D. Bag

NIT ROURKELA, School of Management, Faculty Member

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Dr D. Bag is a Professor in Climate, Development Economics & Finance at the School of Management, the National Institute of Technology, Rourkela, and Odisha. He has taught graduate courses in economics, public policy, climate change, business environment, financial management, portfolio management, managerial economics and business environment. He specializes in Risk capital, financial modelling and financial economics.

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Papers by D. Bag

Redeploying coal workers: field level challenges and transition alternatives

Mineral Economics

As of 2020, coal mines had created about 7.25 lakh direct coal jobs and number of indirect jobs i... more As of 2020, coal mines had created about 7.25 lakh direct coal jobs and number of indirect jobs in India. However, coal workers are at livelihood risk in India and would be out of jobs in few years. Adequate emphasis on skill based re-employment plans to generate suitable alternate livelihood for the miners is desired. This paper identifies open-cast clusters, arrives at potential job losses, and targets workers to suggest field-level rehabilitation challenges. It uses socio-geo-operational performance indicators to highlight the sub-optimal use of land, number of coal jobs to production, land use to rural population, coal jobs to land use, etc. We formulate a deployment matrix and highlight the employee-specific, location-specific, and market-specific factors for implementing rehabilitation framework for the transitioning coal miners.

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EVALUATION OF LARGE CAP GROWTH FUNDS AGAINST ESG ALTERNATIVES

International Journal of Economics and Business Research, 2023

This paper focuses on large cap growth funds and compute standard evaluation metrics using quarte... more This paper focuses on large cap growth funds and compute standard evaluation metrics using quarterly data. We find that investors can easily rank funds from the range of Sharpe’s ratio and Treynor’s ratio, whereas have little option to choose from translated Jensen’s alpha, and M2 ratio of large cap growth funds. The large cap funds did better the 10-Year Govt. yields. We look at ESG fund returns and the 10-year Govt. yields. We find that ESG returns have remained positive but lower than the large cap funds. We verify the media house award winner large cap funds to our sample and attribute the mismatch to differential entry screening criteria and selection criteria by the award committees.

Redeploying coal workers: field level challenges and transition alternatives

MINERAL ECONOMICS, 2023

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EVALUATION OF LARGE CAP GROWTH FUNDS AGAINST ESG ALTERNATIVES

INDERSCIENCE IJEBR , 2023

The Structural Transformation of the Indian Economy- With Special Reference to the Service Sector

SSRN Electronic Journal

This review article provides an overview of literature on the structural shift in the economy fro... more This review article provides an overview of literature on the structural shift in the economy from primary and secondary sector towards the tertiary sector. We attempt to revisit the developments of the tertiary sector and its implications on the Indian economy as a whole. While analyzing the structural transformation, which refers to the streamlining of economic activity across the broad sectors of the economy agriculture, manufacturing and services, we investigate the relation between the increasing contribution of the service sector towards GDP and employment growth. Findings in the literature show that India has witnessed a significant structural transformation; there is a shift from the primary sector to the tertiary sector. The service sector is playing a dominant role and its contribution to the economy is increasing continuously. However, it is also seen that this growth does not lead to employment growth, which has been termed by authors as jobless growth. We have also highlighted various productivity measurement models and measurement issues, due to which we believe that the contribution of the service sector is far less represented.

The structural transformation of the Indian economy-with special reference to the service sector

Capital Structure of Real Estate Firms in Emerging Market: An Analysis of the Indian Capital Market

blumsbury VGSOM IIT KHARAGPUR, 2013

This paper is aimed at a review of the empirical literature on capital structure of real estate f... more This paper is aimed at a review of the empirical literature on capital structure of real estate firms and draw insights on the factors that drive firm’s leverage in presence of an active capital market. The empirical study gives us an explanation of how the debt equity structure of the real state firms in India are affected by firm specific attributes and external market or macroeconomic attributes. Property financing is also known as infrastructure financing where there exits the problems of longer gestation period, less predictable cash flows and challenge of accessing capital. When real estate firms raise debt through mortgage, it puts an upper limit on their borrowing capacity. Reserve Bank of India (RBI) has increased risk weights for lending banks’ real estate exposure, which has served to curtail direct lending to this sector. However, recently, the Govt. has permitted 51% investment in multi-brand retail and 100% in single brand retail, which will definitely open up the opportunities for commercial real estate in India. Repo rate that affects the PLR (prime lending rates) of Banks, could impact leverage decisions of firms. Similarly, volatility in exchange rate may deter the interest of external players (NRIs) interest in the domestic property market. We also examine the relationship between firm’s ability to raise debt and their perceived riskiness in the capital market. Based on a sample of 32 real estate firms listed in BSE within the period 2006 to 2010, we find that profitability, taxes, operational efficiency, growth rates, etc are significant drivers of the corporate debt policy of the real estate firms in India. The empirical evidence also highlights the significance of financial risks considerations in the debt policies of the property companies. We conclude that transparency in property markets and accuracy in financial disclosure can help property firms’ access capital and maintain their leverage.

Latent Perspectives of investments in Infrastructural Projects: A conceptual exploration

BLUMSBURY VGSOM IIT KHARAGPUR, 2014

The process of economic growth, the competitive performance of firm and industrial as well as the... more The process of economic growth, the competitive performance of firm and industrial as well as the evolution of their structure of production of any economy are largely determined by its infrastructural development rate. A decade ago the infrastructural investment in India was financed by public sectors i.e. from govt. funding but now private sector is also emerged as a significant source of finance. As infrastructure projects are complex, capital intensive and long gestation period that involved multiple risks for the investors. As the demand of finance in infrastructure project is huge there is need of sophisticated financial option which can meet the financial requirement of such projects without being an extra burden in the form of cost of capital. This paper intends to provide the role of government policies, tax laws and other govt. supporting programmes to fill the gap between supply and demand sides of fund requirement. As private participation is considered tobe an important aspect for meeting funding requirement of infrastructural projects, therefore we have tried to explain the importance of venture capital investment in infrastructural – technology projects as venture capital has the potential to provide finance to companies with promising but untested business models that possess high level of uncertainty.

Disinvestment Dilemma: An Empirical Study

by d selvakumar and D. Bag

Disinvestment refers to a public company selling off a portion of its assets to raise capital for... more Disinvestment refers to a public company selling off a portion of its assets to raise capital for the company which can reduce the stake of the sovereign owner. The problems encountered in the disinvestment of CPSEs include inefficient functioning of equity markets, investment slowdowns, political instability, hesitant economic growth and the level of competition. The purpose of this study is to measure the changes in market leverage and the combined roots of post disinvestment financial performance in India. The measures include earnings per share, operating profit, leverage and liquidity, followed by assessing the operational performance based on sales, capital and the usage of assets, etc. The data comprises top 50 publicly listed and actively traded CPSEs diversified across sectors such as energy, materials, industrials, utilities, financials, consumer discretionary, consumer staples, communications, technology and health care listed in the BSE for the nine year period from 2004-05 to 2012-13. To gauge the changes to leverage, linear regression model have been applied on the firm specific and external market characteristics which signify that the present market leverage is positively supported by the past leverage determinants like return on sales, tangibility, growth options, cost of borrowing and the market to book ratio. The findings support the perspective of Modigliani Miller’s irrelevance theory on cost of capital featuring market value determinants of grey earnings, growth potential and tax shields. The study supports that transparency in Indian equity markets led by accuracy in financial disclosure can help disinvested firms to access capital and maintain their leverage. The recent guidelines of SEBI’s public shareholding norms on public sector undertakings followed by RBIs outlook on External Commercial Borrowings (ECBs), public private participation and Exchange traded funds (ETFs) are policy initiatives to channelize funds for the success of disinvestment. Such studies could provide relief against budgetary allocation of capital because the opportunity cost of (budget) equity could be higher than the (book) cost of capital for to CPSEs.

Factors Influencing Cash flow Scenario in Indian Construction Industry: A Critical Review

blumsbury VGSOM IIT KHARAGPUR, 2014

The construction industry in civilian sectors demands effective cash flow management which can bo... more The construction industry in civilian sectors demands effective cash flow management which can boost the contractor to regulate the work properly . Construction projects are highly complex and obviously risky. The prime cause of failure for construction projects are mainly occurred due to lack of liquidity which mostly affected by some key parameters out of which cash flow is the important one. A perfect construction is expected to demand very little/ no maintenance over 50 years or more than that. This will be fulfilled by best ever materials to be used by the contractors. Here, usefulness to say, the cash required for this process sanctioned by the authority to work over that. But, the contractors decelerated this process due to lack of liquidity time by time, as the availability of liquidity from the authority is possible only when the construction ‘s progress is in well condition. Hence, sometimes the construction plan is stopped or if constructed, the performance will be degraded on the basis of required civil prospectus. Consistency in cash flow determines for a company having good age and size, which can fulfill the lesser tender price of a project in a huge competition among the companies. The innovative insights provided into the cash flow variations at firm level and its occurrence at intervals will empower managers with an upper hand to manage cash flows better.

RENAISSANCE OF BACKWATERS : THE CASE OF MYSORE: INDUSTRIES

Interventions on Political Economy: An Explorative Observation. Essays in Honour of Prof. D. Manjappa,ed Prof. Muzaffar Assadi, Chapter 4, 42-82, 2016

We narrate the reminiscence laying sufficient repercussions on the progress of State-Owned Enterp... more We narrate the reminiscence laying sufficient repercussions on the progress of State-Owned Enterprises (hereafter, SOEs) and the precept remarks, ambit their survival. The prime objectives of Public Enterprises aimed to achieve socio-economic goals such as health, education, employment, and infrastructure that need fresh capital issues in curbing fiscal deficits and borrowings. The “MYSORE” Industries brand affirms the array of SOEs of Karnataka, classified under State- Government Company, Non- Government Company, and Subsidiary of Foreign Company. The case distinguishes both listed SOEs (namely, Mysore Paper Mills Ltd. (MPML); Mysore Cements Ltd. (MCL); and Mysore Petrochemicals Ltd. (MPL) which are currently active; and also an unlisted SOE, i.e. Mysore Lamp Works Ltd. (MLWL), currently under liquidation.

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Lending Rate Cut to Customers: Retail Giant HDFC Bank

Other Sustainability Research & Policy eJournal, 2021

Mr. Ramesh a customer of HDFC Bank read in the newspaper The Times of India on 2nd August 2017 ab... more Mr. Ramesh a customer of HDFC Bank read in the newspaper The Times of India on 2nd August 2017 about the repo rate was reduced by the Reserve bank of India, from 625 Basis Points (BP) to 600 basis Points (BP). The newspaper on 2nd August 2017 also mentioned that all banks were expected to follow soon. Mr. Ramesh met the Chief Branch Manager of HDFC bank, a retail giant, to enquire about changes to his own loan account. The chief branch manager was a senior manager of the HDFC bank did not have a definite reply for the customer. He was unsure about when the bank was expected to take a decision. Mr. Ramesh was advised by the Chief Branch Manager, that the Bank would communicate and update his account terms later. Mr. Ramesh, the customer was not satisfied and he asked around his friends and colleagues who happened to be customers of other Banks. He found out that few Banks had already passed on the rate cuts their customers, whereas few others had not pass through any cut at all. Mr. ...

Deriving successful venture capital deal profile through decision tree analysis in Indian context

World Journal of Entrepreneurship, Management and Sustainable Development, 2020

PurposeThis study is based on the development of predictive classification for the success of a v... more PurposeThis study is based on the development of predictive classification for the success of a venture capital (VC) deal derived from both qualitative and quantitative indicators.Design/methodology/approachDecision tree analysis has used for devising the success model of VC deal. Various deal characteristics are considered in this study as the observable component of success.FindingsThe finding of this analysis indicates that the success of the deal does not only depend on the final outcome like post company valuation (POST_COMP), realised revenue (RREV) but also depends on various observable contractual characteristics like syndication, use of convertible security and ownership percentage with some noticeable deal features.Practical implicationsThis study increases the further scope of study on a contractual mechanisms such as allocation of cash flow right and control right in the deal contract between venture investor and entrepreneur firm. This could give a better understanding ...

Solvency II Capital and Stock Returns With Correlated Risks: Evidence From General Insurance

Social Science Research Network, 2022

Inequality in Financial Attainment: An Exclusion Indicator to Social Development

International Journal of Education Economics and Development, 2023

This paper focuses on inter-district inequality in financial attainment by normalizing with a ref... more This paper focuses on inter-district inequality in financial attainment by normalizing with a reference district. It suggests that the financial achievement of households is more of exclusion, and geographic discrimination. The exclusion of rural hamlets from the main- stream is a socio-economic reality that has worsened with geography, socio-demographic or economic barriers. The most banked district of Kangra in Himachal Pradesh is compared against all the 30 districts of Odisha. The tests of dimension wise correlation with components of HDI shows significant relations. The FEI (exclusion index) strongly correlates with HDI than the traditional CRISILX-2013. It confirms the test of discrimination. The degree of exclusivity could be lowered with higher branch network capacity.

Rural Farm Land Value: Compensation for Displaced Villages and Environmental Factors

Interdisciplinary Environmental Review, 2021

This paper is motivated by the natural and institutional characteristics of land valuation for th... more This paper is motivated by the natural and institutional characteristics of land valuation for the lawful acquisition for executing public projects. A model to arrive at the valuation of rural farmland is desirable when there does not exist crop insurance for the displaced farmers and villagers. The factors of the natural environment could be the impact of relief or soil fertility on the associated farm or non-farm income from land. However, the environmental implications of converting arable land to mining factories are innumerable and irreversible. Using rural land commission data of claims over 631 cases of rural households for over 52 displaced villages in Sundargarh District of India, we compare the loss of value accrued to farmers against suitable expected market prices. We conclude that the villagers were compensated to the tune of INR 2,67,870 (USD 5,745) per case against their expected lifetime earnings of INR 7,99,319 (USD 17,144) per case. The cumulative compensation received for total area of 2,112.5 acres (855 ha) amounted to only INR 169,026,176 (USD 3,625,413) as against the expected NPV of earnings of INR 504,370,184 (USD 10,818,148).

Information Content of Stocks in Call Auction of Shorter Duration in Emerging Market

Copernican Journal of Finance & Accounting, 2020

Pre-open auctions have been widely implemented across trading exchanges. Pre-open auctions tend t... more Pre-open auctions have been widely implemented across trading exchanges. Pre-open auctions tend to reduce information asymmetry and trading risks. Call auctions have been encouraged to enhance price discovery. This paper explores the shifts in information content of the pre-market auction session over time. We derive that the information content of the pre opening auction did improve little after a gap of two months. We conclude that the intraday 15 minutes realized volatility was influenced by information content in the pre-market. We demonstrate that volatility is the cause of order imbalance or a cause of poor information content. The investigation of the related volatility in the futures segment provides interesting insights on the unusual pre-market imbalances visualized on days close to expiry of futures.

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e-Training on CASH Management in Turbulent times March 09-13 (Rs. 1180)

COURSE CONTENTS Registration : //tinyurl.com/1tvgovng - Importance of cash in Turbulent time - Tr... more COURSE CONTENTS Registration : //tinyurl.com/1tvgovng - Importance of cash in Turbulent time - Treasury management - Analyzing Bank pass book - Collections Management - Cash Budget - Fund in-Flow - Cash Short fall Planning - Tax Claims and Loss Carry Forward - Reserves, Apportioning &amp; Compliance - Maturity Management - Asset, Liabilities and mismatches - External &amp; Off-balance sheet Risks - Vendor Risk Management - Exchange rate risk - Interest Rate Risk - Market Risk - Operational Risks - Legal Risks - Negotiation - Ratio analysis - Marginal Cost of Funds - Revolving &amp; Overdrafts - Customer Risk Management - Fixing Limits - Control, Monitoring and Evaluation

Issues in Credit Risk Mitigation: A Case on Indian Banking

Risk Management & Analysis in Financial Institutions eJournal, 2012

The regulatory norms for provisioning of capital against Bank’s credit exposure include the appli... more The regulatory norms for provisioning of capital against Bank’s credit exposure include the application of risk mitigants to protect the overall losses for the Bank. Credit risk mitigation (CRM) includes approaches to mitigate the credit risk to which banks are exposed. However, the use of CRM may also involve residual risks including legal or operational risks and the capital relief which is granted to the Bank against such mitigation may be insufficient to counteract the overall risks arising out of potential legal impact. The purpose of this study is to provide an overview of the legal issues involved in identification and application of mitigants to unburden the credit risk exposure of Banks in India. RBI guidelines intend to ensure minimum standards for legal documentation to obtain capital relief for mitigation. Banks need to have specific lien on the collateral with legal certainty and must possess the right to liquidate the pledged asset with enforceable security interest, b...

Valuation and Volatility

SSRN Electronic Journal, 2021

This textbook provides a first-hand account of impact of volatility on valuations. It focuses on ... more This textbook provides a first-hand account of impact of volatility on valuations. It focuses on valuation of the investment with fair, practical and insightful explanations. Volatility in markets can form the foundation of fair value. A marginal change in volatility has a significant impact on the effective cost of borrowing (capital). Portfolio managers, fund managers and corporates continue to watch as prices plunge due to volatility and can impose future restrictions on their skillful maneuver. The book highlights the approaches, design of tests, comparison and matching or making of models. It delves into techniques for measuring the contours and boundaries of risk and translating the losses to end impact. It explains the post facto and post period nuances to recover from money loss. The book further elaborates combining positions and hedging, to evaluate and choose to conduct tests of effectiveness. It provides guidance on benchmarks of portfolios, tax implications and carrying forward benefits of losses. The text includes examples and business use cases that build on analysis, common tools and highlights the end use of volatility for stakeholders.

Redeploying coal workers: field level challenges and transition alternatives

Mineral Economics

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EVALUATION OF LARGE CAP GROWTH FUNDS AGAINST ESG ALTERNATIVES

International Journal of Economics and Business Research, 2023

Redeploying coal workers: field level challenges and transition alternatives

MINERAL ECONOMICS, 2023

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EVALUATION OF LARGE CAP GROWTH FUNDS AGAINST ESG ALTERNATIVES

INDERSCIENCE IJEBR , 2023

The Structural Transformation of the Indian Economy- With Special Reference to the Service Sector

SSRN Electronic Journal

The structural transformation of the Indian economy-with special reference to the service sector

Capital Structure of Real Estate Firms in Emerging Market: An Analysis of the Indian Capital Market

blumsbury VGSOM IIT KHARAGPUR, 2013

Latent Perspectives of investments in Infrastructural Projects: A conceptual exploration

BLUMSBURY VGSOM IIT KHARAGPUR, 2014

Disinvestment Dilemma: An Empirical Study

by d selvakumar and D. Bag

Factors Influencing Cash flow Scenario in Indian Construction Industry: A Critical Review

blumsbury VGSOM IIT KHARAGPUR, 2014

RENAISSANCE OF BACKWATERS : THE CASE OF MYSORE: INDUSTRIES

Interventions on Political Economy: An Explorative Observation. Essays in Honour of Prof. D. Manjappa,ed Prof. Muzaffar Assadi, Chapter 4, 42-82, 2016

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Lending Rate Cut to Customers: Retail Giant HDFC Bank

Other Sustainability Research & Policy eJournal, 2021

Deriving successful venture capital deal profile through decision tree analysis in Indian context

World Journal of Entrepreneurship, Management and Sustainable Development, 2020

Solvency II Capital and Stock Returns With Correlated Risks: Evidence From General Insurance

Social Science Research Network, 2022

Inequality in Financial Attainment: An Exclusion Indicator to Social Development

International Journal of Education Economics and Development, 2023

Rural Farm Land Value: Compensation for Displaced Villages and Environmental Factors

Interdisciplinary Environmental Review, 2021

Information Content of Stocks in Call Auction of Shorter Duration in Emerging Market

Copernican Journal of Finance & Accounting, 2020

Download

e-Training on CASH Management in Turbulent times March 09-13 (Rs. 1180)

Issues in Credit Risk Mitigation: A Case on Indian Banking

Risk Management & Analysis in Financial Institutions eJournal, 2012

Valuation and Volatility

SSRN Electronic Journal, 2021

MMPB 001 BANK FINANCIAL MANAGEMENT

IGNOU E-GYANKOSH, 2022

As discussed in previous blocks the main activities of banks broadly be categorized into two clas... more As discussed in previous blocks the main activities of banks broadly be categorized into two classes; (i) raising of funds, and (ii) deployment of funds. In the previous block we have discussed about various channels to raise funds. In this block, we shall be dealing with the deployment of funds and available for onward allocation by banks. Deployment of funds means the utilization of funds raised by the Banks, raided from their customers and investors through the mobilization is surplus/savings resources. The fund raised cannot be kept idle as there is cost involved in raising of money. The surplus givers (investors) need to be paid back in the form of interest for sparing their hard earned money for a certain duration. Therefore, the funds so garnered needs to be deployed tactfully to generate the revenue to service the depositors (investors) periodically in the form of interest.

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MMPB 001 BANK FINANCIAL MANAGEMENT

IGNOU, 2023

As discussed in previous blocks the main activities of banks broadly be categorised into two clas... more As discussed in previous blocks the main activities of banks broadly be categorised into two classes; (i) raising of funds, and (ii) deployment of funds. In the previous block we have discussed about various channels to raise funds. In this block, we shall be dealing with the deployment of funds and available for onward allocation by banks. Deployment of funds means the utlization of funds raised by the Banks, raided from their customers and investors through the mobilization is surplus/savings resources. The fund raised cannot be kept idle as there is cost involved in raising of money. The surplus givers (investors) need to be paid back in the form of interest for sparing their hard earned money for a certain duration. Therefore, the funds so garnered needs to be deployed tactfully to generate the revenue to service the depositors (investors) periodically in the form of interest.

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Business Analytics

This book provides a fi rst-hand account of business analytics and its implementation and an acco... more This book provides a fi rst-hand account of business analytics and its implementation and an account of the brief theoretical framework underpinning each component of business analytics. The themes of the book include (1) learning the contours, scope, and boundaries of business analytics; (2) understanding the design aspects of an analytical organization; (3) providing knowledge focusing on developing business activities for fi nancial impact through functional analysis; and (4) deriving a whole gamut of business use cases in a variety of situations to apply business analytics techniques. The book gives a complete and insightful understanding of developing and implementing analytical solutions by analyzing concrete use cases.

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VALUATION AND VOLATILITY

SPRINGER , 2020

This book provides a first-hand account of impact of volatility on valuations. It picturizes stoc... more This book provides a first-hand account of impact of volatility on valuations. It picturizes stock valuation with fair, practical and insightful explanations. Volatility in markets can form the foundation of fair value. A marginal change in volatility has a significant impact on the effective cost of capital. This text discusses the phenomenon of realized volatility and its implementation. Portfolio managers, fund managers and corporates continue to watch as prices change due volatility and can impose future restrictions on their skillful maneuver. Successful investing is beating market benchmarks, and the ability to locate mistakenly priced scrips over a horizon. This text delves into techniques for measuring the contours and boundaries of risk and, necessary emphasis to translate the risks to money impact. It explains the post facto approaches to unmake money loss in the post period.

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Web Based & ICT Tools On Livelihood: Farm, Non-Farm And Allied Activities

Smart farms have become a reality for the future farmers. The purpose of this paper is to conduct... more Smart farms have become a reality for the future farmers. The purpose of this paper is to conduct a review based mapping of the farmer's problems and explore web and ICT tools that could lead to sustainable and profitable livelihood. Web access can provide information search facility to farmers right inside the field. The wide areas of application of digitization and automation include the development of smart farm machinery, smart irrigation systems, weed and pest control, fertilizer application, etc. The review finds the reasons for low yield in mono cropping, lower penetration of farm mechanization and lack of digital skills of the farmers are the hindrances towards ICT adoption. The implications lie in identifying policy alternatives to integrate digital technologies into agriculture.

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CLIMATE STRESS on FOOD credit AND NON-FOOD CREDIT OF THE BANKING SECTOR IN INDIA

conference, 2023

2023, climate change would have become a physical reality. The impact of climate draws attention ... more 2023, climate change would have become a physical reality. The impact of climate draws attention of regulators to emphasize preparedness of the banking sector. This paper highlights the qualitative factors, mapping between scenarios and outcomes using historical data on food and non food credit losses in the banking sector for a sample of 55 Banks.

Evaluation of Trade Finance Models: Gaps and MSMEs' Outlook

conference, 2023

Global trade-financing gap has exceeded 300 $BB to contain trade flows. India’s Trade Finance Mar... more Global trade-financing gap has exceeded 300 $BB to contain trade flows. India’s Trade Finance Market is growing at 7.1% only. The penetration of supply chain finance, inventory finance are low; access to pre-shipment/post shipment credit, Factoring, packing credit, insurance are low. This paper presents the trade finance view for the export sector, arrive at the gaps in trade finance delivery, It identifies the root causes e,g, access, insurance, borrowing rates, exchange rates, money laundering, prudential norms, etc., It suggest alternatives for access e.g., digital channels, insurance, others, etc. delivery gap from banks in India

ASSESSMENT OF THE BENEFIT COST RATIO OF FARMING ENTERPRISES AND OUTCOMES

conference, 2023

The absence of alternate source of non-farm income in rural India, access to reliable power, infr... more The absence of alternate source of non-farm income in rural India, access to reliable power, infrastructure quality, etc., poses unique challenges for the livelihood generation. This paper makes a comparative assessment of the potential to earn sustainable benefit cost ratio from alternate farm livelihood sources. It explores contextual elements to arrive at intercropping mix for the small and marginal farmers. It builds on secondary data sources of demonstrated and published cases of experimental results. It recommends few relevant allied activities for achieving target farm income for small and marginal farmers in rural India.

Export Margins from Plantation Crops : case(s) of cashew grower(s) in coastal districts

CONFERENCE, 2023

India’s exports of fresh fruits & vegetables rose to $1.63BB, where as India’s exports of cashew ... more India’s exports of fresh fruits & vegetables rose to $1.63BB, where as India’s exports of cashew kernels reduced to $356.3MM in 2023. Cashew sector directly employs >10 lakh people on farms and factories. This paper aims to explore enhancing exports earnings from cashew farming units, improve net margins from cashew farming units (e.g., kernel recovery), relate Unit Dollar earnings to prevailing market Sale Prices (Rs./Kg), and Whole Sale Prices Agri-input, etc. The critical issues are low yield, low net returns choice of varieties Technology use , Crop damages due to Irregular monsoon, cyclone, drought ,Tea Mosquito Bug, etc. The alternative viable options include mono or inter cropping (e.g., tubular gourds, marigold, Coconut, spices, cocoa, coffee, etc.). It suggests Feasible Solutions, expanding unit crop area, dense plantation, more yield, in plant infrastructure (In-house Nursery, Precision irrigation mechanization, bamboo sticks props), Post harvest storage, logistics, barricaded plantation property in control, respectively.

DETERMINANTS of INSOLVENCY FOR CREDIT RATIONED MICRO-SMES IN INDIA

conference, 2024

This study covers credit-starved micro SMEs in India to test a simple dynamic cash flow model to ... more This study covers credit-starved micro SMEs in India to test a simple dynamic cash flow model to determine the drivers of insolvency. We test an augmented model to ascertain the credit constraints of micro SME firms. We use secondary datasets and generate a master list of derived variables to choose The sample comprises primary product categories of Textiles & Chemicals, Industrial Textiles & leather, Synthetic Apparels, Processed Food, Edible items, etc. We consider the changes to all-inclusive capital costs and the wholesale prices of plant machinery to attribute the degree of credit shortfall. We show that Average of Sales, Average of Profit on sale of fixed assets, Total expenses/total income, could have causal relationship with insolvency.

INTENSITY OF EMISSIONS FROM LOCOMOTIVE SYSTEMS: EVIDENCES FROM MATERIAL DISPATCH BY THE RAILWAYS

conference, 2023

This study arrives at the emissions from freight dispatch by the S.E. railways in Bondamunda (BND... more This study arrives at the emissions from freight dispatch by the S.E. railways in Bondamunda (BNDM) area. We quantify emissions and compare emissions between the electric and diesel electric options in the BAU (Business as Usual), which uses diesel locos raising energy consumption to grow at 2.5% over the next decade. The other scenarios includes; upgrading to electric traction WAG/WAP locos that reduce energy consumption at 2.5% over the next decade, or switch to latest WAG 12 locos that can reduces energy consumption at 3.5% over the next decade, respectively. We conclude that Railways must choose an optimal mix of loco-model, fuel type, fright volume to achieve the net zero targets in coming decades.

STATUS OF TRIBES IN ODISHA: EVIDENCES FROM PARTICIPATION AND LIVELIHOOD IN DISTRICT

conference, 2023

Around 60.0% tribal households are engaged in agricultural activities. But poor irrigation infras... more Around 60.0% tribal households are engaged in agricultural activities. But poor irrigation infrastructure and low level of cropping intensity. This paper aims to understand the contemporary socio-cultural, socio-political and livelihood behavior of 6 major tribal sects in the district. Speciﬁcally; socio-cultural understanding of 6 major tribal sects with respect to assembly during local festivals, voters participation and gram Sabha participation; to understand their status in access to health, education, earnings, public programs and amenities; to highlight the most backward sects, levels of extreme poverty and deprivation with respect to almost zero literacy level and social attainment; on the well-being and aspiration of 6 major tribal sects in the district, respectively.

Sustainable Participation of Rural Micro ENTERPRENEURS IN Odisha

CONFERENCE , 2023

This paper focusses on the determinants of small and marginal and self –employed micro-entreprene... more This paper focusses on the determinants of small and marginal and self –employed micro-entrepreneurs’ participation in engaging in sustainable rural agri and non-agricultural enterprises. It highlights interplay of the factors of physical and service infrastructure which are a constant challenge to rural micro players. It uses split sample small firms secondary dataset of the NSSO 73rd round survey and the CMIE prowess sample to draw important inferences. It builds on evidence based applications of energy use to emphasize the micro-co-operative model of rural firms to achieve Sustainability.

PURSUING THE EMPLOYMENT GOALS: RE-THINKING RURAL DEVELOPMENT SCHEMES

This paper attempts a review of employment programs. It compares and highlights the gaps in achie... more This paper attempts a review of employment programs. It compares and highlights the gaps in achievement during the study and reference period. It infers interesting evidence in the coverage of employment schemes. It focusses on gross employment in large industries, MSMEs and utilization under NAREGA during the evaluation period. It deduces that the short fall in the weekly status of unemployment can be attributed to unmet targets that rollover. It also highlights the regional imbalance in industrialization. It concludes that much larger thrust on the implementation of rural schemes are desirable to surpass the rolling targets of employment generation.

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e-Training on CASH Management in Turbulent times March 09-13 (Rs. 1180)

March 9, 2021

COURSE CONTENTS Registration : //tinyurl.com/1tvgovng - Importance of cash in Turbulent time -... more COURSE CONTENTS
Registration : //tinyurl.com/1tvgovng

- Importance of cash in Turbulent time
- Treasury management
- Analyzing Bank pass book
- Collections Management
- Cash Budget
- Fund in-Flow
- Cash Short fall Planning
- Tax Claims and Loss Carry Forward
- Reserves, Apportioning & Compliance
- Maturity Management
- Asset, Liabilities and mismatches
- External & Off-balance sheet Risks
- Vendor Risk Management
- Exchange rate risk
- Interest Rate Risk
- Market Risk
- Operational Risks
- Legal Risks
- Negotiation
- Ratio analysis
- Marginal Cost of Funds
- Revolving & Overdrafts
- Customer Risk Management
- Fixing Limits
- Control, Monitoring and Evaluation

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SPEED OF ADJUSTMENT TOWARDS TARGET CAPITAL STRUCTURE: AN INDIAN PERSPECTIVE

INTERNATIONAL CONFERENCE, 2017

On a more positive note, Indian firms do have target debt ratios and they adjust towards their ta... more On a more positive note, Indian firms do have target debt ratios and they adjust towards their target faster over time due to higher speed of adjustment as the half-life (in years) for total debt ratio (1.50), long-term debt ratio (1.82), and short-term debt ratio (1.21) embellish amicable target points. This signifies long-term debt plays a vital role for Indian firms to meet their immediate investment opportunities, expansion, and diversification initiatives. The study documents a statistically negative association of leverage against firm size, firm performance, promoters’ shareholding and debtors turnover exhibiting the facets of pecking order theory of financing. Further, tangibility, non-debt tax shields, operating costs, R&D intensity, and liquidity detriment mixed results in case of leverage measures depicting the shifts from short-term to long-term debt.

Financial Impact Of Climate Change

conference, 2020

On, 10th September 2014, a farmers’ son Michael Kerketta, who worked as a temporary laborer in th... more On, 10th September 2014, a farmers’ son Michael Kerketta, who worked as a temporary laborer in the mines, came across the media news that climate change had caused the loss of farming in his village. Michael's father had already lost his paternal land to mining companies. This case arrives at the financial impact of climate change in Sundargarh district in Eastern India. Sundargarh was ruled by Maurya kings (Varahas) in the north east of Bonai and somavamsi Kesari Kings (Deos) the 10th century A.D. Sundargarh is a primitive district with predominantly tribal population characterized by three major sectors of 1) agriculture, 2) industry, and 3) transportation, respectively. The district has challenging topography with only 42% of cultivated land areas and only 8% of cultivated irrigated land. Variations in rainfall and temperature the past few decades have a significant effect on agricultural productivity. Due to poverty and greater dependence on cultivation and employment in the mines, tribal communities find it difficult to adapt alternate non-farm activities. Income from livestock has been a challenge due to disease attacks and limited water availability. Migration of rural labour to far flung towns in western India has taken place. This case conducts a scenario analysis of the climate impact in three stages, to begin with, 1) carbon foot print enhancement, 2) assessment of economic impact and, 3) calculation of total financial losses due to the net effect on consumption caused by loss of livelihood, or crop loss, etc.

OPTIMIZATION OF CAPITAL COSTS AND CARBON FOOT PRINT IN OPEN CAST MINING

Capital cost of an open cast mines is determined based on many irreversible geological factors e.... more Capital cost of an open cast mines is determined based on many irreversible geological factors e.g, topography, ore grade, degree of mechanization, etc. Many equipment are procured by the mines during project initiation. However midway into the life of the mines, half from the original list may remain untouched. Why are capital equipment’s needed in mining operations? Mining industry is constantly in search of rapid capacity expansion, increased productivity, digital technology adoption and reduced costs. Besides the economics the new dimension of development focuses on automation and cleaner mining system.
For faster rate of production, mechanization at high degree is imperative. Mine optimization deals with conventional tools of production planning ignoring the drain on capital and related GHG implications.
Increase in idle times of machineries leads to increase in production cost. In order to reduce the idle time or waiting time the number of machineries may be increased. Due to large number of machines greater capital investments are needed that contributes to higher total GHG. The limitation is JIT (Just in Time) model of procurement of spares, does not exist in mining towns.

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Understanding Customer Engagement Of Mobile Money In Asia: A Case Of Digital Technology In Rural India

Mobile money is a digital technology which owes its application to rapid development in internet ... more Mobile money is a digital technology which owes its application to rapid development in internet technology. The objectives of the study are to, determine the mobile money use tendency among responders in rural India, and understand the value proposition to sensitize the responders to engage them in mobile money technology. This study conducts an online google survey of electronic responses in India. We find that the share of mobile users is formidable, and, there is no difference in use rates among the self-employed or salaried professionals. Overall, the responders were willing to recommend the use of mobile banking to their friends and relatives. We also find insights on few other aspects on trust and referrals.

A SIMPLE LINEAR TEST OF THE INTEGRATION IN CORPORATE BOND MARKETS

ACADEMY OF FINANCE CONFERENCE, 2021

This paper focusses on market determinants of bond yield and the external borrowing environment. ... more This paper focusses on market determinants of bond yield and the external borrowing environment. Specifically, it analyzes yield based integration for the case of corporate bonds. A reasonably integrated bond market is safer for both investors as well as issuers. For fixed-income securities, yield-based measures are more suitable to test the law of one price. Of late, the monetary authority advises corporates to relook at their current funding structure and rely on accessing the external credit markets with LIBOR as the anchor. The data includes daily traded bonds reported in NSE archives. We distinguish between the sensitivity of coupon bonds and zero coupon bonds. We find stronger relationship between bond yield, money markets and the domestic and external credit markets respectively. We hardly detect any alignment with the forex markets. We conclude that modern bonds portfolios can focus on factors beyond coupon rates, duration and credit rating, respectively. An investor can create a bond portfolio of zero coupon bonds by selecting relatively longer maturity scrips during the phase of swings in libor. Further, as an alternative to LIBOR, borrowers do have an option to anchor against secured overnight short term financing rates. The alternatives of unsecured money market rates to raise wholesale funding from non-banks such as MMFs could also reflect variations in marginal funding costs for domestic corporates.

CREDENCE GOODS AND ASSORTED REFERRALS IN DIAGNOSTICS SERVICES

CONFERENCE, 2021

This paper highlights the problem of moral hazard in credence goods which are offered in the mark... more This paper highlights the problem of moral hazard in credence goods which are offered in the market as referral services. Credence Goods includes goods purchased with trust that is not observed by consumers who make the purchase that makes disutility on the consumer. The aim of the paper is to determine if both the imposition of penalty by authority or transparency in tariff can offset the problem of moral hazard in the relationship. The survey data used in Gupta et al (2016) for 8 districts in 3 states of India, three districts each in Haryana and Gujarat, and two districts in Uttar Pradesh (UP). This paper suggests minimising disutility to the consumer agent in a framework of penalty for lapses on the part of the principal service provider. We conclude that consumers will respond to transparency in tariffs and unless informal units turn formal, consumers will continue to pay moral hazard costs.

Rural Farm land Value: compensation for displaced villages in absence of crop insurance

INTERDISCIPLINARY ENVIRONMENT REVIEW INDERSCIENCE, 2021

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