Conference Souvenir 2012

JAIPURIA
100 Years of Excellence
Sec-14-C,Vasundhara, Ghaziabad - 201 012
Ph: 0120-4550100, Fax: 0120-2882804
Jaipuria Institute of Management
www.jaipuria.net
(Approved by All India Council for Technical Education and
Affiliated to Mahamaya Technical University, Noida)
Ghaziabad
JAIPURIA
JaipuriaGroup of Management Institutions:
Jaipuria Group of Management Institutions (JGMI) have established themselves as leading management institutes in
northern India, comprising Jaipuria Institute of Management (JIM), Jaipuria Institute of Management Studies (JIMS) and
JaipuriaInstitute (JI)
Jaipuria Institute of Management (JIM) conducts a well established Mahamaya Technical University approved MBA
programme. Jaipuria Institute of Management Studies (JIMS) was set up in the year 2008 and runs a Post Graduate
Diploma in Management (PGDM), a two year full time programme approved by AICTE. Jaipuria Institute (JI) has been
conducting BBA programme affiliated to CCS University since 2004. JGMI has developed a NEW VISION, it aims to
become a Fully Integrated, Socially Responsible Group of Management Institutions, of National Reckoning, by Meeting the
Growing and Emerging needs of industry and business through Teaching, Training, Research and Consulting in the field
of Management, Directly (BBA/MBA/ PGDM/MDP/Consulting) and Indirectly (FDP/Literature
Development/Research/Conference).
The Group has thus initiated meaningful Conferences, Faculty Development Programmes and Management
DevelopmentProgrammesunderthe NEWVISION.
Jaipuria Group of Management Institutions in Vasundhara and the NEW campus at Indirapuram, Ghaziabad aims to
provide quality management education to transform individuals into Business Leaders, Skilled Managers and
Entrepreneurs.
Challenges of
Managing Sustenance
&
Growth in the Era of
Economic Downturns
National Conference on
20th April, 2012

Contents
Challenges of Managing Sustenance and
Growth in the Era of Economic Downturns
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Messages
Abstract
1. Does Experience Matter in the Cross Border Mergers and Acquisitions?
2. Does Debt risk Transferable? Contracts and Earnouts in M&A Dialogue
3. Challenges of Micro Finance Institutes and its impact in Economic Development
of Assam: an Impact study of SHGs in Assam
4. Global Economic Downturn And Its Impact On Indian Economy
5. Managing a Business in Turbulent Times Impact of Economic Meltdown- the
Challenges for India
6. Liberalized FDI policy & its contribution to GDP growth in India: A sectoral
analysis of top 10 sectors
7. Restaurant Industry: Growing concern about Sustainability insights
8. Disinvestment Policy in the Context of Globalization
9. FDI in Retail Sector : Challenges or Opportunities
10. Sustainability quotient of Indian economy - challenges and imperatives
11. Sustanibility and Growth in Indian Tourism Industry for Economic Development
12. Impact of Greek Debt Crisis on Indian Economy and Indian Financial Markets
13. NPA Management by the Indian Banking Sector in the Turbulent Economic
Environment
14. Challenges in Managing Healthcare Delivery System in the Era of Economic
Downturn
15. Sustaining Growth through Management Education in INDIA
16. SWAPS: Effective Tool For Risk Management in Economic Downturn
17. Indian Economical Status and Its Impact on Slowdown IT Industry: An
Information Revolution
18. Managing Generation Mix: Challenges and Prospects
19. Pension Sector Reforms and Economic Growth Special Reference to India
20. Challenges of IT in managing and controlling the business in this era of economic
downturn
21. Skill Challenges of Sustenance and Growth in Economic Downturn
22. TV Broadcasting and Economic down turn – Research study on talent
management as a global key for sustenance.
23. Internet Marketing : An effective way of marketing in these challenging times.
Jaipuria Institute of Management was set up by Seth Anandram Jaipuria
Education Society in 2001. It has sprawling campus spread over 5.5 acres on
Delhi-Meerut link road within NCR. During this short span of 10 years, under
the able guidance of the President, Dr.Rajaram Jaipuria, JIM, is being
acclaimedasaleadingbusinessschoolinNorthernIndia.
Jaipuria Institute of Management, Ghaziabad, was established by fulfilling all
the norms regarding academic, financial and social aspects set by concerned
statutory bodies. The Institute started a full time 2 years master degree
course in Business Administration (MBA), from the academic session 2001.
The course is duly approved by AICTE, Ministry of HRD (Govt. of India) and
affiliatedtoMahamayaTechnicalUniversity,Noida(UP).
About Jaipuria Institute of Management
Dr. Partho P. Kar
Member, Board of Governors, IIM, Lucknow
Dr. Krishna Kumar
Former Director & Professor, IIM, Kozhikode
Dr. Sharad K. Goel
Director, Jaipuria Institute of Management Studies
Prof. Nikhil Garg
Director, Jaipuria Institute
Dr. Y. P. Singh
Ex-Dean, Faculty of Commerce, Delhi University
Dr. Daviender Narang
Director
Jaipuria Institute of Management, Ghaziabad
Organizing Secretary
Dr. S. P. Singh
Dean, FMS, Gurukula Kangri Vishwavidyalaya
Haridwar
Dr. Somesh Kumar Shukla
Faculty of Commerce, University of Lucknow
Dr. Ashok Mittal
Chairman, Department of Economics
Aligarh Muslim University
Prof. Neera Verma
Chairperson, Department of Economics
Kurukshetra University
Advisory Committee
Conveners
Mr. Ajay Tripathi
Ghaziabad
Chief Patron
Dr. Rajaram Jaipuria
President
Jaipuria Group of Management Institutions
Patron
Shri Shishir Jaipuria
Vice President
Jaipuria Group of Management Institutions
Organizing Committee
Dr. Ashwani Varshney
Ghaziabad
Ms. Najaf Shan
Ghaziabad
Administration
Dr. Anil Kumar Gupta
Deputy Director (Administration)
Jaipuria Group of Management
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25. The Importance of Organisational Climate in Project Management
26. Impacts of Soft Skills on e-Government Projects’ Success
27. Changing Role of HRM Practitioners in Era of Economic Downturn
28. Sustenance of India’s Export with Related Measures
29. Studying the present status of Islamic banking worldwide and its SWOT analysis
to find out, its future potential in India
30. Corporate Entrepreneurship: A Winning Tool in the Continuing Global Economic
Crisis
31. Service Loyalty and its Relationship with Service Quality: Implications for
Service Marketers
32. The Critical Need for Succession Planning In Economic Downturn
33. Recognizing the Opportunities of Language without which India May miss the
Globalization Bus
34. The Role of Corporate Brand Identity during an Economic Crisis
35. Managing Organisational Changes and McKinsey’s 7 S model
36. Retailing in India-A way to Growth of Organized Retailing in Emerging
Economies: Challenges and Opportunities
37. Overcoming the Challenges of Managing Sustenance and Growth in the Era of
Economic Downturns with the help of youth marketing strategies in India
38. Relationship of collaboration – A Pragmatic Study of Economic activities
39. Analysis of Arbitrage strategies by formulizing of Market Timing
40. Impact of Micro Finance on Women & Children With Special Reference To India
& Bangladesh
41. Measuring Entrepreneurship in Developing Countries
42. A Study of Viral marketing
43. Indian Banking System: Comparative Study of Past and Present scenario
44. Employee Retention through Strategic Human Resource Management
45. How To Survive in Slowdown Storm ?
46. Empirical Analysis of CAPM and APT models in FMCG companies listed in BSE
Stock exchange
47. Revival Of The Piigs Countries from the Era of Economic Downturn
48. Challenges to Maintain Economic Growth During the Recession
Employee retention challenge in the ICT Public Sector in Mauritius 49.
50. Application of the Sharpe’s Single Index Model for Optimal Portfolio
Construction
51. Sustainability of Turnaround for Achieving Consistency in Operational
Efficiency: A Study of Indian Railways
52. Making Sense of Corporate Social Responsibility: Issues and Challenges in
Indian Perspective
53. Understanding Eurozone Crisis & Its Impact on Indian Exports
54. Glocalisation-Success Mantra of Globalisation
55. Managing the Sales Workforce Diversity
56. An Empirical Study on Role of Demographic Factors on Stress Affecting
Employee Motivational Level
57. Management of Foreign Exchange Risk in the emerging market of India- A study
of Brassware market of Moradabad & Rampur
58. Becoming an Entrepreneur by Outsourcing: A Case Study of Aligarh’s Locks &
Hardware Industry
59. Constructive Development, Self monitoring and correcting workplace deviances
–An insight during Downturn
60. Concept of J.N.D: A boon for FMCG Marketers
61. Sustainable Development and Education in a Globalized Environment: A
perspective
62. An Eye upon an aviation sector in India With special reference of “Kingfisher
Airlines”
63. M&A Growth Strategy Creates Value for the Organizations: A Study of Bank of
Rajasthan Merging with ICICI Bank
64. Reasons for Corporate Governance Failures
65. Cloud Computing for SMEs in Indian Context
66. Causes Of Recessionary Job Stress
67. Role of Technology in managing sustain financial growth-A study on media
selection preferences by bank customers
68. Sustaining Growth through Management Education in INDIA: The changing face
of management education & challenges for tomorrow
69. Impact of IT Integration in Managing the Growth of MSMEs in Downturns
70. Managing Talent for Sustainable Competitive Advantage
71. Green Information Technology -a Strategy For Socially Responsible Software
Companies
GDP Growth and Challenges of Managing Sustenance 44
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72.
Accompany Inclusion
73. Impact of Global Crisis on Finance Theory
74. Impact of Economic Downturn on Indian Retail Industry: Challenges,
Opportunities and Outlook
75. Issues and Challenges of Managing Organisational Cultural Change with the
New Business Environment of India
76. Mobile Enterprise Resource Planning : Success Or Failure A Research Agenda
77. Environmental Protection : The Responsibility Of Growth (A Study Of
Environment Safety Policies At Petronet LNG Ltd)
78. Cluster Supply Chain- Case Study
Innovative Solution Towards Sustainable Development:Financial Literacy Should 57
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Messages
It gives me immense pleasure to know that Jaipuria Institute of Management is
organizing a one day National Conference on "Challenges of Managing Sustenance Growth
in the Era of Economic Downturns" at Ghaziabad on 20thApril, 2012 and a Souvenir is also
beingpublishedtoearmarktheevent.
India has always been on an upfront in intellectual capital even during the recent
global turmoil since 2007. The credit for such resistance to domestic and global economic
pressure goes to the valiant efforts made by professionals from Industry and academics who
havealwayscohesivelyprovidedanewoutlooktotheNationintoughtimes.
Jaipuria Institute of Management has taken an initiative to provide a Juncture where
individual efforts may be unified and today's youth brigade of budding managers may be
enlightenedandstreamlinedwithglobalcounterparts.
On this occasion, I highly appreciate the management and organizers of the institute
fortheirearnesteffortsandextendmybestwishes forsuccessfulConferenceandSouvenir.
Yours Sincerely,
(SRIPRAKASH JAISWAL)
SRIPRAKASH JAISWAL
Jhizdk’ktk;loky
M E S S A G E
Room No. 353, 'A' Wing, Shastri Bhavan, New Delhi-110001, Tel.: 011-23384498, 23385946, 23389132, Fax: 011-23386219
Camp Office: 480, Pokharpur, Lal Bangla Cantt, Kanpur (U.P.). Tel: 0512-2450686, 2450851, Fax: 0512-2450776
Dated : 6th April, 2012
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dks;ykea=h
Hkkjrljdkj
’kkL=hHkou]ubZfnYyh&110001
MINISTER OF COAL
GOVERNMENT OF INDIA
SHASTRI BHAVAN, NEW DELHI-110001

07
Messages
Messages
06
It is a pleasure to know that Jaipuria Institute of Management, Ghaziabad is organizing a one
day National Conference on "Challenges of Managing Sustenance and Growth in the Era of
Economic Downturn" on 20th April, 2012 and also bringing out a souvenir on this occasion.
The topic being of global relevance and highly topical hence the deliberation should be brought
out in the form of proceedings if possible. I am sure the contents of this souvenir will be
selected so as to provide useful information and a variety of reading material for the students
and staff. I wish the editorial team a great success and congratulate the management,
administration,staffandstudentsforthisendeavor.
Withbestwishes,
(Prof. S.K. Kak)
Vice-Chancellor
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The Jaipuria Group has been a major force in the establishment of establishing reputable
centres for management studies. This effort has made a significant contribution to enriching
knowledge, skills and general awareness. I am happy to learn that the Jaipuria Group of
Management Institutions is organizing a one-day National Conference on "Challenges of
Managing Sustenance and Growth in the Era of Economic Downturn" on Friday, 20th April
2012.
I am sure that the deliberation at this Conference will throw more light on the various aspects
that underlie the growth dynamics, as well as the international contexts, and bottlenecks that
need to be cleared in the domestic arena in order to realize the full potential of the Indian
Economy.
(Saumitra Chaudhuri)
M E S S A G E
lnL;
;kstukvk;ksx
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ubZfnYyh&110001
MEMBER
PLANNING COMMISSION
YOJANA BHAWAN
NEW DELHI-110 001
lkSfe=pkS/kqjh
SAUMITRA CHAUDHURI
egkek;kizkfof/kdfo’ofo|ky;
Mahamaya Technical University
C-22, Sector-62, Noida, G.B. Nagar (U.P.) - 201301
Ph:0120-2472706, Fax: 0120-2400418Prof. S.K. Kak
Vice-Chancellor
Dated: 16th January, 2012No: MTU/Noida/VC/2012/109
M E S S A G E

09
Messages
Messages
08
I am delighted to know that Jaipuria Institute of Management, Ghaziabad is organizing
a National Conference on Challenges of Managing Sustenance and Growth in the Era of
Economic Downturn on 20thApril, 2012 and on this occasion is bringing out a Souvenir.
The theme of the conference is very appropriate. I hope that this conference will
provide a common platform for academicians, researchers and industrialists to share their
knowledge and experience about all aspects of challenges of managing sustenance and
growth in the era of economic downturn. I trust that the souvenir will prove to be an effective
instrument to present the vision of the conference and the conference will be successful in
achieving its objectives.
I congratulate the organizers and the team for organizing the event and related
publications and wish for its success.
(Kripa Shanker)
M E S S A G E Date : 20.01.2012
I am happy to know that the Jaipuria Institute of Management, Ghaziabad will be
organizing one day National Conference on "Challenges of Managing Sustenance and Growth
in the Era of Economic Downturn" on April 20, 2012 and publishing a Souvenir on this
occasion.
I send my best wishes and greetings to the organizers and all the participants and
extend my full support and convey my best wishes for the successful publication of the
Souvenir.
(Professor Sukhadeo Thorat)
F.NO.PS/CH/ICSSR/2012
Dated: 20.03.2012
M E S S A G E
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xkSrecq)izkfof/kdfo’ofo|ky;
¼iwoZorhZ mRrjizns’kizkfof/kdfo’ofo|ky;½
GAUTAM BUDDH TECHNICAL UNIVERSITY
(Formerly Uttar Pradesh Technical University)
vkbZ-bZ-Vh-ifjlj]lhrkiqjjksM]y[kuÅ&226021¼m0iz0½Hkkjr
I.E.T. Campus, Sitapur Road, Lucknow - 226021 (U.P.) India
Phone
Fax
E-mail
URL
:
:
:
:
:
+ 91-522-2732194 (O)
+ 91-522-2731631 (R)
+ 91-522-2732189
vc@uptu.ac.in
www.uptu.ac.in, www.uptu.nic.in
izks0d‘ik’kadj
dqyifr
Prof. Kripa Shanker Ph.D. (Cornell)
Vice Chancellor
INDIAN COUNCIL OF SOCIAL SCIENCE RESEARCH
(Ministry of Human Resource Development)
JNU Institutional Area, Aruna Asaf Ali Marg
New Delhi-110067
Tel: 91-11-26741679 (O), Fax: 26741863, 26742109
Email: Chairman@icssr.org, Website: www.icssr.org
Hkkjrh;lkekftdfoKkuvuqla/kkuifj’kn~
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I am glad to know that the Jaipuria Institute of Management,Vasundhara, Ghaziabad is
organizing one-day National conference on "Challenges of Managing Sustenance and Growth
in the Era of Economic Downturn" onApril 20, 2012. I congratulate the organizers for holding
a conference on such an important issue and hope that the deliberations in the conference will
help the students to have a better perspective of the present state of economy and the steps to be
taken for overall improvement of Economy in general and Services & Manufacturing sectors
inparticularforgeneratingemploymentandlivelihoodsforskilledmanpower.
I wish all success of the conference and a bright future of MBA students studying in
JaipuriaInstituteofManagement,Vasundhara,Ghaziabad.
Withwarmregards,
Yours Sincerely,
(Dr. B.K. SHARMA
M E S S A G E
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Messages
Messages
10
D.O. No.
fnuakd%
Dated: 02.03.2012
S.K. Tomer
President
Noida Management Association
M E S S A G E
I am happy to learn that Jaipuria Institute of Management is organizing a
National conference on "challenges of Managing Sustenance and Growth in
EraofEconomicDownturns" on 20thApril2012.
The topic of the conference is a key issue being addressed nationally at all
platforms.TheIndian
Economy has succeeded in achieving a high average growth rate since
liberalization. However, the biggest challenge is not sustaining growth but
managing growth. It is under this backdrop, that companies are re-inventing
their strategies whether to grow organically or proceed with in organic
growth.
During the conference vital subjects are likely to be discussed and deliberated
such as challenges of industries and society at large, Human Resource as an
assetandgovernanceinthechangingEnvironment.
I wish to congratulate the Jaipuria Institute of Management on the topical
theme, wide reach and popularity of this excellent event and my best wishes
for asuccessfulconference.
S.K.Tomer
President
(Affiliated to All India Management Association)
C-20/6A, Institutional Area, Sector-62, Noida, 201301
www.nmanoida.org, e-mail info@nmanoida.org,
Telefax: 0120-2401305, 6494413
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Dr. B.K. SHARMA
DIRECTOR & CHIEF REGISTRAR
(BIRTHS & DEATHS)
funs’kd,oaeq[;jftLVªkj
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GOVT. OF NATIONAL CAPITAL TERRITORY OF DELHI
DIRECTORATE OF ECONOMICS & STATISTICS
'B' Wing' 3rd Floor, Vikas Bhawan-II, Near Metcalf House
Upper Bela Road, Delhi - 110054
Tel. No. 23812841 Fax No. 23812851
E-mail : dires@nic.in
Website : www.delhi.gov.in

13
Messages
Messages
12
The global economic slowdown and current turbulence in the developed countries of
Europe and America has been a serious concern to us. In addition to this political
instability and social unrest which has plagued the Gulf countries in the last few years
has raised many questions. With this backdrop, it becomes relevant that economists,
policy makers and researchers come together and brainstorm the issue and find a
suitable solution for putting back the world economy to the path of growth and
prosperity.
I am glad to know that a one day national conference on “Challenges of Managing
Sustenance and Growth in the era of Economic Downturns” is being organized by
Jaipuria Institute of Management. I hope by the end of this conference, certain concrete
strategies will come out which will provide directions to mitigate this enormous
challengewhichtheworldisfacing.
Jaipuria Group has been in the forefront of education and has a strong history that spans
industry, education and social services. The group has been taking significant
initiatives to promote quality education and provide inclusive growth to all the
stakeholders.
On behalf of the Jaipuria Group, I welcome all the delegates and scholars to this
conference.
ShishirJaipuria
VicePresident
M E S S A G E
Date : 14th April, 2012
JAIPURIA GROUP OF MANAGEMENT INSTITUTIONS
Campus: Sector-14C, Vasundhara, Ghaziabad-201 012 (U.P.)
Tel: 0120-4156525-27 Fax: 0120-2882804 E-mail: shishir@jaipuria.net
Website: www.jaipuria.netJAIPURIA
M E S S A G E
The greatest challenge to the world economy since the Great Depression, as global
output was declining, trade flows drying up and jobs vanishing around the world. The
economic downturn has also made the economy more diffident about the virtues of
globalization.We know that globalization can also have a repulsive side if it is not dealt
with judiciously. The depth and magnitude is such that no economy is immune from it.
All the developed and developing economies are experiencing the most severe
economic pandemic since then. Collective and far-reaching action is needed to find the
rightapproachso thatsustainedandinclusivegrowthcanbeachieved.
With the same vision and zeal we at Jaipuria Institute of Management are organizing a
one day National Conference on 20th April 2012, on "Challenges of Managing
Sustenance and Growth in the Era of Economic Downturns". We hope that through this
common platform, eminent scholars, academicians and veterans from industry shall be
abletosharetheirvisionandprovideaninsightontheburningissue.
We open heartedly welcome all the delegates to this Conference and hope that this will
beaprofessionallyrewardingexperiencefor all.
Withallmybestwishes tomakethisConferenceamilestoneofachievement.
Prof. (Dr.) Daviender Narang
Organizing Secretary(Conference)
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JAIPURIA INSTITUTE OF MANAGEMENT
Sector-14C, Vasundhara, Ghaziabad-201 012 (U.P.)
E-mail: directorjim@jaipuria.net
JAIPURIA
Dr. Daviender Narang
M.B.E., M.F.C., Ph.D
Director
Ph: 0120-4550100
Fax: 0120-2882804
Mobile: 9560050000

1514
ABSTRACTS
Using the data on cross border mergers and acquisitions by US firms, in this paper we investigate if prior experience in
acquisitions is helpful for the acquirers in making subsequent acquisitions. Our sample contains all completed cross border
mergers and acquisitions by publicly traded US firms from 2003 to 2009 where acquiring firm gains control of either public,
private or subsidiary targets locate in either a developed or a developing country. We compute the three day cumulative
abnormalreturnfortheUSacquirersaroundtheannouncementdatereportedintheSDCPlatinumdatabase.Wefindthatwhen
aUSfirmacquiresaprivateorsubsidiaryinternationaltarget,theshareholdersoftheacquiringfirmexperiencesignificantlosses
but when the target is a public firm, the deal creates value for the acquiring firm shareholders. Univariate results suggest that
unlike deals involving targets in developed countries, when US firms acquire public or private targets in developing countries,
acquisition experience is an important factor. Our cross sectional regression result confirms that past experience does not
influencethe USfirmswhen theyacquiretargets from the developedcountries.Wefind thatpast experiencematters only when
the US firm acquires private targets from the developing countries, experience does not influence the acquisition of public or
subsidiarytargetsfromdevelopingcountries.
Does Experience Matter in the Cross Border
Mergers and Acquisitions?
Ann Marie Hibberd
College of Business & Economics
West Virginia University
Morgantown
Edward R Lawrence
Department of Finance
College of Business Administration,
Florida International University, Florida
Krishnan Dandapani
Department of Finance
College of Business Administration,
Florida International University, Florida
Global firms are designing tactics to become corporate raider by choosing merger & acquisition (M&A) as a synergistic choice
(Machiraju, 2007; Ray, 2010). M&A is an opportunity for target firm shareholders in a high premium, on the other hand
escalating monopoly by an acquirer in the respective market. In recent years, most of the deals get completed because of
financer availability thus both investment bankers and private equity firms. However, if deal has completed by transferring
heavy-debt from target firm to acquirer that causes negative shareholders’ market returns (Kasparova, 2007; Schlingemann,
2004). Further, acquirer has to bear target firm’s debt consequently it would affect on capital structure, interest payments and
firmfreecashflows.Inthewesterncapitalmarkets,acquirerhastwostrategicfinancingoptionsnamelyContractsandEarnouts.
This paper aims to discuss the importance of these riskless debt alternatives in M&A literature. Exclusively, we present
illustrations to gauge the synergy benefits attached with these models. Thereafter, we discuss possible implications to impart
and motivate Indian bankers in strengthening and cheering M&A market. Strategically, this leads toinitiate an entrepreneurship
activity thatencouragesyoung leaders toparticipate in such deals. The term M&A are often confused or used interchangeably
by the business media. A merger typically refers that two companies coming together to become one (Machiraju, 2007;
Sherman, 1998; Srinivasan & Mishra, 2007). Merger, acquisition and diversification have become in touch-pads of greater
importance in the global business arena. Further, corporate restructuring refers to the change in ownership, business mix, asset
mix and alliances to enhance the shareholder‘s value (Kumar & Rajib, 2007; Pandey, 2009; Ramakrishnan, 2010). Leveraged
buyouts (LBOs) are the next wave after the end of conglomerate mergers in 1980s. In a LBO transaction, debt financing typically
represents 50 per cent or more of the purchase price. The debt is secured by the assets of an acquired firm find typically
amortized over a period of less than ten years (Kasparova, 2007). The debt is scheduled to be paid off as operations generated
Does Debt risk Transferable?
Contracts and Earnouts in M&A Dialogue
K. Srinivasa Reddy
Doctoral Scholar (Ph.D)
Department of Management Studies
Indian Institute of Technology, Roorkee
Dr. V.K. Nangia, Professor
Dr. Rajat Agrawal, Assistant Professor
Indian Institute of Technology, Roorkee
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funds or from the sale of the assets of the acquired firm. Traditionally in more than 90 per cent of the LBO transactions, the
purchase price of an acquisition has been financed with debt and the tangible assets of the target firm that have been used as
collateral for the loans. However, the range of options available to a buyer to finance an acquisition ranges from very simple to
the very complex. There are common sources in financing an acquisition, which they include seller as a source of financing, debt
finance(includesassetbased lending,seniordebt,convertibledebtand subordinateddebt)and equityfinanceincludesventure
capital, private placement, strategic investors etc (Machiraju, 2007; Ray, 2010). Particularly, information asymmetry and
valuation risk are important determinants of the choice between cash and share exchange offers (Schlingemann, 2004). In this
paper,weexaminecontracts and earnouts thatusually negotiated,documented,registered and legalized betweentarget entity,
acquirer and banker. These type of financing settings normally occurred in Russian and Japanese market. Since India is a young
country in many discoveries, inventions and developments. Internationalization might promises economic growth but
associatedrisksareinvolved.Thestudyconcludesthatcontractsandearnoutsfinancingmergermodelswouldbenefitthestates
in developing countries as fit framework for government control as well as strategic advantage like inorganic growth
opportunities.
The size and growth of rural population is a very vital factor to determine the feasibility of economic development of a region.
The Census 2011 provisional population total on rural-urban distribution for Assam, 86 per cent of the state's population lives in
rural areas, and only 14 per cent are urban residents. The economy of Assam continues to be predominantly agrarian. The
dependence of labour force on agriculture and allied activities was nearly 53 percent as per the population census 2001 and is
scatteredover27districtsand26312villages.Commercialcapital,i.e.,loansfrombanksorothercreditagencies,isnotgenerally
accessible to farmers in Assam. As a result, borrowing from unscrupulous lenders, who are not regulated by the state, at an
extremely high interest rate is commonin the state. Although the amountof commercial loan for agricultural purposes was over
Rs. 77 billion in 1990-91, most of these loans went to tea gardens. Their main reason for refusing agricultural loan was a lack of
necessary collateral, mostly in the form of land. A lack of proper land inheritance documentationand a lack of adequate amount
of land (due to land fragmentation) were two main reasons for lack of collateral among many farmers of Assam. Although
Integrated Rural Development Programme (IRDP) was designed to assist rural farming, the need remains largely unfulfilled in
Assam. As a result, many MFIs are coming to assist these farmers in agricultural and allied services in recent years. The access to
micro-finance services (includes basic financial services - small loans, savings accounts, fund transfers and insurance; alongside
non-financialservices suchasbusinesstraining,microfinanceassistspeoplelivinginpoverty)isstillnotthatsignificantandneed
much better effort in comingyears. Considerable advances were made in the 1990s in the design of NGO-managedprogrammes
andpoverty-targetedbankstoincreaseaccesstosmallloansandsavingsfacilities.Ourstudymainlyfocusesongroundimpactof
microfinanceintheholisticdevelopmentofAssamandemphasishasbeengiventoidentifythechallengesfacedbytheMFIsand
other financial institutes in Assam. We also studied the awareness level among the rural folks about the different micro finance
schemes and donors available within the region. The ground difficulties found by a villager in accessing and repayment of credit
and the feedback of suggestions given by them for a hassle free credit system also take into consideration while preparing this
report.
Keywords:EconomicDevelopment,commercialcapital,agrarianeconomy,MFIs,holisticdevelopment,Creditsystem.
Challenges of Micro Finance Institutes and its impact in Economic
Development of Assam: an Impact study of SHGs in Assam
Samir Sarkar
Assistant Professor
Department of Business Administration
Gauhati University, Gauhati
Partha Pratim Borah
Research Scholar
Gauhati University, Gauhati

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The world was just recovering from the economic recession of 2008/09 that global economy was again hit by the economic
downturn. The current economic downturn has originated from fiscal and financial crisis in Euro Zone countries particularly
Portugal, Ireland, Italy, Greece and Spain coupled with credit rating downgrade of United States by Standard & Poor in August
2011. But, the contagion spread to other counties as well. Europe appears to have entered recession, and growth in several
major developing countries (Brazil, India, and to a lesser extent Russia, South Africa and Turkey) has slowed. As a result, global
growthandworldtradehaveslowedsharply.For2011,GDP(GrossDomesticProduct)growthrateisestimatedat2.7%forworld,
1.6% for high income countries, and 6.0% for developing countries. In 2012, global economy is expected to grow at 2.5%, high-
income countries at 1.4% (Euro Area countries at -0.3% and others at 2.1%), and developing countries at 5.4%.1 The GDP of
India is likely to grow at 6.9% in the fiscal 2011-12 as compared to growth rate of 8.4% in 2010-11.2 Reflecting the growth
slowdown,worldtrade,whichexpandedbyanestimated6.6%in2011,islikelytogrowonly4.7%in2012.1
ResurgenceofmarketconcernsaboutthefiscalsustainabilityinEuroAreacountriesandexposureofbankstostressedsovereign
debtledtosharpdeclineincapitalinflowstodevelopingcountriesinsecondhalfof2011.Thegross capitalinflowstodeveloping
countries plunged 45% to $170 billion from $309 billion in the like period of 2010.1 Average FDI (Foreign Direct Investment)
inflows to India declined to US$ 3.2 billion per month during September-November 2011 from US$ 4.9 billion per month during
April-August 2011.3 Reflecting decline in capital flows, developing countries currencies weakened sharply vis-à-vis U.S. dollar in
the second half of 2011. Major currencies such as Mexican peso, Indian rupee, South African rand and Brazilian real lost 11% or
more in real effective terms. Between end-of-July 2011 and early January 2012, developing country stock markets lost 8.5% of
their value. This, combined with the 4.2% drop in high-income countries stock market valuations, has translated into $ 6.5
trillion,or9.5%ofglobalGDPinwealthlosses.1
The impact of financial turmoil since August 2011 has had limited impact on industrial production in the countries outside the
high-income Europe. Industrial production in Euro Zone countries declined at 2.2% annualized rate during the three months
ending October 2011 and had been declining since June 2011. In contrast, Japanese industry grew at an annualized rate of 6.5%
during the same period, boosted by reconstruction spending and bounce-back effects following the Tohoku disaster. Industrial
Production in United States grew at a 3.1% annualized rate during the fourth quarter of 2012.6 Industrial growth in remaining
high-income countries was at 4.4% during three months ending October 2011. Among developing countries, industrial
production in China has grown at 11% annualized rate during three months ending November 2011.1 With the slowdown in
demand, both domestic as well as external, Growth (y-o-y) of Index of Industrial Production (IIP) of India moderated to 3.8%
during April-November 2011 as compared to 8.4% during the same period of 2010-11. The IIP declined 4.7% in October 2011
beforewitnessingrevivalingrowthof5.9%inNovember2011.3But,IIPgrowthsloweddownto1.8%inDecember2011.5
Unemployment rates in high-income countries have persistently remained at high levels, though there was some improvement
in the US where the unemployment rate dropped to a two and half year low of 8.5% in December 2011.3 In Japan, it was 4.5% in
November 2011. The unemployment rate in Euro Zone has been above 10% in the third quarter of 2011.4 Economicdownturn is
likely to have negative impact on employment growth in India due to lower GDP growth rate and employment elasticity with
respecttoGDP.
The financial turmoil in Europe has impacted global trade as well. The dollar value of global imports has fallen at an annualized
rate of 8% during the three months ending October 2011. Import volumes of both high-income countries and developing
countries have declined. The volume of global exports has also declined. The exports of high-income Europe have declined, but
thoseofotherhigh-incomecountrieshaveincreased.Theexportsofdevelopingcountrieshavedeclinedatanannualizedrateof
1.2% during the third quarter of 2011 and have continued to decline in November.1 After performing well during the first half of
Global Economic Downturn and its Impact On Indian Economy
Satyendra Kumar Singh
Chief Engineer
Saipem India Project Limited, New Delhi
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2011, Indian exports decelerated in Q3 of 2011-12. Austerity measures undertaken by the European economies and decline in
consumptionexpendituremayfurtherimpactIndia’sexportsinthecomingperiod.3
This paper makes an analysis of factors responsible for the economic downturns; nature of economic downturn in developing
countries with special reference toIndia, and high-incomecountries; and the impact on international capital flows, global trade,
industrial production, unemployment level, currency exchange rate, stock market value, etc. It also discusses the challenges
facing the Indian Government and companies to manage the sustenance and growth in this era of economic downturns.
Whereas challenges for the Government are: controlling the fiscal deficit, encouraging the international capital inflow,
employment generation, encouraging the investment, infrastructure development, monetary easing, inflation control, tackling
the subsidy problem, etc. The challenges for the Indian companies are: finding the alternatives to high income countries
particularly Euro Zone countries for trade, finances, etc; managing the currency risk; ensuring the profitability of the foreign
subsidiariesparticularly operatingin the countries hit most bythe downturn; sustaining operatingmargins in an environmentof
weakerproductprices;fundingtheinvestmentsinviewofhighinterestrates;maintainingthesalesinanenvironmentofweaker
demands;etc.
The Global financial crisis has its roots in the middle of the year 2007 and it accelerated in 2008. The root cause for the financial
crisis is the sub-prime crisis i.e. unbridled lending by major financial institutions. The United States is the biggest consumer of
goods produced by the developing countries. Consequently any crisis that has its roots in the USA will have a major impact on
India. When GDP was as lowas 4.8% in Sep 08, in order tostimulate the demand in Indian market,Central Bank of India (RBI) had
included20000crorerupeesinDec08andhadfurtherraisedrupees3lakhcroreliquidityinthemarketthroughcutsinrates.The
cuts in the Repo rates and Reverse Repo rates brought them down to 3.25% & 4.75% respectively. The cash reserve ratio (CRR)
wasalsobroughtdownto5%andinterestratesonborrowingswerereduced.
The Indian financial system is robust and is not so adversely affected by the Economic Meltdown (as compared to the Western
World) primarily because the Financial Reforms have not yet taken place ; thanks to the Left Parties. The impact has not been so
severe also because of the tightcontrol mechanism of the Reserve Bank of India, the statutory authorities and most importantly
theconservativepoliciesadoptedbythenationalizedbanksasagainsttheprivatebanks.Thispaperdiscussesthekeyissues:
• ImpactofeconomicmeltdownontheIndianEconomy
• Possibleresponsestothiscrisis
• PoliciesofIndianCompaniestosurvivethiscrisis
KeyWords:EconomicMeltdown,FinancialCrisis,Profits
Managing a Business in Turbulent Times
Impact of Economic Meltdown- the Challenges for India
Deepali Gargeb
Asst. Professor,
Department of Business Management
Padmshree Dr. D.Y. Patil University, Navi Mumbai
Dr R Gopal
Director, Dean and Head of Department
Department of Business Management
Padmshree Dr. D.Y. Patil University, Navi Mumbai

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The Decadeof 80`s emergedas a beginningof the high rateof economicgrowth,this tendencyhad continued in the ninetiesand
further growth stimulus has occurred in the early 21st century. Developing countries like India need substantial foreign inflows
to achieve the required investment to accelerate economic growth and development. India is the third largest economy in the
world in PPP terms; it is a preferred destination for foreign direct investment. India`s liberalized FDI policy permits up to a 100%
FDI Stake in ventures. Number of changes was approved on FDI policy to remove the cap in most of the sectors like civil aviation,
construction development mining etc. In this paper, we examine the various links among foreign direct investment (FDI),
Sectoral analysis and economic growth and one-way FDI flows from developed to developing countries. The upward moving
growth curve of different sectors contributes to the GDP growth over the past few decades. Today`s India provides highest
returnsonFDIthananyothercountryintheworld.
Keywords:FDIpolicy,ForeignDirectInvestment,RestrictedsectorsforFDI,Sectoralanalysis.
Liberalized FDI policy & its contribution to
GDP growth in India: A sectoral analysis of top 10 sectors
Anuradha Bharadwaj
Assistant Professor
Ideal Institute of Technology, Ghaziabad
Reena Shukla
Assistant Professor
Ideal Institute of Technology, Ghaziabad
There is a growing awareness that the future sustainability of our society, including maintaining our high standard of living,
requires us to take environmental impacts into account along with social and economic considerations. We create wealth by
utilizingnaturalresources,yetwehavefrequentlymeasuredourperformanceonlythroughfinancialoutcomes.Now,wearenot
only increasingly aware of the need to protect and repair the environment for its own sake, but we appreciate the close
relationship between the health of our environment, people and the economy. The Triple Bottom Line-considering the
economic,environmentalandsocialaspectsofouractivities-isawayforustostarttorecognizeandvaluetheserelationships.
The purpose of this study is to explore the real view of restaurant industry; it is a conceptual paper, exploring into the possible
economic model practices in restaurant industry that will help restaurant industry as well as society to move towards
sustainability. This paper also tries to explore the barriers in the way of sustainability. Design of the study is exploratory, and
sourceofdataisavailablesecondarydataaswellasindepthsurveyofliterature.
Keywords:SustainableDevelopment,SustainableDevelopmentPractices,Restaurantindustry,BarrierstoSustainability
Restaurant Industry: Growing concern about
Sustainability insights
Ms. Monica Srivastava
Assistant Professor
Ghaziabad
Dr. Ranjana Pandey
Research Scholar
Faculty of Management Studies
Banaras Hindu University
Varanasi
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One of the greatest advantage of the disinvestment is that it generates non-inflationary funds for the investment in the social
and infra-structural sector. The new UFA Government has decided to go with the policy of disinvestment. In the absence of
pressure from left parties, the new government is going to disinvest some of the PSUs. According to Pranab Mukherjee “It is our
intention to enable the PSUs to benefit from techno-managerial efficiencies and become more competitive in the market. The
fund requirements of PSUs are for modernisation and technological upgradation”. Mukherjee said public sector undertakings
were the nation’s wealth and part of that should rest in the hands of the people. Accordingly, while retaining at least 51 per cent
equity, the government will encourage people’s participation in the divestment programme. For 2009-10, the Government has
peggedtherevenueestimatesfromdisinvestmentatRs1,120crore,lowerthantheRs1,165croregarneredin2008-09.
For 2009-10, the Government proposes to disinvest a small portion of equity in Rail India Technical and Economic Services Ltd,
Cochin Shipyard, Telecommunications Consultants India Ltd, Manganese Core India Ltd, Rashtriya Ispat Nigam Ltd and Satluj Jal
VidyutNigamLtd.Thegovernmentshouldsellaminimum10percentstakeinallunlistedpublicsectorenterprisesand“auction”
thosethatcan’tberevived,theEconomicSurveysaid,whilerecommendingadisinvestmenttargetofRs25,000croreannually.
“RevitalisethedisinvestmentprogrammeandplantogenerateatleastRs25,000croreperyear,”saidbytheeconomicsurvey.
The prescription coincides with government declaring disinvestment as one of its top most priorities for mobilisation of
resources,particularly,asitisfreefromthepressuresoftheLeftpartiesthathadobstructedtheprocessinthelastfiveyears.
Asking the government to sell a minimum of 10 per cent equity in all profit-making unlisted PSUs, it said: “Complete the process
ofselling5-10percentequityinpreviouslyidentifiedprofitmakingnon-Navratnas.”Asregardstheloss-makingPSUs,theSurvey
said the government needs to “auction all loss making PSUs that cannot be revived. For those in which net worth is zero, allow
negativebiddingintheformofdebt-writeoff.”
Keywords:MajorFeaturesDisinvestmentPolicy,AdvantagesofDisinvestment,DisadvantagesofDisinvestment,Suggestions.
Disinvestment Policy in the Context of Globalization
Mr. Gulshan Kumar
Academic Counsellor
Vivekanand College, IGNOU Centre
Department of History and Tourism Management
FDI in retail has become the new buzzword in policy-making and in dustrial circles. The government has already allowed 51 per
centFDI in single-brand retailing and is contemplating the pros and consof allowingFDI in retail for multiple brands. Meanwhile,
small retailers are up in arms over the government’s proposal. Political consensus too is yet to build up as the consequences of
allowing FDI in multi-brands are still being debated.The India Council for Research on International Economic Relations (ICRIER)
has recommended the phased opening up of the retail sector with an initial cap of 49 per cent FDI. It has supported foreign
investment because such a move would speed up the growth of organized formats in retailing. It has also argued that foreign
retailers can anyway enter the Indian market through other routes, such as the franchise route. Therefore, the existing FDI ban
has not, in reality, restricted the entry of foreign companies in the retail sector. While they have been there already, it is the
nation which has lost on investment. Also the entry process for the retail companies through these other routes is non-
transparent and complex. These things can be rectified by allowing FDI in retail. The ICRIER has also suggested that the govern-
ment should grant industry status to the retail sector. It should also issue licenses to players that are to be allowed, make quality
standards for local and imported products and specify those products where FDI would not be allowed. Besides all these things,
domesticretailersshouldbegiventimetoadjusttothechangedscenariobeforethesectorisopenedup.
Keywords:FDIPolicy,PositiveAspectsofFDIinRetailSector,NegativeAspectsofFDIinRetailSector.
FDI in Retail Sector : Challenges or Opportunities
Dr. Manish Kumar
Academic Counsellor
Vivekanand College, Ignou Centre
Department Of Political Science And Public Administration

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Sustainability quotient of Indian economy -
challenges and imperatives
Prof. Ashok Dubey
Professor
Amity International Business School
Amity University, Noida
Global economy is presently plagued with crisis and uncertainty all around. The economy of super rich nations is facing worst
crisisleadbyAmericaandfollowedbyEuropeannations.Othernations,includingIndiahasbeenadverselyaffectedbyeconomic
melt down and is finding difficult to sustain growth of 8-9% which was often quoted by Planning Commission and Finance
Ministry officials a couple of years back. The fact is that we cannot wish away the crisis as our economy has co-mingled with
worldeconomyafterweadoptedliberalization,privatizationandglobalizationinpostreformseraof1991.Theimmediatecause
of global recession was lead by USA, in terms of sub-prime crisis in 2008, but the seeds of problem were sown much before this
immediate crisis. Profligacy, spend thrift, buy today-pay later, greed overcoming need and desire to make quick bucks were the
primary cause for recession which was stroking the fire in American economy. The genesis of the present problem of economic
downturn can be summarized into four issues such as financial shock triggering a global slowdown that is concerned with the
systemic sub-prime crisis in USA in 2008. The other issue relates to spiraling commodity including food prices, Euro nation debt
crisis and overall weakness in financial sector regulation. The present financial crisis has affected all economies around the
world,particularlythoseeconomiesthataremoreintegratedwiththeAmericanfinancialsystem.
InlighterveinitissaidthatifAmericasneezesothernationscatchcold,andthisistruismforIndianeconomyaswell.Ourbilateral
trade with America may be significant, but our economy has been to an extent adversely affected by slowdown in American
economy which has been seen in last couple of years. The external link to 2008-09 slowdown was clearly visible in the hit our
exports took: they grew negatively, declining 15% during the 12 month period immediately following the crisis. However, our
crisis is home grown. One could potentially count many factors but two of them stand out: fiscal profligacy combined with
monetary tightening and near paralysis in decision making at all levels of the government. The former was clearly at the heart of
the slowdown in investment activity, while the latter additionally impacted the utilization of the existing capacity. Slowdown in
decision making had initially begun in the environment ministry but it rapidly spread to other ministries and even states in the
wake of the revelation of one corruption scandal after the other. Government developing a cold feet on naming the individuals
who have stashed black money abroad, showing lack of grit and determination to handle corruption, lackadaisical approach in
passing an effective Lokpal bill in parliament, political expediency gaining currency over efficiency and proficiency and passing
thebuckofresponsibilityto“coalitiondharma”.Willful neglectbypresentleadershiphasresultedinreversalofreforminitiative
by the government in opening the door to foreign investments in multi brand retail. Investment climate was vitiated and FII’s
started withdrawing money. Stock market fell like a pack of cards, real estate development and infrastructure came to a halt.
Compoundingourproblemfurtherwasincreasingwideningchasmof balanceofpaymentandrupeesharplydepreciatingvis-à-
visdollarandoilpricesescalatinginworldmarket.
India’s heavy dependence (about 70%) on imported crude oil together with the high and increasing crude oil prices have led to
concerns about energy security and the impact of high crude oil prices on the sustainability of rapid economic growth in the
future. Thus a renewable energy source like ethanol which can be blended with petrol appears promising. While Brazil has been
able to use ethanol as fuel substitute on a large scale, China experienced rapid increase in food prices, when it tried to do the
same. India can produce ethanol from waste products like molasses, but given the limited land availability in India and the likely
rapid increase in demand for food in near future due to rising incomes, it may be difficult to divert significant amounts of food
cropsforethanolproductioninIndia.Producingethanolfromwastebiomasscouldbeanalternate,butitneedslotofR&D.
Revivingand sustaininggrowthinthepresentscenario,though aherculeantask,ispossibleand doable.Smallcoursecorrection,
which is politically feasible, would not just return us to 8-9% growth path but also launch us into double-digit growth trajectory.
This would require ending the inertia in government decision making, rethinking the right approach to social programs and
implementation of some basic policy reforms such as those relating to land acquisition, higher education, multi brand retail,
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tackling corruption head-along, creating favorable investment climate and prodding investors to invest without any fear of
bureaucracyandred-tapism.
There are good long term reasons for optimism. With savings rate inching towards 35%, we are generating ample funds for
investment. The workforce and its skill level as reflected in rising levels of literacy and education are growing.. The economy is
highly open to competition from foreign goods and services as well as foreign investors. This means that entrepreneurs cannot
afford inefficiencies. Finally, India still remains very far from the global productivity frontier. This gives us considerable scope for
growth through technological catch up. What is really needed is to give human touch to economic reforms and make “aam
aadmi” a partner in progress and growth. The “bottom of pyramid” needs to be taken of and if this is done the growth will take
careofitself.
Tourism is one of the world’s largest industries. For developing countries it is also one of the biggest income generators. A
number of countries in Asia and the Pacific consider tourism to be an important vehicle for economic and social development.
The tourism industry has the potential to generate foreign exchange earnings, create employment, promote development in
various parts of the country, reduce income and employment disparities among regions, strengthen linkages among many
sectorsofthenationaleconomyandhelptoalleviatepoverty. However,thisstandardviewofthetourismindustry doesnotgive
a complete picture of the potentialcontribution that tourism can provide for developing countries.In order tosustain tourism, it
is necessary for countries to address various issues arising from tourism’s contribution to development in a comprehensive,
systematic way. Issues of policy-making, planning, management and the participation of the private sector and other
stakeholders must be addressed in terms of opportunities for action and possible constraints that need to be overcome by
concertedefforts.
ThetourismindustryinIndiaissubstantialandvibrant,andthecountryisfastbecomingamajorglobaldestination.India’stravel
and tourism industry is one of them most profitable industries in the country, and also credited with contributing a substantial
amount of foreign exchange. This is illustrated by the fact that during 2006, four million tourists visited India and spent US $8.9
billion.
Several reasons are cited for the growth and prosperity of India’s travel and tourism industry. Economic growth has added
millions annually tothe ranksof India’s middle class, a group thatis driving domestic tourism growth. Disposable incomein India
hasgrownby10.11%annuallyfrom2001-2006,andmuchofthatisbeingspentontravel.
TheTourismMinistry hasalsoplayedanimportantroleinthedevelopmentoftheindustry,initiatingadvertisingcampaignssuch
as the 'Incredible India' campaign, which promoted India’s culture and tourist attractions in a fresh and memorable way. The
campaignhelpedcreatea colorfulimageof India intheminds of consumers alloverthe world, and has directlyledtoan increase
intheinterestamongtourists.
The travel and tourism sector creates more jobs per million rupees of investment than any other sector of the economy and is
capable of providing employment to a wide spectrum of jobseekers from the unskilled to the specialized , even in the remote
parts of the country. One or two decades before people travel only it is needed. Over the decades, tourism has experienced
continued growth and deepening ?diversification to become one of the fastest growing economic sectors in the world. Tourism
has become a thriving global industry with the power to shape developing countries in both positive and negative ways. No
doubtithasbecomethefourthlargestindustryintheglobaleconomy.
Sustanibility and Growth in Indian Tourism
Industry for Economic Development
Mrs. Urvashi Garud
Asst. Professor
Institute of Management & Commerce
Jiwaji University, Gwalior

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In developing countries like India tourism has become one of the major sectors of the economy, contributing to a large
proportion of the National Income and generating huge employment opportunities. It has become the fastest growing service
industry in the country with great potentials for its further expansion and diversification. However, there are pros and cons
involved with the development of tourism industry in the country. The developing world has immensely contributed to the
economicboostthatIndia is currentlyenjoyingand it'stourism sector has not been leftout of the share of profits either-a major
achievement for the image of brand India build up by a successful financial system in place in our country. Some economists
credit this fiscal feature of success of Indian financial system to the income generated by the tourism segment, movements
across the cross-section of rising business opportunities, agricultural and educational sectors opening up as well as novel and
attractivepackagingofbrand-buildingforIndiathathaveinturn,benefitedthetravelindustryaswell.
This article presents an analysis of the challenges to sustainable tourism development in developing countries with special
referencestoIndiaasapartofthedevelopingworld.Itwasfoundthatthefactorsthathaveemergedaschallengestosustainable
tourism development related to priorities of national economic policy, the structure of public administration, an emergence of
environmental issues, over commercialisation, and the structure of international tourism system. It concludesthatalthough the
principles of sustainable tourism development are beneficial, their implementation is an enormously difficult task to achieve
and owing to the prevailing socio-economic and political conditions in the developing world. Hence, any operation of principles
of sustainabletourism developmentnecessitateshard politicaland economicchoices,and decisionsbased upon complex socio-
economic and environmental trade-offs. Moreover, it states that implementation of these hard decisions may not be possible
unless international organisations encourage and collaborate with governments of developing countries to implement the
principlesofsustainabletourismdevelopment.
Keywords:Sustainabletourism,economicgrowth,Indiantourismindustryanddevelopment.
ThispaperhighlighttheeffectsofGreekDebtCrisis,especiallyfocusingonIndianEconomyandIndianFinancialMarkets.
Takahira Ogawa, S&P Director (Sovereign & International Public Finance Ratings) pointed out that the stock market of India will
be comparatively more affected with the Greek crisis. Because of the contagion spreading not only the Europaen Union
countries,butUSandotherasiancountriesareaffectedaswell.
AswarnedbyGlobalcreditratingsagencyStandard&Poor,thatifthedebtcrisisinEuropesustainsforalongertimethenitcould
have a substantial negative impact on the Indian economy. Also as already commented by Takahira Ogawa, S&P Director
(Sovereign & International Public Finance Ratings) “If the solution of the Greece crisis takes longer to get resolved then the
economyofIndiawillbesubstantilyaffected”.
Even after the bailout of International Monetary Fund (IMF) the world markets are worried about the viability of the rescue
effort. The biggest worry to the Indian Stock Markets is repatriating funds, reduced exports to europaen countries, reduced
foreignreserves,capitaloutflowsandsharpdepreciationintherupeevalue.
So the developing economies like India has to learn from these instences that the fiscal deficit has to be kept within the
limits.Scopeofthispaperistocriticalyexaminetheabovestatedhighlightedpoints.
KeyWords:SoverginDebt,EuropaenUnion,DebtCrisis,IndianEconomy,FiscalDeficit
Impact of Greek Debt Crisis on Indian Economy
and Indian Financial Markets
Dr. Neelu Tiwari
Associate Professor
Jaipuria institute of Management
Ghaziabad
Ms. Shuchita Singh
Assistant Professor
JSSATEN, Noida
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Duringthelastdecade,GrossNPA%ageofIndianbakingsectorisestimatedtohavedeclinedfrom11.4%in2001to2.3%in2009.
While some experts attribute this decline to tight management by banks & RBI; others dispute veracity of claims by the Indian
bankingsectorandsuspectittobeacaseofwindowdressingbybanksthroughnexusbetweenauditors&banks.
The world economies were caught off guard by the emergence of USA mortgage and sub-prime crisis around the year 2008.
During the recent years, economic turmoil enveloped the western world which later on spread to rest of the world. The UNO in
its report “World EconomicSituation and Prospects 2012” has cautionedthatthe year 2012 couldbe a "make-or-break" year for
theglobaleconomy.
The situationin India is no different.Global economicslowdown has impacted India as well. GDP growth rate is expected toslow
down from 8.5% in the financial year 2010–11 to around 7-7.5% for the financial year 2011-12. As a result signs of stress on
Indian Banking Sector are showing up. Gross NPAs for the year 2010 are estimated to have risen to 2.4%. Global ratings firm
Moody's recently downgraded its rating of State Bank of India's (SBI) financial strength by one notch to ‘D+' on account of the
lender'slowTier-Icapitalratioanddeterioratingassetquality.
NPAs are likely to continue rising in the near term — due to higher interest rates and a slower economy. RBI expects non-
performingassets(NPA)toinchupto2.9percentduring2011.Thusoverallsituationrequireshugecaution.
This paper explores the challenges faced by the Indian Banking Sector in the current turbulent economic environment and and
its effects on the NPAs in Indian Banking Sector. The paper also examines the effectiveness of NPA management practices
adoptedbytheIndianbankingsector.
Section 1 of the paper covers the growth of Indian banking Sector during last decade and their emergencein global arena. It also
highlightstheNPApositionofselectleadingIndianbanks.
Section 2 encompasses literature review covering NPA management during the last decade and role of RBI. As per studies, while
on the whole NPAs have shown declining trend, it is suspected that some banks might have fraudulently and in nexus with
auditors have concealed all bad assets and NPAs during last ten years in the name of reformation. NPAs position remains
worrisome in government banks mainly due to alleged widespread corruption, ill-motivated decision on lending taken by some
corrupt officials and due to inaction of such corrupt officials. Further Indian politicians do not seem to have supportive role in
generalforloanrecoveryastheydonotlikethattheirvotersbepressedhardforrepaymentofloan.Theypreferwaiverofloanor
delay in its recovery to motivate voters to join their fold and vote for them. It is also suspected that banks have reduced their
exposureinSMEsegmentand increasedtheirfocus and exposureinbulklendingtobigcorporatehouses forreducingGross NPA
percentage.
Section 3 explores the effects of current turbulent economic environment on the Indian banking Sector. A variety of factors are
projectedtohaveadverseeffectontheworkingofIndianbanks.Firstofall,Inflationratecontinuestoremainuncheckeddespite
repeated bank rate hikes by the central bank, RBI. High inflation rate is adversely impacting the corporate profitability including
lending banks. This can also affect debt service coverage ratio of debtors. High interest rates can have adverse impacts on bank’s
credit growth and may also impact repayment by debtors. Lending to recession-hit sectors like textile and steel accounts for
significant proportion of total lending by Indian banks. Credit to power and infrastructure sectors has also grown rapidly in the
pastfouryears,whichhascreatedadditionalrisksfortheIndianbanks.InadditionState-ownedbankshaveahigherallocationto
small industries, which couldget hurt early if the industrial slowdown continues. These are worrisome developments,which are
likely to impact the Indian banks’ bottom-line in the future. Thus varieties of factors are expected to result in rise of NPAs in the
NPA Management by the Indian Banking Sector
in the Turbulent Economic Environment
Dr. Vijay Kumar Khurana
Professor, giBS
New Delhi

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banks.
Section 4 examines the effectiveness of recent NPA management strategies adopted by the Indian banking sector in the current
eraofeconomicturbulence.Indianbanks’continuetoreshuffleloanportfolios.
Section 5 summarizes the capability of Indian banks to respond to the challenges / threats emanating from the turbulent
environment. Indian banks’ continue to focus on high return on investment, low cost-to-income ratios and the efficient use of
technology which may help them to fight the challenges. According to Mr Rajeev Thakkar, CEO, Parag Parikh Financial Advisory
Services, “If margins are high then NPAs are not a cause for concern... There is a difficulty in the system but we are certainly not
intorecessionaryterritory.”AstudybyBostonConsultingGroup(BCG)projectsthatby2025theIndianbankingsectorwillbethe
thirdlargestintheworldonassets,behindChinaandtheUS.
Thus the paper covers the entire dynamics of NPA management in the Indian banking Sector in the current turbulent economic
environment.
The healthcare sector is a central part of our society, often in focus and often questioned. The sector is difficult to govern and
conservative whilst rapid technical development challenges the ability of organizations to adapt. To a great extent, the
organization of the healthcare sector is anachronistic and potential improvements spread slowly if at all. Understanding the
elements of organizing, managing and governing, have central implications for developing tomorrow’s healthcare systems and
thefocusisfurtheronunderlyingmechanismsandpositions.
The requirement for collaboration across stakeholders including support of regulators, policy makers, decision makers and
health system leaders is clear. There is a need for private sector actors toengagethese players todemonstrate the health impact
and not just the financial impact. Innovators face challenges when scaling, transferring and replicating private sector health
innovations–creatingdialogueandamutualgroundisessential.
Within developing countries, access to basic healthcare services is seen to be extremely limited and many simply lack access to
even the most basic services; the social impact on life expectancy is large with high mortality rates due to diseases where
preventative measures and treatmentexists. Within emerging economiesgrowth in healthcare is not keeping up with economic
anddemographicgrowth,leadingtovastunmetneedswherehealthcareisonlyreachingasub-setofthepopulation.
There is an opportunity to make a step-change impact on healthcare delivery around the world by looking to examples where a
step-change impact, albeit usually in small pockets, has been achieved. There are examples, in resource-constrained settings,
where innovative healthcare entrepreneurs are developing creative approaches to care delivery that improves access to quality
careataffordablecosts.
KeyWords:Innovativehealthcareentrepreneur
Challenges in Managing Healthcare Delivery System
in the Era of Economic Downturn
Rajiv Jain
Professor
Mangalmay Institute of Management & Technology, Greater Noida
JAIPURIA
JAIPURIA
One of the greatest strength of Indian middle class, the backbone of Indian economy, is they give utmost priority to professional
education which includes management education, as evident by mushrooming of management institutions in India. As such
professional education in general and management education in particular, stands at a crossroads in India. Without change, the
traditional university structure of educating and training tomorrow’s business leaders, it is unlikely to be surpassed and
compete,theincreasinglydiverseandtechnologicalglobaleconomy.
In the first decade of 21st century Indian economy has emerged as a powerful nation. This powerful economy has not only
helpedIndianpeopletoprosperbutalsohelpedtheworldeconomytorecover.TheIndiangrowthstoryislargelyduetoitspolicy
and tough decision taken in the past. It is said that getting power is easy but maintaining power is difficult, so to maintain this
powerful status one need to explore other potentially viable areas which will lead to generate more power in tough time. It is
evident from Indian growth story that investing in intellectual property has long term effect as in the case of IT sector and
biotechnology sector, one of the areas which consist of tremendous potential is education in general and management
education in particular. Although government of India is also showing its commitment by introducing “Right to education Bill” in
2010,butthereisalottobedoneespeciallyinhighereducation.
In this paper first we will discuss about management education in India and later, how management education will help in the
sustainablegrowth.
KeyWords: SustainableGrowth,ManagementEducation,GlobalEconomy.
Sustaining Growth through Management Education in INDIA
Mr.Shanti Ranjan Upadhyay
Assistant Professor
Institute of Management Sciences (SHEPA)
Varanasi (U.P.)
Dr. Anupam Shukla
Associate Professor
Institute of Management Sciences (SHEPA)
Varanasi (U.P.)
With the globalization of industries and world financial markets, swaps have become one of the most popular financial tools in
presentera.The versatilityof the swapsenablesits users toincreasetheirpositions in capitalmarketstogetherwith reduction in
their financial risks arising from such positions. Swaps can not only replace other derivative instruments such as futures and
forwards, but also can complement them. Swaps refer to a contract between two parties, termed as counter-parties, who
exchange payments between them for an agreed period of time according to certain specified rules. It is defined as a financial
transaction involving two counter-parties who agreed terms to exchange streams of payments or cash flows overtime on the
basis of agreed at the beginning of the contract. Swap is like a series of forward contracts. Swaps involve a series of exchanges at
specific futures dates between counter parties. As regards benefits of swaps, swap relates to positions between paying and
receiving fixed-rate flows, principal amounts, maturities, collateralization, better documentation and net settlements.
Collateralization with marketable securities has become a significant characteristic of swaps. Some counterparties resist on the
posting of collateral, since they are often limited by negative pledge. More protective documentation in swap agreements
provides fast remedial action in advance in case of actual default. The various tests of financial condition found in credit
agreement are included in swaps contracts, through cross-default or cross-acceleration clauses, users can gain the benefits.
Such protection makes the position favorable. This paper aims at highlighting the various types of swaps, their benefits and how
cantheyeffectivelybeusedtomanageriskineconomicdownturn.
Keywords:foreignexchange,hedging,riskmanagement
SWAPS: Effective Tool For Risk Management in Economic Downturn
Dr. Akansha Jain
Assistant Professor
Dronacharya Group of Institutions, Greater Noida

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India’s economy has been fuelled by the growth in the technology sector in the recent past. A large part of this growth is
dependent on the “outsourcing” or “off shoring” of key business processes and software development activity (and related
services) by large global corporations and other organizations. Hence, the global slowdown has also affected the business
climate within India and the growth rate of the Information Technology (IT) and Information Technology Enabled Services (ITES)
sectorisalsoexperiencingthetremorsoftheglobalrecession.
The IT-ITES industry in India has today become a growth engine for the economy, contributing substantially to increases in the
GDP, urban employment and exports, toachieve the vision of a powerful and resilient India. While the Indian economy has been
impacted by the global slowdown, the IT-ITES industry has displayed resilience and tenacity in countering the unpredictable
conditionsandreiteratingtheviabilityofIndia’sfundamentalvalueproposition.
Today’s escalating, competitive and demanding environments have forced companies to be more efficient, operate leaner and
continuously create new procedures to keep ahead of competitors - adding final consumer value to a product or service in the
formoflowerprices,qualityandbetterservicehasbecomeanessentialrequirementintheglobalmarketplace.
Corporations are trying to adapt with increasing competitors’ innovations to find global opportunities and resources, focusing
on core competencies and mutually beneficial relationships, and finally, outsourcing those activities which can be performed
morequicklyandatlowercostsbysubcontractors.Inagloballyintegratedeconomy,outsourcingisleadingtooverallbenefitsfor
the source economies, providing significant monetary and employment benefits. India has become a target destination for
multinationals toback end theirIT operationsin India owingtoits strong value proposition. We have witnessed an increased use
of offshoring by global and European outsourcers, and the emphasis on productivity and delivering value by select Indian
players. The Indian IT / ITES sector can be viewed from two perspectives - Indian global IT and Indian IT offshorer. The globally IT
companies are increasingly looking inwards and focusing on process benchmarking, enhanced utilization of infrastructure and
talent, increasing productivity and greater customer engagement. Global companies with roots in India are increasingly
‘offshoring’workinordertocutcost,asaresultofwhichIndiaiswitnessingarevenuegrowth.
India being one of the world’s fastest-growing tech markets, thriving mainly on exports is also experiencing the tremors of the
global economic crisis. IT spending as a percentage of revenue normally varies from 3.5% in manufacturing companies, 5-6% in
globalretailchainstoabout9.5%inthebankingindustry.Thesecouldseemarginaldeclineascompanieswilltendtoholdspends
onnewITdeployments.IndiahasbecomeatargetdestinationformultinationalstobackendtheirIToperationsinIndiaowingto
itsstrongvalueproposition.
While there are growth-related challenges in the short to-medium term, there seem to be some opportunities for managing the
bottom line for the rest of the year. The macroeconomic environment is depressing and has impacted the overall confidence in
thesectorfromamarketperspective.
All in all, the environment looks weakest in a long while, and yet there remain pockets of opportunity. These areas, if tapped
intelligently, would enable the IT firms to ease the blow of this financial crisis and help them tide through the tough times. The
crisis has now spread globally, and further reduces room to maneuver. To conclude, we are tempted to use a popular aphorism;
the Chinese character for “Crisis” represents two symbols “Danger” and “Opportunity“. Important challenges remain to be
met if the full potential of the region's IT sectors are to be realized. Second, they must do everything possible to ensure
Indian Economical Status and Its Impact on Slowdown IT Industry:
An Information Revolution
Durgesh Kumar Thakur
Research Scholar
Karnatka State Open University
Deepesh Kumar Thakur
Lecturer
Lingaya’s University
JAIPURIA
JAIPURIA
more and better linkages between the growing IT sector on the one hand, and the rest of the real economy on the other, both
agriculture and industry. Third, they must do everything possible to ensure that political stability is maintained by cleverly
managing the ethnic and class tensions inevitably affected by the process of globalization and restructuring. Finally, the
emerging public-private partnerships among the top national elites must be more transparent and successful in
promoting the growth of locally owned, indigenous firms that actually innovate in this fast-moving field. Indeed, the use of
modern information systems may introduce greater transparency into these relationships. By so doing, IT buoyed reforms
may help better protect regional politicaleconomiesshouldanothereconomiccrisisloomonthehorizon.
KeyWords:IT&ITES,IndianEconomy,ITSector,ITGlobalization,InformationRevolution
Management of generation has been an area of concern for industries since inception of industrialization. Gen X, Gen Y and Gen
Z have been the buzz words these days. In recent year there has been a lot of discussion in management and organization
literature about the workforce diversity and cross-cultural values. One of the main issues that have been ignored by most of
these studies is generation diversity at workplace. Each generation has different work values, different perception of authority,
different view about what is important in life, admires different leadership styles. This paper explores and analyzes the different
value system shared by different generation and corresponding management strategies to manage the generational mix in an
organization.
KeyWords:Cross-culturalvalues,Diversity,Traditionalist,GenerationXers,GenerationYers,BabyBoomer,
Managing Generation Mix: Challenges and Prospects
Dr D K Tripathi
Assistant Professor – HRM
I.T.S – Institute of Technology and Science
Mohan Nagar, Ghaziabad
Prof D K Pandey
Associate Professor – HRM
I.T.S – Institute of Technology and Science
Mohan Nagar, Ghaziabad
As an economic force pension funds cannot be ignored. Pension funds are the fastest growing of all financial institutions. The
economic role of pension funds is considerable and well acknowledged. They cover half the labour force and represent majority
of the financial assets of the entire household sector. Pension funds may enhance economic growth by increasing the aggregate
levelofsavingsavailableforinvestment.Theeconomicimpactofpensionfundsaremostnoticeableinthechannelingoffundsto
capital markets, the re-distribution of income & wage contract negotiations. Less obvious economic effects however may be
emerging in the spending and saving habits of many wage earners. Considering the importance of saving on capital formation
and economic stability the impact on saving becomes particularly significant. A saving level change resulting from pension
contributions, could have far reaching implications in terms of national and stability. Pension reforms in India have generated
widespread interest internationally. The paper highlights the major concerns of pension sector and their overall impact on
Indianeconomy.
KeyWords: Pensionreforms,pensionfunds,economicgrowth,saving
Pension Sector Reforms and Economic Growth
Special Reference to India
Preeti Gupta
Faculty
Netaji Subhash Institute of Management Sciences(NIMS), Delhi

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IT (information technology) plays an important role in managing and controlling the various activities of business like
production,marketingfinanceetc.IThelpsbusinessinanalyzingthedataneededandfeedbackbyitscustomers.Todaythereisa
cut throat competition among the various organizations. Therefore IT faces lot of threats and challenges for this purpose. In this
paper we discuss some the challenges of IT like unethical behavior, less proficiency of employer, viruses etc. This paper is great
weapontoknowaboutuseofITinbusiness.
Keywords:InformationTechnology,business,challenges,organizationetc.
Challenges of IT in managing and controlling the
business in this era of economic downturn
In the time of economic downturns and financial recession, organizations and employees struggle not only for sustenance but
evenforsurvival.It'sbutnaturalthatinthetimeofeconomicdownturnswhenmarket,price,interestrateandpurchasingpower
are down, job insecurity is high since organizations follow the policy of retrenchment, scrutiny or downsizing; the challenges of
managing sustenance and growth are innumerable todeal with. The end objective is toget aware the challenges tohandle them
for sustainable growth of managing sustenance in economic meltdown and financial recession. Thus to survive at this critical
junction, one needs to aware with the challenges of sustenance and growth. To address such turmoil, this article focuses on the
importance of identifying these challenges to face this time of crisis. Additionally today's global environment also warrants
developmentofnewcopingskillstobeabletointegrateandassimilateinahighlyheterogeneouseconomicenvironment.
KeyWords:downsizing,retrenchment,recession.
"Skill Challenges of Sustenance and Growth in Economic Downturn"
Ms. Sonia Gouri
Asst. professor
IAMR, Ghaziabad
Mr. Ajay Kumar
Asst. professor
IAMR, Ghaziabad
Television and talentare inseparable terms. Television in India has the highest reach as compared toprintmedia. More than half
ofthepopulationhasaccesstotelevisioninIndia.
This research paper will focus on the challenges of managing sustenance and growth in the era of economic downturn with
talent management as a key for survival. It will be analyzed how top talent plays an important role in sustaining businesses and
what are the challenges and possible restoration measures which could be implemented during economic down turns. This
paper will enumerate how Talent is the leading indicator of whether a business is headed up or down and will demonstrate the
importanceofTalentasabigdifferentiatorbetweencompaniesthatsucceedandthosethatdonot.Thosethatsustainareledby
people, who can adapt their organizations to change, make the right strategic bets, take calculated risks, conceive and execute
newvaluecreatingopportunities,andbuildandrebuildcompetitiveadvantage.
TV Broadcasting and Economic down turn – Research study on talent
management as a global key for sustenance.
Ramesh.C.Raina
IMT
Ghaziabad
Dr. Manosi Chaudhary
Birla Institute of Management Technology
Greater Noida
Rashi
Assistant Professor
Management Department
Subharti University, Meerut
Deepak Sharma
Assistant professor
Computer Application Department
Shreya Panwar
Assistant Professor
Management Department
JAIPURIA
JAIPURIA
The proposed research study will describe how big multinational companies have sustained during economic crises with the
help of Talent management policies. Many companies survived during economic meltdown namely General Electricals, Citi
Bank,TOYOTA;thisstudywillanalyzetheirtalentmanagementstrategieswhichhelpedtheminsurvivalintoughtimes.
The biggest challenge is identifying, developing and retaining star performers during the economic downturns. Every company
has its constellation of stars – the consistent top performers who help the organization shine. They are the vital few who
contribute the most to the bottom line and drive a company’s results and reputation. Demonstrates Kindler, B, Jeffrey ‘‘now
more than ever before, we are counting on our best people to find ways to drive growth in this brutal marketplace. Reaching out
tosupport,sustain,andfullyengagetoptalentiscentraltoourstrategy.’’
Business is static without talent. Machines, buildings, money, technology, facilities are insufficient and do not help in driving
businesses. Keep a hi –tech machine on the floor of IBM it will remain there for hundreds of years until not operated by a talent.
Put a plasma monitor hung on the wall, it will not telecast any program until human interference is not there. Companies put
moreresourcesonfinancialsystemsandinteriorsthantoptalent.Wemaysaythatifeconomicdownturnhappensitiscausedby
lackoftalentandifitisrestoreditissobecausetoptalenthelpinrevivingthegrowthprocess.
There is a considerable growth of internet marketing in the recent times. In all sectors internet marketing is used either for
promotion of products and services or for selling the products and services as a direct channel or for providing convenience to
consumers and maintaining relationship with them. The main objective of this research paper is to study the role of internet
marketing with respect to different functions of Promotion, Distribution and Customer Relationship Management (CRM). This
study is based on primary data collected from Internet users who comes across various forms of internet marketing. Data
interpretation and Data Analysis is done with the various statistical tool like T-test. The findings of study states that Internet
marketingintermsofdifferent functionslike–Promotion,DistributionandCRMiseffective.
Internet Marketing:An effective way of marketing
in these challenging times.
Jitendra Singh Rathore
Assistant Professor
Poornima Group of Colleges, Jaipur
Mauritius is facing an acute shortage of Information Technology (IT) professionals. This is partly being addressed by the
recruitment of professionals from other countries in the private sector only. The public sector has a strict mode of recruitment
and employment of foreigners is not straightforward. ICT organisations are investing in recruitment and training, but the
mobility of labour poses a serious threat to successful completion of projects. It is important to investigate into the need of
retainingemployeesandthebenefitsthatemployeeretentioncanbringtoICT organisationsinordertosupportthevisionofthe
Government.
In this study, the problems faced by Mauritian Public Sector in attracting and retaining the best talents are investigated and
recommendationsaremadetoensureafavourableworkenvironmentforhigheremployeemoraleandhighproductivity.
Keywords:Employeeretention,PublicSector,InformationTechnology,Mauritius.
Employee retention challenge in the ICT
Public Sector in Mauritius
Aneerav Sukhoo
Central Informatics Bureau, Mauritius
Mahen Soobron
Poornanund Ramnia

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Organisational climate is one of the most important concepts permeating the thinking of industrial psychologist over the past
few years. Organisational climate is considered to be important because of its relationship to other organisational phenomena
suchasproductivity,jobsatisfaction,performanceandleadershipbehaviour.
Consequently, the hypothesised relationship between organisationalclimate and productivity has been a long-standing interest
in the study of organisational climate among organisational researchers. Research over many decades leaves no room for doubt
thatanorganisation'sclimatehasaprofoundanddirectinfluenceonproductivity.
In this context, this study aimed to assess the relationship between the organisational climate and employee productivity. The
findings of this study helped to primarily audit the organisational climate and secondly to determine the relationship of the
variousdimensionsoforganisationalclimatewithproductivity.
Climate dimensions measurement were also analysed against productivity measurements. The evidence collected lent support
tothepropositionthatthereisastatisticalassociationbetweenorganisationalclimateandproductivity.
Keywords:OrganisationalClimate,Productivity,ITProjects,ProjectManagement.
The Importance of Organisational Climate in
Project Management
Mahen Soobron
Poornanund Ramnial
Aneerav Sukhoo
Soft skills described as an art, are very often ignored during information technology (IT) project management (Belzer, 2004:1).
Such skills, acquired through experience, are concerned with managing and working with people, ensuring customer
satisfaction and creating a conducive environment for the project team to deliver high quality products within budget and on
timeandexceedingstakeholderexpectations.
This paper investigates the current use of soft skills in e-government projects and how the effective use of soft skills could
possibly improve the success rate of IT projects. The findings revealed that there is a low level of critical soft skills being used for
managementofe-governmentprojects.Thisresearchalsoconfirmedthestrongrelationshipbetweenprojects’successandsoft
skills.
Keywords:Softskills,e-Government,ITProjects,ProjectManagement.
Impacts of Soft Skills on e-Government Projects’ Success
Aneerav Sukhoo
Poornanund Ramnial
Mahen Soobron
JAIPURIA
JAIPURIA
Changing Role of HRM Practitioners in Era of Economic Downturn
HRM carries a ‘strategic’ status in the changed era of globalization. There is a need for practitioners to effectively manage
environmental challenges. The paper focuses on the strategic status of HRM and identifies the roles and skills required by the
practitioners to achieve this status. Further paper discusses the three repositioning roles which are strategic, consultancy,
service roles which are highly necessary toimprove the specialized, reputationaleffectiveness of HRM practitioners. To perform
these roles effectively, three different categories of skills are required, including strategic, organizational, personal skills. The
paper studies the current status of HRM in the country and the future direction required to adopt to form a collaborative
business partnership approach with upcoming managers to ensure augmentation of organizational and professional status in
the new millennium and in the era of economic downturn. The paper finally presents the conclusion followed with
recommendationswhichareuniversallyapplicableonHRMpractitioners.
KeyWords:Strategic,HRMPractitioners,RepositioningRoles
Roopal Shrivastava
Assistant Professor, DSPSR, New Delhi
Nainy Passi
Assistant Professor, DSPSR, New Delhi
Sustenance of India’s Export with Related Measures
The post reform rise of Indian Economy in international arena, is significantly depends on internal and external policies; which
are dominated and reflected by the Indian contributions in World Economy – is generally measured by the Foreign Trade as well
as GDP. Export Led Hypotheses suggests that economies are gaining higher growth through higher exports. Policies aiming at
increasing export are associated with other related measures like value of export, volume of export, per capita export,
contribution of export to GDP, and contribution of export to world export etc. This paper attempts to study the behavior of
various export related measures from 1980-81. Attempt was also made to combine the related measures to Overall Export
Performance Index (OEPI) as a function from n - dimensional space to real line, satisfying a set of desired properties. The index is
sensitive towards outliers as it is primarily based on the concept of geometric mean. The index (including each component)
registered increasing trend after 1990-91, however the growth could not be sustained in 2009-10 but during the successive year
itregainedandreflectingthepolicyimpactsintermsofsustenanceorsustainability.
KeyWords:Export,n–dimension,Sustenance.
Prof. S. N. Chakrabartty
Professor
Galgotias Business School, Greater Noida
Dr. Sanjeev Kr. Jain
Associate Professor
Galgotias Business School, Greater Noida
The Islamic banking industry showing an average growth rate of 15%-20% annually and comprises around 400 institutions with
anassetundermanagementinexcessofUS$1trillion,accordingtoStandard&Poor’sRatingsServices thepotentialmarketis$4
trillion worldwide, Financial institutions like ABN Amro, HSBC, American Express, ANZ Grindlays Bank, Chase Manhattan,
Deutsche Bank, Nomura Securities and Union Bank of Switzerland now all have in-house Islamic units. Islamic banking
operations now exist in about 100 countries. In most countries with significant Islamic communities, financial institutions that
catering the Islamic financial services are growing much faster than conventional banks, because of the strong demand among
consumers for products and services that comply with Sharia, the Islamic legal code. Therefore all these information giving us
enough reasons to study its future potential in India. In India we are still waiting for Islamic banking to come, few signals are
showing that soon we will have the parallel Islamic banking division along with the conventionalbanking. At this very early stage
Studying the present status of Islamic banking worldwide and its SWOT
analysis to find out, its future potential in India.
Khurram Ajaz Khan
Assistant Professor, Faculty of Management,
JETGI, Lucknow, UP.
Urooj Ahmad Siddiqui
Assistant Professor, Faculty of Management,
JETGI, Lucknow, UP.

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