources of translation. Of late, computer has been harnessed into translating all sorts of complicated and serious communications. But there have been a number of problems also while making computers fit for translation of a number of languages. In fact, these problems crop up at the semantic, syntactic, pragmatic and grammatical levels. Britain’s Doctor Michael Levison suggested a technique which handled these problems quite satisfactorily.

PROBLEM OF CROSS-CULTURAL CUSTOMERS’ FRATERNITY

Cross-cultural customers’ fraternity promotes global business and contacts. The more the cross-cultural customers’ business guides, the more will be the international clients demands. In fact, the future trends in international business have necessitated a strong bond between cross-cultural communication and cross-cultural customer’s fraternity. Cultural web tools are urgently needed in this regard. Also needed are global exchange centres of creative minds in the field of business and trade. This is, of course, a Herculean task. But all this needs quick means of communication. The American War of 1812 was ended by a peace treaty signed at Gent in Belgium on December 24, 1814. But the communications were so slow that the Battle of New Orleans was fought 15 days after the war was officially over. By contrast, the ending in 1945 of the European part of World War II was known all over the world in a matter of minutes. In summation, in the field of commerce, the benefits of rapid communication are, in fact, alarmingly mind-boggling. The more the trade becomes global, the more becomes the urgency to know the global market conditions on the other side of the world. Hence, immediate information renders the position of the buyer as well of the seller at a great advantage.

APPLICATION OF SEMIOTICS TECHNOLOGY

Culture and Communication can tide over the present challenges by the application of semiotics technology. The essence of every culture may conveniently be explained by taking help of semiotics technology. Likewise, the current challenges in the realm of communication can also be countered if there are proper applications of semiotics technology. International language can also be developed through semiotics technology. Even in the field of global business, this new technology is being gainfully used. According to one recent survey, three-fourth savings have come to light in the office management areas in the USA after the introduction of semiotics technology in all official work. Even in long distance communications, the problem of noise has considerably been solved through this technology. Alarming language diseases have been identified and cured by the linguists through semiotics technology. In fact, new means and methods of communication offer us


04 IME Journal - Volume X, No. 1, January 2016

splendid opportunities if we use them wisely. The television picture has provided a new universal language, invaluable for the spread of knowledge and know-how in developing countries. Satellite communication has made possible the rapid exchange of information and ideas between the developed and the developing countries. However, the use of semiotics technology has the immense potential enormously to remove the mental and emotional barriers to harmony, and to advance the prospects of One World and also of emancipation of mankind. Cross cultural fraternity has also the potentiality to play a vital role in international business and trade.

CULTURAL PATTERNS IMPACT MANAGERIAL COMMUNICATION

Sine dubio, cultural patterns enormously influence managerial communication. The Japaneese managerial communication based on consensus based decision strongly influences byers behaviour, whereas the Americans are more individualistic and authoritarian in decision making, which impacts the pattern of managerial communication to a considerable extent. Kenneth E. Clow and Donad Baack have rightly opined in this connection, “Therefore, marketing experts must carefully examine the culture in which the firm operates when developing a plan to reach members of the buying center.”

CULTURAL UNIVERSAL BUSINESS DISCIPLINE: A PARADIGM SHIFT

Cultural differences impact communication often adversely affecting business and trade between the countries. Culture is, succinctly speaking, the ways of living and eating habits built up by a group of human beings that are transmitted from one generation to another. It also includes values, ideas, attitudes and symbols that shape human behaviour. However, to global communication, one has to respect all ways of living and values, ideas and attitudes and rituals. In fact, we live in a global market always communicating with one another. An imported chair from Denmark, a lamp we are using from France, a personal computer from China, a shirt from Latin Singapur, a pair of shoes from Malayasia and a cup of Coffee from Latin America compels us to try to develop an international pattern of communication. Even for survival for business and trade, strong global communication based on cultural expertise is essential.

Global marketing, now-a-days, has emerged as a universal business discipline, which strongly needs an internationally acceptable way of communication. Cake and IBM today operate in over 100 countries because they developed understanding about the culture of other countries which made their task much easier and much more effective. Cultural differences matter a lot in global marketing because global advertising, which is also a form of communication, is the transfer of advertising appeals, message and copy, photographs, stories, video and segments from one country to another.

REFERENCES

1. Barry, Sir Gerald et al. 1965. Communication and Language, Macdonald, London, p. 102.2. Ibid., p. 78.3. Ibid., pp. 226.4. Integrated Advertising, Promotion and Marketing Communications, Prentice-Hall, p. 101.


A lot has been written as to the linguistic borrowings from English language by the Hindustani

languages. Nonetheless, little or nothing has hitherto been written authentically about the linguistic

borrowings from the Hindustani languages by English language. According to a recent survey, more

than 10,000 words have so far reached English language, yet no comprehensive study is extant as to the

phonetic, semantic, syntactic and historical study of such borrowings from the Hindustani languages

to English language. Even phonetic change that has, of late, occurred owing to a number of factors, has

not been scientifically and objectively recorded so far.

Keywords: Borrowings, Phonetic Change, Semantic and Syntactic Transmogrification., of

Assimilation, Etymology, Syntax

INTRODUCTION

Of the large army of words from Hindustani dialects that periodically passed into English, many have either partially been given English pronunciation, accent and spelling or considerably transmogrified. Of the processes that make this phonetic change in Indian words adopted by English almost a reality, the process of assimilation and that of preservation are quite significant; although both these processes have a conflicting effect, because the former freely allows Indian words in English and readily assimilates them by giving them a natural accent and meaning; whereas the latter opposes the English naturalization in toto and endea-vours to retain the original shape, accent and spelling. Despite these opposing and centrifugal forces, Indian words have undergone a remarkable phonetic transmogrification in many cases. As a matter of fact, there is an obscure intrinsic potentiality in English that always seems to operate upon all the foreign words; for they may or may not retain their original pronunciation in the adopting language; but if each of its

Phonetic Transmogrification of

Indian Loan Words

ABSTRACT

Dr. S.D. Sharma*

*Emeritus Professor of English & Director General, IMES.

sounds already exited in the latter, it will probably be adopted in a pretty accurate form; however, if some of its sounds are alien to the adopting language, each of these words will be replaced by the nearest native sound;1 does not matter some speakers are already familiar with them. This patent principle effectively operated upon during the Middle Ages when many words were borrowed by English from the French and they partially underwent a phonetic transmogrification. For instance, the French nasal vowels, being retained for a time at least by bilingual speakers, while those who spoke only English substituted for them the English non-nasal vowels.

METHODOLOGY

Processs of assimilation and of preservation methologies have been adopted. Naturalizaation theory has also been taken help of in order to interpret transmogrification of Indian Loan Words.

OBJECTIVES

The objectives of the paper are primarily threefold: one, to standardize pronunciation of the borrowed Indian words by English : second, to promote understanding of syntax and semantics of loan words and third, to give correct empirical situation to the loan words by interpreting them in their authentic linguistic sense.

HYPTHESIS

Loan words have been authenticated by making a studious search of basic texts, journals and other sources giving them a comparative linguistic scrutiny and, of course, a correct shapesss from the point of view of grammar, lexicography, syntax and semantics.

ETYMOLOGY AND TRANSMOGRIFICATION PROCESSED AND RESULTS AUTHENTICATED

Process of PreservationOf the process of preservation, sometimes it has happened that even those who are well-

versed with the etymology and speak Hindustani dialects have partly anglicized many words. It is not so only in the cases of Indian words; even words borrowed by English from other languages have partially been anglicized by those who speak the language. For instance, the French root of the word 'garage' is usually, pronounced with the first vowel as in English hat (e), and not with the French vowel, but strains the French (z) for the final consonant, though this sound does not occur as a final consonant in native words. Among those who do not speak standard English, the word is completely anglicized, the (z) being replaced by the group (dg) (as in the second syllable of carriage), which is common in English in this position2.

Seventeenth CenturyOf all the ages during which the English borrowed words from the Indian languages,

perhaps the most remarkable period is the seventeenth century. In fact, in this century, a large number of Indian words entered into English without any restraint; and it is, then,


natural that they underwent many phonetic changes. On this large army of words, the process of assimilation operates; meaning thereby, we find a phonetic transmogrification almost on all; and it was so not out of pedantic affectation but out of dire exigence – the two remarkable channels through which Indian words have made their unchecked in-flow in English. Of this amplitude of Indian words, a large number has already been recorded by the great Oxford English Dictionary.

Although it is almost a hard nut to crack to prepare an exact history of Indian words during the seventeenth century, a sweeping survey of the cardinal sources of these words can be possible. Though. no exhaustive account or source of these words is so far extant, yet banking upon a sources and quite authentic ones-such as Early Travels in India, The Embassy of Sir Thomas Roe to India, and John Fryer's A New Account of East India and Persia, a brief chronolo¬gical background of these words can well be prepared. Of course, it is also very difficult to include almost each and every meticulous detail of the period. However, we can confine ourselves to Ralph Fitch (1583-91), John Mildenhall (1599-¬1606), William Hawkins (1608-13), William Finch (1608-11), Nicholas Whithington (1612-16), Thomas Coryat (1612-17), Edward Terry (1616•19), Sir Thomas Roe (1615-19) and Dr. John Fryer (1672•81). It is not practically feasible nor the gamut of the present study permits it to include almost every word from these writers. Hence only very representative words have been given below in order to show how the process of assimilation brought about the phonetic transmogrification in the Indian words:

Ralph Fitch

Derrian-Pers. darikhana: a place /D∂rikha:na:/

Schesche-�Skt.�Shishya: a�disciple�/�∫i:�∫ja:/� � Chownam�–�Chunam�:�lime�/�t∫u:n�m

John MildenhallArs – ‘Ars or petitions’ (sic) as if ars is the plural of arz; (H. arz)

dtugman – Ar. Tarjuman: an interpreter/t∂rzum∂n/

William Hawkins tronch-man, treuch-man, truch-man-Ar. tarjuman mamadies-mahmundi : a small silver coin

Pattans - Pathans/ p∂θaa:n/

Brahmmen – Brahmin/Br∂h∂m∂n/ rotties�-�rati�:�the�seed�of�Abrus�precatorius,�used�as�jeweller's�weight.�

arse or petition / ∂rz/ leckes-lakhs /ℓ∂c crore- kror / k∂rכr/

rupias - Hawkins use the plural rupiae also. / Ru:p∂ja:/Rasbootes - Rajputs /R∂zpu:t/ riats - raiyat : a cultivator /Raij∂t/Seminams - H. Shamiyana: an owning / ∫∂mija:na:/


William Finchdawne - diwan /Diwa:n/

cheet - order. H. chitthi./t∫i: θi:/

cose, couse – kos /kכs/

medon - H. deo. a spirit / Dכv/

fokeers - fakirs. /f∂ki:*/ mukam - makam. a halt /Muka:m/ chuckees - H. chauki. guards /t ∫כki/

mussocke - H. mashak : a goat skin water-bag. /m∂∫k/ombra - umara-a noble (plural of amir) /∂mi:r/ nill or indigo-Pq. anil from Ar. at-nil, pron. an-nil. /Ni:ℓ/ mohall, mole - mahal : palace/M∂h∂l/devercan - diwankhana : hall/Diwa:nkha:na/fosder - faujdar : military commandant / Fauzda:*/ Cutwal - Kotwal /kכtwa:l/

sides or churchmen - Ar. saiyid : a lord; the designation in India of those who claim to be the descendants 'of Muhammad

Nicholas Whithigton layer - lari :a coin /la:ri/ man subdare - mansabdar /M∂nsu:b∂da:r/

Thomas Coryat Musselman, musulman (sg.) muselmen (pl.) /Mus∂ℓma:n/ gusle-can - ghuzl - khana : . bathroom / Gus∂ℓkha:na:/

Edward Tarry couses – kos/kכs/

Adam - H. admi / A:dmi:/

Sir Thomas Roe cutwall - kotwal/kכtwa:l/

gussel-chan - ghuzl-khana /Gus∂ℓkha:na:/umbras - omrahs /∂mi:r/

Dr. John Fryer Rashports - Rajputs /Razpu:t/cutchery - kedgeree /k∂t∫∂hri:/cash - kasu /k∂∫/Butt - Bhat /Bha:t/pullow-pilau /piℓau/


Transmogrification of Proper Names

Ralph Fitch Sultan Badur for Sultan Bahadur Hidalcan for Adil Khan, the king of Bijapur /∂ℓikha:n/Bisapur for Bijapur/Bi:za:pur/Cutup de lashach for kutb shah. toe title of f he kings of Golconda / kutub∫a:h/The king of Bread – for Barid, the family name of the dynasty of Bidar /Bid∂r/Tipperdas for Tripura das / Tipurda:s./Chondery for Chand rai / T∫∂ndr∂rai/

Willam Hawkins Mocrebchan for Mukarrab Khan / Mukhraikha:n/ Hussun Ally-for Hassan Ali /Hus∂naℓi/Bramport for Burbanpur /B∂r∂npur/ Koushabercban for - khuskkbabar Khan, the title given by Jahangir to the man who brough him the news of the defeat or his rebel son Khusrau /

khusk∂b∂rkha:n/

William FinchMocraw Bowcan, Mo. Bowcan for Muhasrab Khan /Muha:r∂bkha:n ∫ika:ri/ Sykary for

Sikri. Finch explains it as: 'It was at the first called Sykary, which signifieth seeing or hunting: but after the Acabar was returned from his Asmere pilgrimage and was father of this Sha Salim he named it Fetipore, that is, a town of content or place of hearts desire obtained. Of course, Finch's etymology is faulty, because Fatehpur signifies 'the city of victory' and Sikri is the name of the original village and has nothing to do with shikar, 'hunting.

Matrobt caun for Mahabat Khan. /M∂h∂:b∂t kha:n/

Nicholas WhithingtonMill Jeffed for Mir Jafar /J∂f∂r/ Newlocke Abram for Nurullah Ibrahi Kabuli / Nural Ibra:him Kabuli/

Thomas CoryatFreed for farid / f∂ri:d/

Edward Terry

Hajacan for Haji Khan/Ha: θikha:na:/

Chishmere for Kashmir /K∂∫mir/

Sir Thomas Roe Cytore for Chittore /t∫itכr/

Dr. John Fryer Medapollon for Madbavapalem / Ma:dh∂vapa:l∂m/. Shaw Juan for Shah Jehan / ∫∂h∂n Zaha:n/


In the beginning of the seventeenth century, the existence of the Sanskrit language came to be realized; and it was also a common belief that in India only this language was the lin-gua-france, with the result that the major part of loan words during this century was from this language. Simultaneously, the primitive impression about language also persisted that Hebrew is the origin of all languages of the world; and the Jesuites also thought that the Brahmins and their language was but from Herbrew3. Edward Terry who as chaplain to Sir Tomas Roe also refers to only one language spread and spoken over the entire empire and he was the first perhaps to take cognizance of the Arabian and the Persian languages earmarking them as learned tongues"4.

Because of their popularity and commonness, these languages viz., Sanskrit, Persian and Arabian- became the permanent sources of borrowing of words for English and it is this vital fact that accounts for the abundance of the words of these languages and their gradual phonetic change during this period. But later on, after a lapse of some time, an erroneous belief also developed that the colloquial language of the entire empire was Malay and that it was used as the linguafranca of all he people. John Ogilby makes this curious comment in Asia (1633). "As to what concerns the language of the Indians it only differs in general from the Moors and Mahumedas, but they have also several dialects among themselves. Among all their languages there is none which spreads itself more than the Malayan…. "But John Fryer (1673) made different observations which were definitely based on reality and provide an authentic linguistic account of the then period. He writes, "Some of the Brahmins are masters of Persian. Indostan. Arabick, Sanskrit (or Holy language), Portuguese, and all the depending speeches of Indostan, as Duccany, Moratty, Concbany, and the like; besides the Carnatick, in which all their sonnets and Poesies are expressed being softer and more melting than the others; which is an argument also of its antiquity, Indostan, not having a character to express itself in, on which the later dialects depend..... The language at Court is Persian, that commonly spoke is Indostan ... which is a mixture of Persian and Selavonian, as are the dialects in India." Now, this misconception that Malay is the lingua franca of all Indians led to many strange borrowings and pronunciations.

Phonetic TransmogrificationOne of the factors why words during this period underwent such an absolute phonetic

change is the ignorance of the Englishmen. Consequently as they heard any Indian word and its pronunciation by their English ears, the same without any proper examination was put to use. Sir Charles Wilkins gives the example of one word in order to substantiate how owing to the inattention and ignorance of the English people, a great Confusion prevailed about the word amongst the native clerks employed in the public offices of India to copy the transactions of the company. The word 'Mahal' which "occurs under no less than eight different shapes, not one of which is correct upon any system of orthography. viz., Mal, Maa�, Mahi, Mehal, Mehaal, Mehul, Mhal and Mehaul.

Though it true that some of the eminent travellers, 1ike Thomas Cotyat and John Millennhall5 evolved a certain quantum of confidence in Hindustani and Persian, (which was very much a court language), yet, the, number of such travellers was very meagre6. Thus, it was the ignorance of the lndian words by the Englishmen which gave way to such an


abundant phonetic change and Transmogrification during the seventeenth century, the specimen illustration of which have already been given earlier.

REFERENCES

1. Serjeant, Marry S, A History of Foreign Words in English, Routledge and Kegan Paul, Loudon, 1935, p. 8.

2. Ibid., p.93. Purchase, Pilgrimage, 1623: The common belief was: "The Jesuite conceive that the Bramanes are of

the dispersion of the Israelites, and their Books called Samescretan doe sonne what agree with the scriptures, but they understand them not."

4. Grierson, G. A.: Linguistic Survey of India, vol. 1. pt. I (Calcutta, 1927) pp. 2-10.5. John Midenhall (1599-1606): I got a schoolmaster and in my house day and night I so studied the

Persian tongue that in six monethes space I could speake it something reasonably Foster, Early Travels in India, p.57.

6. The Directors in England wrote to Fort St. George in 1671: ‘We are sorry to here that we have not any one of our servants that can speak of language. We now purposely send you over some young men, who we would have instructed therein, as also to write it, that we may not depend on accidental persons. And for the encouragement of those that shall atteyne thereto, so as to transact business with the Natives, we order you to pay each of them £ 20 as a gratuety, and that a schoolmaster be allowed for teaching them. We are informed that John Thomas hath made some progress herein. We would have you encourage him to proceed to perfection. Quoted by Sir Richard Temple in Thomas Bowrey’s A Geographical Account of Countries round the Bay of Bengal, 1669 to 1679 (Hakluyt Society,London, 1905)

Still more: we did some years since propose an encouragement of £ 20 a peace to any four writers that should attain to a perfection in the Gentue of Indostan language, but as yet have heard but of one proficient therein, we do require you to remind them hereof in all your Agency, when you give us an Accompt of any of that have learned it we shall order the promised reward to be paid them, and if any shall attain the Persian language which we understand also be careful we shall give £ 10 each: (Companies Generall to Fort St. Gerrge, 12th Dec., 1677) dispatches from England, 1670-1677, Records of Fort St. George (Madras, 1911), p. 120.


Venture Capital plays an important role for the development of a new industry in India today.

Venture capital is money provided by professionals who invest and manage young rapidly growing

companies that have the potential to develop into significant economic contributors. It is critical source

of finance to commercialize innovation and new ideas. It is important source of equity for startup

companies. Scientific, technology and knowledge based ideas properly supported by venture capital

can be drive into a powerful engine of economic growth and wealth creation in a sustainable manner.

The main aim of venture capital is to provide seed capital investments for broadening entrepreneurial

skills in the country by providing finance to technology oriented projects. Apart from finance, venture

capitalists provide networking, management and marketing support as well. The paper starts with

simple introduction of venture financing in India, its role in the technology and industrial

development, challenges faced by venture capital, policy initiatives necessary for growth of the venture

capital industry in Indian economy and presents an analysis of venture investments as well as future

prospects.

Keywords: Venture Capital, New Industry, Commercialize Innovation, New Ideas and Venture

Capitalists

INTRODUCTION

Venture capital sector is most vibrant industry in the Financial Market today. Money provided by investors to startup firms and small businesses with perceived long-term growth potential. This is a very important source of funding for startups that do not have access to capital markets. Most venture capital comes from a group of wealthy investors, investment banks and other financial institutions that pool such investments or partnerships. Venture capitalist pools their resources including managerial abilities to assist new entrepreneurs in the early years in the project. Venture capitalists not only provide monetary resources but also help the entrepreneurs with guidance in formalizing his ideas into a viable business venture. A venture capital fund strives to provide entrepreneur with

Venture Capital :

Sustainable Growth in Indian Context

ABSTRACT

Kamini Rai* Anshu Tyagi*

*Faculty of Commerce, Institute of Management Education, Ghaziabad

14

outstanding returns on investment for the higher risk they take. Once the venture has reached the full potential, the venture capitalist disinvests their holdings either to the promoters or in the market. The basic objective of investment is not profit but capital appreciation at the time of disinvestment. Investment is usually made in small and medium scale enterprises. There are many sources of capital but only a venture capitalist can provide experienced management input gained by helping many other companies successfully conquer the inevitable problems and growing pain.

Sustainable Growth: In simple terms and with reference to economy, sustainable growth is the realistic attainable growth that a company could maintain without running into problems. The sustainable growth rate is a measure of how much a firm can grow without borrowing more money. Venture capitalist by providing seed capital to businesses and by diversifying their risk help in maintaining sustainable growth.

OBJECTIVES

The main objectives of study are:1. To know the venture capital and different sources of financing venture capital2. To know the current scenario and growth rate of venture capital financing.3. To know the role of venture capitalist for sustainable growth.4. To know the Challenges facing by venture capital in India.5. To find out the best practices to increase the venture capital about better

perspective.

RESEARCH METHODOLOGY

The study is analytical in nature covering a period from 2007 to 2014 and based on mainly secondary data. The data has been collected from different published and unpublished records, books, journals, existing available literature and through on line resources. The research design for the study is descriptive in nature. The research is done with analog observations.

VENTURE CAPITAL FUND

According to SEBI regulations, venture capital fund means a fund established in the form of a company or trust, which raises money through loans, donations, issue of securities or units and makes or proposes, to make investments in accordance with these regulations. The funds so collected are available for investment in potentially highly profitable enterprises at a high risk of loss. A Venture Capital Fund strives to provide entrepreneurs with the support they need to create up-scalable business with sustainable growth, while providing their contributors with outstanding returns on investment for the higher risk they take.

FINANCING STAGES OF VENTURE FINANCING

The venture capitalists provide finance to venture either through equity or debt participation. They can provide conditional loan also. The Venture Capital funding varies


across the different stages of growth of a firm. The various stages are,1. Pre seed Stage: Here, a relatively small amount of capital is provided to an entrepreneur

to conceive and market a potential idea having good future prospects. The funded work also involves product development to some extent

2. Seed Stage: Financing is provided to complete product development and commence initial marketing formalities.

3. Early Stage / First Stage: Finance is provided to companies to initiate commercial manufacturing and sales.

4. Second Stage: In the Second Stage of Financing working capital is provided for the expansion of the company in terms of growing accounts receivable and inventory.

5. Third Stage: Funds provided for major expansion of a company having increasing sales volume. This stage is met when the firm crosses the breakeven point.

6. Bridge / Mezzanine financing or Later Stage Financing: Bridge / Mezzanine Financing or Later Stage Financing is financing a company just before its IPO (Initial Public Offer). Often, bridge finance is structured so that it can be repaid, from the proceeds of a public offering.

VENTURE CAPITAL IN INDIA

Venture capital as a new way of providing capital to businesses originated in USA and developed spectacularly worldwide since the second half of the seventies. The success of venture capital in USA promoted other countries to design and implement measures to promote venture capital. I India venture capital sector have become most vibrant in the financial market today. The venture capital in India was known since nineties era. In 1988, ICICI emerged as a venture capital provider with UTI of India and now there are number of venture capital institutes in India. Financial institutes like ICICI, IDBI, IFCI and SFCs have stepped into this and have their venture capital subsidiaries. These financial institutes are major player in the Indian financial market by funding debt to private sector. The first private sector venture capital fund called, Credit Capital Venture Fund Ltd. (CVF) was set up by Credit Capital Corporation Ltd. In April 1989 with an authorized capital of Rs. 10 lakhs. Rs.6.5 core was subscribed by International financial agencies. Gujarat Venture finance Ltd. was the first state level finance company to begin venture finance activities since 1990 and at the same time Andhra Pradesh Industrial Development Corporation’s Venture Capital Ltd. was also launched. Apart from Indian investors, international companies too have settled in India has a financial institute providing investments to large business firms. It is because of foreign investors the financial markets have developed in India on a large scale. The scale and quality of the business enterprises have increased in India. Now with international competition, there have been a number of growth oriented firms that have invested in business. Following are some venture capital fund of India:• Aavishkaar India Micro Venture Capital Fund with registration no.IN/VCF/02-03/037• Adharshila Venture Capital Fund with registration no. IN/VCF/06-07/095• Aditya Birla Private Equity Trust with registration no.IN/VCF/08-09/138



• Canbank Venture Capital Fund with registration no. IN/VC/97-98/006• Green India Venture Fund with registration no.IN/VCF/08-09/121• High Street Venture Capital Trust with registration no. IN/VCF/08-09/137• IDFC Infrastructure Fund with registration no.IN/VCF/02-03/042• India Development and Construction Fund with registration no. IN/VCF/10-11/174• Karnataka Information technology Venture Capital Fund with registration no.

IN/VC/98-99/007• RE Capital India Fund with registration no. IN/VCF/05-06/082• Wallford India Infrastructure & Realty Fund with registration no. IN/VCF/07-08/106• Gujarat Infrastructure Development Fund with registration no.IN/VCF/05-06/078

CHALLENGES FACING BY VENTURE CAPITAL FUND INVESTMENTS IN INDIA

In India industries can obtain capital from venture capital firms who expect an above average rate of return on the investment. The financing firms expect a sound, experienced, mature and capable management team of a company being financed.Since the innovative projects involves a higher risk, and there is an expectation of higher returns from the project. The pay-back period is also generally high (5-8 years). The key challenges facing by Indian industries are:• Longer pay-back period of project• Legislative and administrative environment • Major competitors and their market share• Requirement of above average rate of return on investment by venture capitalist• Transport and logistics infrastructure• Requirement of an experienced management team• Corporate taxation• Return on capital employed of project, cost of project, the internal rate of return and total

amount of fund required by the project etc.• Ease of doing business• The category of potential customers.

PROGRESS OF VENTURE CAPITAL INDUSTRY IN INDIA

In the earlier years, individual investors and development financial institutions played the role of venture capitalists in India and entrepreneurs largely depended upon private placements, public offerings and the finance lend by financial institutions. During 1990,s there was little or no active participation of entrepreneurial activities such as financial structuring, business strategy etc. There was no competition between venture capitalists. Banks approached the subject of venture funding much likely they approach debt financing of a project.

To develop Indian capital market, Securities and Exchange Board of India (SEBI) framed the SEBI (Venture Capital Funds) Regulations, 1996 and also Government of India issued guideline for overseas venture capital investment in India whereas the Central Board of Direct Taxes (CBDT) guidelines for tax exemption purposes. Thus pursuant to the regulatory frame work, some domestic venture capital funds were registered with SEBI and some overseas investments also came to India.

YEAR Total VC Investments (Rs in Cr)

2007 28260

2008 33939

2009 42059

2010 47856

2011 56868

2012 55542

2013 69520

2014 71060

From 2001 onwards, the Indian venture capital industry, understood globally as independently managed and dedicated pools of capital that focus on equity or equity Linked investments in privately held. Domestic venture capital firms have realized the potential of Indian entrepreneurs. While only 8 domestic venture capital funds were register with SEBI during 1996-98, more than 30 additional funds have already been registered 2000-01.In year 2000, SEBI appointed the Chandrasekhar committee to find out the impact of growth of venture capital industry in the country and suggest suitable measure for its aroid growth.

Recommendations made by K B Chandrasekhar Committee

(1) Multiplicity of regulations – need for harmonization and nodal Regulator(2) Double taxation for Venture Capital Funds need to be avoided(3) Mobilization of Global and Domestic resources(4) Flexibility in Investment and Exit of Venture Capitalists:(5) Flexibility in the matter of investment ceiling and sectoral restrictions:(6) Relaxation in IPO norms:(7) Issue of Shares with Differential Right with regard to voting and dividend:(8) Global integration and opportunities:

(A) Incentives for Employees:(B) Incentives for Shareholders(C) Global investment opportunity for Domestic Venture Capital Funds (DVCF)

(9) Development in Infrastructure and R&D(10) Self Regulatory Organization (SRO)

ANALYSIS AND INTERPRETATION OF DATA

In this research report data has been collected from SEBIs website, Trading Economics websites, Indian Venture Capital Association reports and many other books and published reports. The data has been collected from 2007 to 2014 and growth has been shown in Table No. 1 and Chart No. 1.


TABLE 1

Sources: SEBIs Annual Report on Venture Capital

Year

Sectors

In Economy

2007 2008 2009 2010 2011 2012 2013 2014

Information

Technology

2169

2520

2864

3319

4322

4481

5325

5761

Telecommunication 990 1076 4268 7469 7516 7086 7798 7022

Pharmaceutical 1076 1229 1478 1325 1132 1151 1006 782

Biotechnology

385

634

461

289

283

878 326

325

Media

/Entertainment

470

906

1434

1006

1124

739

1406

1267

Service Sectors

2475

2976

3529

2677

2973

2809

3697

4057

Industrial Product

2047

1951

2344

1355

2014

2107

2377

2310

Real Estate 6348 6311 8185 9783 10831 9987 12048 11479

Other 16749 24413 27158 20367 26673 26903 35535 38059

0

10000

20000

30000

40000

50000

60000

70000

80000

Total VC Investments (Rs in Cr )

Year


The above table and chart shows that there is continuous increase in venture capital investments over number of years. Major increase can be seen in 2013 over 2012 but picture cannot be clear unless we discuss growth of Venture Capital in different sectors of economy. Thus Table No. 2,3 and Chart No. 2 shows the growth of venture capital investment in different sectors. The different sectors of economy for which data has been obtain are Information Technology, Telecommunication, Pharmaceutical, Biotechnology, Media/ Entertainment, Service sector, Industrial product and real estate.

CHART 1

TABLE 2: Sector wise Venture Capital Investment

Sources: SEBIs Annual Report on Venture Capital

3845

5403 1147448

10443149

2063

9372

26982

Average Growth Rate From 2007 -2014

Information Technology

Telecommunication

Pharmaceutical

Biotechnology

Media /Entertainment

Service Sectors

Industrial Product

Real Estate

Sectors In Economy Average Growth From 2007 -2014

Information

Technology

3845

Telecommunication 5403

Pharmaceutical 1147

Biotechnology 448

Media

/Entertainment

1044

Service Sectors 3149

Industrial Product 2063

Real Estate 9372

Other 26982


TABLE 3: Average Growth of sector wise Venture Capital Investment

CHART 2


From Chart No: 2 it can be seen that from 2007 to 2014 the major investment from venture capitalist has been made on Real estate and Telecommunication. Information Technology is also important sector of economy where large investment has been made. Service sector and Industrial products are areas of very slow growth in terms of venture capital investment in these areas. Table: 3 shows that average investment of venture capital in pharmaceutical and biotechnology are very low even invent in these sectors are declining year by year. Investment in Media/ Entertainment sector is moderate but growth rate of VC investment in this sector has also decline in 2014 over 2013.

FINDINGS AND CONCLUSION

FindingsThe following points have been found out from the analysis of data;1. It was found that there is epidemic increase in venture capital investment from 2007 to

2014.2. Real estate sector gets maximum share of total venture capital investments among

different sectors of economy from 2007 till date.3. Telecommunication, Information Technology and Real estate are sectors with high

growth rate of venture capital investment.4. Pharmaceuticals and Biotechnology are sectors where venture capital investment is very

low and total venture capital investments are in these sectors are declining.5. Growth of venture capital investment in service sector and industrial products are also

very slow.6. Venture capital investments in Media/Entertainment sector are moderate and it is

looking that they will attract more venture capital fund in near future.

ConclusionThe government of India in an attempt to bring the nation at par and above the

developed nations has been promoting venture capital financing to new, innovative concepts and ideas, liberalizing taxation norms, providing tax incentives to venture firms and holding training training sessions for the emerging venture capital investors. Venture capital attract only the industries who achieve success in areas of innovation, adapt cutting edge technologies, deliver customized solutions, develop and maintain a global standard in Manufacturing qualities and specifications while maintaining their cost advantages. The Challenge, therefore, for the India is to proactively respond to changing customer Expectations. This could require a lot of effort and investment by the government as well as the entrepreneurs in the Indian context. The nation requires overcoming the shortcomings and making reforms to attract more venture capital funds to all the sectors of economy.

REFERENCES

1. Vinay Kumar, A. (2002), “Venture capital finance in India: Practices, perspectives and issues”, Finance India, Vol. 16 No. 1, pp. 247 – 252.

2. Mitra, D. (1997), “The venture capital industry in India”, Journal of Small Business Management, Vol. 38 No. 2, pp. 67 – 79.

3. Pandey, I. M. (1998), “The process of developing venture capital in India”, Technovation, Vol. 18 No. 4, pp. 253 – 261.

4. Lerner, J. and Gurung, A. (2008), “The global impact of Private Equity Report 2008”, World Economic Forum.

5. Andrew C. Kuchins and Alexei V. Zagorsky. When Realism and Liberalism Coincide: Russian Views of U.S. Alliances in Asia. July 1999.

6. A Report on Venture Capital by K B Chandrasekhar Committee.7. “Role of venture capital in Indian Economy” research paper of Mrs. H Haritha, Mr. Ravi and Mr.

Maruthi Reddy iosrjournals.org/iosr-jbm/papers/Vol4-issue28. “Venture Capital: Challenges and scope ahead in India” research paper of Ms. Ridhima Meher

spotidoc.com.


Agriculture along with animal husbandry remains the bedrock of Indian economy on which more

than 65% of population depends for livelihood. Agriculture contributes to nearly 27% of nation’s

GDP of which one third is shared by the livestock sector. Indian livestock sector is one of the largest in

the world. However, to achieve a growth rate of 5-6%, challenges in certain areas need to be addressed

like shortage of feed and fodder and frequent occurrence of deadly animal and poultry diseases. The

sector has remained under-invested, underestimated and neglected by the financial and extension

institutions. Livestock markets are less developed and untapped, which is a significant barrier to the

commercialization of livestock production. The poultry industry in India is well equipped and

organized to achieve the desired target growth rate for commercial broilers and layers although it has

failed to concentrate on duck, quail, turkeys and emu production. Rural poultry sector needs to be

strengthened on the financial, infrastructure and technological fronts to raise the growth rate.

Keywords: Livestock, Milk, Meat, Egg, Dairy industry

INTRODUCTION

Agriculture along with animal husbandry remains the bedrock of Indian economy on which more than 65% of population depends for livelihood. Agriculture contributes to nearly 27% of nation’s GDP of which one third is shared by the livestock sector. The Animal Husbandry and Livestock sectors are critical for the Indian rural economy, especially the small and marginal farmers. These sectors not only contribute to the farmer’s income but also are their best insurance against any natural calamity. (1) According to the report of the Working Group on Animal Husbandry and Dairying, 11th Five Year Plan (2), the gross domestic product from livestock sector at 1993-94 prices was about Rs.642 billion during 1999-2000 (accounting for 24% of agriculture and allied GDP). This rose to Rs.772 billion during 2003-04 with 27% share in the agriculture and allied sector.

Livestock Production in India -

Trends and Role in Indian Economy

ABSTRACT

Stuti Vatsya*

*Professor & Head, Department of Veterinary Parasitology, College of Veterinary & Animal Sciences

G.B. Pant University of Agriculture & Technology, Pantnagar-263145 (Uttarakhand)

LIVESTOCK POPULATION(in thousands)*

2007 2012 % Change

Cattle 1,99,075 1,90,904 -4.10

Buffalo 1,05,342 1,08,702 3.19

Sheep 71,558 65,069 -9.07

Goat 1,40,537 1,35,173 -3.82

Horses & Ponies 612 625 2.12

Mules 137 196 43.07

Donkeys 438 319 -27.17

Camels 517 400 -22.63

Pigs 11,133 10,294 -7.54

The livestock sector alone contributes nearly 25.6% of value of output at current prices of total value of output in Agriculture, Fishing and Forestry sectors. The overall contribution of Livestock Sector in total GDP was nearly 4.11% at current prices during 2012-13. Statistics reveal that the livestock production performance has been more promising as compared to food grain production. Milk, egg, meat, and fish production has shown impressive growth rates over the years. The livestock sector is contributing to the agriculture economy of India in most subtle and silent way. The overall growth rate in livestock sector is steady and is around 4-5% and this has been achieved without a substantial investment in this sector. Under the livestock sector, large and small ruminants play a significant role in the national economy. Small ruminants are a precious renewable resource in India as well as round the globe since inception of human civilization. Together with their inputs in farming system, they are directly linked to socio-economic status of poor farming families in rural areas. Small ruminants, mainly sheep and goats, are kept by poor and landless farmers and are considered as the most versatile domestic animals due to their unique contribution to the agro economy through production of milk, meat, hide, wool, leather and manure i.e. by means of income generation, capital storage and employment generation.

Cattle constitute a share of about 60% in India’s total livestock population followed by buffaloes (32%), goats (4%) and sheep (2%). The remaining livestock population consists of pigs, horses, ponies, mules, donkeys, camel, yaks, mithun etc. Livestock sector is expected to contribute immensely in agricultural growth in the 12th plan and beyond due to rapid growth in demand for animal food products. Fortunately India has a huge livestock wealth. It has the largest population of cattle and buffaloes in the world. The indigenous breeds are well known for heat tolerance and resistance to diseases and ability to thrive under different climatic conditions. The total livestock population consisting of cattle, buffalo, sheep, goat, pig, horses and ponies, mules, donkeys, camels, mithun and yak in the country is 512.05 million numbers (19th All India Livestock Census) (3). When compared to the previous census, the total livestock population has decreased by about 3.33%.

Livestock Production in India- Trends and Role in Indian Economy 23

Household Demand – Milk Products and Other Foods from the Year 2000 to 2020

2000

(MT)

2010

(MT)

2020

(MT)

% Growth (2000-2020)

Milk/Milk Products 64.1 106.4 165.8 159

Fruits/Vegetables 48.4 75.2 113.2 134

Meat & Fish 4.7 7.2 10.8 131

Edible Oils 5.3 7.7 10.9 107

Wheat 54.2 72.1 92.4 70

Rice 78.3 98 118.9 52

Pulses 10.6 14.6 19.5 85

Source:CLFMA Report

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Cattle Buffalo Sheep Goat Horses &

Ponies

Mules Donkeys Camels Pigs

Nu

mb

er

Animals

LIVESTOCK POPULATION (in thousands)

2007 2012

IMPORTANCE OF LIVESTOCK

Healthy and productive livestock is a source of variety of food products including eggs, meat and meat products, milk and dairy products, viscera for direct and indirect human consumption and processing. These animal food products help improve farmers’ income in particular and the nation in general. This also facilitates their access to both domestic and international markets. In this regard veterinary services offered by various by national and regional agencies is a key component of efforts working towards attaining sustainable production of food from animal origin. Because food animals support the livelihoods and nourishment of almost a billion people, efforts should be directed at upholding food security.

GROWTH IN MILK AND OTHER FOODS BY 2020


0

50

100

150

200

MT

Household Demand – Milk Products and Other Foods from the Year 2000 to 2020

2000 (MT) 2010 (MT) 2020 (MT) % Growth (2000-2020)

Milk ProductionIndia ranks first in producing milk the world over (as per the IFCN - International Farm

Comparison Network). The total production of milk in India is 140 million tonnes (4% fat and 3.3 % protein). This has been the achieved through a concerted effort of some 70 plus million dairy farmers. The contributions of improved animal husbandry practices, cattle cross breeding projects and cooperative dairy farming have played a key role in achieving this target. The per capita availability of milk in the world averaged 294 grams per day in 2013-14 far below that of in India which was around 307 grams (4).

This entire feat has not been attained in just one day. The dairy cooperative movement which started in India in early 1970s under the aegis of Operation Flood under the dynamic leadership of Dr. Verghese Kurien has been instrumental in bringing into mainstream a large number of small and marginal dairy farmers having 1 – 5 animals or more. Currently, dairy cooperatives touch millions of dairy farmers across India daily through a network of thousands of milk societies.

Milk is a source of energy, animal proteins, minerals and vitamins. A majority of the total milk production is found in the the market in the form of dahi, butter, ghee, khoa and shrikhand in addition to products like milk powder, ice cream and cheese. Pasteurization plants and chilling units As per one report of Press Trust of India (Mumbai October 20, 2013), the Indian dairy sector is set to touch $140 by by 2020. The same report says that at present Indian dairy industry is currently pegged at $70 billion. The total milk production in India may touch 216 Million Metric ton by 2030 with a per capita consumption of around 390 ml at an estimated population of 1.53 billion. The growth in related dairy products as also expected to accelerate at the same pace with packaged milk, to grow from $7.76 billion to $32.9 billion by 2030, with 8% annual growth. Sweets and savoury snacks will be the second largest


enterprise with an estimated $16.39 billion by 2030 from $1.28 billion in 2010 with a 13% growth annually (6).

Animal draught powerIndian agriculture revolves around a pair of bullocks. Though not related with direct

source of any animal product for human consumption, the animal draught power contributes indirectly production of food grains. The well known breeds of cattle and buffaloes being used as draught animals include Khillar, Amrit mahal, Hallikar, Red kandhari, Ongole, Malvi, Nagore, Hariyana, Gir, Deoni and Rathi. A total of 86 million draft animals include 76 million bullocks, 8 million buffaloes, 1 million camels and donkeys. According to an estimate, the horsepower derived from 1 bullock is equivalent 0.75 H.P. Around 80% of the agriculture/farm operations are done by bullock drawn .implements with mechanization in agriculture being about 20%. Around 40,000 mega watts of energy (Traction power) is made available through the use of draft animals which when converted in monetary terms comes to the tune of Rs. 5000/- crores (6).

Egg ProductionThe poultry sector development is one of the important activities in livestock sector. The

egg production in the country has increased tremendously ever since 1950-51 when it was 1832 million to 69731 million numbers in the year 2012-13. During the early fifties (1950-56) the per capita availability of eggs was 5 eggs per annum. The per capita availability of egg in the year 2000-01 increased to 36 eggs per annum from 30 eggs per annum in the year 1999-2000. The per capita availability of eggs was registered at 58 eggs per annum in the year 2012-13. During 2013-14, the egg production in India was around 73.89 billion, while poultry meat production was estimated at 2.68 MT. (5).

Source: krishijagaran.com (Overview of Livestock and Poultry in India)


0

10

20

30

40

50

60

Poultry Beef Mutton Chevon Pork Total Meat

Pro

du

ctio

n (

Lakh

To

n)

Meat Type

Meat Production (2012-13)

Poultry is one of the fastest growing segments of the agricultural sector in India. The steady rise in the prices of eggs has been advantageous to poultry farmers and has helped them in dealing with the ever increasing cost of feed. Integrated production, market transition from live birds to chilled and frozen products, coupled with and farmer friendly policies are key elements that have contributed to the future of poultry industry growth in India. Further, awareness regarding disease surveillance, monitoring and control has also enabled the growth of this sector. Despite being a source of subsidiary income generation for several marginal and landless farmers and nutritional security to the rural poor masses, India’s poultry sector is largely unorganized.

Meat productionThe largest source of meat in India is poultry followed by bovines and then sheep and

goats. As per the statistics of the Department of Animal Husbandry, Dairying and Fisheries (DAHDF), of the total 59.5 lakh tonnes (lt) meat production in 2012-13 poultry contributed 26.8 lt, followed by 14.3 lt beef and 13.8 lt mutton (9.4 lt- goat and 4.4 lt -sheep) and 4.5 lt pork (3). According to the Department of Commerce, India exported 11.08 lt buffalo meat in 2012-13 as against 14.76 lt in 2014-15 that valued at $4.78 billion (6).

Source: DAHDF



Wool ProductionSheep are the wool producing animals which can be grouped into fine wool, medium

and coarse wool types. The fine wool is commonly used in clothing production and coarse wool is used in making carpets. Mohair and cashmere wool types are obtained from goats.

India’s wool and woollen textile industry is the seventh-largest in the world which can be broadly divided into 10 major product categories: worsted yarn, woollen yarn, wool tops, fabric (woollen/worsted), shoddy yarn, shoddy fabrics, blankets, knitwear, hand-made carpets and machine-made carpets. In 2014–15, wool exports accounted for US$ 1,869.8 million. Woollen hand-made carpets contributed 72.7 per cent to total woollen exports. The United States and European Union are the key importers of Indian wool and wool-blended products (7).



• Poor genetic potential of animals• Inadequate feeding of animals• High disease incidence• Lack of chilling capacities• High production costs• Delayed payment of dues

At the Small holder Level

• Milk base consisting of small holders

• Several intermediaries

• Weak information system

• Lack of a screening system

• Inadequate Infrastructure

• Manipulation of quality of milk

At Collection Level

Farm yard manure for organic farmingDung obtained from animals i.e. cattle and buffalo is an excellent source of farm yard

manure or compost manure. This is required to improve the inherent soil fertility, and to have the extended manorial effect on the crops. Dung cakes are used as a source of fuel in large parts of rural India. According to one estimate 640 million tons of cow dung fulfils house hold fuel requirements in different parts of India. Besides the cow dung, goat excreta, and poultry dropping can also be exploited for organic manure.

Employment generationAnimal Husbandry and related activities provide self-employment opportunities in

large numbers. This sector plays an important role in generating and supplementing family incomes in the rural sector. The animal husbandry and dairying activities provide employment in rural areas throughout the year. Agriculture in India is dependent on monsoon most of the times and hence is studded with constraints to provide employment during such periods. Animal husbandry and dairying serve as alternate source of employment for income during the periods when people are not engaged in agricultural activities. Rearing of sheep and goat, poultry, pig farming and rabbit rearing are the alternate sources of mix farming that may generate income for small and marginal farmers. The estimate of employment in animal husbandry sector is 5.50 per cent of the total working population of the country (about 11.44 million in principal status and 11.01 million in subsidiary status). Also, out of 22.45 million population engaged in animal husbandry sector, 16.84 million were women. Thus, the total employment in animal husbandry and fisheries sector is around 9.05 per cent of total work force in the country (8).

CHALLENGES IN INDIAN DAIRY INDUSTRY

At present, the Indian dairy market is growing at an annual rate of 7 per cent. However due to the changing consumption habits and the rapid urbanization of rural India, a demand supply gap has become imminent in the dairy industry despite increase in production (9). This means that there is an urgent need for the growth rate of the dairy sector to match the rapidly growing Indian economy albeit with challenges at various levels as mentioned below:


Unproductive livestock population

• Insufficecientveterinarycare at thedoorstepsof farmers

• Indiscriminatecrossbreeding

• Use of lowproductive, non-descript cattle andbuffaloesfor geneticupgradation

• Unskilledparavets

Lack of coordinated efforts for disease containment

• Shortage of fodderand feed

• Inefficient use ofbullocks

• Lack of breedingpolicy

• Lack of facilitiesforhousing ofunproductive anddiseasedanimals

Poor marketing linkage

• Lack of awarenessabout clean milkproduction

• Poor marketinglinkage

• Consumer-biasedpricingfor milk

• Inadequate facilitiesfor processingmeat

MAJOR CONSTRAINTS

Major constraints affecting the progress of livestock development in India are listed below:

• Fluctuating supply• Lack of quality standards • Adulteration and Food safety• Lack of trained and skilled workers

At the Processing Level

•Insufficient cold storage facilities•Lack of cold chain and transport facilities

At the Storage and Logistics Level

•Lower participation in the decision making process

•Low prices of milk•Inefficient services•Inadequate Infrastructure

At the Co-operative Level

•Unorganized Market •Untrapped Rural Market•Lack of transparent milk pricing system

At Marketing Level


ACTION POINTS FOR

IMPROVEMENT OF DAIRY SECTOR

BANK CREDIT

LIVESTOCK HEALTH INSURANCE

SCHEMES

LIAISON AMONGST RESEARCH

INSTITUTES FOR COLLABORATIVE

RESEARCHMILK MARKETING

FODDER AND FEEDING

BREEDING OF ANIMALS

Livestock Sector Development –Way AheadFor achieving a desired enhanced growth rate in the livestock sector, there is a need to

redesign/modify the policy and programmes of livestock development. Some areas in this sector that need a re-look are as follows:

• Breeding and selection of superior animals for genetic improvement• Conservation of elite breeds for genetic upgradation• Well trained personnel • Well organized vaccination and health camps • Proper feed and fodder management • Improved infrastructure support for post handling of milk and other products• Strengthening of market for milk and meat products• Efficient use of dung for biogas; • Housing facilities for culled and diseased animals• Encouraging public-private partnership for breeding, feed supply, veterinary

services• Establishment of feed and fodder banks • Framing of farmer-friendly policies


REFERENCES

1. Birthal, P.S, “Linking smallholder livestock producers to markets: Issues and approaches”, Indian Journal of Agricultural Economics Vol.63, No.1, 2008, pp.19-37.

2. Report of the Working Group on Animal Husbandary and Dairying 11th Five Year Plan (2007- 12) Government of India Planning Commission, New Delhi.

3. DADF – 19th Census Report. Basic Animal Husbandry & Fisheries Statistics 2013 4. www.dahd.nic.in5. http://www.gktoday.in/blog/egg-production-in-india/6. www.expresspharmaonline.com7. www.ibef.org8. NSSO, 2005. National Sample Survey Organization 61st round, July 2004- June 2005 Government of

India.9. Raj, R. And Gupta, S. K, “Relative share of livestock population of Haryana”, International Journal of

Advanced Research, Vol. 3, No. 4, 2015, pp. 790-796.


In recent years, the Indian startup ecosystem has really taken off and has come into its own driven

by factors such as massive funding, consolidation activities, evolving technology and a burgeoning

domestic market. The numbers are telling from 3,100 startups in 2014 to a projection of more than

11,500 by 2020. This is certainly not a passing trend. It’s a revolution. And it’s going to change the

way the markets are working today in India. In this Paper, we are going to highlight some key aspects of

the Indian startup ecosystem and underline the steps needed to make the environment more conducive

for it. Starting with some of the most disruptive startups, we’ll go on to explore how they raised their

recent funding. Next, we’ll take a look at the investment trends, escalating M&A activity, and the key

enablers who are fostering this growth. The knowledge pool and sharing of research is already one of the

strong points of this startup landscape. Hope this adds to it.

Keywords: Startup, Consolidation, Environment, Investment, Research

INTRODUCTION

In its 2014 Startup report, NASSCOM unveiled that India is the fastest growing start-up eco-system and with approximately 3100 startups it is third largest ecosystem globally. On an average, more than 800 start-ups are setting up annually. NASSCOM projected that there would be approximately 11500 start-ups employing 250k people by 2020. At such a pace, online platform is a gold mine for start-ups in India. Since 2004, Indian startups have evolved in terms of visibility and market space. Start-ups are more confident in showcasing their product capabilities, activity in the venture capital space and networking platform. However, startup ecosystem in India leaves a lot to be desired in terms of break through innovation. Not to mention there is a gap in the early stage funding in India. This is constraining risk taking ability and innovation of startups. At the same time, the culture of incubators and accelerators has provided some relief to the India startups.

The Startup Innovation in India

ABSTRACT

Dr. Kamal Agrawal*Dilip Kumar Mishra**

*Director, IME

**Research Scholar

34

FACTORS DIFFERENTIATING PRESENT ONLINE BOOM AND THE EARLY DAYS

From the decade of online booking on IRCTC and voice based services started by Just Dial in ’90s, Indian online startups have come a long way. There are many differences between what happened in ‘90s and what is happing right now. With MakeMyTrip Ltd valued at USD 478 million and Flipkart raising USD 20 million funds from Tiger Global, the face of Indian startups has changed a lot. The three major differentiating factors between the dot-com days and today's online boomare:

Beginning of Internet Business EraThe internet bubble of ‘90s was in effect for a long time because the idea of Internet itself

was new and alluring at that time. People were betting on the evolution of the internet rather than the business model of the online startups. In 1999, itself 457 IPOs took place, most of them were Internet and technology related.

However, with one year most of these startups shut down. Now, the shift is on the deepening penetration of Internet. In India, 150 million people have access to the internet that is 30 times more that the figure in 2000. 900 million owns mobile phones, and 67 million owns smart phones in India. The belief that the online market is close to an inflection point has changed the online business dynamics in India.

The Missing Business PlanDuring the last boom, the biggest driving factor of the bubble was those companies that

did not have a business plan but were dear to the investors. The argument goes: Google, for a long time did not have a business plan. Twitter modeled their revenue recently using its


300

$250

250

200

$60 $63

50$18

0

Nanobi Exotel Flytxt Uniphore

Figure 1: Top four NASSCOM startups target revenue (in millions), 2014

(Source:NASSCOM Website)

sponsored tweets. However, same is not true in the present scenario. Though the numbers of venture capitalist have increased to 300 and angel investors have increased to 225 the priority is still on the business plan. Investors entertain only those startups that have a realistic business plan along with customer validation.

Page View vs. RevenueDuring 90s, numbers of pages viewed on the website were the tracking metric forth

evaluation of the companies.

However, in today’s generation where internet has made its status –quo secure, number of pages viewed is no longer the factor for evaluating a company. Now, online companies are evaluated based on revenue. Four start-ups among the top ten selected by NASSCOM have significant realistic target revenue that made them favorite (Figure 1: Top four NASSCOM startups targetrevenue).

RECENT INVESTMENTS

Between 2010 and 2014, the infusion of VC and PE increased from $13 million to $1,818 million. Angel investment too has multiplied almost 8 times from $4.2 million to $32.2 million. So, how did these startups raise their recent funds? How will this money help them grow? Let’s look at a few examples.

ChaayosChaayos retails tea leaves, which it sources from tea estates to create its own blends and

has designed innovative kettles that can deliver a liter of chai, keeping it hot for an hour and a half.

The first round of institutional funding for Gurgaon-based Chaayos came as a non-tech investment. This year, Tiger Global led a $5 million financing round in this tea chain, with participation from Ola founders Bhavish Aggarwal and Ankit Bhati.Using this investment, the tea chain is planning to expand its services to Mumbai, Bangalore and Delhi NCR by opening more than 50 new outlets. It will also use the funds for pushing its delivery service through mobile apps. Besides expanding its chai-on-demand service, Chaayos will also focus on retailing its packaged tea blends, which it introduced a few months back, in partnership with Amazon, Big Basket, Grofers, and the recently launched Ola Cafe. The plan for Chaayos is to setup 60 more outlets in 2015 and scale up rapidly. Apart from outlets, they already have tie-ups with corporates for delivery. Their app is coming out soon, which will be open a B2C subscription channel as well5.

Housing.comLast year, house hunting portal Housing.com raised a sum of $90 Million from SoftBank,

the Japanese telecom and internet giant.Their products like Slice View and Price Heat Maps (gauging the price variations in real estate across the city) emphasize their strong focus on Data & Analytics and will require a major share of the received funding.Apart from investing heavily in their in-house Data Science Lab (DSL) and expansion into more cities, Housing has always been focused on hiring the right talent.



OlaOla (formerly Olacabs), in April 2015, announced raising $400 million in its series E

round of funding led by DST Global with participation from GIC, Falcon Edge Capital, and existing investors SoftBank Group, Tiger Global, Steadview Capital and Accel Partners US. From this amount, Ola has earmarked $100 million towards fuelling expansion and growth of the acquired TaxiForSure. While the range of services offered like Mini, Sedan, Prime, Auto-rickshaws, Taxis, and Café (food delivery) has continued to increase over the past year, Ola plans to further invest in localising its offerings for the benefit of citizens and driver partners in every market. Ola plans to be in 200 cities by the end of this year. Through “Ola Pragati” in partnership with the State Bank of India, drivers can now avail of a daily loan repayment facility and a lower down payment to buy a car of their choice. Ola aims to offer this program to over 100,000 driver entrepreneurs across India within the next two years under its expansion program.

INTERNATIONAL MONEY ENTERING INDIA

Foreign investor interest in India can be attributed to various factors but the biggest one is the consumer growth backed by the mobile revolution. Also, the India focus of New York based Tiger Global Management (TGM) has given confidence to other global private equity and hedge funds to come to India. Making big bets on Indian innovation has become a global point of interest. The following are a few examples of foreign investors investing in Indian startups:• TGM is currently the top investor in startups in India during the first four months of

2015. Indian startups have featured in 18 of its 26 funding rounds globally in 2015 so far. It has started to make early-stage investments in India now.

• Tiger was among the top investors in India at $422 million in 2014, despite a lean start. After April, with massive fund infusion into Flipkart, which raised a total of almost $2 billion in 2014.

• It was followed by Russian investor Yuri Milner-led DST Global, which invested $352 million.

• Japanese telecom giant Softbank invested $282 million in Indian startups in 2014.• During the same period last year, VC firm Nexus Venture Partners was the largest VC

player in the country with $73 million in funding, followed by Kalaari Capital with $45 million in six deals.

• VC firm Sequoia Capital has made investment worth $208 million in the first four months of 2015 across 14 deals.

• Accel Partners, one of the early investors in the scene have made multi-stage investments in internet technology companies between $0.5-50 million in its portfolio of companies which include BabyOye, BookMyShow, Myntra, CommonFloor, Zansaar, Probe, and Flipkart.

Other foreign investors that have shaped the Indian funding landscape since 2009 are 500 Startups (by Dave Mclure and Pankaj Jain), and Inventus Capital Partners

Active Investors in the Indian startup landscapeBased on data published by YourStory, in 2014, Helion Venture Partners was top of the

investors list going by the total number of deals made, followed by Sequoia Capital, Blume Ventures, Kalaari Capital, and Accel Partners.

As you can see in the next chart, the market has witnessed a bit of a shakeup with Tiger Global taking the top spot in 2015 with cumulative investments of $269 million (Ventura Intelligence) in 11 deals, followed by Sequoia Capital with $208 million invested in 14 deals, and Steadview Capital with $107 million with two deals.


When it comes to the cities where the startups that got funded were based, Bangalore led the charts with $2.43 billion, followed by New Delhi at $1.43 billion, and Mumbai stood in the third position with $610 million.


And if we break it down by sectors, e-commerce unsurprisingly took the biggest piece of the pie with $3.23 billion, followed by the closely related sectors of consumer Internet and mobile apps.

With the process of investment and exit becoming smoother due to a combination of factors, the scenario looks promising. According to a KPMG Survey Report for 2015, such strategic opportunities provide fertile grounds for increased acquisition momentum in the near future.

CURRENT TREND IN START-UPS AND THE ROLE OF INCUBATORS AND ACCELERATORS

For a startup to succeed, five resources are required: market, capital, people, culture and infrastructure. The current emerging markets in the online sector in India are:


Mobile PaymentGatewaysThough non -COD captures only 48 percent of the payment option this segment is

gaining popularity in VC community. Few startups such as KushCash, Mobilelime and Obopay have built mobile payment gateways with a massive funding backup.

VoiceRecognitionGrowing with 3 billion users, this segment is the future. Start-ups such as Mscriber and

Ubona have cashed on the demand in this sector.

Micro-financingAccording to Boston Consulting Group, by 2015, the non-banking population in Brazil,

India and China have the capacity of USD 85 billion in the banking revenue sector. This sector is one which no Indian startup has tried out. However, it has a high potential.

Mobile network adNext level of advertisement is a mobile ad. However, the challenge is innovative

advertisement model. Startups like mkhoj and deal aajtak have entered this space.

SaaSModelStartups like Vembu and Zoho have acknowledged the potential of this segment fast.

These startups have used cheaper, faster and better innovation to optimize their operations and cost.

Table 2: List of startups across India

(Source:http://inc42.com/resources/50-amazing-startup-incubators-and-accelerators-in-india/)

Incubators and Accelerators acrossIndia

Mumbai

Chennai

Bangalore

Kerala

Ahmedabad

Delhi

SINE,IIT

Bombay

The Startup

Center

Microsoft

Accelerator

The Startup

Village

CIIE,IIM

Ahmedabad

Indian Angel

Network

Incubator

Venture

Nursery RTBI,IIT

Madras

KhoslaLabs

TechnoPark,

TBI

NDBI, NITAbd.

TheHatch

Seedfarm Villgro, IIT

Madras

NSRCEL, IIM Bangalore

TBI,NIT Calicut

Comm. TBI, MICA TBIU, IIT Delhi

GSF TBI, Anna

Univ.

AngelPrime Tlabs

UnLtdIndia

Kyron

GSF

GSF

5ideas


Startup accelerators and incubators are the growing trend and provide a significant boost to the startups in India. Incubators and accelerators across India (Table 2: List of startups across India) have helped the Indian startups with resources such as capital, people, culture and infrastructure to grow.

WHY THE SUDDEN RISE?

Let’s look at some strategic opportunities that motivate buyers:• Acquisitions are opportunistic and buyers plan to act as soon as the right target became

available• To expand their geographical reach• For expanding their customer base• To enter into a new line of business• Sometimes the buyer is looking for profitable operations and/or gain on exit• For enhanced intellectual property• To defend against competition• To invest in another function in the supply chain

A buyer in India has one or a combination of these reasons as their focus when they go ahead and acquire another venture.

ONLINE MARKET SCENARIO OF LAST FIVE YEARS

Though the online industry in India is still in its early days, in past few years, the sector is expected to grow at 50-55 per cent CAGR for next three years (Figure 5: Online market scenario in near future in India). In 2009 where revenue from e- commerce was USD 3.8 billion, it grew to an estimated USD 12.6 billion in 2013. Studies conducted by IAMA indicate that online travel domain has an estimated 70% market share in the e-commerce industry. Also, e-retail is emerging as the fastest- growing segment; its share increased from 10% in 2009 to 18% in 2013.

RsBillion

Next 3 year CAGR:50-55%

Previous 5 year CAGR :~56%

600 504

400 334

224 200 139

15 24

38 58 91

0

2007-08 2008-09 2009-10 2010-11 2011-12 2012-13E 2013-14P 2014-15P2015-16P

Research based on e-retail using industrial benchmarks suggests that the number of parcel check-outs on the online portals have surpassed 100 million in 2013. Though this figure represents an infinitesimal proportion that is less than 1% of the total retail market, it is expected to grow continuously in the future years. If this growth continues over the following few years, the size of Indian e-retail industry is expected to between USD 10 to 20 billion by2017-2020.

This growth in e-retail is boosted by growing startups, internet use, and customer-led purchases. With online startups increasing the domain of e-retail in electronic and durables, accessories and apparels and traditional products such as books and travel services, customer sentiment, and internet usage is expected to grow.

According to CRISIL report, in the fiscal year that ended in March, 2013, the revenue from the online retail sector in India was USD 2.24 billion. Nevertheless, this was just 0.5% of the revenue generated from brick-and-mortar retail sector; the sales of online retail have been growing at a much faster rate. Also, the revenue of the online industry increased by 56% annually from fiscal year 2007-08 and fiscal year 2012-13. As more and more people use the internet, the revenue of the e-commerce industry over next three years could triple to USD 8.13 billion. McKinsey &Co. in its report on Indian internet users (Online and upcoming: The Internet’s impact on India, Dec 2012) stated that by the start of 2014, there were 200 million internet users. Also, this figure is expected to increase by 2.5 times to 500 million by the end of 2015. In last decade, dozens of websites have emerged in India that sells everything from baby care products and flights tickets, from appliances to books. The growth of the online industry in India has been boosted by in large by the demand up surging from tier two, three and four cities. Previously, these cities were neglected as consumer markets but now they are considered as the future of the online marketplace. As per online industry experts, by 2021-23, 30-40 percent of the total retail in top 75 cities is expected to be completed online.

The rural India that constitutes 68.8 % (2011 census data) of the total population has remained untapped in terms of internet technology till now. As this part of the economy also witnessing empowered with the advancement of technology in agriculture and farming increasingly, online portals would be vital for companies trying to access these markets. Also, it is important to note that over 50 percent of total online sales take place in non-metro cities. The spectacular growth in this sector has attracted much interest from venture capitalist and angel investors.

CLOSING THOUGHTS

Coming out of their difficult ruts, investors in India as well as abroad are becoming experimental, yet extremely well-informed decision makers. But funding activities still are the biggest driving factors in any startup ecosystem. The average valuation of an Indian startup is $2.3 million as compared to $4.2 million of an American one. 43 percent of product/digital organizations are focusing on the global market and 28 percent continue to be technology hotspots. With a 59 percent of B2C, 37 percent of B2B, and 4 percent of B2C/ B2B startups, this ecosystem has a lot of ground to cover in terms of securing funding. Let me address some key points to think about.



What the Indian Ecosystem Gets Right• Acqui-Hiring, technology acquisition, market consolidation, and customer acquisition

are the main drivers for increase in M&A of Indian startups.• With increase of momentum in M&A in India, investors are getting more exit

opportunities.• Startups are adopting innovative approaches to attract and retain top talent.

What It Gets Wrong• Indian startups are often alleged to be copying foreign startups.• Often don’t have a proper scaling plan.• There is a need for directional efforts to help increase supportive government policies

(ease of doing business, tax incentives, participation in Government contracts, availability of risk capital, etc.).

CONCLUSION

The analysis shows that online startups in India have come a long way since the starting of Internet technology in India. However, its ride in the last decade has been bumpy because of lack of support from Government, market, and blinded vision of the business aspect. The entry of accelerators and incubators has played a crucial role in shaping the path for these startups. However, it still has a long way to go before it could catch up with its counterparts in other countries. As of the present scenario, the market segment such as online payment gateways, SaaS model, micro financing, voice recognition, mass reach and mobile ad networks are good for startups. However, before entering into any of these segments, it is important for the startup to have a realistic business plans along with customer validation.

REFERENCES

1. Evolution of e-commerce in India ASSOCHAM Indian, PWC(2014)2. Forbes India, September 14, 2010, “Is the Dotcom Craze Back? ”http://forbesindia.com/

printcontent/172423. Government of India, “Fostering Entrepreneurs”, http://business.gov.in/enterprises/

fostering.php4. India Planning commission report, http://www.planningcommission.nic.in/reports/

genrep/rep_eco2708.pdf5. Knowledge Faber, “Software startup scenario in India”, http://knowledgefaber.com/software-

start-up-scenario-in-India/6. NASSCOM Report 2014 - “Top Ten emerging onlinestartups.”7. Report of the Committee on Angel Investment & Early Stage Venture Capital-Government of India

Planning Commission (2012)8. Startup Ecosystem Report Part 2012 - Startup Genome9. The Stand, ”innovating in India or lack of it”, http://thestandonline.com/society/93-innovating-

in-India-or-lack-of-it/10. Your Story.com, Feb 18, 2013, “numbers and insights from comScore on the Indian ecommerce

industry” http://yourstory.com/2013/02/numbers-and- insights-fromcomscore-on-the-Indian-ecommerce-industry/

11. Yourstory.com, Aug 18, 2014,” What are the Indian states doing to promote entrepreneurship?”http://yourstory.com/2014/08/indian-government- entrepreneurship programs/

This paper is intended to understand the concept of surrogacy and its legality in India. The

practice of surrogacy is fraught with complexity & Controversy surrounding the implications of

women’s rights and health. The researcher has compared bilateral aspects of the surrogacy. On the one

side it’s a blessing to the childless couples & on other side leaves certain trauma for the surrogate

matter. The legal aspects surrounding surrogacy are diverse and mostly unsettled. The researcher has

after extensive study felt the need of stringent surrogacy laws in India to overcome the plethora of

related surrogacy complexities and also relief from the social stigma.

Keywords: surrogacy, legality, intended parents, gestational Carrier, Bioethicist, Commercial

surrogacy, Altruistic Surrogacy.

INTRODUCTION

Surrogacy is & well known method of reproduction whereby a women agrees to become pregnant for the purpose of gestating and giving birth to a child she will not raise but hand over to a contracted party. The word “surrogate” is derived from Latin word ‘Subrogare’ means “appointed to act in place of”. The surrogate matter may be called gestational carrier.

“Commercial surrogacy’ is a form of surrogacy in which a gestational “carrier is paid to carry a child to maturity in her womb and is usually resorted to by well off infertile couples who can afford the cost involved or people who save and borrow in order to complete their dream of being parents. This is sometimes referred as offensive terms “wombs for rent”, “outsourced pregnancies “or “baby farms”.

Surrogacy: A boon to In fecund or

a Curse to Womanhood

ABSTRACT

Tanuja Tiwari*

*Asstt. Prof., IME

44

KINDS OF SURROGACY

1) Traditional surrogacyIn traditional surrogacy the surrogate is pregnant with her own biological child but this

child was conceived with the intention of relinquishing the child to be raised by others such as the biological fathers and possibly his spouse or partner and thus the child as the results is genetically related to the surrogate mother.

2. Gestational Surrogacya) Commercial b) Altruistic In gestational surrogacy, a surrogate is only a carrier and is not genetically or

biologically related to the child. The surrogate is implanted with as embryo that is not her own and becomes pregnant with a child to which she is not the biological mother. After birth, the surrogate relinquishes the child to the biological mother and/or father to raise or to the adoptive parents. The surrogate mother may be called gestational carrier.

Commercial Surrogacy:-Commercial surrogacy is a form of surrogacy in which a gestational carrier is paid to

carry a child to maturity in the womb and is usually resorted to by higher income infertile couples who can afford the cost involved or people who save or borrow in order to complete their dream of being parents. This procedure is legal in several countries including India. Commercial surrogacy is also known as wombs for rent; outsourced pregnancies or baby farms.

Altruistic surrogacy:Altruistic Surrogacy is a situation where the surrogate receives no financial reward for

her pregnancy or the relinquishment of the child [although usually all expenses related to the pregnancy and birth are paid by the intended parents such as medical expenses, maternity clothing, accommodation, diet and other related expenses.

Position of legality of surrogacy


AUSTRALIA Illegal

CANADA Legal (Altruistic only )

FRANCE Illegal

HUNGARY Illegal

INDIA Legal

GERMANY Illegal

Commercial Surrogacy has been legal in India since 2002. The Honorable Supreme Court in Baby Manji Yamada Vs. UOI & AIR. 2008 also known as Japanese Baby case has held that commercial surrogacy is permitted in India with a direction to the legislature to pass an appropriate law governing Surrogacy in India. In this case, a baby girl named Manji was born to an Indian surrogate. The arrangement become difficult not because the surrogate wanted to keep the baby but because the Japanese couple who were “intended parents” had

divorced. The husband still wanted to raise Manji, but his ex-wife did not. As per Indian laws, adoption is must before leaving the country but bars single men from adopting. Manji’s father was denied travel documents for the baby. The situation was widely covered in Indian and global media, and grew into a legal and diplomatic crisis. Manji, was eventually permitted to leave for Japan, but the debate within India about surrogacy has continued.

Re. Jan Balaz Vs. U.O.I. SLP (2009)In this case German surrogate twins fate stuck in legal battle. According to German Laws

surrogacy is not recognized as means of parenthood. Therefore the twins born out of surrogacy in India didn’t get citizenship to in Germany. H.C ruled out that since the surrogate mother is an Indian national, therefore the surrogate children will also be treated as Indian Nationals and are entitled to Indian passports. Giving due regard to the apex court direction, the government is making modifications to the draft Assisted Reproductive Technology (Regulation) Bill 2013 to accommodate suggestions made by different ministries and departments.

GUIDELINES LAID DOWN BY THE LAW COMMISSION IN ITS 228TH REPORT WITH THE INTENT TO REGULATE ASSISTED REPRODUCTIVE TECHONOLOGY CLINICS AND ALSO TO ASCERTAIN RIGHTS AND OBLIGATIONS OF PARTIES TO SURROGACY.

(a) Surrogacy arrangement will continue to be governed by contract amongst parties, which will contain all the terms required consent of surrogate mother to bear child, agreement of her husband and other family members for the same, medical procedures of artificial insemination, reimbursement of all reasonable expenses for carrying child to full term, willingness to hand over the child born to the commissioning parent (s). etc. But such an arrangement should not be for commercial purposes.

(b) A surrogacy arrangement should provide for financial support for surrogate child in the events of death of the commission couple or individual before delivery of the child, or divorce between the intended parents and subsequent willingness of none to take delivery of the child.

(c) A surrogacy contract should necessarily take care of life insurance cover for surrogate mother.

(d) One of the intended parents should be a donor as well, because the bond of love and affection with a child primarily emanates from biological relationship. Also the chances of various kinds of child-abuse, which have been noticed in cases of adoptions, will be reduced. In case the intended parent is single, he or she should be a donor to be able to have surrogate child. Otherwise, adoption is the way to have a child which is resorted to if biological (natural) parents and adoptive parents are different.

(e) Legislation itself should recognize a surrogate child to be the legitimate child of the commissioning parent(s) without their being any need for adoption or even declaration of guardian.



(f) The birth certificate of the surrogate child should contain the name(s) of the commissioning parent(s) only.

(g) Right to privacy of donor as well as surrogate mother should be protected.

(h) Sex-selective surrogacy should be prohibited.

(i) Cases of abortions should be governed by the Medical Termination of Pregnancy Act 1971 only.

RECENT DEVELOPMENT

Till 2015 India was a major hub for commercial surrogacy as thousands of couples flocks to the country in the hope of having a baby because of easy accessibility, cheap rates and good medical technology.

But Indian Government believes that this resulted in the exploitation of poor and illiterate women. Accordingly in November 2015 the Central Govt. announced a ban on surrogate services for foreign couples and notices have been sent to fertility clinics to not accept any more Overseas clients.

ETHICAL ISSUES INVOLVED

“Prathamtaya Shrimatramayana Mahakavya – jannani jnambhumisch swargadpi gariyshi”

[“Mother and motherland are superior to heaven”]- Lord Rama in Ramayana

The Indian scriptures and tradition have accorded regard to mother so much that the creator of the universe and planet Earth are considered akin to mother. Against this backdrop, the concept of surrogacy based purely on commercial consideration not in sync with the values and ethos of the country.

If we look upon the problem of surrogate mothers, things are even worse & unethical. The poor, illiterate women of rural background are often persuaded in such deals by their spouse or middlemen for earning easy money. These women have no right on decision regarding their own body & life. In India, there is no provision of psychological screening or legal counselling which is mandatory in USA. After recruitment by commercial agencies, these women are shifted into hostels for the whole duration of pregnancy on the pretext of antenatal care. The real motive is to guard them & to avoid any social stigma of being outcaste by their community. These women spend the whole tenure of pregnancy worrying about their household & children.They are allowed to go out only for antenatal visits & are allowed to meet their families only on Sundays. The worst part is that in case of unfavourable outcome of pregnancy they are unlikely to be paid & there is no provision of insurance or post-pregnancy medical & psychaitric support for them. Rick women who do not want to take the trouble of carrying their pregnancy are resorting is hiring surrogate mothers. There

are number of moral & ethical issues regarding surrogacy which has become more of a commercial racket & there is an urgent need for framing & implementation of laws for the parents & the surrogate mothers.

CONCLUSION

After the extensive study the outcome is that the practice of surrogacy is a medical necessity not only for the infertile couples but also for single parent, in case of risky pregnancy and in some countries for same sex couples. But some bioethicist are concerned that Indian surrogate are being badly paid for their surrogacy and that they are working as surrogates in a country with & comparatively high maternal death rate. However high maternal rate is found in the poorest of the poor section of the population in India who may not access to proper medical facilities in time or from amongst many who opt not to access them because of superstition and illiteracy. And mostly women from poor background do this work. In view of the above, the laws should be framed in such manner that Surrogacy is resorted to only sparingly in case of genuine medical necessity, and that too with due checks and balances.

REFERENCES

1. Indian Journal of Community medicine 2012 Vol.37 Issues 4 pg.211-2132. National guidelines for the accreditation suspension and regulation of ART Clinics in

India. http://www.icmr.nic.in3. ART Regulation draft bill 20134. Jain, MP, Indian constitutional Law, writ of Habeas corpus5. www.msj.com/articles/india restricts foreigners access to surrogate mothers.6. Bare Act: The Citizenship Act 1955, Sections 3, 7A-B-C-D.7. Bare Act: The Hindu Adoption and maintenance Act, 1956, Sec.6, 8. www.ndtv.com/topic /india-surrogacy.9. Commissions for protection of Child Rights Act, 2005, Section (3) 10. Supreme Court Cases, BABY MANJI Yamada V. U.O.I. AIR 2009 SC 84 (2008) 51811. Law Commission of India Report No. 228 Para 4.1 available at http://lawcommission

ofindia.nic.in/reports/reports220.pdf12. Dr. Justice A.R. Lakshmanan, Surrogacy, Lawyers update January 2011 Union of India

and Another V. Belaz and other. SLP(Civil No. 31639/2009.13. Union of India And another v. Jan Balaz and others SLP (CIVIL) NO.31639/2009


To create an inclusive and accessible environment at workplace is an important step for

companies in terms of talent resourcing and social responsibility as well as compliance with national

legislation. All are very well aware of the importance and role of such act in business and society but

might still some questions arise in this regard such as successful initiative implementation and further

improvement, adoption of new business practices. Briefly, the paper explains creating an inclusive and

accessible workplace in an organisation

The core part of this study emphasis to assist companies in strengthening the focus on inclusion

in their strategies and plans at workplace ;to introduce the concept of inclusive and accessible

workplace and to highlight the area that need particular attention to adopt and to promote non-

discriminatory workplace. It also explains paper the relevance of inclusive and accessible standards

and norms at workplace in today’s context.

Keywords : Inclusive, Accessible, Diversity, Disability, Workplace

INTRODUCTION

Today, the biggest mandate for human resource has been is to create an inclusive and accessible workplace or environment. A fully inclusive workplace promoting equality, human rights and inclusive working can help to increase productivity, improve motivation and retention, and provide an inclusive and adaptable service to customers and clients. Incorporating inclusive working into the key values of your organisation can therefore has a threefold effect: good for your business, good for your staff, and good for the community around you. A work environment must be created that is physically, technologically and attitudinally accessible. An accessible workplace will maximize productivity, by eliminating barriers that can prevent people with disabilities from working to their potential.

Inclusive and Accessible

Environment: At Workplace

ABSTRACT

Neha Goyal*

*Faculty, Kala Niketan Senior Secondary

All employees are encouraged to develop and progress, and any barriers faced by specific groups are identified and action taken to address them. The organisation is aware of any potential tensions within the workplace, and takes action to anticipate and address them. Today, the main question arises as how to integrate such concept in the cultural dimension of various organisations. Unnecessary hierarchies and occupational segregation, where groups of employees are congregated into certain areas, are discouraged. So, Inclusive strategies are fully supported and promoted by senior to provide equal opportunities to each and every employee.

OBJECTIVES

The main objective of this paper is to find out motivating factors for an organisation and also to develop an inclusive and accessible environment at workplace and to aware them about the importance of such practice in their organisation. It helps the organization create a reputation as an “employer of choice” and thereby attract diverse job applicants, including those with disabilities Use a centralized funding model for covering the costs of disability related accommodations, ensure physical accessibility, trained to front line managers to focus on individual’s performances not on their disabilities and disclose disability related disclosures to them are variety of ways that welcoming such environment at workplace.


The research design for the study is descriptive in nature. The research has been carried with analog observations. The data has been collected from different published and unpublished records, books, journals, existing available literature and through on line resources.

INCLUSIVE WORKPLACE

• An inclusive workplace is that environment where each and every employee (current as well as prospective) is treated with equality, respect, autonomy and dignity.

• Place where principles of human rights and fairness are promoted. • provide equal value and importance to all workers• treat to all, as an asset • helpful in achieving the goals and objectives of the organisation.

At Accenture, every employee is an equal member of our team and is welcomed and treated with dignity. We are committed to supporting persons with disabilities and providing an inclusive and accessible environment for all our people.

ACCESSIBLE WORKPLACE

As per the Americans with Disabilities Act created accessibility standards for the workplace, it is mandatory for employers must comply with these standards to create an accessible workplace for all employees (Accessibility: Physical, Technological, Electronic and Information Technology, and Attitudinal). Various strategies are adopted by the organisation to make workplace accessible. Such strategies are fully supported and


promoted by senior staff. An accessible workplace will maximize productivity, by eliminating barriers, that can prevent people with disabilities from working to their potential.

Role of accessible workplace in business are as follows:• Increase productivity among workers with disabilities.• Fully utilize the talent pool of job candidates with disabilities.• Cultivate an inclusive workplace culture.

Improve and expand its customer base to people with disabilities by eliminating barriers that may prevent or deter them from accessing the services and products offered.

Today, information technology accessibility at workplace works better and effective. Making electronic and information technology at workplace accessible doesn’t have to be difficult or expensive, there are affordable solutions. Access Board provides a list of resources for accessible communication and information technology. The Web Accessibility Initiative promotes the design and creation of websites that are accessible to people with disabilities.

To enhance accessibility and eliminate attitudinal barriers, create an environment where employees feel comfortable talking to you about disability-related concerns or problems. Understand that Knowledge is power, Utilize tools and resources to help to understand and break down attitudinal barriers in the workplace. Share knowledge with employees. Continually engage workforce to reassess disability issues in the workplace.

DIFFERENCE BETWEEN INCLUSION AND ACCESSIBILITY

Accessibility Looks Backward: It tries to hold the line at outmoded and artificial standards of what and who is “normal.” It degenerates into “mere compliance,” obsession with checklists, people with disabilities as risk management problems. Slipping down that backwards facing slide, accessibility accepts performance according to the standard of the “least worst,” aiming only for whatever minimum can be codified after the political compromise of legislation, regulation and code enforcement.

Inclusion Looks Forward: It involves drawing of newcomers by those who are already privileged to share in a particular social good. It is the hospitality response the sign of a healthy community. It is not a design style but an orientation to any design process that starts with a responsibility to the experience of the user. Its focus is on building social sustainability.

If mere accessibility fails by leaving kids with disabilities as social wall flowers on the edges of a well-intentioned playground, then inclusion takes the extra step, sometimes by going beyond physical design, to educate the community on the full potential of the design.

Benefits of an Inclusive WorkplaceInclusive cultures are specifically beneficial for employees with disabilities, and also

have positive results for all employees, as they include a number of elements of a healthy


work environment. There are 3 main elements of an inclusive culture:• Universal Design• Recruitment, Training and Advancement Opportunities• Workplace Accommodations and Accessibility: Policy & Practice

1. Reduced expenses corresponding to reduced employee turn-over2. Increased employee investment in work performance and improved productivity3. Reduced perception of discrimination and inequity

Increased worker commitment to and identification with organizational success4. Improved employee health and well-being (feels mentally satisfied)5. Improved cooperation and collaboration between co-workers, and between employees

and management.

Inclusive culture has both formal and informal policies and practices, and involve several core values:• Representation: The presence of people with disabilities across a range of employee

roles, and leadership positions • Receptivity: Respect for differences in working styles, and flexibility in tailoring

positions to the strengths and abilities of employees.• Fairness: Equitable access to all resources, opportunities, networks, and decision-

making processes.

Improving accessibilityIn 2009, the Reserve Bank of India (RBI) issued guidelines stating that visually

impaired persons should have banking rights, instructing banks to make at least one third of their ATMs accessible to persons with visual impairments. To facilitate the implementation of the guidelines, the CII (The Confederation of Indian Industry is a business organization, developed a specific Ability Initiative related to the employment of disabled people in 2006) started an initiative geared at its member banks in 2010. Acting as an interface between stakeholders, the CII has organized a seminar on accessible banking and joint meetings with member banks, ATM vendors, technology providers and relevant disability NGOs. It has also facilitated one-to-one meetings, and conducted a sensitization exercise for banks. As a result, five banks have so far committed to the RBI guidelines and are taking steps in becoming more accessible. As part of the initiative, the CII also developed an e-Handbook, Banking Access for the Visually Challenged to guide and assist banks in making their services accessible. In 2010, the handbook was launched on the CII’s web site. It includes a resource list to enable banks to contact technology providers.

Strategies to promote inclusive and accessible workplaceTo promote inclusive and accessible workplace, employees or workforce as well as

organisation or employers are very important. The workforce is representative of the local community or customers or, if not, under represented groups are encouraged to apply. The organisation is aware of any potential tensions within the workplace, and takes action to anticipate and address them. All employees are encouraged to develop and progress, and any barriers faced by specific groups are identified and action taken to address them.

Opening Minds: Helpful tips are provided for promoting positive attitudes and dispelling negative stereotypes of people with disabilities, which are the first steps in creating accessible marketplaces and inclusive workplaces.


Business Case for Accessibility and Inclusion: Increasing the accessibility and inclusiveness of the marketplace and labour force in light of the increased presence of people with disabilities is discussed in terms of the competitive edge it can give to the corporate sector.

Measuring Up: Practical strategies are explored for promoting accessible customer service, inclusive marketing approaches and equitable employment practices.

Best practices to ensure all individuals with disabilities, including those with non-visible impairements, are successful in the workplace?• Creating a welcoming workplace culture for all employees• Provide disability awareness and etiquette training• Top management commitment and support to all employees.• Establish resource group related to employees suffering from disability.• Develop a reasonable accommodation policy and procedure.• Develop internship programmes

Steps taken by various organisations to promote inclusive and accessible workplace Starbucks: Largest coffee roasting plant in York, Pennsylvania, also launched a program

for people with disabilities called the Starbucks Inclusion Academy.

Core values: Starbucks has long valued diversity and inclusion as part of its mission and guiding principles includes hiring partners with varied backgrounds and working with them to find opportunity and success in their careers. In June 2015, Starbucks scored 100 out of 100 on a new Disability Equality Index survey, a joint initiative of the American Association of People with Disabilities and the U.S. Business Leadership Network.

Description: A 17-year-old Starbucks employee (Sam) who has autism, dancing while working recently went viral after being shared by author and autism advocate Carley Fleischmann. According to Fleischmann, Sam originally believed he would not be able to work as a barista, but his manager, Chris Ali, worked with him to create a dance routine to carry out the steps of completing an order. In helping Sam become the “dancing barista,” Ali helped demonstrate Starbucks’ stated commitment to disability inclusion.

Microsoft (computer software and services)Microsoft has a long history of recruiting, hiring and retaining employees with

disabilities. Microsoft believes hiring a diverse population of employees, including those with disabilities, enhances its products as well as the workplace. To promote and develop inclusive and accessible workplace, Microsoft adopts new recruiter orientation training i.e. preparing recruiters to interview job candidates with disabilities.

During this training, Microsoft staffing members, modules are presented which teach general disability etiquette in a relaxed open atmosphere. It is also ensure that information covered during the training is readily accessible, an online "Disability Toolkit" is available for recruiters and other staffing members to refer back to when they meet and/or interview candidates with disabilities. The primary goal is that the interview process highlights the strengths of the employees and their qualifications for the position they are applying for.


Latest news released by “earn “related to inclusive and accessible workplaceEffective Employment Practices Partnerships Forming partnerships is a key strategy

for successfully recruiting qualified job candidates with disabilities. There are many agencies and organizations, both locally and nationally, that can connect employers with suitable potential employees. Vocational rehabilitation agencies, American Job centres, disability service providers, and other community-based groups can all serve as resources in all stages of the hiring and employment process.

Return-to-Work/Stay-at-Work Strategies when employees unexpectedly sustain an injury or disability, they may find themselves temporarily unable to work in their typical capacity. By using some simple strategies to modify an employee’s work environment, duties or schedule, employers can support their employees in staying at work or returning to work following the onset of illness or disability, even aiding in the recovery process along the way.

Policy Brief Addresses Employer Perspectives on Customized Employment A new information brief published by the LEAD Centre summarizes the results of six focus groups held to gather insight on the perspectives of employers who had hired individuals with disabilities into customized jobs in the past year. In the context of employment, “customized” means personalizing the relationship between a job candidate and employer in a way that meets the needs of both. The focus groups were conducted under the Employment First State Leadership Mentoring Program, which is funded by the U.S. Department of Labour’s Office of Disability Employment Policy.

Effective Employment Practices: Accommodations/Productivity Enhancements In order to reach their maximum productivity potential in the workplace, employees with disabilities – like all employees – may need certain workplace accommodations. Thus, it is important for employers to understand their responsibilities to provide accommodations, as well as the benefits they gain from implementing them effectively, such as increased employee productivity, morale and retention.

CONCLUSION

For India to become an inclusive society, it is important that the nation’s corporate sector sensitises itself to the country’s diversity, its gender differences, ethnicity, and tolerance, and emerges as truly inclusive. We need to remember that diversity is just a “number value” and inclusivity the “outlook.” This is the approach that organisations must adopt if they are to foster a workplace where the differently-abled can work alongside their peers, productively and efficiently. The study by National Centre for Promotion of Employment of PWDs (NCPEDP) shows that of the some 70 million differently abled people in India, only about 1,00,000 have succeeded in obtaining employment in industry . So, we need to understand the strong linkages between economy and disability. Employment is the most effective means of escaping the vicious circle of marginalisation, poverty and social exclusion. Some persons with disabilities may be trapped in this vicious circle. To break it, positive action is required by the society as well as organisations. To make such practice possible, it is necessary that persons with disability are valued and identified the pool of talent.


REFERENCES

1. www.ilo.org2. http://www.nasscom.in/sites/default/files/awards/inclusivity_at_workplace.pdf3. http://www.equalityhumanrights.com/sites/default/files/documents/publications/an_

employer_s_guide_to_creating_an_inclusive_workplace.pdf4. http://askearn.org/5. file:///C:/Users/HP/Desktop/inclusive%20and%20accessible%20workplace/Draper_

Workplaces_Marketplaces.pdf6. file:///C:/Users/HP/AppData/Local/Temp/Journal-%20Enabling%20Access%20for%20

Persons%20with%20Disabilities%20to%20Hi.pdf7. http://bbi.syr.edu/projects/Demand_Side_Models/docs/a_inclusive_culture.htm8. http://www.togetherwerock.com/content/promoting-accessible-marketplaces-and-inclusive-

workplaces9. http://askearn.org/refdesk/Inclusive_Workplaces/Creating_an_Inclusive_Work_Environmet


The Indian development model has yet to fully incorporate the important role played by women for

propelling the socio-economic growth of the country. Woman play an important role in the socio-

economic development of the country. Woman of the present day has extended her foot in every sphere

and excelled through the same. She has broken the boundaries restricted to the house-hold work and has

flourished throughout the world with flying colours. The researcher has tried to visualise the role of

today’s woman in different spheres of development.

Keywords: Inflation, Policy, Paid workforce, Sympathetic, Sphere, Crucial, Empowering,

Prejudiced

INTRODUCTION

Women play a dominant role in the Indian economy, undertaking a wide range of economic activities including farm operations and powering a high savings rate. However, changes in the employment scenario, rising inflation, social conditions and neglect by policy-makers have impacted adversely on women. Although most women in India work and contribute to the economy in one form or another, much of their work is not documented, or accounted for in official statistics. Women plow fields and harvest crops while working on farms; women weave and make handicrafts while working in household industries; women sell food and gather wood while working in the informal sector. Additionally, women are traditionally responsible for the daily household chores (e.g. cooking, fetching water, and looking after children).

Role of Women in

Indian Economy

ABSTRACT

Dr. Sweta Singh*

*Asstt. Prof., IME

56

METHODOLOGY

Secondary data is reviewed initially through the library using a range of information sources such as generals, abstracts, bibliographic databases, and Internet search engines. My research methodology requires gathering relevant data from the specified documents and compiling databases in order to analyze the material and arrive at a more complete understanding of the role of woman in Indian economy. I hope to shed light on the following questions through my research: 1) How does woman contribute in economy ? 2) How does woman contribute in social welfare of the country? 3) What is the percentage of woman working in agriculture, dairy and forest-based small-scale enterprises.? 4) How women are involved in undocumented work?

ROLE OF WOMAN

National data collection agencies accept that statistics seriously understate women's contribution as workers. However, there are far fewer women than men in the paid workforce. Women are undoubtedly the foundation of the basic unit of society – the family. Even in traditional roles they demonstrate great innovation, skill, intelligence, hard work and commitment.

FINDINGS

Urban areasIn urban India, women participate in the workforce in impressive numbers. For

example, in the software industry 30% of the workforce is female. In the workplace women enjoy parity with their male counterparts in terms of wages and roles. While in urban areas as they are equipped with good education they are engaged in many noteworthy spheres, namely, education, science and technology, media and medical. Let us talk a little about, females’ managerial skills. Undoubtedly, they have performed well on this pivotal front, and in comparison to their male counterpart, they are naturally superior. Women have made their presence felt in all fields be it Business, Education, Fashion, Entertainment, Finance, Information Technology. Earlier it was said that if a woman is working she is just fit to do administrative or lower management jobs. But women have proved them wrong and they have been successful leaders and mentors. The sharp mind and sympathetic nature of women have helped them achieve success in the business world. They successfully overcome any challenge posed in their way.

Rural areasMore women may be involved in undocumented or ”disguised” wage work than in the

formal labour force. There are estimates that over 90 percent of women workers are involved in the informal sector and not included in official statistics. The informal sector includes jobs such as domestic servants, small traders, artisans or field labourers on a family farm. Most of these jobs are unskilled, low paying and provided no additional benefits to the workers. Although such jobs are supposed to be recorded in the census, undercounting is likely because the boundaries between these activities and other forms of house hold work done by women are often clouded. Thus the actual labour force participation rate for women is likely to be higher than that which can be calculated from available data. The net productivity of the


women is definitely much more than the men, as they manage both the home and outside work in a well-balanced way. With respect to the revenue generation of the country, encouragement of women definitely has helped with new innovative ideas for the implementation in various spheres of life, giving a better proposal at the international market. In rural India in the agriculture and allied industrial sectors, females account for as much as 89.5% of the labour force. In overall farm production, women's average contribution is estimated at 55% to 66% of the total labour. It is crucial to mention here that in rural areas majority of women are engaged in agricultural domain. According to a 1991 World Bank report, women accounted for 94% of total employment in dairy production in India. Women constitute 51% of the total employed in forest-based small-scale enterprises.

Women: Inspiration for Indian SavingsThe high growth figures of 8 to 9 percent of Indian economy depend basically on high

rates of savings and capital formation. It is remarkable that India could reach a saving rate of 33 percent of its GDP of which 70 percent comes from household saving, 20 percent from private corporate sector and rest 10 percent from public sector undertakings. Household saving in the country is all due to women as it is part of the culture of the Indian society to save.

• Women can also contribute to the social welfare of the country. Noted lady activists have championed the cause of gender justice and equity. They are shining examples of what India can accomplish if lady leaders are at the helm. Women-friendly policies and laws will be framed as a result of this. This can change the way the world looks at India.

• Now, women such as Ela Bhatt who founded SEWA are empowering women to gain freedom from poverty and unemployment. Women entrepreneurs are also benefiting from some of the well-implemented governmental programs at central and state level. They can contribute significantly to the growth and the development of India in multifaceted ways.

• In 1990s, grants from foreign donor agencies enabled the formation of new women-oriented NGOs. Self-help groups and NGOs such as Self Employed Women's Association (SEWA) have played a major role in the advancement of women's rights in India.

• One of the most famous female business success stories is the Shri Mahila Griha Udyog Lijjat Papad. In 2006, Kiran Mazumdar-Shaw, who founded Biocon, one of India's first biotech companies, was rated India's richest woman. Lalita D. Gupte and Kalpana Morparia were the only businesswomen in India who made the list of the Forbes World's Most Powerful Women in 2006. Gupte ran ICICI Bank, India's second-largest bank, until October 2006 and Morparia is CEO of JP Morgan India.

• These are the examples of women who had the opportunity and the education to become successful, but there is another side to this also. Though women have made successful contributions in the business world, the bias against them still exists. They still have to work double hard for their performances to get noticed in the society. People are still prejudiced to give women important roles in business.

Role of Women in Indian Economy 57


CONCLUSION

The net productivity of the women is definitely much more than the men, as they manage both the home and outside work in a well-balanced way. With respect to the revenue generation of the country, encouragement of women definitely has helped with new innovative ideas for the implementation in various spheres of life, giving a better proposal at the international market. Our women entrepreneurs, social welfare workers, scientists, politicians and economists are leading the way for a brighter future. Women in urban and rural areas should be given access to good opportunities so that they can bring about positive social change and contribute to the growth of the country. I believe that by neglecting the development of women, we will compromise the future of the Indian nation. By investing in women and their education, we are investing in our present and in our future.

REFERENCES

1. http://www.merinews.com/article/women-playing-an-important-role-in-indian-economy/ 15845183.shtml&cp

2. http://www.careerride.com/view.aspx?id=12283/ Role of women in socio-economic growth of the country (03-25-2014)

3. http://muralidharrao.in/women-in-indian-economy/4. http://www.weforum.org/agenda/2012/11/how-can-women-promote-indias-economic-

development/5. http://www.organiser.org/Encyc/2012/10/24/-b-Women-in-Indian-Economy--B-.aspx

Motivation is the art of teaching and learning process. Though the term motivation is not the new

one in any of the organization but its presence always play a most vital role in the life of employees to

sustain the organization for a long period of time. As there are heterogeneity of people in all

organization so this research paper basically consists the aim to identify the gender wise discrimination

in their motivation level and views regarding this. The data collected in this paper is both primary and

secondary. This research paper basically focused to identify the correlation between gender and

motivation level and for that purpose many studies are reveled. The findings of this paper suggested

that there are some motivation factors which are common in both male and female and some are

uncommon as per their priority and requirements.

Keywords: Motivation, Gender Study, Education System, Human Capital, Discrimination.

INTRODUCTION

Development of any nation depends on human resources and efficiency of human resources depends on its education system. Since long are discharging the duties of nation builders. The role of a teacher cannot be under estimated in the context of progress, prosperity and developmental process of a nation. Stability of a society is facilitated by the promotion and acceleration of growth through disciplined, academically sound and professional, competent academicians. Faculty’s contribution in the human capital development and technological advancement greatly depends on their motivation and willingness for taking initiatives. A motivated academician is recognized by high level of commitment, hard work, devotion, dedication and becomes a source of inspiration through his exemplary character because a teacher is always expected to be a role model for students. So in the favor of above explanation both the male and female should be motivated but it

Level of Motivation -

A Gender wise Study

ABSTRACT

Annu Tomar*Dr. Alka Agrawal**

*Research Scholar

**Director, Mewar Institute

60

happens sometimes that both the male and female thinking are somewhere match with each other and also and somewhere mis match so this paper focused to identify that where there is a discrimination in their views in terms of motivation level.

LITERATURE REVIEW

What is motivation? Why do people act in the way they do? Why do people act differently? Is it possible for an organization to influence the employees they employ in a predictable and systematic way to act in a way they want them to? These are all questions, top management struggle with on a daily basis and it is probably for this reason that motivation and the factors or elements of motivation are one of the most widely researched topics and to understand the concept of motivation in educational institutes.

Effective management realizes that in order to motivate its employees they need to understand the employees first and identify the factors that motivate them. It is important to realize that people have different needs, goals and objectives and will act differently toward obtaining or achieving their goals or satisfying their need deficiencies.2 It is also true that factors of motivation changes according to age, income, gender, situation, need, time, etc.

We all feel familiar with the concept of motivation and yet, when asked to, we struggle to find a proper definition. In fact, in 1981 Kleinginna and Kleinginna mapped no less than 140 distinct definitions. Thus, if we are to answer the question of how to motivate employees, we first need to understand what motivation exactly does mean. This chapter clarifies the notion of motivation as well as illuminates different facets of the concept. (Anna Salanova, 2010)1. The word motivation is coined from the Latin word motus, a form of the verb movere, which means to move, influence, affect, and excite. By motivation we then mean the degree to which a person is moved or aroused to act (Rainey, 1993).

A great amount of worldwide wealth occurs in a form of human capital. Therefore managing human resources plays a crucial role in a process of increasing organizations effectiveness. The one of the most important functions of HRM is motivation. The importance of motivating people (both male and female) at work is noticeable at all levels of organization. Despite many studies on that topic, top management today are no closer to understand employees’ motivation than their counterparts more than a half of century ago (Kovach, 1980).

OBJECTIVE

1) To know the correlation between the gender and their motivation level.2) To identify the discrimination in their views in terms of motivational factors.

HYPOTHESIS

H1: Motivation factor differ as per Gender of employees.H2: Males are more motivated as compared to the females as they are more career oriented.


Cases

Valid Missing Total

N Percent N Percent N Percent

Gender *

Motivation level

500 99.60% 2 0.40% 502 100.00%

Characteristics N = 500 N %

Gender:

Male

Female

220

280

56%

44%

Sr. No. Group N ∑

1 Male 220 500

2 Female 280


The process used to collect information and data for the purpose of making business decisions. The methodology may include publication research, interviews, surveys and other research techniques, and could include both present and historical information.

The data collected for this study is both primary and secondary based, primary in the form of questionnaire and secondary by reading various literatures, magazines, books, journals and websites related to that particular topic of motivation. The sampling used in this study is random and convenience on 500 sample size.


Discussion and findingsIn this study the number and percentage of both the gender is given below:

Analysis between Gender and their motivation level.

Table 4.1 Case Processing Summary


Motivation level Total

High Medium Low

Gender

Male

Count 126 49 25 200

Expected

Count 97.2 76.8 26 200

Female

Count 117 143 35 295

Expected

Count 143.4 113.3 38.4 295

4

Count 0 0 5 5

Expected

Count 2.4 1.9 0.6 5

Total

Count 243 192 65 500

Expected

Count 243 192 65 500

Table 2 Gender * Motivation level Cross tabulation

Table 3: Chi-Square Tests

Value Df Asymp. Sig. (2-sided)

Pearson Chi-Square 65.037a 4 0

Likelihood Ratio 52.471 4 0

Linear-by-Linear Association

25.947 1 0

N of Valid Cases 500

a. 3 cells (33.3%) have expected count less than 5. The minimum expected count is .65.

This above table shows the gender and their level of motivation. It is found in the table 4.24, that the motivation level of the male and female is totally different. It is observed that the motivation levels of the males are high comparatively to the females as they are more careers oriented and has primary source of income. Hence, the null hypothesis is accepted and alternative hypothesis is rejected. Now if we do the qualitative analysis of the collected data than its is found that there are same factors of motivation for both the genders and some factors are uncommon also.

CONCLUSION

As per the different gender of male and female it is concluded that there is discrepancy in the views of both gender group of faculties but not so much in some of the factors it is almost same like males are saying to the lack of growth as the de-motivated factor but females are saying to the monotonous job as de-motivated factor but on the other side low salary is the same de-motivated factor which is said by both group of employees. Some overall their responses are same except some factors but again favorable climate is the only one factor which is nominated as best factor of motivation by both groups of faculties, both needs monetary and non-monetary factor both as per need and requirement at different situations.

REFERENCES

1. Anna Salanova and Sanni Kirmanen, (2010). Employee satisfaction and work motivation, Research in Prisma Mikkeli, Bachelor’s Thesis, Business Management.

2. Aswathappa, K., (2005). Human Resource Management, Himalaya Publishing House.3. Dr. Bedi, SPS and Dr. Ghai, R.K., (2012). Human resource management, Bharti publication, 110093.4. Dr. Khanka, S.S., (2001). Organizational Behavior, S.Chand & company ltd., Ram Nagar, New Delhi-

110 055 (first edition).5. Dr. Kumar Arun, (2009). Research Methodology, Anand Publication.


Many studies have been conducted on relationship between different industries on companies’

level as well as industry level. In this study, an effort has been made to try to find out relationship

between return and volume in transport industry on firm level and industry level. Efforts have been

made to examine empirical status of selected companies from transport industry in India by using

monthly data time series over a nine year period from January 2002 to December 2010 for stocks of

metal industry’s 20 Companies. The study employed three steps viz, in the first step descriptive study,

in the second step augmented dickey-fuller unit root test for checking stationery and in the third step

granger causality tests for testing the causality between stock return and trading volume.

Keywords: Transport, Industry, Indian, Index Arbitrage Transactions, Portfolio Insurance

INTRODUCTION

This research paper empirically investigates the relationship between stock returns and trading volume for 20 Indian stocks from transport industries. In this context this research paper tries to empirically examine the relationship between stock returns and trading volume in India using monthly data time series over a nine year period from January, 2002 to December, 2010 for 20stocks of transport industry. The study employed the three steps in the first step descriptive study, in the second step augmented dickey-fuller unit root test for checking stationery and in the third step granger causality tests for testing the causality between stock return and trading volume. From analysis result and discussions we can say that the empirical result of granger causality test on firm level in transport industry, Out of 20 companies of transport industry, 14 companies ABCINDIA, BDEL, CSL, GOSL, GATI, JAGSONA, MLL, PILL, SKSL, SCOIL, SS&LL, SPICEJET, TCIL and VSCLindicate that return

Transport Industry and Indian

Capital Market: An Empirical Study

ABSTRACT

Ravi Kant*

*Asstt. Prof., Deptt. of Commerce, Shahid Bhagat Singh College, Delhi University

cause volume, 2 companies COIL and GESL stocks indicate that volume cause return, 0 stocks indicate bi-directional causation and the remaining 4companies ESPLL, SICALLL, BTL and DCOIL shows no causation at all. Hence, we can say that most of the companies show Return cause volume at all other than volume cause return. It means that the variables trading volume and stock return are not mutually granger cause to each other, in case of empirical analysis of 20 companies of transport industry in India. The empirical analysis of transport industry the result shows high degree relationship between stock return and trading volume for transport Industry.

LITERATURE REVIEW

During the last decade a number of interesting studies have sought to explain the empirical relationship between trading volume and stock returns.

It has been found that the increase in trading volume and stock returns volatility may be attributed to index arbitrage transactions as derivative markets provide more routes for index arbitrageurs to trade. Other index trading strategies such as portfolio insurance and program trading may also contribute to the results. In literature we reviewed these article and research papers ,Campbell, Ramadorai, Schwartz and Allie (2007), Christos F. and Dimitrios V. Vougas (2007), Chuntao Li and Jigang Ding (2003), Deo M., Srinivasan K. and Devanadhen K. (2008), Fama E. (1991),Floros and Vougas (2007), Fan X., GroenwoldN. and Wu Y. (2003), Gebka B. (2005), Gurgul H., Paweù M. and Roland M. (2005), Hasan B. and Adnam K. (2006), Henery P.B. (1999). The purpose of this paper is to provide a rational economic theory to explain these phenomena. Results of a dynamic programming model with heterogeneous beliefs show that the dynamic interactions between information diffusion and belief changes create continuation and reversals. The duration and magnitude of momentum and price movements are associated with trading volume. Therefore, rational investors should incorporate price and volume information in their trading decisions.

OBJECTIVES

1. To study the correlation between stock returns changes and trading volume in the Indian stock market fortransport industry.

2. To test the causality relationship between the trading volume and stock returns through Granger Causality Testfortransport industry.

3. To investigate the trend of trading volume and stock returns in Indian stock market empirically through discriptive statistics fortransport industry.

4. To measure the asymmetry of the distribution of the data series for trading volume and stock returns around its mean in Indian stock marketfortransport industry.

RESEARCH METHODOLOGY AND SAMPLE

This study attempts to analyse the importance of trading volume and stock returns in stocks of 20Indian companies from transport industry. The literature on the trading vlume and price change and return changing put emphasis on the relevance of the modern technigues for checking the relationship. The sample of this study comprises 20Indian companies of transport industry which are the main companies of Indian industry. These


companies are ABCINDIA, BTL, BDEL, CSL, CCOIL, DCOIL, ESP, GOSL, GATI, GESL, JAGSONA, MLL, PILL, SKSL, SCOIL, SS&LL, SICALLL, SPICEJET, TCIL and VSCL(for detail abbreviation see appendix).The data period is from Jan. 2002 to Dec. 2010. In this study, our data comprises stock returns calculated from adjusted monthly closing prices and traded quantity series for a theoretical portfolio consisting assets belonging to sample of all 20major firms participating in Indian capital market because these firms are well representative of Indian companies. All trading volume and stock return data are primarily provided by CMIE LTD and were collected from finance prowess finance database and newspaper and internet.

STATISTICAL TECHNIQUES

In this study, in order to observe the relationship between stock return and trading volume, the methodology was used in the current study consists of three steps which are as follow: Descriptive Statistics for preliminary investigation, ADF Test for checking Stationarity of Time Series Data and Granger Causality Tests for testing causal relationship between Trading Volume and Stock Returns.

Frist StepDescriptive Statistics: This displays various summary statistics for the series. It contains

entries for histograms, basic statistics, and statistics by classification. All of the statistics are calculated using the observations in the current sample.

Second StepDickey-Fuller Unit Root Test (Stationary Test): We see that the hypothesis of a unit root

is rejected by both the tests are the1%, 5% and 10% level, indicating both the series are stationary (i.e. a deterministic trend). It appears that there exits strong component of non-randomness in our stock return and trading volume.(E-View, 6)

The Durbin-Watson Statistics: The Durbin-Watson Statistic is a test for first–order serial correlation. It is, the statistical measure for the linear association between adjacent from a regression model. The Durbin-Watson is a test of the hypothesis p=0 in the specification:

Third StepGranger Causality Test

If we want to know whether

"TQ" causes "RTN" or "RTN" causes "TQ", or bilateral causes,

"Lags to include" is "2",

Descriptive Statistics of Traded Quantity for Transport Services IndustryAs the analysis of descriptive statistics shows the descriptive statistics of traded quantity

for Transport Services industry’s 20 companies from the all 108 observations minimum, maximum, mean, standard deviation, is positive its mean there is a positive trend in the time series of the traded quantity.


In case of skewness null hypotheses; traded quantity do not have positive asymmetry of distribution, null hypotheses is rejected, so the traded quantity have positive asymmetry of distribution. Its mean that the distribution of traded quantity has a long right tail which displays the distribution has high degree asymmetry.

In case of kurtosis of 20 companies, null hypotheses; traded quantity does not have peakiness of the distribution of the series. Null hypotheses is rejected, the kurtosis of the normal distribution is exceeds 3, its mean, the distribution of the traded quantity is peaked (Leptokurtic) relative to the normal. Its mean the data series of traded quantity have more flexibility in the trend.

Descriptive Statistics of Stock Return for Transport Services IndustryAs the analysis of descriptive statistics shows the descriptive statistics of stock return in

%age for Transport Services industry’s 20 companies from the 107 observations minimum values of stock return in % are negative in the case of most of the companies its mean every company in the analysis will have been in loss at least one time in the month out of 108 months of 9 years. Maximum, mean, standard deviation is positive its mean there is a positive trend in the time series of the stock returns present.

In case of the some companies, the skewness values of stock return (present), null hypotheses; traded quantity do not have positive asymmetry of distribution, null hypotheses is rejected, so the traded quantity have positive asymmetry of distribution. Its mean that the distribution of traded quantity has a long right tail which displays the distribution has high degree asymmetry.

In case of kurtosis some companies (out of 20 companies), null hypotheses; stock returns does not have Peakiness of the distribution of the series. Null hypotheses is rejected, the kurtosis of the normal distribution is exceeds 3, its mean, the distribution of the stock return percent is peaked (Leptokurtic) relative to the normal. Its mean the data series of stock return percent have more flexibility in the trend. But in case of some companies (out of 20 companies) like (BDEL, CCOIL, GATI, GESL, JAGSONA, SSLL, TCIL, VSCL) the null hypotheses is accepted, the kurtosis of the normal distribution is less than 3, its mean, the distribution of the stock returns is flat (Platykurtic) relative to the normal. Its mean the data series of traded quantity have less flexibility in the trend.

DESCRIPTIVE STATISTICS OF STOCKS RETURN AND TRADING VOLUME INDUSTRY WISE AS FOLLOW


TQ TRANSPORT SERVICES

Mean 195701.1

Median 146269.0

Maximum 1239257.

Minimum 12463.85

Std. Dev. 182126.1

Skewness 2.806321

Kurtosis 13.94269

Jarque-Bera 680.5992

Probability 0.000000

Sum 21135714

Sum Sq. Dev. 3.55E+12

Observations 108

In all the above traded quantity of Transport Services industry, (Table No. 1.1) has been taken in the analysis. There are 108 observation involved and absolute trading volumes have positive skewness, positive kurtosis and high J-B statistics. This implies that the distribution is skewed to the right and that the pdf is leptokurtic. The J-B statistics test indicates the null hypothesis of normality is rejected. The skewness statistics test indicates the null hypotheses; trading volume does not have positive asymmetry of distribution is rejected. Further kurtosis statistics test indicates the null hypotheses; trading volume do not have peakiness of the distribution of series is rejected. The minimum and maximum values are all positive in the analysis of these industries its mean there are no negative values in the data series of trading volume and stock returns and the trend for the two variables is favourable for further testing relationship between two variables because the descriptive statistics of above data provide basic information about the time series data. The probability value is near to zero which displayed that the data series is normally distributed in the descriptive analysis of trading volume and stock returns.

Table 1.1: Descriptive Statistics of Trading Volume for all Industries


As you can see in the above table 1.2 stock returns of Transport Services industry, in which 106 observations involved, the skewness statistics test indicates the null hypotheses; stock return% does not have positive asymmetry of distribution is rejected. Further kurtosis statistics test indicates the null hypotheses; stock return% do not have peakiness of the distribution of series is rejected. The positive skewness means that the distribution has long right tail and negative skewness implies that the distribution has a long left tail. Kurtosis measures the peaked-ness or flatness of the distribution of the series. The kurtosis of the normal distribution in case of volume is more than 3; the distribution is peaked (leptokurtic) relative to the normal, in both case returns and volume. Both returns and trading volume are obviously not normally distributed. For both series, excess kurtosis is significantly different from zero, indicating a fat tailed distribution for either return or trading volume. Both series also exhibit significant positive skewness. It should be noted that magnitudes of excess kurtosis and skewness are much larger for trading volume. Based on the Jarque-Berastatistics, the null hypothesis of normality can be rejected at the 1% level of significance for both return and trading volume. In all 20 companies absolute trading volume has positive skewness, positive kurtosis and high J-B statistics. This implies that the distribution is skewed to the right and that the pdf is leptokurtic. The J-B statistics test indicates the null hypothesis of normality is rejected. In addition, the result for the stock return series indicate

Table 1.2: Descriptive Statistics of Stock Return for all Industries

RTNTRANSPORT

SERVICES

Mean 4.814136

Median 4.056558

Maximum 49.43997

Minimum -34.47163

Std. Dev. 14.02860

Skewness 0.400443

Kurtosis 3.816739

Jarque-Bera 5.779126

Probability 0.055601

Sum 510.2984

Sum Sq. Dev. 20664.16

Observations 106

Sources: Self constructed table


Company Symbol

Lag ADF Test-stat. Probability Durbin-Watson stat.

Rtn.

Vol.

Rtn.

Vol.

Rtn.

Vol.

ABCINDIA

0

-10.50088

-7.705348

0.0000

0.0000

1.867538

2.182649

BTL

0

-11.14090

-9.180037

0.0000

0.0000

2.054179

2.030917

BDEL

0

-10.00288

-8.308110

0.0000

0.0000

1.936039

2.103901

CSL

0

-9.722726

-8.073879

0.0000

0.0000

1.977371

2.052044

CCOIL 0

-9.401824

-9.376816

0.0000

0.0000

1.997572

2.218969

DCOIL 0

-8.124596

-7.148132

0.0000

0.0000

1.963780

2.076659

ESP&LL 0

-8.051999

-8.803421

0.0000

0.0000

1.961356

2.038587

GOSL 0 -8.444163 -6.793826 0.0000 0.0000 2.008915 2.135099

GATI 0 -10.18592 -7.921458 0.0000 0.0000 1.857398 2.102197

GESL 0 -9.641803 -8.789227 0.0000 0.0000 2.003429 2.054607

JAGSONA 0 -10.31661 -9.744661 0.0000 0.0000 1.989700 2.000952

MLL

0

-8.701520

-3.710901

0.0000

0.0003

2.014725

2.244169

PILL

0

-10.30224

-6.999573

0.0000

0.0000

1.982179

2.039577

SKSL

0

-8.831303

-6.877767

0.0000

0.0000

1.935169

2.039712

SCOIL

0

-10.72911

-4.998974

0.0000

0.0000

2.043622

2.327490

SS&LL

0

-10.00072

-8.081363

0.0000

0.0000

2.007042

2.106131

SICALLL

0

-8.858787

-7.279394

0.0000

0.0000

1.992458

2.244998

SPICEJET

0

-9.299056

-5.703224

0.0000

0.0000

2.022197

2.272194

TCIL

0

-9.320774

-7.919435

0.0000

0.0000

2.008607

2.113586

VSCL0 -9.335363 -5.917222 0.0000 0.0000 1.989743 2.071165

positive skewness, low positive kurtosis and lower value of J-B statistics (still rejecting normality) . Hence, summary statistics for normality is also not rejected, but not as strongly.

A Brief study of Augmented Dickey-Fuller Test Statistic of Stock Returns and Trading Volume for all Companies for the period of Jan. 2000 to Dec. 2010 is are as follows

Table 1.3

*The critical values are (-2.586753, -1.943853, -1.614749 at 1%, 5% and 10% significant level, respectively).

As we can see in the above table 1.3 about brief study of Augmented Dickey-Fuller test statistic of all companies of Transport Services industry ABCINDIA, BTL, BDEL, CSL, CCOIL, DCOIL, ESPp;, GOSL, GATI, GESL, JAGSONA, MLL, PILL, SKSL, SCOIL, SS&LL, SICALLL, SPICEJET, TCIL and VSCL for the period of Jan. 2000 to Dec. 2010(Stock return and trading volume). On Lag 0, The ADF test statistic is less than the critical values are (-2.586753,


Empirical Results of Granger Causality Test of Trading Volume and Stocks Return

at Industry Level for the Period of Jan. 2000 to Dec. 2010

Return Cause Vol. Vol. Cause Return Bi-directional

Causation

No Causation

Industry F-stat. Industry F-stat. Industry F-stat. Industry F-stat.

Transport 8.96

A brief Study of Augmented Dickey-Fuller Test Statistic of Trading Volume

and Stock

Return on Industries Level for the Period of Jan. 2000 to Dec. 2010

Industries Name Lag ADF Test-

Statistics

Probability Durbin-

Watson

Statistics

RTN-TRANSPORTSERVICE 0 -7.594020 0.0000 2.086050

TQ-TRANSPORTSERVICES 0 -5.155000 0.0000 2.392687

-1.943853, -1.614749 at 1%, 5% and 10% significant level, respectively), and p-value is also near to zero or zero. We can conclude to reject Ho. That mean the TQ and RTN series has not a unit root problem and the TQ and RTN series is stationary series. And the all figures in the table for Durbin-Watson statistics is big and is around two that mean the stock return and trading volume may not have serial correlation problem. Hence, stock return data series will be stationary the computed ADF test statistic is smaller than the critical value at 1%, 5% and 10% significant level, significance level and hypothesis is valid.

Table 1.4

*The critical values are (-2.586753, -1.943853, -1.614749 at 1%, 5% and 10% significant level, respectively). RTN denotes return and TQ denotes traded quantity.

As we can see in the above table 61.4 about brief study of Augmented Dickey-Fuller test statistic of Transport Services industry, for the period of Jan. 2000 to Dec. 2010(Stock return and trading volume). On Lag 0, The ADF test statistic is less than the critical values are (-2.586753, -1.943853, -1.614749 at 1%, 5% and 10% significant level, respectively), and p-value is also near to zero or zero. We can conclude to reject Ho. That mean the TQ and RTN series has not a unit root problem and the TQ and RTN series is stationary series. And the all values in the table for Durbin-Watson statistics is big and near to two that mean the stock return and trading volume may not have serial correlation problem. Hence, stock return data series will be stationary the computed ADF test statistic is smaller than the critical value at 1%, 5% and 10% significant level, significance level and hypothesis is valid.

Table 1.5

As we can see in the above table 1.5 the f-statistics are large and probability value is close to 0 in case of Transport industry except for H_oof mining industry and real estate industry at 1%, 5%, 10% significance level. It means that the variables are mutually granger cause to each


Empirical Result of Pair Wise Granger Causality Tests of Stock Return and Trading

Volume at Firm Level for the Period of Jan. 2000 to Dec. 2010

Return Cause Vol. Vol. Cause Return Bi-directional

Causation No Causation

Industry F-stat. Industry F-stat. Industry F-stat. Industry F-stat.

ABCINDIA 15.30 CCOIL 3.05 ESPLL 2.04

BDEL 4.29 GEST 5.59 SICALLL 1.60

CSL 13.56 BTL 2.05

GOSL 9.72 DCOIL 2.05

GATI 5.61

JAGSONA 9.73

MLL 3.94

PILL 9.61

SKSL 6.78

SCOIL 12.06

SSLL 6.02

SPICEJET 4.76

TCIL 12.24

VSCL 18.90

other for transport industry and shows stock return cause traded quantity. To look at the causality between pairs of returns to discover which trading volume exerts stronger influence on the other granger causality test was conducted. It studies the cause and effect relationship between trading volume and stock return. We test Null hypothesis for granger non causality that “return do not cause trading volume”. Accepting the null hypothesis implies that the return do not lead trading volume and this is consistent with my prediction. A similar hypothesis can test the reverse granger non causality from TQ to RTN. Trading volume is said to be granger-caused by return if return help in prediction of trading volume, or equivalently if coefficient on the lagged returns on stocks are statistically significant. Two way causation is the, return cause’s volume and volume cause return. Causality must be interpreted as one market reacting more quickly than the other to an outside influence or a shock.

Table 1.6

Prowess Database (CMIE Ltd). * Values is reported for RTN =/=>TQ for showing bi-directional value. * Test-statistic mean Augmented Dickey-Fuller test statistic.

As the above table 1.6 shows, to look at the causality between pairs of returns to discover which trading volume exerts stronger influence on the other granger causality test was conducted. It studies the cause and effect relationship between trading volume and stock return. We test Null hypothesis for granger non causality that “return do not cause trading volume”. Accepting the null hypothesis implies that the return do not lead trading volume and this is consistent with my prediction. A similar hypothesis can test the reverse granger


non causality from TQ to RTN. Trading volume is said to be granger-caused by return if return help in prediction of trading volume, or equivalently if coefficient on the lagged returns on stocks are statistically significant. Two way causation is the, return cause’s volume and volume cause return. Causality must be interpreted as one market reacting more quickly than the other to an outside influence or a shock. the results of granger causality test, F-test at firm level are reported in the table firms of Transport Services industry ABCINDIA, BTL, BDEL, CSL, CCOIL, DCOIL, ESPp, GOSL, GATI, GESL, JAGSONA, MLL, PILL, SKSL, SCOIL, SS&LL, SICALLL, SPICEJET, TCIL and VSCL. The data period is from Jan. 2002 to Dec. 2010. Out of 20 stock, 14 stocks indicate that return cause volume, 2 stocks indicate that volume cause return, 0 stocks indicate bi-directional causation and the remaining 4 stocks shows no causation at all. As you can see, F-statistics are large and probability values are all close to 0 except for some companies.

CONCLUSION

In the conclusion we can say that analysis on firm’s level and industries level both shows there is a high degree relationship between stock return and trading volume. The study employed the three steps in the first step descriptive study, in the second step augmented dickey-fuller unit root test for checking stationery and in the third step granger causality tests for testing the causality between stock return and trading volume. From analysis result and discussions, we can say that the empirical result of granger causality test on industry level in India, transport industry shows Return cause volume. Hence, we can say that both of the industries show causation. It means that the variables trading volume and stock return are strongly mutually granger cause to each other, in case of empirical analysis of transport industry from India. Hence changes in Stock Return and trading volume do reflect the variable each other on industry level. Therefore, there is no randomness in the behaviour of stock return and trading volume changes in this study of transport industry in India. But in case of empirical analysis of transport industry at firm level the result shows high degree relationship between stock return and trading volume from all 20 companies from transport industry. The data period is from Jan. 2002 to Dec. 2010. Out of 20 stock, 14 stocks indicate that return cause volume, 2 stocks indicate that volume cause return, 0stocks indicate bi-directional causation and the remaining 4 shows no causation at all. From analysis result and discussions, we can say that the empirical result of granger causality test on industries level in India, Both industries shows high degree Return cause volume but not volume cause return. Hence, we can say that both of the industry show one side causation returns cause volume. It means that the variables trading volume and stock return are not mutually granger cause to each other, in case of empirical analysis of two selected industries from India. Hence changes in Stock Return and trading volume do not reflect the variable each other on industry level. Therefore, there is randomness in the behaviour of stock return and trading volume changes in this study of transport industry in India. But in case of empirical analysis of transport industry at firm level the result shows high degree relationship between stock return and trading volume for all 20 companies from transport industry.


REFERENCES

1. Campbell, Ramadorai, Schwartz and Allie (2007), “Caught on Tape: Institutional Trading, Stock Returns, and Earnings Announcements”, Journal of Financial Economics, Elsevier, Vol. 92, pp. 66-91.

2. Christos F. and Dimitrios V. Vougas (2007), “Trading Volume and Returns Relationship in Greek Stock Index Futures Market: GARCH vs. GMM”, International Research Journal of Finance and Economics, ISSN 1450-2887 Issue 12 (2007) © Euro Journals Publishing, Inc. 2007.

3. Chuntao Li and Jigang Ding (2003), “The Relationship between Risk, Return and the Change of Volume in Shanghai Stock Exchange”, USA-China Business Review (Journal), Inc., USA, 2003, ISSN 1536-9048, Vol. 3, No.6 (Serial No.19).

4. Deo M., Srinivasan K. and Devanadhen K. (2008), “The Empirical Relationship Between Stock Returns, Trading Volume and Volatility: Evidence from Selected Asia-Pacific Stock Market”, European Journal of Economics, Finance and Administrative Sciences, ISSN 1450-2275, Issue 12.

5. Fama E. (1991), “Efficient Capital Markets II”, Journal of Finance, Dec., 1991. Pp. 1-18.6. Floros and Vougas (2007), “Trading Volume and Returns Relationship in Greek Stock Index futures

Market: GARCH vs. GMM”, Economic Bulletin, Vol. 29, Issue 2.7. Fan X., Groenwold N. and Wu Y. (2003), “The stock return-volume relation and policy effects : the

case of the Chinese energy sector”, Tingsong Jiang and other participants of the 15th Annual Conference of the Association for Chinese Economic Studies Australia (RMIT University, Melbourne, 2-3 October 200s3).

8. Gebka B. (2005), “Dynamic volume-return relationship: evidence from an emerging capital market, Applied Financial Economics, vol. 15, Issue 14, October 2005, pages 1019–1029.

9. Gurgul H., Paweù M. and Roland M. (2005), “Joint Dynamics of Prices and Trading Volume on the Polish Stock Market”, Manageing Global Transitions University of Primorska, Faculty of management Koper, Vol. 3(2), pp. 139-156.

10. Hasan B. and Adnam K. (2006), “An Empirical Analysis of Trading Volume And Return Volatility Relationship in the Turkish Stock Market”, Ede Academic Review, vol. 6, Issue 2, Pp. 115-125.

11. Henery P.B. (1999), “Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices”, Forthcoming, Journal of Finance. Pp. 1-12.


The business process improvement strategy is currently a concern for most Organizations. The

quest for the benefits of this improvement on optimization and the responsiveness of the organizations

has raised several proposals for process improvement strategies. These approaches differ both in the

areas for which they are intended and the principles that support them. However, finding proposals

and results of scientific research on process improvement in higher education institutions are still rare,

though ISO certifications are still the most opted route in India. This research paper intends to propose

the extension of a process improvement model for this particular type of organization. This paper is a

revisit to various models, such as Capability Maturity Model Integration or Business Process

Maturity Model or ISO, to determine which ones apply to academic organizations and which should be

included, adapted or deleted. It also aims, through the analysis of different process maturity

models/ISO standards and through the evaluation of specific, higher education features of institutions,

to suggest an extension of one of these models to this type of organization.

Keywords: Capability Maturity Model (CMM), Maturity, Education; Process, Improvement

INTRODUCTION

Process methodologies have been found to be very effective for software delivery centers. There is a lot of similarity between the software situation that prevailed in the world a few years ago and the IT/engineering education situation currently prevailing in the country. The whole issue is to bring the essence of CMM and PCMM into the engineering and management colleges so that we develop a nearly homogeneous, effective management practices in higher education environment.To understand the best fit maturity model in educational institutions, it is imperative to study the various business models and to ascertain on which specific areas these organizations focus their activity.

Models: CMM, BPMM, ECMM

Maturity Models for

Educational Institutions

ABSTRACT

Himanshu Sherma*

*Manager, Accenture Services Pvt. Ltd., India

76

The core business areas that are common to all higher education institutions include:

• Student admission which manages student applications, admission and enrolment;• Pedagogical management, that deals with specific aspects of teaching and learning

course content;• Monitoring registration of student course progression;• Assessment management, related to the processes of launching and monitoring

student’s classifications;• Fee payment;• Course change and transfer management;• Scientific activity management;• Scholarships management;• Human resource management;• Physical resources management;• Infrastructure logistics like chair, fan, tables, classrooms;• Financial management;• Internal Assessment which, besides the internal evaluation process, may include alumni

monitoring;• Community Relationship.

This analysis shows that the areas in which higher education organizations engage are unique. The above is the set of areas that will have to be addressed in order to improve operating processes in academic organizations, i.e., the activities in each of these areas that should be targeted for optimization in such organizations.

How can we describe what a process is? There are various process definitions. Different disciplines characterize this concept in different ways, depending on the type of approach. In the context of information systems, the business process is the set of procedures or ways to organize the sequence for transforming inputs into outputs. This concept can be defined as how an organization coordinates and organizes a range of work activities, information and knowledge in order to produce a particular product or service (Laudon & Laudon, 2007) or simply as a set of tasks or activities performed to achieve a specific purpose or a particular result (OMG, 2008). Process capability is the process measurable achievement outcome. An organization’s process capability helps to predict the possibility of a project to achieve proposed goals. Projects undertaken by organizations with low process capacity cause large variations in costs, time, features and quality (Ibrahim et al., 2001).

Process improvement is a systemic approach that helps organizations optimize the sequence of activities so that they may improve their results. There are several approaches to process improvement. Kulpa and Johnson (Kulpa & A., 2008) summarize the existing approaches into five categories: Business Process Reengineering, Benchmarking, Process engineering/ workflow management, Reverse Engineering and Model Based Process Improvement. The approach of this research is the Model Based, similar to other studies already developed in an educational context (e.g., Computing Education Maturity Model (Lutteroth, Luxton- Reilly, Dobbie, & Hamer, 2007), E-Learning Maturity Model (S. Marshall & Mitchell, 2002, 2003; Stephen Marshall & Mitchell, 2004; S. Marshall & Mitchell, 2006a, 2006b, 2008, 2009; S. J. Marshall & Mitchell, 2005, 2007)).


Teaching quality has been the main focus of universities and colleges in their continuing quest for higher education. Researchers in educational or quality related fields have been working on methods and standards to address teaching quality. Most of these methods and standards, e.g. ISO/IWA2, AACSB and ABET, etc., focus on the organizational level. For example, the main essence of ISO/IWA2 is a criterion to demand/regulate the quality of education, which emphasizes what the institution should do to ensure education and teaching quality (ISO/IWA2, 2003). However, it is teacher who plays the key role in delivering the quality of teaching, and this is particularly true in higher education where teachers and faculties tend to be self-governed and independent (George, 1997; Seldin, 1997).

CAPABILITY MATURITY MODEL (CMM)

The Capability Maturity Model (CMM) is a methodology used to develop and refine an organization's software development process. This model describes a five-level evolutionary process which is increasingly well organized and systematically defined process maturity. CMM model is developed and promoted by the Software Engineering Institute (SEI), a research and development center sponsored by the U.S. Department of Defense (DoD). More specifically, SEI was established to optimize the process of developing, acquiring, and maintaining heavily software-reliant systems for the DoD. Because the processes involved are equally applicable to the software industry as a whole, SEI advocates industry-wide adoption of the CMM .

Clearly, the CMM for education will look very different in detail than CMM for software. However, there are some general properties of such a framework. First, the overall capability of a service provider can be represented by a few levels. It is now recognized that a two-level accreditation systems, like the ISO-certified or ISI-mark are suitable for some sectors like the manufacturing sector, but are not well suited for service sector. For a service sector, it is much better to have a framework that is multi-level, such that capability of delivering quality has a finer gradation. Like-wise the CMM-QE constitutes critical factors (Key Indicators) to be quantified to assess the maturity level of the Educational institutions. For the education sector in India, levels can be defined like in the SPICE model (which is the ISO answer to CMM) which has levels 0 to level 4. The characteristics of different maturity levels of SEI – CMM is shown in Figure 1.



BUSINESS PROCESS MATURITY MODEL (BPMM)

In 2008, Object Management Group (OMG) published process maturity model, based on CMMI principles called Business Process Maturity Model (BPMM) (OMG, 2008). Although this model can be mapped to CMMI, it presents substantial differences. BPMM is geared towards the improvement of larger transactional business processes, for instance those constituting workflows that stretch beyond the boundaries of the organization, while opposed to project-oriented CMMI, which is more circumscribed (Bill Curtis & Alden, 2007).

BPMM includes five maturity levels that represent degrees of organization transformations to improve its processes. The sequence of steps is ordered so that each level provides the basis from which improvements can be triggered to operate at the next level. It allows the identification of deficiencies in the processes of an organization and guides the improvements through logical and incremental steps (B. Curtis & Alden, 2006).

At level 1, Initial, an institution’s practices and business processes are conducted inconsistently and sometimes in an ad-hoc mode. The results of processes are difficult to predict. Employees are often overworked, because management does not assign tasks evenly or does not provide the necessary resources for the implementation of activities.

Management focuses on immediate case resolution, often hastily, and does not provide a stable work environment that allows the execution of tasks in a professional and disciplined way. Organization achievements are more due to heroic individual efforts than to an official set of sustainable processes.

At level 2, Managed, an organization uses forms of activity stabilization within each work unit to ensure that tasks can be performed repeatedly and so fulfil the essential obligations of each working group. The main concern in this level is management control over work units’ environment to ensure that people can carry out their activities in a repetitive way and that are based on procedures that they are capable of performing. However, different work units can perform similar tasks through different procedures. The activity stabilization is still local; that is, the patterns are not yet established at the organization level. At this level, processes are defined concerning the current situation; that is, according to the way that each group conducts each process. This setting allows the identification of the best practices conducted by each working group, the analysis of the differences in the methods and procedures, the evaluation of the results and the assessment of the degree of commitments’ fulfilment.

At level 3, Standardized, standard processes are developed and formalized from best practices identified in the various working groups. Best practices that where identified at the local level, i.e., those that achieved the best results, are adopted in all units and are also incorporated into other practices, from external sources, to address identified problems. The implementation of common processes allows the organization to control and monitor these processes, evaluate performance, learn and share knowledge and develop common skills. Standard processes’ adaptation guidelines are provided when it is necessary to apply them in different situations and business needs. Experiments using standard procedures serve as a support for learning and apply to other processes.

At level 4, Predictable, the main objective is to develop the ability to predict the results throughout the workflow, in order to understand and control the variations, so that the results of the process can be predicted from intermediate states. To make this possible, the organization endeavours to establish a statistically stable process, whose results can provide good indicators for predicting the final results. The use of common processes allows the reuse of knowledge, experience and artefacts produced in various business processes. Thus, conditions are set for effective knowledge management, i.e., the capacity to reuse what was learned and developed in different situations. The foundations of knowledge management have been built over the previous levels of maturity. The standardization that took place at level 3 allows the inclusion, in the fourth level, of a set of functional processes in unique and integrative workflows. This reengineering often powers extraordinary opportunities to make processes more efficient.

At level 5, Innovative, proactive and opportunistic improvement actions are developed in order to seek innovations that can bridge the gap between the current capacity of the organization and the capacity needed to achieve business goals. Predictability obtained at the fourth level may still not achieve the desired results of business processes. In this level, proactive activities are triggered to allow raising the capacities of different processes in order to achieve the capacity that will accomplish the desired objectives. Continuous improvement is institutionalized and change management becomes a habitual and encouraged process in the organization. Emerging changes are evaluated continuously to avoid a negative impact on performance or resource consumption.

BPMM features 30 business areas. Maturity levels 2 through 5 are composed of process areas, varying in number from level to level which, collectively, allow the achievement of its level capability. Each process area aims to achieve development goals, support or maintenance of the desired features for this level. Each process area consists of an integrated set of best practices that indicate what should be done but not how it should be done. As such, organizations are free to set their own methods and approaches to meet the goals and objectives of each process area.

BPMM provides four ways for assessing an organization’s BPMM compliance: Initial Assessment, a short procedure with reduced costs that only allows a general compliance review; Progress Assessment, which investigates all process areas and practices in order to determine maturity achievements within a maturity level or to anticipate the results of a confirmatory evaluation; Supplier Evaluation, which takes place during supplier selection and is identical to a progress assessment but does not include organization members’ evaluation; and, finally, Confirmatory Assessment, which is a lengthy and thorough investigation of all process areas and practices within the evaluated maturity level.

EDUCATIONAL MATURITY MODELS (EMM)

The need to adopt process improvement strategies is also a global concern in education institutions. Over the past 10 years, some investigations have been conducted so as to focus on the search for maturity models in education. White et al. (White, Longenecker, Leidig, Reynolds, & Yarbrough, 2003) launched the discussion about the applicability of CMMI to Information Systems Curriculum in the United States. The authors presented a proposal



containing the features that educational institutions should develop, as well as a set of key process areas for each of the five levels of the CMMI maturity model, applied to the curriculum model: Level 1 - Initial; Level 2 - Repeated; Level 3 - Defined; Level 4 - Managed and Level 5 - Optimization. The model was supported by the major United States and international professional organizations like the Association for Information Systems (AIS), the Association for Computing Machinery (ACM) and the Association for Information Technology Professionals (AITP). It integrates a sequence of didactic units composed of objectives and specific content area. Each unit is defined by a set of skills that students must possess at the end of the courses, which are subject to measurement through mechanisms of evaluation and certification in the SI area.

Neuhauser (Neuhauser, 2004) presented a maturity model for online course design aiming to provide a tool to plan and evaluate these courses, based on a set of best practices. The proposed maturity model, Online Course Design Maturity Model (OCDMM), introduces in a phased manner a set of good practices at the institution and provides an integrated system for these practices to maturity since it guides the planner through best practices, learning principles, technologies, objectives and performance standards. Just like CMMI, OCDMM provides a progressive procedure to transform face-to-face courses in online courses through 5 maturity levels or stages from Level 1, the initial level, where only e-mail and, occasionally, other online resources are used, to level 5, which integrates the best practices for implementing online courses. Each level includes 5 key process areas common to all levels: components (coverage) and appearance; individualization and customization; technology use; socialization and interactivity and assessment. Each of these areas contains a number of general guidelines and specific practices that distancelearning literature describes as being successful.

Thompson (Thompson, 2004, 2006) proposed a Learning Process Maturity Model (LPMM), based on CMM, to help students identify strengths and weaknesses in their learning activities and select the most appropriate strategies for learning. The author draws the parallel between software development and learning processes and presents a definition of maturity in the latter context, describing what may be a mature learner, based on education science literature. Levels presented in this model are similar to CMM. However, the model does not present key areas to consider, but just a set of skills that students should possess at each of these levels. The Learning Process Maturity Model is still under development. The next step is the development of tools that allows students to transit between maturity levels. Wang and Zhang (Wang & Zhang, 2007) proposed an IT service management model for Chinese universities based on ITIL (Information Technology Infrastructure Library). The authors present two reasons to justify the need to adapt the ITIL framework to higher education institutions: firstly, the existent model only provides a theoretical platform based on good practices and does not indicate ways for service development, since it has to be adapted to each organization’s complexity; secondly, these models are oriented for commercial purposed organizations, the same way as the ones developed by Microsoft (Microsoft, 2011) Journal of Spatial and Organizational Dynamics, Volume I, Issue 1 38 or HP (Hewlett-Packard, 2000), and not for higher education institutions, different in organization, culture and technology while having different recipients.

The research identified the differences between these IT systems and the discrepancies among commercial organization departments and university departments. From the

comparison of these differences, the authors propose adapted models for organization, process management and technology in order to adapt the ITIL platform to the IT service management reality in Chinese universities.

CONCLUSION

This paper is targeted to bring the essence of the best of quality system of IT industry to the higher education arena to guarantee success by design. The processes of Higher Education are identified to see the best fit model for the higher education al institution. The comparison has been made between different models like CMM, BPMM, ECMM to understand what best fits the institution. It would remain a matter of choice for the educational institutions to pick and implement the best fit maturity model based on the processes of importance at each institute.

REFERENCES

1. ACM, AIS, AIPT (2002). IS 2002: Model Curriculum and Guidelines for Undergraduate Degree Programs in Information Systems, Association for Information Systems.

2. Barnett, R. (1992). Improving Higher Education, SRHE and Open University Press: PA.3. Chen, C.Y., Chen, P.Y. and Chen, P.C. (2007). A CMMI-based, institutionalized method for

continually managing information system quality improvement. Journal of Quality, 14(3), 267-283.4. Chen, C.Y. and Yu, P.L. (2008). An e-business CMMI model with case studies in the cosmetic and

drug industry, Journal of e-Business, 10(1), 139-172.5. Seidin, P. (1997). The Teaching Portfolio IN Higher Education, Anker Publishing Company, Inc.: MA. 6. Sen, A., Sinha, A.P., and Ramamurthy, K. (2006). Data warehousing process maturity: an

exploratory study of factors influencing user perceptions. IEEE Transactions on Engineering Management, 53(3), 440-455.

7. Stressing CMM in the Higher Education Arena - Pinak pani Chakrabarty - International Conference on IT - Haldia Institute of Technology, March 2007, Haldia, West Bengal, March 2007

8. Bass, J. M. (2010). A New ICT Maturity Model for Education Institutions in Developing Countries.9. Bofinger, M., Robinson, N., & Lindsay, P. (2002). Experience with Extending CMMI for Safety Related

Applications. Paper presented at the 12th International Symposium of the International Council on Systems Engineering (INCOSE’02) Las Vegas, Nevada.

10. Chrissis, M., Kourad, M., & Shrum, S. (2003). CMMI - Guidelines for process integration and product improvement. Boston: Addison Wesley.

11. Curtis, B. (2004). Overview of the business process maturity model. Paper presented at the SPIN, San Antonio. Curtis, B., & Alden, J. (2006). Business Process.


India is a very big country with almost 1.3 billion people and with a huge diversity and culture.

Since the NDA government came into the power a very sensitive topic of ÏNTOLERANCE has been in

the news .In fact India is an apt example of social contradictions and unity in diversity. Despite the fact

that there are different religions, casts and creeds in Indian society, yet there has been peace, tolerance,

harmony and progress all around. But unfortunately, of late, the problem of intolerance has assumed a

hydra-headed shape, which has started eating into the very vitals of our social fabric. However, a

judicious and a balanced approach is required to tackle the problem.

Keywords: Creed, Contradictions, Hydra, Myth, Contradictions, Diversity, Judicious.

OBJECTIVE

The main objectives of this paper inter- alia are the following:(A) To understand the root of Intolerance(B) To suggest a harmonious way to sort out the problem of social discord.

Current ScenarioI don’t think that whole India i.e. 1.3 billion population is turning intolerant. Surely no,

but with the change of government at the centre , these communal and intolerant elements have found new breath of life and they are doing whatever they want and no one is questioning them. I don’t think only one community is responsible for it but some intolerant elements are present in both major communities of India (Hindus as well as Muslims) and some sections of people assume themselves so sensitive that they can’t tolerate rational views of rationalists, some are murdered, some are receiving terror calls, even the scholars have been attacked and murdered, thus limiting the freedom of speech of other remaining portion

Secular Intolerence MYTH

or Reality

ABSTRACT

Shivam Agarwal*

*Asst. Prof, Management Department, (IME) Sahibabad

of scholars. Whole India is not intolerant it is just a small percentage of Indian population, which has gone wild. For a visitor, India is a mess. For an inhabitant, India is the cosmic truth. When foreigners arrive, India is a question. When they leave, India is an answer. They come to discover India but end up discovering themselves. We are a loud noisy, melodramatic and an over-the-top society. Be it a wedding or a funeral, an election or a selection, traffic or TV, everything in India is larger than life. Amidst all this, people travel here to find peace.

India isn’t an either/or society. She is an amalgamation of all these things. India can irritate you with its filth, stench and bugs or it can give you an orgasmic flash of enlightenment. India is, perhaps, the world’s most liberal society, having given major peaceful religions, yet she is ridden with religious clichés.

Diversity SyndromeLet just understand this, Is India an Intolerant Nation?

• Yes, and so is USA, FRANCE, AUSTRALIA and any other country in the world. Before pointing fingers at India,4

• Take a look at USA which has Donald Triumph and his supporters, Republican Party, Guantanamo bay etc.

• Or France which is facing a great deal of Tension with its Muslim Citizens due to its policies

• Or Australia and its racist behaviour towards its Indian citizens.

Before tagging India as a freak with lack of tolerance, take an insightful look at its acute diversity and think how despite this diversity in culture , language and religion every citizen of this country work, live and share with people from different states, castes, religions and accents.

Let these people define India, not some spoilt brains which are present everywhere around the world as a ‘natural calamity’.

‘Extreme ideology’ perspectiveFirst of all it’s not the ‘Extreme Ideology’ which is a problem it’s the ‘Criminalization of

Ideology’ which is the real but lesser known villain because any person can believe in a religion or ideology to whatever extent he/she wants to believe. Problem begins when belief mixes up with inhumane views either due to innocence of believer or due to belief creator's greed for fame and finance. Honestly, we can’t completely solve it, because we will always have some people who will have malfunctioned and criminal thought process. However, we can surely decrease the number of such people.

Fall out of MiscommunicationMiscommunication and Unfamiliarity are the points about human behaviour which are

not acknowledged in our education system when dealing with religious content. Since independence, our education material has been created in a way that it doesn’t glorify or nullify any religion which is not a wrong thing. However the way it has been done is dead wrong! In order to avoid any controversy they started avoiding most of the religious content in the textbooks. This led to an education system which produce students who know very


little (superficially) about other religions and that too usually from people of their own community.

Sometimes what they know about their own religion from these sources is also not correct. This leaves them with limited information which creates a sort of taboo or a potential fear in their mind about other religions (‘unknown is scary’) and leaves them susceptible to getting misinformed about that ‘alien religion’ (‘if we are not properly informed…..’).This misinformation and fear when combined produce a drastic and criminal ideology which plagues the society under various names like intolerance or extremism or whatnot.

Most of this happens because kids are not given correct knowledge about every religion from a legitimate source at school level. That’s what the problem is. Solution to which is increasing their knowledge about every religion at school level so as to insulate them from stupid and spoilt thoughts in future.

DISCUSSION

lack of knowledgeA nation is intolerant when its constitution and institutions are intolerant. The

Preamble to our Constitution declares India to be a secular republic. In Aruna Roy v/s Union of India (2002) and S.R. Bommai v/s Union of India (1994), the Supreme Court declared secularism to be part of the basic structure of our Constitution; it held that secularism denoted the positive concept of equal treatment of all religions. In the language of Gandhiji, it meant “sarva dharma samabhava” equal respect for all religions.

Secularism v/s IntoleranceWith the 42nd Amendment of the Constitution of India enacted in 1976, the Preamble to

the Constitution asserted that India is a secular nation. However, neither India's constitution nor its laws define the relationship between religion and state. The laws implicitly require the state and its institutions to recognize and accept all religions, enforce religious laws instead of parliamentary laws, and respect pluralism. India does not have an official state religion. The people of India have freedom of religion, and the state treats all individuals as equal citizens regardless of their religion. In matters of law in modern India, however, the applicable code of law is unequal, and India's personal laws - on matters such as marriage, divorce, inheritance, alimony - varies with an individual's religion. Muslim Indians have Sharia-based Muslim Personal Law, while Hindus, Christians, Sikhs and other non-Muslim Indians live under common law. The attempt to respect unequal, religious law has created a number of issues in India such as acceptability of child marriage, polygamy, unequal inheritance rights, extrajudicial unilateral divorce rights favourable to some males, and conflicting interpretations of religious books.

Secularism as practiced in India, with its marked differences with Western practice of secularism, is a controversial topic in India. Supporters of the Indian concept of secularism claim it respects Muslim men’s religious rights and recognizes that they are culturally different from Indians of other religions. Supporters of this form of secularism claim that any attempt to introduce a uniform civil code, that is equal laws for every citizen irrespective of his or her religion, would impose majoritarian Hindu sensibilities and ideals, something that


is unacceptable to Muslim Indians. Opponents argue that India's acceptance of Sharia and religious laws violates the principle of equal human rights, discriminates against Muslim women, allows unelected religious personalities to interpret religious laws, and creates plurality of unequal citizenship; they suggest India should move towards separating religion and state. Secularism is a divisive, politically charged topic in India.

“Secular” Most Misused Word in India: Rajnath Singh's Remarks Spark Row"Secularism is the most misused word in the country...This must stop. Because of the

rampant misuse of the word, there have been instances of tension in society," Mr Singh said, taking on the Congress, which has come to Parliament this session prepared to attack the government over what it calls "growing intolerance."

NO INTOLERANCE: MEN OF EMINENCE ASSERT

1. Liberal Society- Arun Jaitley remarked"There is no point in raising the issue of intolerance just by making false statements. If they (opposition) are saying that there is intolerance then where it is," he added.

2. If India was intolerant, would I have sought citizenship? Adnan Sami“If Michael Jackson recorded his music in Los Angeles or London, how does it matter? It (the music) reached me, I like it and that’s it. If the music touches you, then it shouldn’t matter,” he added.When asked about his role in fostering India-Pakistan relations, Sami said that as a singer, his “job is to create music and harmony”. “I am a singer, my job is to create music and harmony. Wherever I see harmony, I would go towards there. There is nothing more beautiful for a musician to listen and see harmony. And if such a thing can happen, I like more than a billion people here would love it,” he added.

3. There is no intolerance in Bollywood, says Kajol“These days, people seem to have become oversensitive. As public personalities it is our duty to speak well and correctly. I have always said my ‘Mann ki baat’ and it is no different now,” she said. Bollywood actor Shah Rukh Khan has come up with a clarification on his 'intolerance' remarks and said he was really sorry if anybody had felt bad.Talking at a programme organised by a news channel, Shah Rukh said everything was fine in our country and that nobody had shown any intolerant behaviour towards him. “I am not saying it's (intolerance) there in our country at the moment... It's not there at all....” the actor was quoted as saying by The Telegraph. “I think for younger generations... I am not saying it for the generation that exists... I am not saying that right now we are intolerant,” Shah Rukh said as per the report. The actor further said he was not saying this because he wanted people to watch his film. Shah Rukh's upcoming film Dilwale, in which he will be seen opposite to Kajol, is scheduled to hit the screens on Friday. Shah Rukh had earlier sparked off a controversy on November 2, when he said “There is intolerance, there is extreme intolerance… there is, I think… there is growing intolerance.” He had further said that “religious intolerance and not being secular…is the worst kind of crime that you can do as a patriot”.

Genesis of protestsLooking back, ever since CPI leader Govind Pansare was shot in February 2015 for his

autobiography on Shivaji titled “Shivaji Kaun Hota”, there has been latent discontent among


the thinking population of the nation. When Kalburgi, who is known for his progressive ideas on caste and communalism, was shot in August, the intellectuals retaliated to growing intolerance and rise of unwarranted fringe religious groups by returning their awards.

Some of the prominent names in this regard have been literary figures like Uday Prakash, Nayantara Sahgal, CR Prasad, KS Ravikumar, EV Ramakrishnan, Surjit Patar, Baldev Singh Sadaknama, Hardev Chauhan, Rajesh Joshi, Manglesh Dabral, Ghulam Nabi Khayal, and GN Ranganatha Rao, poets Mandakranta Sen, Darshan Buttar, and Jaswinder, and a famed translator named Chaman Lal. They have been joined by Maya Rao, a noted danseuse and theatre performer, Bengali actor Sudipta Chakraborty, and nationally-reputed filmmaker Dibakar Banerjee. They have also been supported by Shabana Azmi.

All of them have cited the issue of growing intolerance – as well as restrictions being imposed on freedom of expression – as the main reason for such actions. Author and activist Arundhati Roy feels that these nuances of violence are an attack on the ‘collective IQ’ of the people and one needs to stand up to it. Shahrukh Khan, too, is of a similar opinion which has given a new dimension to this intellectual movement.

Be it less vehement, the government and Hindu activists, have in their own way reacted to the incidence of returning of awards. Barbs were traded as usual between Narendra Modi and Rahul Gandhi, with the latter criticizing the supposed intolerant attitude of the government and the former hitting back with a jibe at him. Mukhtar Abbas Naqvi had stated that people returning the awards have been forgotten a long time back perhaps implying that this is an attempt on their part to come back to limelight yet again. Rakesh Sinha, an RSS sympathizer, was of the opinion that the ones returning the awards were ones who had protested the ascent of NDA to power in 2014, may be implying that the motive is purely political and not cultural and humanitarian as it is being made out to be. Arun Jaitley has stated that these intellectuals are staunch opponents of BJP and the opinions of Uma Bharti were on similar lines.

Rajnath Singh advised people returning awards to refrain from doing so and speak to Narendra Modi instead. The CM of Maharashtra termed the whole gesture as a form of hypocrisy stating that their motives are suspicious. The addition of Shah Rukh Khan to the brigade has changed the entire dynamics though!

Fall out of ProtestMany more writers, litterateurs and personalities from the film fraternity have joined the

movement and returned their awards. Renowned writer Jayant Mohapatra announced he will return the national Padma Shri Award which he received in the year 2009, but will not return Sahitya Akademi Award.

‘Fight Intolerance, do not return awards’However, it would be wrong to assume that the creative figures met with no opposition

from the members of their own fraternity. Celebrated musician Zubin Mehta openly stated that he does not understand the logic behind all the artists returning their awards. Vidya Balan, and interestingly enough Shah Rukh Khan as well, said that they will not be returning their awards. However, the most pertinent criticism has come from Kamal Haasan, who has found the gesture to be pointless, and has said that it is insulting the government and the


people who have conferred the honour on them. He has asked them – whom he has termed talented and capable – to keep their national awards and instead fight against the intolerance of the government.10

The debate on intolerance has been taken over by many personalities. Recently veteran actress Shabana Azmi expressed her support to those who are raising their voice against rising intolerance in the country. A debate brewed up when actor Aamir Khan said that his wife Kiran Rao wishes for the family and children to leave the country due to increasing intolerance. Many people have lend him support for his statement while the other lot has criticised him for his remark.

CONCLUSION MIDDLE PATH : A JUDICIOUS APPROACH

The main question that needs to be asked in this context is that is it right to return the awards. Before we come to the answer, it needs to be taken into consideration that India has seen more gruesome instances of violation of communal harmony time and again in its history. What makes the recent spate of incidents so different? Is it the fact that certain states are banning consumption of beef? In that case it needs to be taken into consideration that Gujarat - one of the two states to have banned consumption of beef - also bars alcohol consumption. Do the incidents at the Pune Film and Television Institute have anything to do with all this? 5

The next issue that we need to consider is why the protests are happening now, or are they being unnecessarily highlighted now!? Among the people returning the awards some had been conferred with the honour when the previous NDA was in power. What has changed in the past few years that has led them to take such a drastic step? Is it an expression of no confidence in Modi during whose term as a Chief Minister the Godhra Riots had taken place?

It needs to be remembered that in his own way Modi is attempting to set things right by way of programmes such as Make in India and financial facilities for the rural poor. Can these attempts be viewed as efforts to undermine that and be interpreted as an effort to hark back to his less-than-palatable past? Is it an attempt to build up public consensus against a political force which they perceive to be growing in influence with every passing day, or is this an attempt to garner some publicity and relevance as has been alleged by the administrations and its faithfuls? The main question is will these gestures just be limited to being symbolic ones or go ahead and change the attitude of people who bring shame time and again to the country with their irresponsible and reckless behaviour. Religious tolerance has been an integral part of India’s tradition. India has proved to be a peaceful haven for different religions and cultures and it believe in plurality. According to the Indian Constitution, Muslims have equal rights of citizenship in every aspect and there is no discrimination at all on the basis of religion. There are about one million Muslim masjids, Madarsas and various Islamic organizations in India at present. All these institutions are flourishing and working smoothly. There are numerous schools, colleges and universities freely run by Muslims. Muslims have a distinctive presence in every field of Indian society such as the government, industry, education, business, administration, social institutions, and so on.


The President of India holds the highest office in the country and is the head of the state and the first citizen of India and in the history of independent India, four Muslims have, to this date, held the office of the president; Dr Zakir Hussain (1967-1969), Mohammad Hidayatullah (July-August 1969), Fakhruddin Ali Ahmed (1974-1977) and Dr APJ Abdul Kalam (2002-2007). Swami Vivekananda has judiciously said

“We believe not only in universal toleration but we accept all religions as true.”

REFERENCES

1. https://www.quora.com/2. http://indiaopines.com/3. http://www.dnaindia.com/4. http://www.dailyo.in/5. http://indianexpress.com/6. http://www.dnaindia.com/7. http://www.hindustantimes.com/8. http://www.theweek.in/9. http://scroll.in/10. http://www.mapsofindia.com/11. https://en.wikipedia.org/12. http://www.ndtv.com/


Dumping is said to have taken place when an exporter sells a product to India at a price less than

the price prevailing in its domestic market. However, the phenomenon of dumping is per se not

condemnable as it is recognized that producers sell their goods at different prices to different market. It

is also not unusual for prices to vary from time to time in the light of supply and demand conditions. It

is also recognized that price discrimination in the form of dumping is a common international

commercial practice. It is also not uncommon that the export prices are lower than the domestic prices.

Therefore, from the point of view of antidumping practices, there is nothing inherently illegal or

immoral about the practice of dumping. However, where dumping causes or threatens to cause

material injury to the domestic industry of India, the Designated Authority initiates necessary action

for investigations and subsequent imposition of anti-dumping duties.

Keywords: GATT, WTO, Anti-Dumping duties, Price discrimination

INTRODUCTION

Definition: Dumping is an international price discrimination in which an exporter firm sells a portion of its output in a foreign market at a very low price and the remaining output at a high price in the home market. 2

“The sale of goods abroad at a price which is lower than the selling” - Haberler

“Price of the same goods at the same time and in the same circumstances at home, taking account of differences in transport costs” - Viner

A firm may resort to dumping for a number of reasons which in brief are as under:• Price discrimination: The first reason of dumping is price discrimination. If a firm has

monopoly of a good in home market, but faces strong competition in foreign market, the firm will naturally charge a higher price in home market and lower competitive price in foreign market.

Dumping and its Legal Issues:

Anti-Dumping Duties

ABSTRACT

Deepshikha Gupta*

*Asstt. Prof., IME

90

• Predatory pricing: The second major reason is predatory pricing. It is the practice of cutting prices of goods in an attempt to derive rival firms out of business.

• Surplus stock: A firm may resort to dumping to dispose of surplus stock.• Economies of large scale production: The big firms where huge fixed capital is required

for producing the goods may resort to dumping to avail of the economies of large scale production.

OBJECTIVE

The objective of this paper is to critically analyse the practice of Dumping and issues pertaining to this practice. This research paper deals with Anti-Dumping Duties introduced by government to overcome issues such practice.

EXPLANATION

As Dumping is said to occur when the goods are exported by a country to another country at a price lower than its normal value. This is an unfair trade practice which can have a distortive effect on international trade. Anti-dumping is a measure to rectify the situation arising out of the dumping of goods and its trade distortive effect. Thus, the purpose of anti-dumping duty is to rectify the trade distortive effect of dumping and re-establish fair trade. The use of anti-dumping measure as an instrument of fair competition is permitted by the WTO. In fact, anti-dumping is an instrument for ensuring fair trade and is not a measure of protection per se for the domestic industry. It provides relief to the domestic industry against the injury caused by dumping.

Legal Framework: The international anti-dumping rules are provided by (a) GATT Article VI and (b) the Anti-dumping Agreement under the WTO. Sections 9A, 9B and 9C of the Customs Tariff Act, 1975 as amended in 1995 and the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 framed thereunder form the legal basis for anti-dumping investigations and for the levy of anti-dumping duties.

The General Agreement on Tariffs and Trade lays down the principles to be followed by the member countries for imposition of anti-dumping duties, countervailing duties and safeguard measures. Pursuant to the GATT, 1994, detailed guidelines have been prescribed under the specific agreements which have also been incorporated in the national legislation of the member countries of the WTO. 1

In principle, a determination of dumping is based on whether the export price of a good is less than the domestic price in the exporting country. This comparison must be conducted in a fair manner. The Anti-dumping Agreement prescribes that comparison shall be made at the same level of trade, in respect of sales made at as nearly as possible the same time, that due allowance shall be made, on its merit, for differences which affect price comparability (Article 2.4), and that the authority shall make allowances for a conversion of currencies (Article 2.4.1). Also, authorities shall indicate to the parties in question what information is required for a fair comparison and shall not impose an unreasonable burden of proof on those parties (Article 2.4.2).


So, if the export price is lower than the normal value, it constitutes dumping. Thus, there are two fundamental parameters used for determination of dumping, namely, the normal value and the export price. Both these elements have to be compared at the same level of trade, generally at ex-factory level, for assessment of dumping.

Normal Value: Normal value is the comparable price at which the goods under complaint are sold, in the ordinary course of trade, in the domestic market of the exporting country.

If the normal value cannot be determined by means of the domestic sales, the following two alternative methods may be employed to determine the normal value:-• Comparable representative export price to an appropriate third country.• Constructed normal value, i.e. the cost of production in the country of origin with

reasonable addition for administrative, selling and general costs and reasonable profits.

Export price: The Export price of the goods allegedly dumped into India means the price at which it is exported to India. It is generally the CIF value minus the adjustments on account of ocean freight, insurance, commission, etc. so as to arrive at the value at ex-factory level.

Dumping Margin: The margin of dumping is the difference between the Normal value and the export price of the goods under complaint. It is generally expressed as a percentage of the export price.

The export price and the normal value of the goods must be compared at the same level of trade, normally at the ex-factory level, for sales made as near as possible in time. Due allowance is made for differences that affect price comparability of a domestic sale and an export sale. These factors, inter alia, include : Physical characteristics, Levels of trade, Quantities ,Taxation ,Conditions and terms of sale It must be noted that the above factors are only indicative and any factor which can be demonstrated to affect the price comparability, is considered by the Authority.

Factors affecting comparison of Normal Value and Export Price The export price and the normal value of the goods must be compared at the same level of trade, normally at the ex-factory level, for sales made as near as possible in time. Due allowance is made for differences that affect price comparability of a domestic sale and an export sale. These factors, inter alia, include : Physical characteristics, Levels of trade, Quantities ,Taxation, Conditions and terms of sale It must be noted that the above factors are only indicative and any factor which can be demonstrated to affect the price comparability, is considered by the Authority.

The following measures are adopted to stop dumping:

a. Tariff Duty: To stop dumping, the importing country imposes tariff on the dumped commodity consequently, the price of the importing commodity increases and the fear of dumping ends. But it is necessary that the rate of duty on imports should be equal to the difference between the domestic price of the commodity and the price of the dumped commodity. Generally, the tariff duty is imposed more than this difference to end dumping, but it is likely to have harmful effects on other imports.

Dumping and its Legal Issues: Anti-Dumping Duties 91


b. Import Quota: Import quota is another measure to stop dumping under which a commodity of a specific volume or value is allowed to be imported into the country. For this purpose, it includes the imposition of a duty along with fixing quota, and providing a limited amount of foreign exchange to the importers.

c. Import: Import embargo is an important retaliatory measure against dumping. According to this, the imports of certain or all types of goods from the dumping country are banned.

d. Voluntary Export Restraint: To restrict dumping, developed countries enter into bilateral agreements with other countries from which they fear dumping of commodities. These agreements ban the export of specified commodities so that the exporting country may not dump its commodities in other country. Such bilateral VER agreements exist between India and EU countries in exporting Indian textiles.

CONCLUSION

It is generally observed that anti-dumping measures explained above harm rather than benefit the country adopting these measures. The producers of the country never want that commodities should be imported from abroad. They, therefore, pressurise the government to restrict the import of better and cheap imports by calling them dumped commodities. The reason for this is to misinterpret dumping. According to Article IV of GATT 1984, which now forms part of the World Trade Organisation (WTO), a country can adopt anti-dumping measures only if the dumped imports “injure” the industry of the country. A commodity is regarded as dumped which is exported to the other country at a value lower than its normal value. Or it will also be regarded as dumped if the export price of the commodity is less than its comparable price for final consumption in the exporting county. Under these situations, the importing country can impose anti-dumping duty, provided the margin of dumping is more than 2% of the export price or is more than 7% of the dumped import.

REFERENCE

1. Anti-Dumping guide: Directorate General of Anti-Dumping & Allied Duties2. Book - International Economics by Paul Krugman3. www.wto.org4. www.investopedia.com

Professor S.D. Sharma’s Perspectives on Creative and Analytical Writing is a collection of scholarly research papers periodically published in research journals of national and international repute. Papers dealing with Victorian Fiction vis-a-vis Thomas Hardy’ s Novels. Literary Darwinism, Evolutionism and Creative Unity, Ameliorationism, Pragmatics, Literary Creativity and such other innovations in the domain in fiction studies have been presented in an entirely scholarly way. The book includes the following ten chapters:1. Neo-Darwinians 2. Victorian Milieu and Scientific Influences3. Literary Darwinism in Thomas Hardy’s Novels4. Immanent Will as the Epicentre5. Evolutionary Approaches to Group Dynamics6. Social Darwinism in Thomas Hardy’s Novels7. Technique and Craftsmanship8. Hardyian, Nietzschean and Kierkegaardian Existentialism9. Philosophy and Vision10. Darwinian Struggle for Survival

The Chapters titled Victorian Mileu and Scientific Influences and Literary Darwinism in Thomas Hardy’s Novels have been very scholarly written: for, they present Literary Darwinism in entirely a new way. The Chapter on Hardyian, Nietzschean and Kierkegaardian Existentialism is worth appreciation. The language and style used in the book is superb: for, it takes years of practice of writing to reach such a level. Prof. Sharma is really a great scholar of literature and linguistics, communication and technical writing and is generally regarded as the Bhishm Pitamah of the modern times litterateurs. To advanced readers of English Literature, Linguistics, Communication and Professional Writers, this book is a indispensable.

BOOK REVIEW

Perspectives on Creative and

Analytical Writing

Prof. A.K. Gupta*

*Professor of English and Director, GLA University, Mathura, India

Sharma, S.DAMAZON.COM 2014PP. 377

Professor S.D. Sharma’s Pleasures of Imaginative Flight is a collection of 22 scholarly research papers published by Amazon.Com. This book includes the following chapters:

1. Language Borrowings and Phoneteic Change2. Evolution of Technical Writing3. Literary Online Communication And Semiotics Technology 4. Literary Darwinism And Creative Evolutionism5. Pragmatism, Semantics, Phonetics and Semiotics of English Communication and

Literary Sublimity6. Era of Literary Transition and Linguistic Transmogrification7. Modern Indian English Poetry: Literary Leaven for Human Amelioration8. Recent Modern Indian English Poetry : Tortuosity of Debility and Death9. Ambrosia of English Literature : Sublimity, Creativity and Aesthetics10. Recemt Indian English Fiction: Enlightened Feminism in An Autumn Leaf and Spring

Return11. American Fiction : Walker Percy -- Formative Reminiscences12. Semantics and Syntax : George Orwell’s 1984 and Walker Percy’s The Moviegoer13. Recent Advances in Literary Cognition and Pedagogy14. Harbinger of New Yorker School American Fiction15. Novels of Ideas and Intellectual Fads: A Critical Appraisal16. Literary Darwinism And Immanent Will17. Formative Influences On A Radical Litterateur18. Literary Darwinism and Early Victorian Fiction19. Literary Darwinism and Pre-Victorian British Literature20. Indian Loan Words: Semantic and Syntactic Transmogrification21. Literary Darwinism :Victorian Fiction -- Theme and Technique22. Literary Online Communication

BOOK REVIEW

Pleasures of

Imaginative Flight

Prof. Nitin Bhatnagar*

*Professor of English and Head, Department of English, GLA University, Mathura

BySharma, S.DAMAZON.COM.2014pp.x+301

95

The circumference of the above twenty-two chapters is very wide and covers almost all the fields of literature, language, linguistics, communication and scientific and technical writing. The chapters devoted to Darwinism and Evolutionism are very scholarly and they expect of the discreet reader to have already developed an appreciable understanding of all the genres of literature and all the domains of linguistics in order to make an appreciable understanding of this book. In short, this book is a valuable asset to literature and language.

Professor Sharma is a renowned scholar and has been the nominee for Nobel Prize for 2013 and 14.

Pleasures of Imaginative Flight

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