General Impact Factor of Journal

Year JMME JCECS
2015 2.0778 1.7122
2016 2.3982 2.0546

Volume 06 No. 03 July, 2016

Title: Content

Page I-IV

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Title: Relationships Between Selected Key Rates And Bank Nifty Index In India

Authors: Debendra Shaw

Page 1-4

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This paper tries to examine the relationship between some selected key rates and bank nifty in India using daily closing observation of the NSE bank nifty and selected key rates such as Inflation rate, Cash Reserve Ratio and Bank Rate from 1st January 2004 – 31 st December 2014. Statistical techniques are applied to study the behavior and dynamics of different set of data. Bank nifty is very volatile in respect to change in these selected rates. A weak negative correlation is observed between bank nifty with selected rates in long run.

Title: Technology Trends In Indian Banking Sector : An Overview

Authors: Dr. Anju Kansal

Page 5-12

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Technology has brought a complete paradigm shift in the functioning of banks and delivery of banking services. Gone are the days when every banking transaction required a visit to the bank branch. Today, most of the transactions can be done from the home and customers need not visit the bank branch for anything. Technology is no longer an enabler, but a business driver. The growth of the internet, mobiles and communication technology has added a different dimension to banking. Indian banking industry, today is in the midst of an IT revolution. A combination of regulatory and competitive reasons has led to increasing importance of total banking automation in the Indian Banking Industry. Ever since the nationalization of banks in India, this sector has been growing without Leaps and bounces and catering to the needs of various segments of the society. In recent times, the Banking Sector has been making rapid straights by using information technology as a platform and endeavoring to scale higher heights. An attempt has been made in this paper to examine various innovative instruments that have been introduced by Banks in Indian Banking Sector in recent times. 

Title: Failure Of Business Projects: An Overview

Authors: Amrita Dhaliwal

Page 13-22

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The purpose of the study is to find out reasons for project failure. A project is considered a failure when it has not delivered what was required, in line with expectations. Therefore, in order to succeed, a project must deliver to cost, to quality, and on time; and it must deliver the benefits presented in the business case. Schedule slippage, quality flaws and budget overruns are the familiar symptoms of a project in trouble. In business projects such problems are sadly all too common and improving success rates is one of management’s greatest challenges. It’s estimated that project failures cost the global economy hundreds of billions of dollars annually (if not a trillion dollars). Project revival strategies like specialisation in products, improved stores, better management with suppliers, raising of funds in systematic order, shut down stores with low sales, investing more in research and development etc should be adopted.

Title: Agriculture Productivity In India : An Overview

Authors: Prof. P.K. Kotia Ravi Kant Modi

Page 23-28

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Agriculture accounts for about One-quarter of the Gross Domestic Product (GDP) of India and employs about two-thirds of its workforce. Agricultural Performance witnessed a dip in the 1990s partly on account of subdued public investment in agriculture and inadequate diversification. The decline public investment was only partially compensated by the rise in private investment. With the WTO regulations coming into force in phases, it is time that our agricultural sector gears up to face the competition from other emerging and developed economies of the world. The Government has initiated few steps and revitalized policies which should give thrust to agricultural production in the country and induce export competitiveness of our agricultural products. India can continue with all its developmental schemes under the WTO Agreement on Agriculture. These include our subsidies for research, pest and disease control marketing and promotion services, infrastructural services, including capital expenditure for electricity, roads and other means of transport, marketing and port facilities, irrigation facilities, drainage systems and darns etc. For developing countries like India, there are some agricultural subsidies, which are also permissible and need not be reduced. These are investment subsidies that are generally available to low income and resource poor farmers. The types of subsidies mentioned above account for the bulk of the agricultural subsidies provided in India. The need for liberalization in the world trade in agriculture was felt due to extensive subsidization by the developed countries, which led to distortion in the prices of agricultural commodities. As a result, the poor and developing countries like India were finding it difficult to have access to the markets of agricultural products in the developed and developing countries. Agreement of Agriculture of WTO recognizes free and market-oriented trading system in agriculture.

Title: Micro, Small And Medium Enterprises In India : Challenges And Opportunities

Authors: Dr. Sucheta Y. Naik

Page 29-35

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Micro, Small and Medium Enterprises (MSMEs) play a pivotal role in the economic and social development of the country due to its significant contribution in terms of output, exports and employment with its effective, efficient, flexible and innovative entrepreneurial spirit. MSMEs contribute 45% in the industrial output, 40% of exports, employing 73 million people every year. It produces more than 8,000 quality products for the Indian and international markets. Its contribution towards GDP in 2011 was 17% which increased to 22% in 2012. For a developing nation like India, where the labour is abundant and capital is scarce, the small sector is a major source of employment for millions of people. Keeping in view the importance of MSMEs, the Indian government has included this sector in its five-year plans. But, still the sector hampered by the problems like finance, marketing and low quality. Taking into account the enormous potential of the small sector, the entrepreneurs and the policy- makers must act collectively to facilitate growth in this sector. This paper analyses the various challenges and opportunities associated with MSMEs in India.

Title: Initial Public Offerings : A Review Of Literature

Authors: Dr. Amit Kumar Singh Ashween Anand

Page 36-46

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Initial public offerings have been one of the most puzzling and intriguing areas for financial research. This paper is an attempt to review the literature that explains some of the puzzling patterns with IPOs. The paper starts with the conceptual framework which describes the widely documented anomalies in the IPO market, namely: initial underpricing, the “hot issue market” phenomenon and long-run underperformance of IPOs. These anomalies are inconsistent with the efficient market hypothesis. Short-run underpricing of IPOs is an international phenomenon and in this paper we have examined the issues relating to short run underpricing of IPOs.

Title: Role Stress Among Public Sector & Private Sector Bank Employees : A Comparative Study

Authors: Sunil Kumar Gera

Page 47-51

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Role stress is the stress experienced by the persons because of their role (job) in the organization. They assume a role based on the expectation of the self and others at work place. Organizations are an important source of stress, and employees’ workloads and professional deadlines have increased manifold. The employees in public sector and private sector banks are experiencing role stress at the work place. Main objective of the study is to compare the factors causing stress among employees in public and private sector banks.  

Title: Financial Sector : Opportunities And Challenges

Authors: Aparna

Page 52-56

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In developing economies, financial sector policies are expected to be tuned to sub-serve the broad objective of ensuring growth with equity. This session will discuss the regulatory philosophy in relation to growth and development in the pre-crisis, mid-crisis and post-crisis periods with a focus on emerging market economies (EMEs). Beginning with a review of studies regarding macro-economic impact of Basel III capital and liquidity regulations, the background paper will explore a model for India for the assessment of macro-economic impact of these measures. The regulation and supervision of the financial system in India is carried out by different regulatory authorities. The Reserve Bank of India (RBI) regulates and supervises the major part of the financial system. The supervisory role of the RBI covers commercial banks, urban cooperative banks (UCBs), some financial institutions and non-banking finance companies (NBFCs). Some of the financial institutions, in turn, regulate or supervise other institutions in the financial sector, for instance, Regional Rural Banks and the Co-operative banks are supervised by National Bank for Agriculture and Rural Development (NABARD); and housing finance companies by National Housing Bank (NHB). The risks affecting the financial system are not simply aggregations of the risks of individual institutions. This so-called “systemic” aspect of risk has at least three dimensions viz. macroeconomic variables beyond the control of domestic monetary or fiscal policies, externalities and pro-cyclicality.

Title: Ownership Structure And Corporate Social Responsibility Disclosures: An Empirical Study

Authors: Ramandeep Mann Dr. Karamjeet Singh

Page 57-63

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Corporate Social Responsibility (CSR) must be seen by the companies as a responsibility not imposed by outside forces but guided by conscience and the best practices of giving back to society, people, communities, and environment what they took from them.  Various firm characteristics like age, size, type of Industry and ownership pattern can play an important role in identifying the level of CSR disclosures made by a firm. This paper is an attempt to measure the amount of CSR disclosures made by Indian listed companies in their annual reports and to empirically examine, whether the ownership structure of a company influence its CSR disclosures. For the purpose of this paper, ownership structure has been divided into promoter ownership, government ownership, institutional ownership and foreign ownership. Companies selected for analysis were those included in the CNX Nifty Index of National Stock Exchange. The information related to ownership structure and CSR disclosures was obtained from the annual reports for the year 2013-14 of the sample companies. Content Analysis was used to measure the amount of CSR disclosures and OLS Regression model was used to examine the relationship between the independent variable, ownership structure and the dependent variable, CSR disclosures. The study concluded that the level of CSR disclosures made by the sample companies is very low and the study also found that promoter’s stake and institutional ownership in a firm have negative impact on the level of CSR disclosures while there is no impact of the shareholding by Government and foreign investors on the CSR disclosures . 

Title: Different Segments Of Indian Organised Retailing Industry : An Analytical Study

Authors: Dipakbhai V. Patel

Page 64-78

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For any country whether it is developed or developing, retailing activities play an important role in the economic development. Retailing  is gaining the attention of people across the globe and today it is recognized as an industry which is divided  into   organized retailing and unorganized retailing.  In India there is coexistence of Organized and Unorganized segments of Retailing Industry. At present the share of organized retailing segment of Indian retailing industry is approximately 5% but it has been increasing gradually and it is estimated that the market share of organized retailing segment will be 24 % in 2020. In the paper  researcher has tried to analyze the different segments of Indian Organized Retailing Industry which include the market size & growth, market segmentation, SWOT Analysis and some key players of  Clothing & Apparel, Fashion Accessories , Food Service, Food & Grocery, Footwear, Jewellery , Eyewear, Home & Interiors, Mobile & Telecom, Entertainment & Gaming ,Time wear, Fitness , Pharmacy, Leisure , Beauty & Personal Care and  Consumer Durables & Information Technology.  In  this paper, efforts have been made in analyzing the various segments of Indian Organized Retailing Industry.

Title: Impact Of Labour Reforms On Industry In Rajasthan

Authors: Dr. Manish Shrivastava

Page 79-82

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Recent economic growth has benefited industries which rely more on capital and skilled workers as opposed to unskilled/low skilled workers. This fact combined with the rising capital intensity of production over the decade partly explains the limited contribution of the manufacturing sector to employment generation. At the state level, we find that states with more inflexible labour regulations have witnessed slower growth in employment and output in manufacturing than states with more flexible labour market regulations. However, it would be incorrect to put the entire onus of the dismal performance of the manufacturing sector on labour regulations as firms are responding to rigidities in the labour market in innovative ways such as the greater use of contract workers. Factors such as cumbersome product market regulations and infrastructural bottlenecks have also adversely affected the growth of the manufacturing sector. In this paper I have discussed about the Impact of Labour Reforms on Industry in Rajasthan.

Title: Service Sector In India During Plans: Performance And Reforms

Authors: Chandra Mohan Sharma Vipin Kumar Bagria

Page 83-89

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In the age of globalization & societal transformation, the composition of GDP has witnessed shifting trends. Now in days India is being posed as the most potential and growing economy of the world not only in terms of market size but also in terms of technology up gradation. In 1950 when Indian republic status was declared the economy was characterized by legacy and imprints of colonial gesture. In view of the need of planned economy, the govt. initiated process of planning through five years plans with establishment of planning commission in 1952 followed by National Development Council (NDC). The purpose of planning was to identify, generate & distribute the available resources (physical, natural & financial) in equi Table manner for the ultimate upliftment of the society in consonance with the constitutional mandate of providing a socialist pattern of society. The growth experience of Indian economy has witnessed structural changes which are reflected in eleven five year plans. Despite various hurdles on political, economic, social & technological fronts we are able to sustain our growth trajectory during last 60 years of republic. As a matter of proud, the govt. targets the inclusive growth during the 11th five year plan which is nothing but only an extension of indicative planning targeted during 8th five year plan. While evaluating the performance & contribution of Service Sector in Indian economy, the transformation of world trade with the emergence of WTO and its impact on the trade pattern and behavior in context of India has to be judged. Though all three sectors of economy have seen tremendous growth and contributed to the GDP during the last sixty two years, the growing importance of service sector particularly in the aftermath of reforms is a sign of India‘s being projected as superpower of future. This paper has been divided into five parts. The first part of the paper deals with the conceptual framework defining and classifying services according to different parameters. The second part of the paper is devoted to find a track record of service sector growth pattern during five year plans i.e. evolution of services as a major contributor of the GDP. The third part of the paper is dedicated to the performance of service sector and various service subsectors in the aftermath of LPG i.e. after 1991.The next part of the paper discusses about the drivers of growth in service led economy of India. The fifth part of the paper is an attempt to identify some issues and challenges related to service trade w.r.t. GATS. In the last, conclusion has been drawn based on the preceding discussion. 

Title: An Empirical Analysis Of Economic Value Added Of Indian Corporate

Authors: Dr. Sanjay Bhayani Dr. Butala Ajmera

Page 90-98

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In this paper an attempt has been made to study the EVA of selected companies of BSE- 30. The study is based on secondary data. The data have been collected from annual reports and capitaline database. The time period for the data was from 2001-02 to 2011-12. The statistical tools like mean, anova, regression and ‘t” test have been used. Researcher has used regression to examine the impact of capital employed on EVA. The regression result showed that independent variable like capital employed has a very significant impact of the EVA. Therefore capital employed and cost of capital and EVA are very significant aspect to measure financial performance.

Title: Growth Measures Of Financial Literacy: Macroscopic And Pragmatic Indian Scenario

Authors: Dr. Meera Singh Shweta Singh

Page 99-105

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For the India’s long term growth and development, there is a need to raise the financial literacy of the resent population because it aids in improving the quality of financial services and contributes to the financial stability. Financial literacy is the ability, skills or knowledge to make effective or informed judgments and decisions regarding the use and management of money. In other words, it refers to the capacity to have familiarity with and understanding of financial market products, especially rewards and risks. This paper makes an attempt to examine the financial literacy level in India which is very low, its position across the world and the various growth initiatives taken by major financial regulators such as RBI and SEBI. The paper consist of seven parts i.e., An Introduction, Research Objectives, Methodology of the study, Review of Literature, Present Scenario, Growth Efforts in the field of Financial Literacy and Conclusion. Financial Literacy and Financial Inclusion have a strong interplay and vital impact on each other. Financial literacy involves imparting knowledge about the risk and return of financial products to their users. Thus it helps in consumer protection and financial stability in the economy. The need for the financial literacy and its importance for financial inclusion has been acknowledged by all possible stakeholders, policymakers, practitioners, bankers, researchers and academics – across the globe.

Title: Role Of Soft Skills And Ethics In Accounting Education

Authors: Dr. Laxman Ram Paliwal Rekha Gupta

Page 106-112

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Accounting is the most basic framework of business. Without an accounting education, students would be unprepared for the real world. Finance and accounting professionals are expected to help lead the organization on the technical front. However, developing productive relationships with existing and prospective clients is more important than ever in this competitive environment. This paper explores the changing needs of employers and the business community in relation to the balance between technical and soft skills, such as communication skills, business presentation skills and other interpersonal skills. The paper justifies the importance of soft skills for all business graduates, including accountants. The study further explains how soft skills can complement the technical skills taught to ensure that graduates are able to cope up with the demands of a complex global business environment. The role played by accounting educators and the accounting bodies in development of soft skills is reviewed. Another reason for business students to have some background in accounting is owing to sensational corporate scandals taking place in many countries causing extensive damages to the economy and society. In recent years, people in the business world have been held more accountable for their financial practices. The role of academic accounting community for setting the moral tone of the community and providing a nurturing environment for enhancement of ethical motivation and ethical behaviour has also been discussed.

Title: Emphasis On Education In The Budget Of Rajasthan

Authors: Dr. C. P. Jain Ankit Acharya

Page 113-120

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Swami Vivekananda quoted on the role of education as “Education is the manifestation of the perfection already in man”. This quotation was originally a part of the letter written to Singaravelu Mudaliyar (Kidi) from Chicago, United States, dated 3 March 1894.Nelson Mandela commented “Education is the most powerful weapon which you can use to change the world.” Education is an approach of learning and the main example of development. Education plays a great role in the life of everyone all through the life. Getting proper education is very necessary to get a successful and happy life just like food is necessary for a healthy body. It is very important to live luxurious and better life. It develops personality of the people, provides physical and mental standard and transforms people’s living status. It promotes the feeling of physical, mental and social wellbeing by providing a better life. Good education is constructive in nature which constructs our future. It helps a person to improve his/her status of mind, body and spirit. It provides us lots of confidence by giving us the bulk of knowledge in many fields. It is a single and vital way to the success as well as personal growth. The more knowledge we get, we grow and develop more in the life. Being well educated never only means to earn certificates and good salary from the recognized and reputed organization, companies or institutions; however, it also means to be a good and social person in the life. It helps us to determine whether something is good or bad for us and other persons related to us. It inspires citizen and community for change towards a world of greater social justice. This article provides an overview of the emphasis laid on education in budget in the State of Rajasthan.

Title: Financial Appraisal : An Overview

Authors: Sakshi Vij

Page 121-129

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Financial Appraisal is a technique by which the financial performance of an organization with given objectives and targets is adjusted and the conclusion are drawn whether the fixed targets have been attained or not. At the same time the causes of deviation betIen the targets fixed and the achievements are discussed and on the basis of which corrective measures are taken to attain the basic objectives of the enterprise. Financial Appraisal is a relative term. Financial Appraisal is a scientific evaluation of the profitability, financial strength, efficiency in the utilization of resources, growth analysis, return on investment (ROI) and creation of value of a concern. In fact Financial Appraisal is a critical assessment of various activities in different areas of operations of an organization. In other words; Financial Appraisal is the scientific process to make a proper and comparative evaluation of the profitability, solvency, liquidity, efficiency, growth and ROI of the given concern on the basis of summarized and analyzed data. Financial Appraisal is both diagnostic as Ill as preventive in nature. In case of an already bad or deteriorating situation, it tells the areas where to make an improvement, whereas in case of a good condition, it shows the way to further improve the performance. In this paper various aspects of Financial Appraisal has been discussed. 

Title: An Appraisal Of Value Added Reporting Of Selected Petroleum Companies In India

Authors: Rishi Kant Mittal

Page 130-136

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The concept of value addition basically comes from the very manufacturing process wherein the firm’s raw materials are converted into finished goods. A manufacturing firm begins with a certain quantum of raw materials, and then engages itself in a conversion process to yield a product with new utility and market value which is different from the original cost of materials. The excess of such market value over the cost of materials is defined as value added. Therefore, for measuring and reporting the socio-economic objectives of the business, the value added reporting has emerged as a new reporting measure of corporate performance in addition to the traditional financial reporting practices. This research paper focuses an attempt to make an empirical study for measuring the corporate social performance through value added reporting and ratio analysis of selected petroleum companies. For analysis various ratios relating to value added reporting and with the help of some statistical techniques. In this study researcher have tried to show how and to what extent, the value added reporting can supplement additional financial information to satisfy all the stakeholders of the organization. 

Title: Analyzing The Marketing Planning Of New Start Up?S : An Overview

Authors: Prof. (Dr.) R. K. Kothari Shweta Batra

Page 137-141

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Consumer purchasing decision making has been of great interest to researchers and practitioners for improving strategic marketing policies and gaining a competitive advantage in the market. Traditional market models generally concentrate on single individuals rather than taking social interactions into account. However, individuals are tied to one another with invisible bonds and the influence an individual receives from others, affects their purchasing decision which is known as word of mouth effect. In this process, some people have greater influence on other consumers’ buying decisions that are known as opinion leaders. In this paper, we aim to analyze  the marketing strategies used while launching a new product by the organization.  In particular, we will try to assess the efficiency and profitability of different marketing strategies consisting of different price, promotion, quality levels and different number of targeted opinion leader. Product’s quality is found to be the most significant factor affecting the profit of the company.

Title: Training Development And Its Effectiveness, Practice In Punjab National Bank With Special Reference To South Gujarat Region : A Study

Authors: Dr. Rajesh P Patel Dr. Jayendra Rana

Page 142-150

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Employee training is becoming a necessity to every organization now-a day. Employees are entrusted different roles and responsibilities in the banks. Training enables them to carry- out these roles and responsibilities efficiently and also learn new things, which will prepare them to take up higher responsibilities in the future. In this study the researcher studies the existing practices of the various aspects of training program and its effectiveness in selected public and private sector banks in Rajkot, Gujarat, India. This is mainly to assess the present status of the employee effectiveness in discharging the roles and responsibilities in tune with the objectives of the bank. The aim is to assess the effectiveness of the various facets of training i.e. employee’s attitude towards training inputs; quality of training programmes; training inputs and application of training inputs to the actual job.

Title: Impact Of Corporate Governance Mechanisms On The Practice Of Earnings Management: Multivariate Regression Analysis

Authors: Swati Jain

Page 151-156

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The very nature of accounting accruals gives managers a great deal of discretion in determining the earnings a company reports in any given period because of information asymmetry between managers and owners. Earnings management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers. In such a scenario, some corporate mechanisms are required to ensure the protection of investors’ rights and, therefore, corporate governance arises as a set of constraints to reduce the array of agency costs originated by the nexus of contracts in the company. The corporate governance practices examined in the study relates to audit committee characteristics, ownership pattern and capital structure. For investigating the impact of corporate governance mechanisms on the practice of earnings management, the study used panel data (random effects) regression models for both the univariate and multivariate regression analysis. In this paper researcher analysis only multivariate regression analysis on the basis of audit committee characteristics, ownership pattern and capital structure.

Title: Global Marketing In The 21St Century : An Overview

Authors: Dr. V. D. Santosh Kumar Prof. SVVSV. Prasad

Page 157-163

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A marketing strategy is an overall marketing plan designed to meet the needs and requirements of customers. The plan should be based on clear objectives. A number of techniques will then be employed to make sure that the marketing plan is effectively delivered. Marketing techniques are the tools used by the marketing department. The marketing department will set out to identify the most appropriate techniques to employ in order to make profits. Global Marketing in the 21 st Century emphasis on Marketing Techniques and Marketing Techniques are the methods used to increase sales, a marketing technique is marketing plan designed to meet the requirements of customers and at the same time increases the profitability of the company. The new economy calls for new marketing techniques of keeping the customers highly pleased and contended. According to the marketing doyen Prof. P. Kotler the new economy in the 21st Century is characterized by super competition and competitiveness is the very essence of new economy. Marketing techniques need to be applied to monitor the success of marketing activity. If you make customers unhappy in the physical world, they might each tell six friends. If you make customers unhappy on the internet, they can each tell six thousand friends. Technology is changing everything; the pace at which these changes are happening is the frightening part. From HR to marketing, things have changed more drastically in the last five years than in the last fifty years. So, how are marketers embracing these changes to drive better return on investment as demanded by their bosses? And the answer is by adopting the latest marketing techniques. 

Title: Theory Of Values V/S Skills In Mahabharata

Authors: Dr. Alka Jain

Page 164-168

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In western management theories of skills we come across are skill matrix, skill competencies matrix, decision matrix analysis. Agile skills matrix, employability skills matrix etc. which explains what kind of skills an employee should have to accomplish a task. Unfortunately no matrix which has a combination of values and skills is available in traditional western theories, while Himadri Barman provides us with a modern tool to assess values and skills simultaneously. Himadri not only focuses on skill competencies of an employee/worker but also looks at the intelligence/ morality of judgment on how to use these skills and in which area. This values v/s skills matrix has been used to categorize the characters of the great Epic, Mahabharata.

Title: Post Purchase Behavior Of Consumers With Reference To Vespa Lx125 In Hyderabad : An Analytical Study

Authors: Ajmeera Mahesh

Page 169-176

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The present study focuses on the post purchase behavior of consumers towards Vespa LX125 at Hyderabad. The data was collected by personal interviews as well as schedules of the respondents. The Hypothesis of the study was framed based on the factors like quality & trustworthy, style appearance, riding & seating comfort, mileage engine performance, design, colour, pick-up, storage space, status in the society and service of the company. From the study it is found that the respondents are satisfied with the social status given by Piaggio Vespa LX125, qualitative post-purchase service, quality & trustworthiness, brand design, riding & seating comfort, style & appearance, pick-up, mileage, storage space, engine performance and availability of spare parts. It is suggested to the company to improve the sales of the product by increasing the brand image. It is also suggested that to improve the design, advertisements and features of the product. Further it is suggested to Hero Honda to come out with attractive models suitable for ladies.

Title: Development Of Tourism And Government Policy Initiatives In Sikkim : A Study

Authors: Dr. Jiban Upadhyaya Dr. Satyadeep S. Chhetri

Page 177-184

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Tourism in India has not been harnessed to its fullest potential. Though it is growing at average growth rate of about 4 %, the challenges faced by stakeholders in the tourism sector on a routine basis due to policy paralysis of weak and conflicting Tourism 1 policies of the Government of India is plaguing the boom in this sector. The State of Sikkim has shown an outstanding and consistent growth of tourist arrivals. It is by the far one of the choicest destination of tourists in the last couple of years, especially tourist visiting the North East of India. The State has received the acclaim from all quarters and has bagged Tourism awards presented by the MoT, GoI in four different categories in 2012. Lonely Planet has named the state as the best region to visit in 2014. The state has already seen a quantum leap in tourist arrivals since February this year and the number of foreign tourist arrivals is continuously surging.  This paper tries to briefly study the performance of the State of Sikkim in tourism sector and forward looking policies and initiatives taken up by the Government of Sikkim which has made Sikkim one of the best travel destinations in India. The paper also tries to find the policy gaps and suggest appropriate policy recommendations.

Title: Impact Of Nbfcs On India's Economic Growth

Authors: Dr. Prashant Madan

Page 185-192

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Indian economy today is observing a phase of phenomenal growth. The country has seen year on year growth rate of about 8–9 per cent in the last 3–4 years. Financing requirements are also rising commensurately and will continue to increase in order to support and sustain the tremendous economic growth. As we all know, NBFCs have been playing a complementary role to the other financial institutions including banks in meeting the funding needs of the economy. They help fill the gaps in the availability of financial services that otherwise occur in bank-dominated financial systems. Equally importantly, NBFCs provide competition for banks in the financial services domain. In fact, diversification of financial markets is an important component of financial sector reforms. As mentioned in the C. M. Vasudev Committee Report on NBFCs, meeting the financing needs of all sectors of the financial system needs products and institutions which are in a position to absorb these risks. It is an established fact that the development of financial intermediaries contributes strongly to economic growth; and that contribution is increased where intermediation is provided through a balanced combination of NBFCs and banks–in particular, there is a strong correlation between the depth and activeness of non-banks and stock markets on the one hand, and economic development on the other. RBI reports on Banking Trends have recognized the role played by the NBFCs.

Title: Tax Incentives And Growth Of Engineering Industry In India

Authors: Punam Sachdeva Dr. Hem Chand Jain

Page 193-198

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Tax Incentive is always considered as an important factor by most of the business houses. Government provides tax incentives to industries to stimulate business activities, technological progress, capital formation leading to industrial as well as economic growth. Fiscal policy norms are designed in such a manner that the industry gets benefits by availing tax incentives. These incentives influence after tax profitability, capital assets compositions, retained earnings and boost investment and growth. To this end in view, the present research paper aims at studying the impact of corporate tax incentives on the growth of engineering industry during a decade of 2005-2006 to 2014-2015. The study revolves around five financial variables identified as factors leading to industrial growth. These variables are profit after tax, gross fixed assets, capital employed, reserves and surplus and shareholder’s equity. The objective of the study is to highlight the influence of tax incentives on variables reflecting industrial growth. For analysis, the data of these variables is collected. It is observed that on an average, the values of variables are increasing throughout the period of review. The relationship between tax incentives and variables signifying growth is studied with the help of linear regression analysis. The results conclude that the engineering industry is positively affected by tax incentives.  A classification of companies into large, medium and small and their data analysis also indicates that tax incentives have a favorable impact on the growth of engineering industry.

Title: Social Inclusion Of Women Through Self Help Groups (Cma)

Authors: Dr. Meenu Maheshwari Shobhna Goyal Dr. Ashok Kumar Gupta

Page 199-208

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Gender constitutes a particular form of categorical exclusion given with the conditions of underdevelopment, developing economies and poverty. Poverty has been recognized recently as a multidimensional phenomenon encompassing income, assets, education, health, dignity and voice. The poor were believed to have no voice in determining resource allocation in the society where they live because “they were poor” but never have been seen to be poor because they have no voice in determining resource allocation. There are various groups who have been kept out as socially excluded like poor, dalits, women, HIV/AIDS patients, mentally and physically challenged persons and transgender etc.  The basis for social exclusion may be caste, colour, ethnicity, gender and health and there can be cultural, health and economic discrimination amongst these socially excluded groups. In India women constitute one group of socially excluded facing cultural, health and economic discrimination. Women are believed to have limited access to economic resources and formal financial institutions and linking them with the mainstream is one of the biggest challenge for policymakers in order to mitigate poverty and making women socially and economically empowered. Given the extent of social exclusion of women, Indian government is making efforts to include them in the system by implementing various interventions like microfinance, microcredit and SGSY to name a few.  This paper is an attempt to explore the interplay of social inclusion through financial inclusion of women in general and rural poor women in particular. The study is based on District Mewat in Haryana and a special microfinance intervention of NABARD in the name of Self Help Groups (SHG) which has proved a catalyst in bringing about a desirable change in their socio-economic status. This can be used as a remedy to include the socially excluded by organizing them in women collectives for initiating micro entrepreneurial activity with the help of their own savings and subsidized micro loans from the banks. The study will explore the extent and dimension of social upliftment of rural poor women before and after joining these community organizations

Title: Can India Achieve Nine % Growth In The Next Five Years ?

Authors: Mimansa Bairathi

Page 209-215

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India had been the harbinger of global growth and development in the last decade second only to China. Reaping the benefits of liberalization and picking up the pace of growth and development, it not only came across as a roaring capitalist success story buy also an inclusive growth story by reducing poverty levels from 37.2% in 2004-05 to a record low of 22% in 2011-12. The deep and diverse stock market of India which is open to foreign investment and moves closely in-sync with the world emerging-market averages was just another indicator of the golden phase of India’s development. India once again seemed to be well on its way to reclaim the glory of the past years and everybody seemed to be scrambling to get a piece of the pie. But over the last two years, the euphoria surrounding the Indian economy began to fade. Growth stumbled, inflation rose, policy logjam took hold of the government and sectoral constraints like availability of energy, transport, water, land and labour laws reduced investor confidence in the country. Moreover, India found itself at the cusp of being accorded a “junk” status by global credit rating agencies S&P and Moody’s. India thus emerged as a melting pot of the pitfalls and promises of emerging-markets across the globe. With the new leadership portraying an inspiring vision the investor confidence has returned for now. According to a Nomura research note, India is entering a Goldilocks phase of rising growth and falling inflation. Though boosting growth, the Indian success story may not be able to replicate the 9% growth in the next 5 years. The skills and finesse required to execute this far-reaching growth and reform agenda would take time to reap benefits since the last few years have exposed some deep-rooted problems in the foundation of our economy and governance model

Title: Techniques Of Working Capital Forecasting

Authors: Dr. Purnima Maheshwari

Page 216-222

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Working Capital as concerned with the problems that arise to manage the current assets, the current liabilities and the inter-relationship that exists between them. Current assets are those assets which can be converted into cash within one year without undergoing diminution in value and without disrupting banks’ operation. Major current assets are cash, marketable securities, account receivable and inventory. Current liabilities are those which are intended to be paid in ordinary cause of business within a year out of earning of the banks. Working capital can also be classified in the form of gross working capital and net working capital. Gross working capital refers to the investment in current asset, while net working capital refers to excess of current assets over current liabilities. The success of banks depends upon effective working liabilities. The success of banks depends upon effective working capital management because than only one can utilize current assets and current liabilities in order to maximize profitability and liquidity of business.

Title: An Empirical Investigation Of Retail Consumer Attitude Using Serqual Model

Authors: Dr. Meera Mathur Dr. Shubham Goswami

Page 223-229

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The retail industry has contributed to the economic growth of many countries and is undoubtedly one of the fastest changing and dynamic industries in the world. Service quality and customer attitude are very important concepts that companies must understand in order to remain competitive in business and hence grow. It is very important for companies to know how to measure these constructs from the consumers’ perspective in order to better understand their needs and hence satisfy them. In present research, five dimensions of service quality (SERVQUAL) namely tangibility, reliability, responsiveness, empathy, and assurance have been considered for this empirical research. Research findings would render scope to marketers, retailers, and decision makers to calibrate attributes configuring services quality for improved customer satisfaction.