Bhopal Shod H Sam Hit A Finale Book

Vol.
IX, Issue II(II) July-December : 2022

ISSN - 2277-7067
jk"Vªfgrk; laLd`re~
Kavikulaguru Kalidas Sanskrit University

Ramtek, Dist. Nagpur, Maharashtra
Peer Reviewed
UGC CARE Listed Journal
New Research Frontiers

Research Journal
ISSN No. 2277-7067
Journal of Fundamental & Comparative Research
'kks/klafgrk
A Peer Reviewed Bi-annual Interdisciplinary Research
Journal of the University
UGC CARE Listed Journal

New Research Frontiers
- Patron -
Prof. Shrinivasa Varkhedi
Vice Chancellor
- Chief Editor -
Prof. Madhusudan Penna
Director, Research & Publication
- Editor -
Dr. Rajendra C. Jain
Dept. of Sanskrit Language & Literature
KAVIKULAGURU KALIDAS SANSKRIT UNIVERSITY
RAMTEK
A Bi-annual Interdisciplinary Research Journal of KKSU
Peer Reviewed Journal of Fundamental & Comparative Research
'kks/klafgrk
Patron : Prof. Shrinivasa Varkhedi

Hon'ble Vice Chancellor
Chief Editor : Prof. Madhusudan Penna

Director, Research & Publication, KKSU
Editor : Dr. Rajendra C. Jain

Dept. of Sanskrit Language & Literature
Co-Editor : Dr. Deepak Kapade, Librarian (I/c)
Dr. Renuka Bokare, PRO, KKSU
Editorial Board : Peer Review Committee :

•Prof. Nanda J. Puri Dr. Leena Rastogi, Nagpur
•Prof. Lalita Chandratre Dr. V. Subrahmanyam, Hyderabad
• Prof Krishnakumar Pandey Dr. Dinesh Rasal, Pune
•Prof. Vijaykumar C. G. Dr. Upendra Bhargav, Ujjain
•Prof. Kavita Holey Dr. Archana Aloni, Nagpur
Dr. Dinkar Marathe, Ratnagiri
Published by : Registrar, KKSU, Ramtek C KKSU, Ramtek
KAVIKULAGURU KALIDAS SANSKRIT UNIVERSITY

RAMTEK
Journal of Kavikulaguru Kalidas Sanskrit University, Ramtek ISSN: 2277-7067
INDEX PAGE NO
1 A STUDY ON JOB SATISFACTION OF FACULTIES WORKING IN 1

MANAGEMENT INSTITUTES OF BHOPAL
Dr. Harsha Mishra
2 DIGITAL MARKETING: CONSUMERS ATTITUDE ON THE 12
PURCHASE OF HEATH INSURANCE PRODUCT
Dr D.K. Dubey, Deeksha Chaurasia
3 IMPACT OF SOCIAL MEDIA ON INDIA TRAVELERS: A STUDY INTO 26
THE EFFECTS OF PSYCHOLOGICAL DETERMINANTS ON TOURIST
DECISION-MAKING.
Dr.Anish Kumar Kakirala, Dr. Pooja Sharma
4 IMPACT OF EMOTIONAL INTELLIGENCE ON ORGANIZATIONAL 38
COMMITMENT IN IT INDUSTRY
Richal Tuscano, Ketan Teke, Nidhi Shetty, Roshani Prasad
5 EFFECT OF HIGHER EDUCATION FACILITATOR’S EMOTIONAL 44
AND PERFORMANCE INTELLIGENCE ON LEARNER’S ACADEMIC
PERFORMANCE
Dr. Rajesh Ramasamy, Dr.Arokiaraj David, Dr. Sadanandam Ariyaputhiri,
Dr. Pankaj Kumar
6 RURAL SUSTAINABILITY AND ENTREPRENEURSHIP IN 54
JHARKHAND
Dr. Pritha Chaturvedi, Prof. Sumit Kumar Sinha
7 COMPENSATION MANAGEMENT AND EMPLOYEES PERFORMANCE 63
IN THE IT SECTOR OF MADHYA PRADESH
Shalu Pandey, Dr. Roopali Bajaj
8 ANALYSIS OF THE CHANGE IN OTT SUBSCRIBERS/VIEWERSHIP IN 72
INDIA, DURING COVID-19
Dr. Neha Ramteke, Dr. Janardan A. Pawar
9 ORGANIC FARMING FOOTPRINTS OF SIKKIM ON THE SEASHORE 80
OF INDIA'S LIFE.
Prof. Ajit Goraksha Dalvi, Dr. Sunil Dhanawade, Miss Anushka Lembhe
10 A STUDY ON DETERMINANTS AND DEFIANCE OF FINTECH IN 91
INDIA
Dr. Mahima Singh, Prof. Priya Mathurkar
11 IOT AND SMART AGRICULTURE – AN OVERVIEW 97
Miss Umeshwari P. Patil, Dr. Jitendra Sheetlani
12 ESG AND CRYPTO ASSET- A BEHAVIORAL ANALYSIS FROM THE 104
RESPONSIBLE INVESTMENT PERSPECTIVE
Dr. Maumita Ghosh, Ms. Moumita Banerjee
13 CHALLENGES AND OPPORTUNITIES FOR CORPORATE 119
GOVERNANCE - SYSTEMIC CRISIS FROM THE COVID-19 PANDEMIC
Journal of Kavikulaguru Kalidas Sanskrit University, Ramtek ISSN: 2277-7067
Prof. Pallavi Chugh, Dr. Rekha Chouhan

14 CURIOSITY POTENTIAL OF FEMALE EMPLOYEES IN INDIAN IT 125
ORGANIZATIONS
Malhar Purandare, Dr. Kirti Dharwadkar
15 A STUDY OF FACTORS THAT AFFECT AN INDIVIDUAL'S CHOICE 136
TO INVEST IN REAL ESTATE IN PUNE CITY
Dr. Rajesh Gade, Dr. Anil Poman, Dr. Roopali Prashant Kudare
16 AN ANALYSIS OF INDIAN FINTECH SCENARIO 144
Prof Praveen Suryawanshi, Dr. Shalaka Parker, Prof Mrs Viral S Ahire
17 THE CURRENT CONSUMER PREFERENCE AND PERCEPTION 151
TOWARDS THE PRIVATE LABEL BRANDS
Dr. Sandeep Nandram Dive, Dr. Neelkanth Chandrakant Dhone
18 STUDY ON CUSTOMER SATISFACTION AND APPROVAL ON 156
LUXURY VEHICLE MANUFACTURER, MERCEDES-BENZ
Dr. Surya Ramdas, Prof Ruchita Ramani
19 A STUDY ON INFLUENCE OF BEHAVIORAL FINANCE ON SOLO 169
PARENT’S INVESTMENT DECISIONS WITH SPECIAL REFERENCE
TO INDIA
Dr. Mahima Singh, Prof. Surbhi Rodi
20 A STUDY OF IMPACT OF GST ON INDIAN ECONOMY WITH 177
REFERENCE TO PUNE REGION
Dr. (Mrs.) Shilpa R Kulkarni, Mr. Sudhindra Apsingekar
21 A PROFILE STUDY OF INTERMEDIARIES OF DISTRIBUTION CHANNEL 187
IN THE AGRICULTURAL MARKETING SYSTEM
Dr. Swapnali Amol Kulkarni, Dr. Amarish Padma, Dr. Anuradha Phadnis,
Dr. Kajal Maheshwari
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A STUDY ON JOB SATISFACTION OF FACULTIES WORKING IN MANAGEMENT

INSTITUTES OF BHOPAL
Dr. Harsha Mishra

Assistant Professor
Sant Hirdaram Institute of Management for Women, Bhopal
ABSTRACT:
In this modern era, each and every day there is a huge transformation in education system in which
teaching as an outstanding service plays a very crucial role and is very complex activity. It involves
a range of skills, knowledge, motivation, ability, involvement, perception, attitude, continuous
learning and last but not the least sensitivity. Today education is not only based on theoretical
concepts but also focuses on social responsibility, human values, training, development, ethics,
awareness on environment conservation and many more things. And for imparting education in
these concepts faculties play a vital role in management education system. They are the pillars in
society who are transforming the young generations in different perspectives of life. Since, they
are the core in education system so without their willingness and active cooperation no educational
reforms can be implemented. In crux, they contribute in building a successful nation so for that
satisfaction of faculty with their job plays a crucial role.
Nowadays, Job Satisfaction is a very useful tool to assess the employee’s job related behavior. It
depicts the degree to which an employee is satisfied with the job. If the faculty has high job
satisfaction, they can effectively provide best outcomes in their professional life and will perform
their duties in the interest of the organization. On the other hand, if the faculty has low job
satisfaction then it reduces their productivity, interest, motivation in the academic work that may
have adverse effect on student and to the society consequently. It has been found that in past only
a few research work have been undertaken on job satisfaction in education sector but rare was
detected in case of management colleges. Thus, this research work is undertaken on job satisfaction
of faculties working in management Institutes of Bhopal.
In this study, descriptive research design was used and conclusions were drawn using a mean,
standard deviation and t - test approach. The sample consists of 150 permanent faculties working
in management colleges teaching different specialization. The study revealed that there is no
significant difference between job satisfaction of male and female faculties. According to the
findings, suggestions have been recommended so that employer can work on factors which affect
job satisfaction of academic staff. Job satisfaction of academic staff is very crucial as it leads
towards the delivery of quality education which not only enhances student satisfaction but also
improves the performance of Institute/university. This study also has several implications for
Policymakers and researchers.
Keywords: Job Satisfaction, Management Institutes, Faculties
Introduction: In today’s competitive era, almost all organizations are aware of the fact that the
employees are now getting a plenty of opportunities in many avenues due to which several times
they tend to leave the organization because of many reasons i.e. Job Satisfaction, Organizational
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Commitment, Compensation, Working conditions, Job Involvement and many more. Employee
turnover nowadays has been a big issue faced by each and every organization. This problem is
very common for retaining the best and trained employees. As the resources are scarce, every
organization/institute today is desiring and striving hard to set a benchmark and is making efforts
to achieve their goals. Today, both the Human Resource department and top management are
struggling a lot to retain the best and trained employees at workplace by investing a lot of financial
resources, time and efforts.
So, employee retention has become very crucial for the functioning and competitiveness of an
organization. Thus, this study mainly focuses on detecting one of the factors which affect retention
i.e. the Job satisfaction of faculties in Management Institutes of Bhopal.
Determinants of Job Satisfaction:
According to Rue and Byars provided a different approach regarding the factors of job satisfaction;
According to Rue and Byars Job satisfaction is affected by a series of factors mentioned below in
Fig. 1 such as Compensation, nature of work, Advancement opportunities, Management, Work
groups and Working conditions. Policy makers must keep in mind that these factors can cause job
dissatisfaction also.
Managers Concern for People:

Job Design (Scope, Depth, Interest, Perceived Value)
Compensation (Internal and External Consistency)
Working Conditions
Social Relationships
Advancement Opportunities
Job Satisfaction/Dissatisfaction
Perceived Opportunities Elsewhere
Levels of aspiration and need achievement
Commitment to Turnover, Absenteeism,
Organization, Job tardiness, accidents, monotony,
Involvement, Retention grievance, strikes etc
Fig. 1 Determinants of Job Satisfaction and Dissatisfaction (Rue and Byars, 2003)
Now here generally, the question arises that - Is job satisfaction and job dissatisfaction are two
opposite phenomena? And it has been found that there is no consensus among authors regarding
this issue. To cite in this point of view, Herzberg’s Two Factor Theory is probably often
mentioned. In fact it has been detected that employees in their working environment are affected
by several factors which can result in job satisfaction and factors that cause job dissatisfaction.
Therefore, in Table 1 according to Herzberg theory all factors are derived from a large empirical

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research and are segregated in factors which can result in job satisfaction (motivators) and factors
that cause job dissatisfaction (hygiene factors).
Table 1 - Job Satisfaction Factors (Herzberg, 1976)
Dissatisfaction and No Satisfaction Positive

Demotivation and No Motivation Satisfaction and
Motivation
Hygiene Factors Motivators

Company policies Achievement
Supervision Recognition
Interpersonal relations Work itself
Work conditions Responsibility
Salary Advancement
Status Growth
Job security
Review of Literature
As per the literature review, nowadays' job satisfaction has received a lot of attention because the
experts have already felt that job satisfaction patterns do affect labor market behavior such as staff
turnover, productivity, employee absenteeism, effort. Work satisfaction is also depicted as a good
predictor of employees' intents or decisions to leave a job as well as critical indicator of overall
personal well-being. Job Satisfaction had been defined in many researches in various manners by
researchers a few of them are mentioned below:
Spector, has given one of the most often cited definitions of job satisfaction i.e. It is the way how
an employee feel about their job and its different aspects. It is related with the extent to which an
employee like or dislike’s their job which depicts the reason - why job satisfaction and job
dissatisfaction can appear in any given work situation.
According to Armstrong (2006), a job satisfaction refers to the attitude and feelings of employees
about their work. A positive and favorable attitude towards the job reveals job satisfaction whereas
the vice versa indicates job dissatisfaction.
According to Kaliski (2007), Job satisfaction is the key ingredient that leads to feeling of
fulfillment through recognition, compensation, career advancement opportunities and the
achievement of other goals. It is an employee’s sense of achievement and success achieved during
the job. Generally, it is perceived to be directly linked with the personal well-being and
productivity as well. It implies doing a job which one is doing well, enjoys it and being rewarded
for his/her efforts or contribution. It also further implies happiness and enthusiasm in one’s work.
According to George et al. (2008), Job satisfaction is the bundle of feeling and beliefs that an
employee has about their current job. Job satisfaction of employees can range from extreme

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satisfaction to extreme dissatisfaction. In addition to an employee’s attitudes towards their jobs as

a whole. They also have attitudes about various aspects of their jobs such as their compensation,
the type of work they do and their relationship with coworkers, supervisors or subordinates.
Job satisfaction is a sense of fulfillment or enjoyment that employee’s gain from their jobs
(O'Leary et al., 2009).
De Louders Machado et al. (2011), revealed that for the success of a higher education institution
and performance the satisfaction of academic staff plays a crucial role. Some of its examples of
academic staff motivation are research, teaching, participation in events, sense of belonging,
environmental contribution and instructional work.
According to Van den Brink & colleagues (2013), the competitiveness in education industry, is
measured by how satisfied, happy, engaged and committed are the employees with their
professions/Job. The main purpose of strategic human resource management is to hire and retain
talented academic personnel as well as track their performance.
Javeria et al. (2013), mentioned that only strong incentive system can help the organizations to
improve their competitiveness and value so both happiness and motivation of employee’s
motivation are main pillars of modern human resource management.
Stanovskaet al. (2017), stated that Job satisfaction and motivation among academic staff have a
crucial influence on the growth of students' learning, who represent the future workforce in many
industries as well as quality of educational institutions.
Job Satisfaction is positively correlated with employee well-being and development (Junaid,
Bashir, Nasim, & Ahmad, 2021). Good relationships with superior, colleagues and coworkers,
appropriate resources and self-control over vacation, all results job satisfaction. In crux, we can
say that the success of any organization largely depends on the satisfaction level of the employees’
with their job.
III. Need and significance of the study
As faculties edifice the education system so, they provide a significant contribution in an institute
or in society through creation, transfer and application of new knowledge. The prosperity of
economy, intellectual dynamism and resourcefulness of any country are depicted through the
quality of its faculties and higher education system. The biggest assets for any educational institute
are their competent, committed, dedicated, satisfied and involved faculties. They impart the
training to immature mind of the youth and develop their career by transforming the personality.
The personality of a teacher also has direct or indirect influence on the students.
Generally, when faculties set a real life example it has a very long lasting effect in the mind of
students, they not only grasp the way of life but also the teachings of faculties are reflected by
their behavioral expression which makes a teacher very cautious while delivering anything.
Teaching involves a tremendous responsibility in which a faculty is accountable for the future of
children and mankind. A faculty who has high satisfaction and commitment to the institute and its
goals never desire to change its employer. Thus, job satisfaction act as a crucial factor in assessing
the effectiveness of teaching. The main reason for conducting this study is that this research work
has not been undertaken yet for the faculties working in Management Institutes of Bhopal so it
will be helpful in finding out the reasons that are responsible for job satisfaction.
IV. Research Methodology:

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The present study is based on descriptive research and focuses on faculties working in management
colleges of Bhopal. The sample consists of 150 permanent faculties working in management
colleges teaching different specialization.
Objectives of the Study
The main purpose of the research is to assess and measure the job satisfaction of faculties. The
specific goals of the research are:
1) To identify the most important factor which enhances job satisfaction of faculties?
2) To assess the job satisfaction of employees in terms of following factors:
 Superior-subordinates relationship
 Promotional Opportunities
 Working environment
 Work- life balance
3) To offer suggestions in the field of learning, education and teaching profession and provide
recommendations for re-aligning the job satisfaction.
Hypothesis
There is no significant difference in the job satisfaction of male and female in management college
faculty.
Sources of Data: Primary data was collected from faculty teaching in management colleges
through judgmental and convenience sampling technique.
Nature of Data: In the current study quantitative data was used.
Statistical Techniques: To analyze the raw scores of Job satisfaction Mean, Standard deviation
and t- test has been used.
V. Analysis of Data
Table 2 - Item wise calculation of Mean and standard deviation irrespective to gender
Gender Female Male

Interpretation (as per
S.
Statement Standard the deviations in
No. Standard
Mean Deviatio responses)
Deviation
n
Most of the
I would be very happy
respondents are happy
to spend the rest of
1 3.47 1.00 1.08 to spend the rest of my
my career with this
career with their
organization.
current Institute.
Most of the
I get a 'strong' sense of respondents have
2 belonging in this 3.85 0.85 0.92 ‘strong’ sense of
organization. belongingness with
their current Institute.
Almost all respondents
3 I enjoy my work. 4.14 0.80 0.79 are enjoying their
work.

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Most of respondents
My job provide agree that their
4 development and 3.89 0.84 0.86 Institute is providing
growth opportunities. both development and
growth opportunities.
There is deviation in
I feel my job is responses if question
5 3.22 0.99 1.10
secured. pertaining to job
security arises.
Most of the
If I hear confidential respondents are
information about the maintaining
6 organization, I feel 4.30 0.80 0.79 confidentiality at
obligated to maintain workplace which
the confidentiality. depicts their loyalty
towards their Institute.
My supervisor looks
The superior of most of
for opportunities to
the respondents praises
praise positive
positive employee
7 employee 3.51 1.01 1.02
performance, both
performance, both
privately and in front of
privately and in front
others.
of others.
The superior of
My supervisor gives
maximum respondents
8 me any 'feedback' 3.51 0.99 1.11
is providing feedback
timely.
on time.
A few respondents are
The staff happily
of view that their staff
works together with
9 3.93 0.83 0.76 members are happily
colleagues to finish
working together to
the job.
finish the job.
A few respondents are
I am satisfied with the
not satisfied with
salary administration
10 2.98 1.03 1.11 salary administration
and raise
and raise
determination.
determination.
More no of male agree
to this fact “I do not
I do not feel stressful
11 3.06 0.97 1.07 feel stressful while at
while at work.
work” in comparison to
female.

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I can freely go to boss Maximum respondents

to talk about what can go to their boss to
12 training I should get 3.62 1.00 1.10 talk about what
in order to do a better training they require to
job. work better.
I Work under a non-
Most of the
harmful (No damage
respondents said that
13 to physical and 4.21 0.86 0.95
they are working under
mental health)
non-harmful condition.
environment.
If I got another offer
Deviations were found
for a better job
in the responses when
elsewhere I would not
14 3.33 1.12 1.30 respondents were
feel it will be right to
asked about better job
leave this
opportunity.
organization.
More female
My work schedule is
respondents are facing
15 often in conflict with 3.27 0.99 0.97
this issue in
my personal life.
comparison of male.
Interpretation:
 Most important factor which depicted that the job satisfaction at workplace is the one with
highest mean value and lowest standard deviation that is 4.30 and 0.01is “If I hear
confidential information about the organization, I feel obligated to maintain the
confidentiality”. This reveals that the faculties are loyal towards the organization.
 As per table 2, lowest mean 2.98 reveals that most of the respondents are not satisfied with
the salary administration and raise determination.
 The statement highest deviation is found in “If I got another offer for a better job elsewhere
I would not feel it will be right to leave this organization” with 0.18. This depicts that
respondents may leave the job if they found better job opportunity.
Hypothesis
There is no significant difference in the job satisfaction of male and female in management college
faculty.
Table 3 – Computation of T- Test

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Group Statistics
Std. Error
Gender N Mean Std. Deviation Mean
Job Male 64 3.6684 .43719 .05465
Satisfactio Female
n 86 3.5833 .33541 .03617
Independent Samples Test

Levene's
Test for
Equality
of
Varianc
es t-test for Equality of Means
95%
Confidence
Interval of
Sig. Std. the
(2- Mean Error Difference
tailed Differen Differenc Uppe
F Sig. t df ) ce e Lower r
Job Equal variances 3.8
.052 1.35 148 .179 .085 .063 -.039 .210
Satisfactio assumed 4
n Equal variances 114
1.30 .196 .085 .065 -.045 .215
not assumed .05
Interpretation:
 On the basis of mean value we can say that the job satisfaction of female is more than male in
the population.
 There is deviation also between male and female.
 We have found that the p value 0.052 is slightly higher than our significant value 0.05 which
depicts that there is no significant difference between the job satisfaction of male and female.
 On interpreting the t value we can find that t value is 0.179 is greater than significant value
0.05 which depicts that there is no significant difference between the job satisfaction of male
and female.
 So we can conclude that the job satisfaction of female is more than male on the basis of mean
values can be by chance and can't be generalized for both gender.
Findings and Conclusion: The most important factor which depicted that the job satisfaction at
workplace is the one with highest mean value and lowest standard deviation that is 4.30 and 0.01
is “If I hear confidential information about the organization, I feel obligated to maintain the
confidentiality”. This reveals that the faculties are loyal towards the organization.

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 As per table 2, lowest mean 2.98 reveals that most of the respondents are not satisfied with
the salary administration and raise determination.
 Around 30% of employees felt that if they got another offer for a better job elsewhere they
may find it right to leave their current organization.
 35% employees feel stressful at workplace.
 26% employees feel that their job is not secured.
 Around 65% of respondents can freely go to their boss for sharing their views about what
training they should get in order to do a better job.
 The supervisors of 64% employees provide them feedback timely which is a positive sign
as it will help the employees to work on their improvement areas which thus, enhance their
performance.
 Supervisor of 64% respondents in many institutes praise for positive employee
performance, both privately and in front of others. It is good indicator which helps in
employee retention.
 The employees are having good working environment in institutes i.e. they are working in
non-harmful conditions
Suggestions
 The biggest problem in Bhopal was that, there was no Difference between Teaching and
Non Teaching profiles in institutes. So proper bifurcation must be there by introducing
separate departments for particular job role like admissions, brand building etc. The
faculties are overburdened and lack clarity on their job role due to the absence of this
bifurcation
 Several Inter-Department Employee Engagement Activities like Management games,
quizzes, Exercises must be conducted to reduce the monotony of employees at institutes
 Employer must conduct non - profit meetings weekly for developing the bond with the
employees as it will result in enhancing the sense of belongingness of employees with
institute. It will also contribute in establishing healthy work - life balance.
 The Supervisor in the institute also promote involvement of their subordinate in
Developmental Activities. The supervisor also ensure Work - life balance in his/her
subordinate’s life by prioritizing the tasks, providing credit to subordinate time to time for
their contribution, also provide clarity of roles and responsibilities.
 Faculty Mentoring must be done for bringing the clarity of career goals and path.
 Facilitate faculties to enroll for Faculty Development Programme through recognized body
like AICTE.
 Methodology Workshop to enhance the knowledge and teaching pedagogy must be
promoted.
 Many Refresher Courses are available on SWAYAM, NPTEL so the enrollment in such
courses must be promoted as it will add to their knowledge.
 A faculty in institute must be provided the awareness pertaining to the API Index which
plays a crucial role in their development. The modes for improving one’s API Index are:
Research Paper, Conference, Symposium, Examinations (Set Exam Paper, Invigilation,
Question paper Setting, Evaluation, and Assessment of Answer-sheet).
Thus, with the help of all the above measures the job satisfaction can be increased to some extent

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Scope and Limitations: This study takes into consideration only the faculties of Management
colleges. The faculties of under graduate and technical colleges were excluded from the scope of
this study with a view to make an in-depth study of faculties working in Management colleges.
Further, the job satisfaction of faculties may vary or change with the time and the Institute in which
the faculties are providing their services.
Conclusion: Job satisfaction is one of the key aspects of an organization and its presence is highly
crucial for achieving organizational sustainability and success. Satisfied employees are more loyal
and committed towards job which results in low turnover rates, high productivity and low costs.
In this study, it has been found with the help of t-test that there is no significant difference between
the job satisfaction of male and female. Although, job satisfaction is one of the most complex areas
which has been dealt by employers in day to day operations when it comes to managing and
retention of their employees. Thus, it can be increased by implementing the suggestions
recommended in the study.
References:
 Armstrong, M. (2006). A Handbook of Human resource Management Practice, Tenth Edition,
Kogan Page Publishing, London, , p. 264
 George, J.M. and Jones, G.R. (2008). Understanding and Managing Organizational behavior,
Fifth Edition, Pearson/Prentice Hall, New Yersey, p. 78
 Herzberg, H. F. (1976). Motivation-Hygiene Profiles, p. 20
 Kaliski, B.S. (2007). Encyclopedia of Business and Finance, Second edition, Thompson Gale,
Detroit, p. 446
 Machado-Taylor, M. L., Meira Soares, V., Ferreira, J. B., & Gouveia, O. M. R. (2011). What
factors of satisfaction and motivation are affecting the development of the academic career in
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44.
 Javeria, A., Rizwan, M., Khan, A., Hameed, A., Neem, Q., & Subctageen, M. (2013).
Examining the Antecedents of Job Satisfaction and further its impact on Organizational
Commitment. Journal of Public Administration and Governance, 3(3), 317-334.
 Junaid, A., Bashir, F., Nasim, I., & Ahmad, R. (2021). Understanding Affective, Normative
& Continuance Commitment through the Lens of Training & Development. iRASD Journal
of Management, 3(2), 105-113.
 O’Leary, P., Wharton, N., & Quinlan, T. (2009). Job satisfaction of physicians in Russia.
International Journal of Health Care Quality Assurance, 22(3), 221-231.
 Rue, L.W. and Byars, L. (2003). Management, Skills and Application, 10 ed., McGraw-
Hill/Irwin, New York, p. 259.
 Spector, P.E. (1997). Job satisfaction: Application, assessment, causes and consequences,
Thousand Oaks, CA, Sage Publications, Inc.
 Stankovska, Angelkoska, Osmani, Grncarovska: Job Motivation and Job Satisfaction among
Academic Staff in Higher Education, Current Business and Economics Driven Discourse and
Education: Perspectives from Around the World BCES Conference Books, Volume 15. Sofia,
Bulgaria, 2017.
 Van den Brink, M., Fruytier, B., & Thunnissen, M.: Talent management in academia:
performance systems and HRM policies. Human Resource Management Journal, 23(2), 2013.
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DIGITAL MARKETING: CONSUMERS ATTITUDE ON THE PURCHASE OF HEATH

INSURANCE PRODUCT
Dr D.K. Dubey
HOD Sadhu Vaswani Autonomous College, Bhopal
Deeksha Chaurasia,
Research Scholar, Sadhu Vaswani Autonomous College, Bhopal
Abstract
As technology is changing rapidly therefore there are various Companies that are been shifted from
traditional marketing to digital marketing for their growth in their business as Digital Marketing
has a mass reach. Many Customer's are busy in their life that they cannot make the decision
regarding policies or plans which is been offered by different health insurance companies. The
study focus on the Demographic profile of customer with their attitude in purchasing the health
insurance product. The study will help the companies to know the perception of customer's and
attitude regarding purchase of Health Insurance Policies.
Keywords: Traditional Marketing, Demographic, Perception.
Introduction: The world is transforming as advertisement plays important role. It’s been 60 years
of advertisement but in past twenty years the advertisement played significant role. Due to
pandemic growth of digital marketing slowed down. Many industries move from traditional
marketing to digital marketing. The forecast provided by a marketing research company, the
insurance industry will top the digital ad spending share with 45.6% among other financial
services. Digitalization has opened gates to enormous number of internet users in India and across
the world. It has changed the way we consume information, news, entertainment, social
interaction, business communication etc.The online world has become an amazingly effective and
measurable branding, advertising, and marketing platform. Thus, digital marketing professionals
are expected to have the required skills and knowledge in order to sustain in the online space.
Review of Literature : Many researchers focused on bringing awareness about the health
insurance in various parts of India.
Ramamoorthy and Senthil Kumar (2013) studied growth of health insurance industry in India
and to measure insurance parameters and buying behavior through the Insurers.
Suman Goel (2014) explored with empirical study about respondents awareness, preference of
different types of health insurance policies and barriers in subscribing the policy and willing to
take and pay the premium in Rohtak district of Haryana.
Joshi and Shah (2015) aimed to know the awareness and perception towards various health
insurance service providers and influence of various factors in purchasing insurance policies
in Ahmedabad city.
Narware (2017) attempted something similar in Gwalior city of Madhya Pradesh.
Tripathy (2018) conducted an empirical study to analyze the influence of demographic,
socio, economic parameters to determine the awareness of the health insurance in
Bhubaneswar city of Odisha.
However, there is no evidence of studies conducted on Digital Marketing: Consumers Attitude
on the purchase of Heath Insurance Product.
Objectives
Vol .No .IX, Issue- II (II) July –December 2022 Page│12

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 To examine the Demographic profile of customer with their attitude in purchasing the
health insurance product.
 To know the perception of customer's and attitude regarding purchase of Health Insurance
Policies.
Methodology of the study
The descriptive study using structured questionnaire through Google form was conducted to know
the Consumers Attitude on the purchase of Heath Insurance Product. Participants were recruited
by random sampling technique. Initially a core group of 10 members were selected including
different classes. Furthermore the study was extended to other respondents also to collect the
information on demographic profile of customer and data was collected from 236 respondents.
The core group was selected to contemplate the heterogeneity/ diversity of research study, for
example age, gender, educational level and occupation throughout the city. A structured
questionnaire was prepared based on validated tools and piloted on business class, private sector
and government sector before data collection.
Data Analysis and Interpretation
Demographical Details of Health Insurance Policy Respondents:
I. Gender
Male 170 72.0339
Female 66 27.9661
Total 236 100
Gender
200
150
100
50
0
Male Female
Series1 170 66
The above table and chart depicts about the Gender distribution. Out of 236 respondents 170 are
male respondents and 66 are female respondents. It shows that male respondents are more as
compared to females.
II. Income
Less than 1 Lakh 96 40.67797

1-5 Lakhs 84 35.59322

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5-10 Lakhs 38 16.10169

10-15 Lakhs 8 3.389831
Above 15 Lakhs 10 4.237288
Total 236 100
Income
3% 4%
Less than 1 Lakh
16% 1-5 Lakhs
41%
5-10 Lakhs
10-15 Lakhs
36%
Above 15 Lakhs
The chart shows annual income of the respondentss.41% of people has income below 1 lakhs .
36% people have their income between 1to 5 lahks. 16% people have there income between 5-
10 lakhs.3% people have there income between 10-15lakhs and 4% people have there income
more than 15 Lakhs.
III. Type of Family

Joint 84 35.59322
Nuclear 152 64.40678
Total 236 100
Chart Title
Joint Nuclear
64% 36%
The above chart shows the type of Family respondents live. Maximum population live
in Nuclear family i.e. 64% respondents. Remaining respondents live in Joint family.

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IV. Occupation
Employed 110 46.61017
Self Employed 12 5.084746
Labor or Daily
wagers 0 0
Housewife 14 5.932203
Unemployed 74 31.35593
Professional 26 11.01695
Total 236 100
Occupation
120
100
80
60
40
20
0
Labor or
Self Unemploy Profession
Employed Daily Housewife
Employed ed al
wagers
Series1 110 12 0 14 74 26
The above chart shows occupation of respondentss.110 respondents are employed 74 people are
unemployed as they are students and there is no respondent from daily wage earner. There are 12
Housewife as a respondents.12 Businessman or self employed people are also involved.
Remaining 26 are professionals involve in profession like CA,Doctor,etc.
V. Age
Less than 25Years 96 40.67797
25-40 Years 116 49.15254
40-60 Years 20 8.474576

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Above 60 Years 4 1.694915

Total 236 100
Age
2%
8%
41%
Less than 25Years
25-40 Years
49% 40-60 Years
Above 60 Years
The above chart depicts the age group while selecting Health Insurance Policy.It depicts that the
youth are active in taking the insurance policy as 40% of people already took the policy. The
people belonging from age group of 25 years to 40 years took the policy as it covers 50% of
respondents.People of age group 10to 60 years took the policy and above 60 years very less
respondents took the insurance policy.
VI. Education
Illiterate 2 0.847458
Primary
66 27.9661
Higher
Secondary
124 52.54237
Graduation 30 12.71186
Post-Graduation
14 5.932203
Total 236 100

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Education
140
120
100
80
60
40
20
0
Higher Post-
Illiterate Primary Graduation
Secondary Graduation
Series1 2 66 124 30 14
The above chart shows Education with respect to health claim insurance. Maximum respondents
have completed their Higher Secondary. There are very less respondents who are graduated and
post Graduated. Only 2 respondents are illiterate means they have not completed their primary
education.
VII. Awareness about Health Insurance
Yes 172 72.88136
No 64 27.11864
Total 236 100
Awareness
about Health…
27% Yes
73% No
The above chart shows that the people are aware about the Health Insurance. As per data 75% of
respondents are aware about the health Insurance whereas 25% of respondents are not aware about
the health insurance. They even don't know the difference between Health insurance and Life
insurance. They considered them equal.

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VIII. Expectations from the Health Insurance Scheme

Good/Quality Health Package 114 48.30508
Thorough awareness 14 5.932203
Accessibility and affordability
32 13.55932
Keep to Promises 20 8.474576
Free Registration/Medical
Check-Up 10 4.237288
Refund if not used 30 12.71186
Flexible Payment System 16 6.779661
Total 236 100
Expectations from the Health Insurance

Scheme
150
100
50
0
Good/ Thorou Accessi Keep Free Refund Flexibl
Quality gh bility to Registr if not e
Health aware and Promis ation/ used Payme
Packag ness afforda es Medica nt
e bility l System
Check-
Up
Series1 114 14 32 20 10 30 16

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The above chart shows the expectations from health insurance schemes. The respondents are
expecting good quality health package from insurance companies as 114 respondents are expecting
this. 14 respondents need awareness about new schemes.32 respondents require accessibility and
affordable plans so that they can buy it. 20 respondents expect that whatever plans they took the
insurance company should fulfill their promises.10 respondents expect free registration and
medical checkup from companies every quarterly or yearly.30 respondents feel that if policy is not
utilized certain amount should be refunded. 16 respondents feels that the payment mode should be
flexible it means both the payment should be accepted by the companies i.e. online payment and
offline payment.
IX. Sources of Information

Newspaper
40 16.94915
Agents
40 16.94915
Family
22 9.322034
Friends
20 8.474576
Movies
22 9.322034
Insurance
Companies
Employees 70 29.66102
Others 22 9.322034
Total
236 100

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Sources of Information
80
70
60
50
40
30
20
10
0
Insurance
Companie
Agents Family Friends Movies Others
s
Employees
Series1 40 22 20 22 70 22
The above chart shows that the people are aware about the Health insurance schemes. Maximum
respondents are aware about the schemes by the insurance employees when they all them they
approach them. 40 respondents are aware from agents.22respondentss are aware from family and
20 respondents from friends. 22 respondents were aware about the schemes from movies they were
shocked to know these schemes. 22 respondents are aware from other sources.
X. Willing to purchase Health Insurance Policy
Still need some
time
30 12.71186
Not ready to buy
112 47.45763
No response 50 21.18644
Buy only if certain
conditions will
fulfil
44 18.64407
Total
236 100

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Willing to purchase Health Insurance

Policy
120
100
80
60
40
20
0
Buy only if
Still need some Not ready to certain
No response
time buy conditions will
fulfil
Series1 30 112 50 44
The above chart shows how consumers are willing to purchase health insurance policy. 112
respondents were not willing to buy policy. They took policy either to get rebate from income tax
dept. or there organization took the policy for them. 50 people did not respond regarding purchase
of policy.30 respondents need time to buy policy. 44 people buy policy only if certain conditions
fulfill their expectations.
XI. Preference of Insurance Company
Public Company
162 68.64407
Private company
60 25.42373
Others
14 5.932203
Total
236 100

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Preference of Insurance
Company
6%
25% Public Company

Private company
Others
69%
The above chart shows people prefer to take insurance policy from public sector companies rather
private sector companies.25% respondents took policy from Privet Company. Only 6% took policy
from other health insurance.
XII. Preference of Health Insurance Policy Type
Individual Health
Insurance 22 9.322034
Family Health
Insurance 168 71.18644
Family Floater
Health Insurance 42 17.79661
Others 4 1.694915
Total 236 100

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Preference of Health Insurance

Policy Type Individual
Health
Family Others
Insurance
Floater
Health
Insurance
Family
Health
Insurance
The above chart shows the preference of Health Insurance Policy types. 168 respondents took
family insurance. 22 respondents took individual insurance.42 respondents took family floater
health insurance and 4 respondents took other plans for them.
XIII. Age groups while Preferring Health Insurance Policy
0-25 14 5.932203
25-45
134 56.77966
45-60
82 34.74576
60-75
6 2.542373
75-Above 0 0
Total 236 100

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Age groups while Preferring

Health Insurance Policy
60-75
75-Above 0-25
45-60
25-45
The above chart shows the age group people preferring Health insurance policy.6% of respondents
belonging from age group of 0 to 25 years. 57% of respondents belong from 25 to 45 years.34%
of respondents belonging from 45 to 60 years. Only 2% of respondents took insurance policy and
no respondents prefer to take policy above 75 years as interest rate is high.
XIV. Options for Payment of Health Insurance Policy
Monthly 62 26.27119
Quarterly 42 17.79661
Half yearly 36 15.25424
Yearly 96 40.67797
Total 236 100
Options for Payment of Health

Insurance Policy
26% Monthly
41%
Quarterly
Half yearly
18% Yearly
15%
The above chart shows various options for the payment of Health insurance policy.26%
respondents feel that payment should me made every month but of 18% respondents feel that the

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payment should be made quarterly. Quarterly means after every 3 month payment should be made.
41% respondents feel that the payment should me made yearly it means that onetime payment
should me .15% respondents feel that payment should be made half yearly means twice in a year
means after every 6 months.
Conclusion
It's a good indicator that the respondentss are waif the health insurance. The interest in health
insurance is
It’s a good indicator that the respondentss are aware
The above study examine the Demographic profile of customer with their attitude in purchasing
the health insurance product. The perception of customer's and attitude regarding purchase of
Health Insurance Policies Responders were aware about the Health Insurance. They know the
difference between life insurance and health insurance. The people belonging from 25years to 35
years are aware and preferred to take health insurance for their family too. Media played an
important role in promotion of health insurance schemes as various methods are used but
information provided by insurance companies employees helps the customer’s to understand about
various policies and helped the customer in choosing the product according to their need. Digital
marketing not only help customer’s for information but for insurance companies too as it helps
them to grow their market.
References
Arkorful, V. E., Lugu, B. K., Hammond, A., Basiru, I., Afriyie, F. A., & Mohajan, B. (2021).
Examining Quality, Value, Satisfaction and Trust Dimensions: An Empirical Lens to Understand
Health Insurance Systems Actual Usage. Public Organization Review.
https://doi.org/10.1007/s11115-020- 00498-x
Badu, E., Agyei-Baffour, P., Ofori Acheampong, I., Opoku, M. P., & Addai-Donkor, K. (2019).
Perceived satisfaction with health services under National Health Insurance Scheme: Clients’
perspectives. International Journal of Health Planning and Management, 34(1), e964–e975.
https://doi.org/10.1002/hpm.2711
Ustawa. Ustawa z dnia 27 sierpnia 2004 roku o świadczeniach opieki zdrowot-nej
finansowanych ze środkó publicznych [the Act of 27 august 2004 on healthcare services
financed from public funds]. DZU (2004) 210:2135.
Masterman G, Wood EH. Innovative marketing communications: Strategies for the events
industry. 2006, Routledge.
Bagozzi R. P. (2007). The legacy of the technology acceptance model and a proposal for a
paradigm shift. J. Associat. Inform. Syst. 8 244–254.
Bandyopadhyay S., Martell M. (2007). Does attitudinal loyalty influence behavioral loyalty? A
theoretical and empirical study. J. Retail. Consum. Serv. 14 35–44.
10.1016/j.jretconser.2006.03.002

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IMPACT OF SOCIAL MEDIA ON INDIA TRAVELERS: A STUDY INTO THE EFFECTS

OF PSYCHOLOGICAL DETERMINANTS ON TOURIST DECISION-MAKING.
Dr.Anish Kumar Kakirala

Adjunct Faculty, University Institute of Applied Management Sciences, Panjab University,
Chandigarh.
Dr. Pooja Sharma
Assistant Professor, Department of Management, The Bhopal School of Social Sciences, Bhopal.
Abstract
The fastest-growing digital communication channel in our nation is social media, which has
asignificant impact on both the personal and professional lives of citizens. This medium
haspermitted the exponential rise of India’s tourism industry as well as social networking, e-
commerce, information exchange, and online trading. An emerging area of study is how tourists
use social media, and in this study, we look at the psychological factors that influence how tourists
make decisions, including trust, satisfaction, maturity, indulgence, and hedonism. The impact on
tourist decision-making is examined using factor analysis and regression analysis. Thes tudy was
done on the citizens of Chandigarh Tricity and was done on a sample of 100 people.
Keywords: Social Media, Psychological Factors, Tourism, Regression Analysis.
1. Introduction
Web 2.0 technologies enable the rise of social media and help collaboration of business with
end customer to create value added products and services (Tapscott & Williams, 2007). This
enables the shifting of power from the firm to the consumer (Christou,2003)in terms of co-
creation , design , development , propagation of ideas , concepts , publish product reviews and
establish a dynamic feedback system(Boyd & Ellison, 2008). The continuous involvement of
travellers in all the stages enables creation and delivery of better products and services (Kujala,
2003 ; Pitta & Fowler, 2005). This also gives rise to social media marketing , a Web 2.0
platform that aims to differ in usage and intent in terms of relevance , reach , reputation and
lastly ability to generate revenue(Birch, 2011). Social media also results in culmination of
culture , technology and government actuated by the promotion of various enterprises , tourism
in particular , and further on challenges the marketing manager in dealing with the new
customer , aptly termed as the ‘creative customers’ (Buhalis & O’Connor,2005)In such a
scenario , where the customers are differentiated in terms of geographical reach , tastes ,
preferences and ideas, it is imperative that the destination marketing manager to strategise in
terms of pricing , customisation and personalisation of products , revenue management and
corporate image above all (Mauri, 2012).
India is a prominent developing economy and at 2.7 trillion nominal GDP is the seventh
largest economy in world and the third largest in Asia after China and Japan(WorldBank,
2020).In the tourism sector, the Asia- pacific region saw the highest increase in tourist
arrivals(348 million) and revenue receipts(US$436 billion) .India ,being the leading country
in South Asia , witnessed the highest increase at 17.25 million arrivals and US$28.5 billion in
revenue receipts and garnered 6% of the overall Asia-Pacific market share(UNWTO, 2019).

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To bring to light the above facts and figures we would test four distinct psychological factors
namely trust , satisfaction , hedonic value or hedonism and self-congruity for its effect on
tourist decision-making and frame our research question
RQ: Do social media influence the Indian Traveller? What role does psychology play in
influencing tourist decision-making
2. Literature Review
The rise of information and communication technology has caused a revolution in the tourism
business worldwide. Getting customised services, such as airline bookings, vehicle rentals,
hotel reservations, food, leisure packages like spas and sightseeing, etc., is now the norm as
tourism services have grown more complicated (Ip, Leung, & Law, 2011). Contrarily, social
media is fueling this growing trend through cost savings, product diversification, and
expanding reach that transcends boundaries of time, space, and geography. Social media is
being used more and more to refresh the service offering, save costs, and boost visitor
happiness (Buhalis, 1998). Destination marketers are increasingly discovering the power of
social media to spread their message and strengthen their brand (Bruhn, Schoenmuller, &
Schafer, 2012; Chikandiwa, Contogiannis, & Jembere, 2013). Marketers can now concentrate
on evaluating user-generated reviews, tweets, and other visual content for the aim of enhancing
the destination image thanks to sites like Facebook, Twitter, TripAdvisor, and others
(O'Connor, 2010).
When laying out theoretical underpinnings, research on tourist motivation explores the
sociological, psychological, cultural, and emotional facets of the travellers. The looming
question of "why do people travel?" or, more specifically, "what inspires people to travel?," is
crucial to this. Web 2.0 technologies are becoming more widely employed to link end users
directly with online retailers. Given that there is no direct link between the two parties in this
B2C complex, hedonism is used more frequently (Heijden , 2004).Parra-López et al.,(2011) ,
in their research on 404 individuals who have taken foreign trips in last 12 months , have
ascertained prolific use of social in planning and executing vacation trips. Using Structural
Equation Modelling and Partial Least Squares
Trust's crucial significance in the new era of development of information, communication, and
technology has been investigated by Kuriyan et al. (2010). Online interactions between
customers and the services of the government, enterprises, and other political institutions are
based on trust. Between a customer's sense of danger and his or her acceptance of new
technology, trust plays a moderating role. Power dynamics, gender, and class are hypothesised
to further complicate the relationship of trust at the institutional and individual level using the
Technology Adoption Model (Davis, 1998). The study of trust in relationships utilising
repurchase intention using TAM is becoming more well-known and is being utilised more
frequently in the context of e-service quality. Kozak (2001) has examined the topic of visitor
satisfaction while accounting for cross-cultural factors. The main goal of this thesis was to
distinguish between tourist satisfaction levels with regard to destination culture. Vacation
travel habits provide valuable information about the similarities and differences between
people from various cultural origins (Richardson & Crompton, 1988;Sussman & Rashcovsky,
1997) The study looked at the amenities offered to British and German tourists travelling to

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Turkey and Mallorca, Spain. These amenities included accommodations, local transportation,
cleanliness, friendliness, activities, and facilities. It also looked at price levels.Analysis showed
substantial variations in both groups, which were ascribed to Turkey as a vacation destination's
level of costs, transportation services, and linguistic communication. In the instance of
Mallorca, both groups had different levels of satisfaction with regards to things like cleanliness,
cost, the availability of facilities and activities, communication in the local tongue, and
lodging.In order to understand how the self-congruity idea relates to tourists' perceptions of
their location and the satisfaction they gain from visiting, Murphy et al. (2007) go in-depth
with the subject. The link between a visitor's self-image and the image of the location is used
to characterise their motivations. It is specifically stated as the alignment between the
personality traits of the traveller and the place as represented by a brand, which in turn promotes
higher enjoyment during travel andthe self-congruity of tourists and the social responsibility
placed on the destination are both significantly influenced by maturity (Cutler & Carmichael,
2010).Finally, because tourism is an experience product, website quality plays a significant
role in consumer decisions.In their study, Belanche et al. (2012) examined the moderating role
of perceived risk on the relationship between a website's usability and traveller satisfaction.
This also highlights the crucial factors that influence whether someone will make a purchase,
including website reliability, fulfilment, and recommendations.
3. Framing the research hypothesis
The above literature review helps us in guiding the framing of the research hypothesis.
H0 1 : There exists a positive relationship between trust and tourist decision-making using
social media
H02: There existsa positive relationship between satisfaction and tourist decision-making
using social media.
H03: There exists a positive relationship between indulgence and tourist decision-making
using social media.
H04: There exists a positive relationship between maturity and tourist decision-making using
social media.
H05:There exists a positive relationship between hedonism and tourist decision-making using
social media
4. Research Methodology
Chandigarh has a high literacy rate of 81.9% and a high per capita income of Rs 67370and it
is this purpose, the study was conducted on the residents of Chandigarh. the residents.
4.1Framing the questionnaire
These consist of the following factors considered for our study namely trust disposition,
satisfaction, self-congruity and hedonic value(Ranaweera, Bansal, & McDougall, 2008).We
have used the Expertise , Trustworthiness and Attractiveness scale developed by (Ohanian,
1990) . Satisfaction we use the economic and social satisfaction scale developed by Geyskens
and Steenkamp(2000) .Along with the above three factors in psychology , To measure
hedonism in using social media for tourist decision-making , we have considerd the hedonic
and utilitarian shopping values as given by Babin et al.(1994). To measure tourist self-
congruity of which the dimensions are maturity and indulgence we would take the Self-concept
scale developed by (Malhotra, 1988).For tourist decision-making we would take study

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conducted by Belanche et al.(2012) which takes into account intention to revisit , recommend
,reliability and fulfillment as the dimensions for our study.
4.2 Sample design
Keeping in mind the population of Chandigarh we take a sample of 100 residents . Table 1
depicts the sample demographics for our study
Table I : Sample Demographics
Item Frequency
Gender Male 45
Female 55
Age below 20 20
20- below 30 40
30-below 40 15
40-below50 10
50-below60 10
60-below 70 3
70+ 2
Marital Married 35
Status Single 55
Divorced 5
Widow 5
Educational Matriculate 18
Level 10+2 10
Graduation 35
Post-graduation 45
Professional 15
any other 5
Annual Below Rs 100000 10
Income Rs 100000 - Below Rs 250000 45
Rs 250000 - Below Rs 500000 25
Rs 500000 - Below Rs 750000 10
Rs 750000 - Below Rs 1000000 5
Above Rs 1000000 5
Occupation self employed / business 2
Manager 5
sales person 10
Academician 5
Clerical 3
home maker 15
Student 45

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Defence 3
Unemployed 10
any other 2
Note : n= 100
5. Analysis of Data
5.1Factor Analysis
The main objective of the factor analysis is to identify these ‘ latent factors ‘ that would Using
IBM SPSS v22 we would carry out the exploratory factor analysis. On carrying out the factor
extraction we get communalities ranging from 0.473 till 0.810 and on suppressing values
below 0.50 and carrying out varimax rotation , we obtain five principal components or factors.
Table 2 : KMO and Bartlett’s Test
KMO and Bartlett's Test of Sphericity Approx Chi-Square Df Significance
0.914 7776.433 351 0.000
Table 3 : Principal components after Varimax Rotation

Component
Measurement Item
1 2 3 4 5
I use social media for tourist destination choice as I feel it has .71
high degree of trustworthiness 8
I use social media for destination choice as I feel it helps me use .70
my expertise on travel 3
I use social media for tourist destination choice as I feel it has .70
reliability 3
I use social media for destination choice as I feel a sense of trust .68
in this medium 7
I use social media for destination choice as I feel I have the skill .68
to to use it as network tool 1
I use social media for destination choice as I feel helps my .66
sincere expression 1
I use social media for destination choice as I feel I can share my .63
knowledge about the places I visited 9
I use social media for destination choice as I feel it’s a honest .63
medium to share 3
I use social media for destination choice as I feel I am qualified .63
enough to share my thoughts on travel experiences 1

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My relationship with my social media network is good and I get .76

many discounts when I plan my travel 6
I feel my being on social media network helps in choosing the .76
best vacation deals available 4
My relationship with my social media network is good and I get .71
the best deals 0
I am pleased with my travel decisions and make sure I share it in .66
my social media network 7
The interactions between me and others in the network are of .60
mutual respect 8
The social media network give all the destination information .60
support I require to complete my transaction online 6
The network expresses criticism of a destination openly .53
8
I feel that in my social media interactions my group members
.755
notice my maturity
In my online conversations , my social media groups says I am
.722
very informal
During my social media interaction with group members my
.722
rational thinking is on display
I try to portray the organised side of me through my posting in
.654
social media network
Social media is tool of indulgence whenever I visit or plan to visit .81
a place 0
I think my pleasant side comes to fore with my interaction in my .79
social media network 8
I do feel a sense of dominance when I post or write my comments .78
in social media 8
I show all my friends how contemporary I am with usage of .62
social media for tourist purposes 3
While going through various post on social media , I feel the
.749
excitement
During my entire browsing process I tend to forget my problems. .681
I feel a sense of adventure when going through various social
.668
media posts on tourist places
The Table 2 gives a KMO and Bartlett’s test value of 0.914 gives us sampling adequacy. And
Table 3 gives us five components for which we will conduct the Confirmatory Factor Analysis
Table 4 : Reliability analysis

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Rotation Sums of Squared

Loadings
Component Number of Statements Reliability
Eigen % of Cumulative
Values Variance %
1 9 .890 4.875 18.055 18.055
2 7 .852 3.943 14.603 32.658
3 4 .834 2.872 10.639 43.296
4 4 .804 2.714 10.052 53.349
5 3 .686 2.023 7.493 60.841
The above Table 4 gives us high reliability values and giving a cumulative variance of 60.8%.
5.2 Regression Analysis
The next step is to carry out the regression-analysis of the factors- trust , satisfaction , maturity ,
indulgence and hedonism with tourist decision-making in the context of social media . In this the
factors – trust , satisfaction , maturity, indulgence and hedonism are taken as the independent
variables and tourist decision-making as the dependent variable. The output in IBM AMOS v24
is depicted by the Table 5 gives us the regression estimates or β-coefficients .Trust exhibits the
highest regression coefficient(0.22) and indulgence(0.045) is the least with respect to tourist
decision-making . In Table 6 it can validated that the above factors show significance with respect
to tourist decision-making or the ability to revisit a destination or the ability to recommend. The
model returns a squared multiple correlation of 0.63 which is highly acceptable statistically in
tourist literature (Szymanski & Hise, 2000;Ranaweera, Bansal, & McDougall, 2008).
Table 5: Regression weights of psychological factors on tourist decision-making

Factor Estimate
Trust 0.221
Satisfaction 0.066
Indulgence 0.045
Maturity 0.083
Hedonism 0.160
Table 6 : Variances of factor and significance on tourist decision-making

Factor Estimate S.E. C.R. P-value
Trust 55.971 3.313 16.897 ***
Satisfaction 29.892 1.769 16.897 ***
Indulgence 11.691 0.692 16.897 ***
Maturity 10.667 0.631 16.897 ***
Hedonism 6.983 0.413 16.897 ***

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6.Findings
The above findings validate the proposed hypothesis holds true for all factors and they are
positively correlated to the decision-making of the travellers. Amongst these psychological
factors the maximum regression coefficient is exhibited by Trust(0.221) and followed by
hedonism(0.160) and lastly by indulgence(0.045) . Also there is a high inter-factor co-variances
between Trust and hedonic-value (10.25) and between Trust and maturity (14.16). These in-
turn indicate that Trust also impacts these two factors as well as decision-making abilities of
the traveller using social media (Moriuchi & Takahashi, 2016;He, Li, & Harris, 2012;Ghane,
Fathian, & Gholamian, 2011).Hedonism also influences the travellers ability to decide on a
destination as social media is rich in user generated content.(Parra-López, Bulchand-Gidumal,
Gutiérrez-Taño, & Díaz-Armas, 2011).Additionally, the factors satisfaction , maturity and
indulgence(sub-factors of self-congruity) are not showing the impact that is expected in the
modern day well-educated travellers belonging to developing societies like India. Thus we can
state the following hypothesis hold in our study.
H0 1 : There exists a positive relationship between trust and tourist decision-making using
social media
H02: There existsa positive relationship between satisfaction and tourist decision-making
using social media.
H03: There exists a positive relationship between indulgence and tourist decision-making
using social media.
H04: There exists a positive relationship between maturity and tourist decision-making
H05:There exists a positive relationship between hedonism and tourist decision-making using
social media
7. Discussion and Conclusion
Social media in India currently has half a billion subscribers in India and there is an exponential
growth in terms of subscribers being added annually (www.pewinterst.org). More and more
businesses in India are taking to social media as a means of advertising . The social media
phenomena have impacted industries like fashion, e-commerce, online retail,
telecommunications, hospitality industry and lastly tourism(Shen, Song, Li, & Jiang, 2015) .
Tourism products a being experiential in nature and have uncertainty and risk as major factors
and so travellers take to social media in all the stages of planning a trip (Lehto, Kim, &
Morrison, 2005). In the context of our study it is noted that amongst the psychological factors
online trust plays a major determinant in deciding on a destination or travel products in relation
satisfaction , maturity , indulgence and hedonism .Just like the travellers abroad , Indian
travellers too are taking to trust the user-generated content on social media (Kaplan & Haenlein,
2010) The factor hedonistic delight hugely influences the Indian travellers using the large
multi media content on social media (Tussyadiah & Wang, 2016). This content in the form of
blogs, visual media and videos posted on forum by other members motivate Indian traveller
in their destination planning (Tussyadiah & Fesenmaier, 2009). Interestingly, satisfaction does
not impact the traveller in any way as per our study . The next two factors namely maturity

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and indulgence have yet to gain the prominence than other factors owing to the fact that the
Indian society is considered a developing society and technology adoption takes time(Cutler &
Carmichael, 2010) .
This study is only focussing on the psychological aspects of travellers intentions and
can be further expanded by including others aspects like technological, functional ,social and
utilitarian to give a more holistic model. The study also immense value due to the large scale
disintermediation and re-intermediation happening with many online travel agencies coming
into the industry . This also throws in challenges for exitsing tourist organisation like State
tourism boards and Indian Tourism Development Council (ITDC) who have to form
innovative content to attract tourists to their states(Kavoura & Stavrianeas, 2015) . This would
go a long way in tailoring traveller specific content and resort to large scale customisation or
personalisation packages to boost tourist revenue for the state . This study has not incorporated
the purpose of travel- leisure or business and would be apt given the rise in travel in both the
upcoming segments. Lastly , this study can be replicated in other parts of India and
incorporated in cross-cultural studies using social media.
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IMPACT OF EMOTIONAL INTELLIGENCE ON ORGANIZATIONAL

COMMITMENT IN IT INDUSTRY
Richal Tuscano
Assistant professor, Thakur Institute of Management Studies and Research, Mumbai,
Maharashtra
Ketan Teke
Student, Thakur Institute of Management Studies and Research, Mumbai, Maharashtra
Nidhi Shetty
Roshani Prasad
Abstract:
Overview: This research examined recent contributions in the field of research on emotional
intelligence in the workplace. The major goal of the study was to examine how emotional
intelligence affects both job satisfaction and organizational commitment. In order to gather data
for the study, questionnaires were administered to a predetermined number of respondents using
the quantitative method. Results indicate a strong positive correlation between organizational
commitment, job satisfaction, and emotional intelligence among employees.
Keywords: Emotional intelligence, Organizational Commitment, Job satisfaction.
INTRODUCTION:
I. Emotional Intelligence:
The ability to recognize and control one's own emotions as well as those of others is referred to as
emotional intelligence. Emotional awareness, or the capacity to recognize and name one's own
emotions, the capacity to channel those emotions and apply them to activities like thinking and
problem-solving, and the capacity to manage emotions, which implies both controlling one's own
emotions when necessary and supporting others in doing the same, are the skills generally regarded
as comprising emotional intelligence.
Emotional intelligence (EI) has five fundamental components that, properly managed, enable
leaders develop to a higher level of emotional intelligence.
Self-Awareness - An essential component of emotional intelligence is the capacity to identify and
comprehend one's own feelings. Being conscious of the impact of your actions, moods, and
emotions on other people goes beyond simply being conscious of your own feelings.
Self-Regulation - The capacity to control and manage one's emotions, which is not to mean that
one should put one's feelings on lockdown and conceal their genuine nature. It simply entails
delaying expression till the appropriate moment and setting.
Motivation - Emotional intelligence also heavily relies on intrinsic motivation. Emotionally
intelligent people are driven by factors other than material rewards like fame, money, recognition,
and acclaim. Instead, they are passionate about achieving their own internal demands and
objectives.
Vol .No .IX, Issue- II (II) July – December 2022 Page│38

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Empathy - Empathy, or the capacity to comprehend how others feel, is vitally essential to
emotional intelligence.
Social Skills - Another crucial component of emotional intelligence is the capacity for
interpersonal interaction. More than merely taking into account your own and others' feelings are
necessary for true emotional awareness.
II.Organizational Commitment:
The level of involvement and dedication that employees have for both their specific tasks and the
company is referred to as organizational commitment. It also discusses the various factors that
influence professionals to stay with their current workplace rather than look for employment
elsewhere. Organizational commitment is important to businesses because it can result in reliable
performance, positive interactions, and positive workplace cultures.
Why is organizational commitment important?
Employers gain from employees' talent and viewpoints when they desire to give their team's best
suggestions and efforts. Committed workers strive to exceed expectations and make a positive
impact on the future of their organizations, as opposed to merely fulfilling them.
Reduced turnover rates are a result of increased organizational commitment, which encourages
employees to stay with their firm for longer periods of time. Employees that are dedicated may
view the company as a significant aspect of their life or as a fantastic opportunity for their careers.
III.Work from Home:
WFH implies a worker is working from their home, condo, or spot of home, instead of working
from the workplace. Many organizations have a WFH strategy, or remote work strategy, that
permits their representatives to telecommute either all day or when it's generally helpful for them.
Video conferencing apparatuses and cooperative innovation make it simple for associates to
convey and keep in contact, regardless of their geological area. There are even WFH occupations
that are totally remote, so laborers telecommute consistently. Representatives who WFH
frequently have a work space or assigned work area where they're ready to concentrate and be
useful.
Coronavirus assaults have changed the strategies and societies of work in numerous associations,
the telecommuting (WFH) peculiarity as a work to forestall the spread of COVID-19 in numerous
nations on the planet affects representative efficiency. Presently, well into the pandemic, the
constraints and the advantages of remote work are more clear. Albeit many individuals are getting
back to the working environment as economies resume — the greater part couldn't work from a
distance by any means — chiefs have demonstrated in overviews that crossover models of remote
work for certain representatives are setting down deep roots. The infection has gotten through
social and mechanical obstructions that forestalled remote work previously, getting under way a
primary change in where work happens, basically for certain individuals.
IV.Effects in IT Sector:
The $180 billion IT industry faced a significant risk for business continuity when the Covid-19
epidemic hit shore and actions like lockdowns were being discussed. Industry executives believe
it has been a blessing in disguise more than a month later and will increase the number of
individuals working from home in the post-coronavirus era. They attribute the current situation to
cost and productivity improvements brought about by WFH (work from home), and it's not just

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the IT industry that's benefiting. Less personnel will be employed in offices by businesses in the
services industry, particularly banks.
The business strategy for IT companies relied on workers reporting to their cubicles, frequently in
specifically constructed or rented campuses, for work, but the lockdown quickly caused a move to
the WFH model. Business leaders are confident that fewer personnel will be manning the cubicles
scattered throughout campuses now that more individuals are working from home, since
corporations are witnessing gains in costs and efficiencies.
LITERATURE REVIEW
Mayer and Salovey (1997) have dissected capacity to understand people on a deeper level as "the
capacity to direct feelings and scholarly development". Hierarchical responsibility, as uncovered
by twenty years of examination, is viewed as a critical forecaster for some certain and adverse
outcome factors (Meyer, Stanley, Herscovitch, &Topolnytsky, 2002).
Feelings are a vital piece of life and assume a significant part in the work and the social culture of
individuals. They are the perspectives that can fundamentally influence the forerunners of ways of
behaving including mentalities, attributions, and discernments. Cooper and Sawaf (1999) depicted
feelings as the progression of energy that influences a singular's way of behaving and spreads
around and impacts others. The capacity to understand individuals at their core isn't a
characteristic, proper intercession projects can teach a mix of dynamic abilities required. The
ability to appreciate people at their core is a fundamental component to be viewed as in a
hierarchical arrangement (Janis Maria Antony, M.Phil., 2013 ). Abdulrahman Alsughayir (2020)
in his examinations closed ability to appreciate anyone at their core influences both work
fulfillment and authoritative responsibility fundamentally and emphatically. Besides, results
showed that work fulfillment, as a go between, by implication affects EI and hierarchical
responsibility.
The administration of HR as far as the capacity to understand people on a deeper level in
associations has made a changeover since the 1980s from relative irrelevance to vital significance.
New components of authoritative conduct like grasping the capacity to understand individuals on
a profound level of the representatives, worker responsibility, and worker fulfillment have
acquired quick significance on the key guide of the association (Pachori, Vivek, 2015).
The qualities from the last part of the 1970s to the present are recognized as a powerful worldwide
economy with ferocious rivalry, high level data innovation, and the ascent of arising economies
(Schuler et al., 1993; Anakwe, 2002).EI plays a most extreme part in giving alluring and
conductive work spaces, which would spur the representatives and upgrade their work fulfillment
in their professions and associations (Dr. B. Radha, 2017).
RESEARCH METHODOLOGY
Statement of the problem:
The study is descriptive in nature, and pertinent material has been gathered from primary and
secondary sources of data. In order to gather information from 120 respondents within the I.T
companies, a random selection procedure was adopted. The information was gathered using a two-
part, structured questionnaire. In the first section of the questionnaire, respondents were asked to
provide personal information about themselves, including their age, work experience, Gender Sex,

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and mode of work (Online, Offline, and Hybrid). The second section of the questionnaire measured
the employee's emotional intelligence based on their mode of work selection
Scope of the Study:
This study is conducted within the IT Industry.
Objective: 1. To understand the concept of emotional intelligence
2. To understand the relationship between elements of emotional intelligence and job commitment
in I.T industry.
3. Emotional intelligence impact in 3 different work mode i.e Online, Offline & Hybrid in I.T
industries.
Hypothesis:
H01: There is no significant impact of Emotional Intelligence on Organizational Commitment in
online Mode.
H11: There is a significant impact of Emotional Intelligence on Organizational Commitment in
online Mode
offline Mode.
offline Mode.
Hybrid Mode.
Hybrid Mode.
Sample Size:
A sample of 120 respondents was selected. Employees across the IT industry were the respondents.
Sampling Method:
Simple Random sampling method was used for this study.
Statistical Tests Used:
Linear regression test was used on all the three modes of work as there was one independent and
one dependent variable.
DATA ANALYSIS AND INTERPRETATION
Regression Analysis for Effect of Emotional Intelligence on Organizational Commitment:
Model R Square Significance F t value
1. Effect of EI on organizational 0.328 0.000927 3.702

commitment in online mode

commitment in offline mode

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commitment in hybrid mode
Interpretation:
1. The above output shows that there is a significant impact of emotional intelligence on
organizational commitment in online mode. The level of significance F is 0.000927 which is much
lower than the accepted significance value (0.05). Hence, the null hypothesis is rejected and
alternate hypothesis is accepted. It can also be statistically seen that there is a 32.8% variance in
the organizational commitment due to emotional intelligence.
2.The above output shows that there is no significant impact of emotional intelligence on
organizational commitment in offline mode. The level of significance F is 0.286 which is much
higher than the accepted significance value (0.05). Hence, the null hypothesis is accepted and
alternate hypothesis is rejected.
3.The above output shows that there is a significant impact of emotional intelligence on
organizational commitment in hybrid mode. The level of significance F is 0.00017 which is much
lower than the accepted significance value (0.05). Hence, the null hypothesis is rejected and
alternate hypothesis is accepted. It can also be statistically seen that there is a 46.4% variance in
the organizational commitment due to emotional intelligence.
FINDINGS & CONCLUSION
Organizational Commitment was used as a dependent variable and Emotional Intelligence as an
independent variable in the linear regression analysis for three different modes of work and it was
found that there is an impact of emotional intelligence of employees on organizational commitment
in online and hybrid mode of working but not in offline mode.
The findings in this research have shown that emotional intelligence has a stronger effect on
employee’s commitment towards an organization in remote (online) or semi-remote (hybrid)
working environment as compared to an office environment (offline). The phenomenon of ‘Work
from Home’ started during the Covid 19 pandemeic has resulted in many companies looking into
the challenges of working remotely. Many factors such as communication gap, absence of a proper
workspace, longer working hours have had an impact on the emotional intelligence of employees
and their commitment towards their organization, which is being depicted in the results of this
research. In offline mode, the work progress and the difficulties of the employees can be addressed
one on one which makes the factor of emotional intelligence less dependable on organizational
commitment.
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Organizational Commitment, Emotional Intelligence and Compensation on Performance
of Satpol PP and WH Aceh Employee Through Job Satisfaction. International Journal of
Scientific and Management Research Volume 3 Issue 3.

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EFFECT OF HIGHER EDUCATION FACILITATOR’S EMOTIONAL AND

PERFORMANCE INTELLIGENCE ON LEARNER’S ACADEMIC PERFORMANCE
Dr. Rajesh Ramasamy1,

1
Assistant Professor, Department of Tourism and Hospitality Management, SEMIS, Mizoram
University, Aizawl, Mizoram – 796004, rajeshrphd@gmail.com
Dr.Arokiaraj David2
1
Assistant Professor, Department of Management Studies, BSS Institute of Advanced Studies,
Bhopal, Madhya Pradesh, India , arokiarajdavid@bsssias.ac.in
Dr. Sadanandam Ariyaputhiri3,
1
Assistant Professor, Department of Tourism Studies, School of Business Studies, Central
University of Kerala, Kasaragod, Kerala -671316, India, ariya.sadanandam@gmail.com
Dr. Pankaj Kumar4
1
Assistant Professor, Department of Tourism and Hospitality Management, SEMIS, Mizoram
University, Aizawl, Mizoram – 796004, pankajmatam@gmail.com
Abstract
The main purpose of this research is to study the role of higher education facilitator’s emotional
and performance intelligence on learner’s academic performance. Related literature has been
gathered from different sources on the effect of higher education facilitator’s emotional
intelligence on learner’s academic performance. Descriptive research design has been used for the
study. A structured questionnaire was designed on the basis of key variables such as facilitator’s
emotional intelligence and performance intelligence. Primary data was collected from 31 higher
education facilitators through a non-probability sampling method, especially, a convenience
sampling technique. Samples collected were analyzed using frequency, mean, standard deviation,
independent sample t-test and correlation. The study found that a significant difference exists
between public and private higher education facilitators’ intelligence and emotional intelligence.
Subsequently, the study also established that higher education facilitator’s emotional intelligence
and performance intelligence have significant influence the learner’s academic performance. Thus,
higher educational facilitators need to concentrate more on enhancement of their emotional and
performance intelligence because emotional and performance intelligence directly influence on
learner’s academic performance. Emotional and performance intelligence of higher education
facilitators’ can be improved by continuous training and orientation. Therefore it is high time for
the higher educational institutions, educational visionaries, educational planners and academicians
to give more weightage for emotional and performance intelligence in the higher education
facilitators selection process. Emotional and performance intelligence should be included in the
higher education facilitator’s orientation/induction or training programme curriculum. The
insights of the study have significant theoretical and practical implications in the field of higher
education.

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Key Words: Indian Higher Education, Facilitator’s Emotional Intelligence, Facilitator’s

Performance Intelligence, Learner’s Academic Performance.
Introduction
Higher education facilitators play an important role of shaping future generation of the society by
imparting quality training and development to the learner’s community in the specific discipline.
In fact higher education learner’s academic performance has been influenced by various factors
such as quality of education, favorable environment and facilitators. Despite the fact that the
community performance of higher education learners depends on multiple reasons such as quality
of education, conducive environment and facilitators, major influence is created by facilitator’s
emotional and performance intelligence. Systematic research on the effect of facilitator’s
emotional and performance intelligence on learner’s academic performance was instigated by
Daniel Goleman in 1995. Ever since, the interest in research on the effect of higher education
facilitators emotional and performance intelligence on learner’s academic performance has taken
a middle stage in the higher education research. Many research initiatives have established the fact
that facilitators’ emotional and performance intelligence influence on learner’s academic
performance at school level. A sizeable number of systematic research studies have been carried
out in foreign countries on precise issues like facilitator’s influence on learner’s performance.
Similarly in India a few studies have concentrated on these research issues related to school
education. However, no systematic attempt has been made to measure the influence of higher
education facilitator’s emotional and performance on higher education learner’s academic
performance. It is high time to study the effect created by higher education facilitator’s emotional
and performance intelligence on learner’s performance. Therefore, this research effort has been
taken up by the scholar to fill the existing research gap in the specific area of effect of higher
education facilitator’s emotional and personal intelligence on learner’s academic performance. In
this backdrop, this research is attempted to measure the effect of higher education facilitator’s
emotional and personal intelligence on learner’s academic performance. This research study,
therefore, focuses on the effect of higher education facilitator’s emotional and personal
intelligence on learner’s academic performance in India.
Review of Related Literature
Ample number of research works has been carried out on emotional intelligence and treated as a
key psychological concept (Zeidener, Mathews & Roberts, 2011). In the last four decades, many
researchers have tried to describe, investigate and evaluate emotional intelligence and also
proposed a lot of working theories of emotional intelligence (Mayer, Salovey & Caruso, 2004).
Emotional intelligence covers five main different main areas such as relationship skills, emotional
control, self-awareness, empathy and emotional control. Emotional intelligence can be measured
by the following terms such as active listening, developing self-awareness, showing empathy with
others, managing emotions and self-regulations (Busch & Oakley, 2017). Emotional intelligence
is the ability to analyse, control, identify and express the emotions of oneself in a better and
positive manner. A person with better Emotional Intelligence can communicate proficiently with
others, has less anxiety and stress, resolves the conflicts efficiently and overcomes the hurdles
expertly (India Today Web Desk, 2021). Emotional intelligence can be taught in classrooms and
the atmosphere in the college/ university can help the students to understand and manage their
emotional intelligence, which can help them to strengthen their different learning experiences
(Corbi et al, 2018).

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Emotional intelligence test is considered as a tool to predict the performance of the people by
educationalists. The concept of emotional intelligence plays an important role in building a
responsible society. Many researchers have found that the success of learner’s community
depends on teacher’s emotional intelligence in the field of school and higher education (Zeidener,
Mathews & Roberts, 2011). Teachers need to create a conducive and interactive emotional
learning classroom environment to gain positive feelings of the learners (Hargeaves, 1998).
Teachers with good emotional intelligence quotient always care for learners and craft favorable
classroom climate. Many studies have established a key fact that the teacher’s emotional
intelligence improves social relationship with the learners and directly influences the teaching and
learning process (Jennings & Greenberg, 2009). Emotional intelligence of teachers moderately
influences learner’s achievement (Abiodullah, Dur-e-Sammen & Aslam, 2020).
All these studies have been carried out in school education system, in the recent past to measure
the influence of teacher’s emotional intelligence on learner’s academic performance but no
systematic attempt has been made by the researcher to study the effect of higher education
facilitator’s emotional and personal intelligence on learner’s academic performance. In this
backdrop, this research is attempted to measure the effect of higher education facilitator’s
emotional and personal intelligence on learner’s academic performance. This research study,
therefore, focuses on the effect of higher education facilitator’s emotional and personal
intelligence on learner’s academic performance.
Hypothesis of the Study
Table 1: Research Hypotheses
Hypothesis Hypotheses
Number
H01 There is no significant difference between public and private higher educational
institution facilitator’s performance intelligence.
H02 There is no significant difference between public and private higher educational
institution facilitator’s emotional intelligence.
H03 There exists no significant relationship between higher education facilitator’s
performance intelligence and higher education facilitator’s emotional
intelligence.
performance intelligence and higher education leaner’s academic performance.
emotional intelligence and higher education leaner’s academic performance.
Research Methodology
This study has utilized descriptive research design process. Primary data are collected from the
higher education facilitators through Google form. Non probability sampling method is used,
especially, convenience sampling technique is used to collect the primary data. A total of 31
samples were collected from public and private higher education facilitators. A structured research
instrument is prepared based on the related literature which focuses on the higher education
facilitator’s emotional intelligence, performance intelligence and student academic performance.
The primary data are composed through a structured questionnaire. The research instrument

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comprises of five sections viz., demographic profile, academic profile, emotional intelligence,
performance intelligence and learner’s academic performance (i.e. measured based on semester
marks). Nominal and ordinal scales are effectively used to design the structured questionnaire.
Especially the five-point Likert scale is used to capture higher education facilitator’s emotional
intelligence and performance intelligence. Value 5 is assigned to strongly agreeing, 4 assigned for
agreeing, 3 assigned for neither agree or disagree, 2 assigned for disagreeing and 1 assigned for
strongly disagreeing. Samples collected were analyzed using frequency, mean, standard deviation,
independent sample t test and correlation. The Statistical Package for Social Science (SPSS)
software has been used for analyses the data.
Data Analysis
Table 2: Demographic & Academic Profile of Higher Education Facilitators
Gender Frequency Percentage Discipline Frequency Percentage

Male 23 74.19 % Humanities 08 25.81 %
Female 08 25.81 % Social Sciences 16 51.61 %
Age Sciences 07 22.58 %
Less than 25 04 12.90 % Teaching
Experience
25 to 35 06 19.35 % Less than One Year 05 16.12 %
35 to 45 12 38.70 % 1 - 5 Years 07 22.58 %
45 to 55 06 19.35 % 5 - 10 Years 08 25.80 %
55 to 65 03 09.67 % 10 - 15 Years 05 16.12 %
Academic 15 - 20 Years 04 12.90 %
Qualification
Post 03 09.67 % Above 20 Years 03 08.80 %
Graduation
Post 06 19.35 % Institution
Graduation
with NET
Ph.D. 20 64.51 % Public 16 51.61 %
PDF 02 06.45 % Private 15 48.39 %
Based on the demographic and academic profile of higher education facilitators, it has been
found that 74.19 % of higher education facilitators belong to the male category and 25.81 % have
belong to the female category. A little less than two-fifth (38.70%) of the respondents fit into the
age category of 35 – 45, followed by a little less than one-fifth (19.35%) of the respondents
belonging to the age band of 25 – 45 and 45 – 55. Based on academic qualification of higher
education facilitators the following data were arrived at where Post Graduate respondents
contributed to around 09.67%, Post Graduate respondents with NET to 19.35%, Doctorate
respondents 64.51% and Post-Doctoral Fellow respondents to 06.45%. Higher education
facilitators participated in this survey comprise of the various disciplines like Humanities
(25.81%), Social Sciences (51.61%) and Science (22.58%). With respect to teaching experience

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in the field of higher education, the data reveals higher education facilitators’ as having experience
of less than a year (16.12%), 01-05 years (22.58 %), 05 – 10 years (25.80 %), 10 – 15 years (16.12
%), 15 - 20 years (12.90 %) and Above 20 years (08.80 %). Nearly 51.61 % of the respondents
are associated to public higher educational institutions followed by 48.31% connected to private
higher educational institutions.
Tables 3 to 5 showcases descriptive statistics (i.e., frequency, mean and standard deviation) of
higher education facilitator’s emotional intelligence score, performance intelligence score and
learner’s academic performance score
Table 3: Descriptive Statistics of Higher Education Facilitator’s Performance Intelligence
No. of Mean Standard
Indicators Respondents Deviation
(n)
Higher Education Facilitator’s 31 122.46 10.23
Performance Intelligence
Based on the above descriptive statistics table 3, the mean score for higher education facilitator’s
performance intelligence is 122.46 with a standard deviation of 10.374.
Table 4: Descriptive Statistics of Higher Education Facilitator’s Emotional Intelligence
No. of Mean Standard
Indicators Respondents Deviation
(n)
Higher Education Facilitator’s 31 31.46 4.23
Emotional Intelligence
Based on the above descriptive statistics table 4, the mean score for higher education
facilitator’s emotional intelligence is31.46 with a standard deviation of 4.23.
Table 5: Descriptive Statistics of Higher Education Learner’s Academic Performance
Mean Standard
Indicators Deviation
Higher Education Learner’s Academic Performance 71.15 17.06
Based on the above descriptive statistics table 5, the mean score of higher education learner’s
performance intelligence (71.15) with a standard deviation of 17.06.
Table 6: Independent Sample t-Test Results for Public and Private Higher Educational
Institution Facilitator’s Performance Intelligence
Higher Education Facilitator’s No. of t-value Significant Decision
Performance Intelligence Respondents Value
Score (n)
Public Educational Facilitator 16 4.30 0.012 Null
Private Educational Facilitator 15 Hypothesis
Rejected
Based on hypothesis H01, the independent sample t-test was performed to find out the difference
between public and private higher educational institution facilitators’ with their performance

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intelligence. The performance intelligence is selected as test variable whereas public and private
educational facilitator is selected as group variables. Based on the independent sample t-test result,
it is found that there is a statistically significant (P-value = 0.012) difference existing between the
public and private educational facilitator of performance intelligence.
Table 7: Independent Sample t-Test Results for Public and Private Higher Educational
Institution Facilitator’s Emotional Intelligence
Higher Education No. of Significan Decision
Facilitator’s Emotional Respondents t- t value
Intelligence Score (n) value
Public Education Facilitator 16 0.518 0.025 Null Hypothesis
Private Education Facilitator 15 Rejected
Based on hypothesis H02, the independent sample t-test was performed to find out the
difference between public and private higher educational institution facilitators’ with their
emotional intelligence. The emotional intelligence is selected as test variable whereas public and
private educational facilitator is selected as group variables. Based on the independent sample t-
test result, it is found that there is a statistically significant (P-value = 0.025) difference existing
between the public and private educational facilitators of emotional intelligence.
Table 8: Simple Correlation for Higher Education Facilitator’s Performance Intelligence
and Higher Education Facilitator’s Emotional Intelligence
No. of Significant Decision
Indicators Respondents R
(n) Value
Higher Education Facilitator’s Null
Performance Intelligence Hypothesis
Higher Education Facilitator’s 31 0.388 0.041 Rejected
Emotional Intelligence
Based on hypothesis H03, a simple correlation was conducted to identify the relationship
between higher educational facilitators’ of performance intelligence and emotional intelligence.
The performance intelligence and emotional intelligence proceeds for simple correlation. Based
on the result of the simple correlation, it is found that there is a statistically significant (P-value =
0.041) with an R-value of .388 which denotes that there is a positive relationship between higher
education facilitators’ performance intelligence and higher education facilitators’ emotional
intelligence.
Table 9: Simple Correlation for Higher Education Facilitator’s Performance Intelligence
and Higher Education Learner’s Academic Performance
No. of Significant Decision
Indicators Respondents R
(n) Value
Performance Intelligence 31 0.58 0.038 Hypothesis
Higher Education Leaner’s Academic Rejected
Performance

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Based on hypothesis H04, a simple correlation was used to identify the relationship between higher
educational facilitators’ of performance intelligence and academic performance. The performance
intelligence and academic performance proceeds for simple correlation. Based on the result of the
simple correlation, it is found that there is a statistically significant (P-value = 0.038) with an R-
value of 0.58 which denotes that there is a positive relationship between higher education
facilitator’s performance intelligence and higher education learner’s academic performance.
Table 10: Simple Correlation for Higher Education Facilitator’s Emotional Intelligence and
Higher Education Learner’s Academic Performance
Indicators No. of Significant Decision
Respondents R Value
(n)
Emotional Intelligence 31 0.230 0.05 Hypothesis
Higher Education Leaner’s Rejected
Academic Performance
On the basis of hypothesis H05, a simple correlation was performed to identify the
relationship between higher educational facilitators’ of emotional intelligence and higher
education learner’s academic performance. The emotional intelligence and academic performance
proceeds for simple correlation. Based on the result of the simple correlation, it is found that there
is a statistically significant (P-value = 0.05) with an R-value of 0.230 which denotes that there is
a positive relationship between higher education facilitators’ emotional intelligence and higher
education learner’s academic performance.
Major Findings
Following are the major findings drawn from the research study:
● Nearly 74.19 % of higher education facilitators belong to the male category and 25.81 %
belong to the female category.
● A little less than two-fifth (38.70%) of the respondents fit into the age category of 35 – 45,
followed by a little less than one-fifth (19.35%) of the respondents belonging to the age
band of 25 – 45 and 45 – 55.
● Based on the academic qualification of higher education facilitators the following data
were arrived at where Post Graduate respondents contributed to 9.67%, Post Graduate
respondents with NET to 19.35%, Doctorate respondents to 64.51% and Post-Doctoral
Fellow respondents to 06.45%.
● The Higher education facilitators participated in this survey comprise of the various
disciplines like Humanities (25.81%), Social Sciences (51.61%) and Science disciplines
(22.58%).
● With respect to teaching experience in the flied of higher education, the data reveals that
the higher education facilitators’ have experience of less than a year (16.12%), 1-5 years
(22.58 %), 5 – 10 years (25.80 %), 10 – 15 years (16.12 %), 15 - 20 years (12.90 %) and
above 20 years (08.80 %).

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● Nearly 51.61 % of the respondents are associated to public higher educational institutions
followed by 48.31% connected to private higher educational institutions.
● There is a statistically significant difference existing between the public and private
educational institution facilitators’ performance intelligence. The mean score of public
educational institution facilitator’s performance intelligence is significantly more
compared to private educational institution facilitators.
● There is a statistically significant difference existing between the public and private
educational institution facilitators’ emotional intelligence. The mean score of public
educational institution facilitator’s emotional intelligence is significantly more compare to
private educational institution facilitators.
● The study found that there is a statistically significant positive relationship between higher
education facilitator’s performance intelligence and higher education facilitator’s
emotional intelligence.
● The study established that there is a statistically significant positive relationship existing
between higher education facilitator’s performance intelligence and higher education
learner’s academic performance.
● The study brings into being that there is a statistically significant positive relationship
existing between higher education facilitator’s emotional intelligence and higher education
learner’s academic performance.
Results and Discussion
Performance intelligence of the public higher educational institution’s facilitators is
moderately more compared to the private educational institution’s facilitators. This result
corroborates with pervious study findings of Khorshidi et al., (2013) and Srinivasan, (2015).
Emotional intelligence of the Public higher educational institution’s facilitators is moderately more
when compared to private educational institution’s facilitators. This result contradicts with
previous study findings of Srinivasan, 2015. This may be due to the various factors like recruitment
process, qualification, work environment, autonomy, orientation, training and development,
exposure and experience of the higher education facilitators.
Higher educational facilitators’ emotional intelligence is moderately associated with their
performance intelligence in the positive direction. This outcome of the study disagrees with
previous research study such as (Goleman, (1995), Goleman, (1998) and Srinivasan, (2015)).
Higher educational facilitator’s performance and emotional intelligence is moderately positively
associated with higher learner’s academic performance. The outcome of the study supports the
previous research study by (Susan, (2011), Cruci, Lanciano & Soleti (2014) and Srinivasan,
(2015)). This study has established that higher education learner’s academic performance
moderately depends on higher educational facilitator’s emotional and performance intelligence.
Thus, the higher educational facilitators need to concentrate more on enhancement of their
emotional and performance intelligence because emotional and performance intelligence directly
influence learner’s academic performance. Emotional and performance intelligence of higher
education facilitators can be improved by continuous training and orientation. Therefore it is high
time for the higher educational institutions, educational planners and academicians to give due
weightage for emotional and performance intelligence in the higher education selection process.
Emotional and performance intelligence course should be included in the higher education
facilitator’s orientation/induction or training programme.

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Conclusion
The motive of this research is to identify the role of higher education facilitator’s emotional
and performance intelligence on learner’s academic performance. The study found that there is a
significant difference existing between public and private higher education facilitators’
intelligence and emotional intelligence. Performance intelligence of the public higher educational
institution’s facilitators is moderately more when compared to private educational institution’s
facilitators. Emotional intelligence of the Public higher educational institution’s facilitators is
moderately more compared to private educational institution’s facilitators. Subsequently, the study
also established that higher education facilitator’s emotional intelligence and performance
intelligence have significant influence on learner’s academic performance. Higher educational
facilitator’s emotional intelligence is moderately associated with their performance intelligence in
the positive direction. Higher educational facilitator’s performance and emotional intelligence is
moderately associated with higher education learner’s academic performance in the positive
direction. Thus, higher educational facilitators need to concentrate more on enhancement of their
emotional and performance intelligence because emotional and performance intelligence directly
influence the learner’s academic performance. Emotional and performance intelligence of higher
education facilitators can be improved by continuous training and orientation. Therefore it is high
time for the higher educational institutions, educational planners and academicians to give more
weightage for emotional and performance intelligence in the higher education facilitators selection
process. Emotional and performance intelligence should be included in the higher education
facilitator’s orientation/induction or training programme curriculum.
References
Abiodullah, M., Dur-e-Sammen, &Aslam, M. (2020). Emotional intelligence as a predictor of
teacher engagement in classroom. Bulletin of Education and Research, 42(1), 127-140.
Busch, B., & Oakley, B. (2017, November 11). Emotional intelligence: why it matters and how to
teach it. The Guardian.
https://www.theguardian.com/teacher-network/2017/nov/03/emotional-intelligence-why-it-
matters-and-how-to-teach-it
Corbí, G.R., Pozo, R. T., Sánchez, B., &Castejón, J. L. (2018). Can emotional competence be
taught in higher education? A randomized experimental study of an emotional intelligence
training program using a multi-methodological approach. Frontiers in Psychology, 9, 10-39.
Curci, A., Lanciano, T., &Soleti, E. (2014). Emotions in the classroom: the role of teachers'
emotional intelligence ability in predicting students' achievement. American Journal of
Psychology, 127 (4), 431-45.
Goleman, D. (1995). Emotional Intelligence: Why it can matter more than IQ. New York: Bantam
Books.
Goleman, D. (1998). Working with Emotional Intelligence. New York: Bantam Books.
Hargeaves, A. (1998). The emotional politics of teaching and teacher development: With
implications for educational leadership. International Journal of Leadership in
Education, 1(4), 315-336.
India Today Web Desk (2021, May 14). 5 ways to build your child's emotional intelligence. India
Today.

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https://www.indiatoday.in/education-total/featurephilia/story/5-ways-to-build-your-child-s-
emotional-intelligence-1802206-2021-05-14
Jennings, P.A., & Greenberg, M.T. (2009). The prosocial classroom: Teacher social emotional
components in relation to student and classroom outcomes. Review of Educational Research,
79(1), 491-525.
Khorshidi A., Rashidi Z., Eftekharzadeh S.F. and Tarkhan F. (2013). The relationship between
teachers' emotional intelligence with their female students educational achievement in sixth
grade at primary schools. Journal of Educational and Management Studies, 3(4), 436-441.
Mayer, J.D., Salovey, P., & Caruso, D.R. (2004). Target articles: Emotional Intelligence: theory,
findings, and implications. Psychological Inquiry, 15(3), 197-215.
Srinivasan P. (2015). Exploring the Influences of Teacher’s Intelligence and Emotional
Intelligence on Students’ Academic Achievement. American Journal of Educational
Research, 3(9), 1159-1162.
Susan, F. (2011). The Relationship between Teachers' Emotional Intelligence and Sense of Humor,
and Student Achievement. Cincinnati: Union Institute and University, Doctoral
Dissertation.
Zeidener, M., Mathews, G., & Roberts, R.D. (2011). Emotional Intelligence 101. Springer
Publishing Company.

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RURAL SUSTAINABILITY AND ENTREPRENEURSHIP IN JHARKHAND
Dr. Pritha Chaturvedi

Assistant Professor, ICFAI University Jharkhand
Email Id: prithachaturvedi@iujharkhand.edu.in
Prof. Sumit Kumar Sinha
Assistant Professor, ICFAI University Jharkhand
Email Id: sumitsinha@iujharkhand.edu.in
Abstract
Rural development entails both promoting holistic development and improving the economic
situation of residents of rural areas. As a result, government policy has changed from supporting
rural development on an individual basis to encouraging rural populations to engage in both wage
and self-employment. The first tangible action the Indian government took to accelerate
industrialization of the economy was economic reforms in 1991. Industry expansion was
undoubtedly a result of this action, but the rural economy required more government initiatives to
lessen the dominance of agriculture. With its abundant natural resources, the state of Jharkhand
has the potential to develop into the nation's industrial centre. To ensure the sustainability of
MSMEs, the central government and the government of Jharkhand have implemented numerous
plans and programmes. The financial demands of MSMEs are being met by banking institutions
as well. These initiatives have progressively started the industrialization of the rural economy. The
entrepreneurial frame of reference for rural development recognizes entrepreneurship as the main
driver of economic growth and development; without it, other development-related variables will
be wasted. Rural development and the expansion of rural enterprises cannot occur on their own
through the adoption of entrepreneurship as a primary driving factor for development. In order to
fill a study gap in the current rural economy setting, this paper makes an effort to analyze initiatives
and issues linked to entrepreneurship in the framework of sustainable rural development for the
state of Jharkhand.
Keywords: Entrepreneurship; Rural Development; Sustainability; Economy; Jharkhand
I. Introduction
The value of entrepreneurship is crucial for a number of reasons, from promoting new product
invention to aiding in the growth of social change. Additionally, for the best results, entrepreneurs
are seen as national assets. Because of their innovative inventiveness (capacity to produce
interesting things), research, and entrepreneurship, some of the most developed nations are global
leaders. Great entrepreneurs have the capacity to revolutionize the way we live and work on a local
and national scale. Their inventions, if successful, have the potential to increase living standards.
Rural entrepreneurship is often understood to mean "entrepreneurship arising at the village level,
which can take place in a range of fields of Endeavour such as industry, business, and agriculture
and operate as a significant element for overall economic development." This concept has become
more dynamic throughout time. Compared to former times, entrepreneurship has been associated
with rural area development.
Rural entrepreneurship certainly implies entrepreneurship emerging in rural areas. In other words
establishing the industry in rural areas is referred to as rural entrepreneurship. This means that
rural entrepreneurship is synonymous with rural industrialization. Many such examples of
successful rural entrepreneurship can already be found in literature. Diversification into non-

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agricultural uses of available resources such as blacksmithing, catering for tourists, carpentery,
spinning etc as well as diversification into activities other than those solely related to agricultural
usage like use of resources other than land such as water, buildings ,woodlands, local features and
available skills all fit into rural entrepreneurship.
The entrepreneurial combinations of these resources include, for instance, tourism, sports and
recreation facilities, professional and technical training, retailing and wholesaling, industrial
applications (engineering, crafts), servicing (consultancy), value added (products from meat, milk,
wood, etc.), and the potential for off-farm employment. New uses of land resources that enable a
decrease in the intensity of agricultural output, like organic cultivation, are equally entrepreneurial.
Among the most significant chances for rural businesses are:
 Improved farm product distribution leads to rural prosperity
 Rural kids who pursue entrepreneurial careers experience a decline in options for covert
employment and the use of alternative careers.
 Establishment of large co-operatives for the best and most efficient use of farm products l
optimal use of local resources in rural youth entrepreneurs' ventures
II. Scope of Entrepreneurship in Jharkhand
Jharkhand was created from the former state of Bihar. The state is the sole producer of coking coal,
uranium, and pyrite and is responsible for about 40% of the nation's mineral resources.
Additionally, Jharkhand is India's top producer of coal, mica, kyanite, and copper. Over the past
ten years, Jharkhand has transformed into a startup hub. A number of manufacturing and service-
focused businesses have progressively found space among the growing number of developing
organizations. It has contributed significantly to the state's economy's growth and ease of doing
business. The nation's economy is driven by entrepreneurs, who promote growth and employment.
The national effort to turn India into an innovation hub includes fostering the development of
entrepreneurial spirit and skills in the future generation of innovators.
Besides agriculture and allied activities, as stated above the state has a huge repository for natural
resources like coal, iron, and several other minerals. Numerous iron and steel enterprises have
been established in the state as a result of its close proximity to rich mines. The state provides
enormous prospects for power generation, geological investigation, and the mining of precious
stones, base metals, gold, and silver. Additionally, the state's abundant natural resources have
served as a catalyst for rural and agricultural-based industries like jute, hemp, sisal, and other
fabrics, as well as tea cultivation, processing, and packaging, paper, cattle feed, floriculture, and
horticulture, making them potential sites for future investment.
III. Research Methodology
The current study is based on a thorough analysis of secondary data that was gathered from several
books, national and international journals, and public and private publications that are available
on various websites and in libraries and that focus on different facets of rural entrepreneurship and
analyzes issues linked to entrepreneurship in the framework of sustainable rural development for
the state of Jharkhand. As a desk study, this research is also based on secondary data from
numerous articles, journals, and websites
Objectives: To illustrate the state of rural entrepreneurship and the existing opportunities for the
state of Jharkhand.

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 To present the Case of the Raidih Block of the Gumla District (Jharkhand) highlighting on
the success of the Agricultural Entrepreneurs.
 To identify issues specific to rural entrepreneurs in starting and operating their business.
 To compile information on the policies programmes, and institution networks currently in
place that assist rural entrepreneurship.;
IV. Facilitators of Entrepreneurship for the State of Jharkhand
Agriculture and Rich Resources: The state's agro-climate is ideal for the commercial growth of
a wide variety of fruits, vegetables, flowers, and medicinal and aromatic plants. One of the key
agricultural subsectors with significant room for growth in the state of Jharkhand is plantation and
horticulture. The state of Jharkhand has a total area of 79.7 lakh ha, of which 38 lakh ha are arable
land. Only 1.57 lakh acres, or 8 percent of the net sowing area, are net irrigation. About 2.57 lakh
hectares of land in the state are used for plantations and horticulture crops. In Jharkhand, a variety
of fruits are cultivated. Mango, Litchi, Stone Fruit (Peach), Citrus (Lime/Lemon), Awla, Papaya,
Chilli, Turmeric, and Ginger are some of the crops grown in Jharkhand. Rose, Marigold, Gerbera,
Carnation, and Gladiolus are some of the flowers. Lemon Grass, Palmarosa, and Rosa Damascena
are some aromatic plants. Plantation crops in Jharkhand include Cashew. In the form of tanks,
ponds, and reservoirs, Jharkhand is blessed with abundant fresh water resources that have been
impounded. Coconut and cashew nuts are the two main plantation crops grown in the State. Due
to the State's average output of 36 nuts per palm, which is higher than the national average of 34
nuts, the Board has designated the State as a high potential State for coconut agriculture. Because
cashew nuts are exceptionally well suited for growing in wastelands, they are often referred to as
a gold mine of wastelands. As a result, there is tremendous potential for cashew agriculture,
particularly in the East and West Singhbhum districts. A limited amount of tea planting has been
started in Ranchi district, which has a climate that is ideal for cultivating tea.
Extraordinary Skill and Labour Force: A little over 1.5 lakh weavers throughout the State are
employed in the labor-intensive cottage industry sector known as handloom. Deendayal
Hastkargha Protsahan Yojana, which aims to handle a wide range of activities, including basic
inputs like looms and accessories, product development, infrastructure support, institutional
support, training to weavers, supply of equipment, and marketing support, both at micro and macro
levels in an integrated and coordinated manner for an overall development of the sector and benefit
to handloom weavers, is offering a variety of incentives to the weavers. The cultural heritage,
customs, and traditions of the State are reflected in Jharkhand's handicrafts. The State produces
crafts made of cane, bamboo, wood, stone, brass, lac-based goods, paper mache, terracotta, and
other materials. By adopting Thailand's "One Tambon One Product" model, the State Government
may establish suitable “Handicraft Village” in each of the State’s districts to promote the
traditional arts and crafts of the villages. Mahua seed, sal seed, shellac, bamboo, kendu leaf, harre,
bahera, and other forest products are among those that can be found in the state.
Forestry, Plantation and Culture: Similar to Chattisgarh and Uttaranchal, Jharkhand has a
sufficient amount of forest cover. Two tree species, Arjuna (Terminalia Arjuna) and Asan
(Terminalia Tomentosa), which are the nesting grounds for the moth that creates the cocoon from
which Tasar yarn is reeled, may be found in these forests. The forest department of Jharkhand also
intends to promote the planting of Arjuna trees rather than the more common Acacia or Eucalyptus
trees. A total of 9 lakh hectares are home to Tussar Food plants. The State's primary silk-producing

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regions are Singhbhum and Santhalpargana. Through 28 pilot project centres spread across various
locations, the State is pushing this activity. The average disease-free laying (DFL) or egg rearer
can produce 200 eggs, hence the annual need for commercial seed or eggs is 130 lakh. Nucleus,
Basic seed, and Basic seed multiplied to become Commercial seed are the three different forms of
seeds or eggs.
V. Case of the Raidih Block of the Gumla District (Jharkhand); The success of the
Agricultural Entrepreneurs
Farmers in the Raidih block of the Gumla district have been able to gradually expand the area
planted in vegetables thanks to lower risk and the convenience of receiving many services right at
their doorsteps. This has inspired agricultural entrepreneurs to develop new products and services
that will benefit both their companies and farmers' ability to make more money.
In Jharkhand's Gumla district, in the southwest, is an administrative block called Raidih.
According to the Gumla District Census Handbook - 2011, there are 13,600 families living in
Raidih, with 65 percent of them being tribal people. A little more than 10,000 families own less
than two hectares of land (ha).
Only 6% of the 30,500 acres of cultivable land is irrigated. This suggests that the primary means
of subsistence for the people who live in Raidih block is rain-fed rice farming. The region receives
1200 mm or thereabouts of precipitation year, spread over around 70 rainy days. Residents in
Raidih exclusively engage in subsistence farming because they are dependent on rain-fed
agriculture.
They are compelled to move to far-off cities in quest of employment because of this and the lack
of non-farm enterprises. The younger generation views farming as an unstable profession and
believes that cities offer them more chances. Migrants return home during the rainy season to tend
to their fields despite the erratic agricultural output system. They obviously enjoy farming and
wish to be close to their families.
 Utilising opportunities: Looking Forward
At 650 metres above sea level, Raidih experiences a moderate climate. It offers a great deal
of promise for subtropical crops, especially vegetables, even during the rainy season due
to its undulating topography and well-drained soil. This distinctive biophysical trait offers
smallholders a promising future.
Vegetables cannot be cultivated in the nearby agriculturally advanced regions of West
Bengal, Odisha, and Bihar during the rainy season. Some farmers took advantage of this
chance and began cultivating vegetables with the help of grassroots organisations like
PRADAN (Professional Assistance for Development Action). With this the farmers have
found a favorable market because there is a demand for veggies during the monsoon
season.
VI. Issues specific to rural entrepreneurs in starting and operating their business
Entrepreneurs undoubtedly play a significant part in the growth of the economy and the nation's
overall Gross Domestic Product. They deal with a variety of issues in their daily lives and at work.
Similar to how roses have thorns; thriving businesses too have challenges of their own. The
following are some of the main issues rural entrepreneurs face:
Financial Issues  The majority of rural businesses struggle to obtain external funding
because to the lack of marketable tangible security and credit.

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Additionally, the application process for bank loans takes so long

that delays frequently dissatisfy rural business owners. One of the
largest issues facing rural businesses today, particularly in light of
the global recession, is the lack of available financing.
 Due to the high cost of reaching rural consumers and the fact that
they are frequently too poor to afford bank products once they do,
some banks have not made the effort to service these customers. The
traditional financial sector frequently excludes the poor because they
frequently lack the necessary established types of collateral or
tangible assets to offer. The government offers subsidies to rural
areas, but due to the high cost of financing, these subsidies aren't
producing any positive outcomes.
 Despite government attempts, the development of rural businesses is
not particularly healthy since suitable and adequate infrastructure is
lacking
 Due to a lack of funding and outside assistance, rural entrepreneurs
have an extremely low risk tolerance.
Market-Related  Large corporations and metropolitan business owners present fierce
Issues competition for rural entrepreneurs. Due to high input costs, they
have a high cost of manufacture. One of the biggest issues marketers
confront is standardisation. Another is competition from large-scale
entities. Fixing the criteria and then upholding them becomes a
challenge for them. Competition from large scale operations also
makes it harder for new initiatives to survive. Due of their limited
financial resources, startups cannot afford to spend more on
marketing and sales promotion. These businesses lack a recognised
brand name under which they can market their goods.
 Middlemen take advantage of rural business owners. Rural business
owners rely largely on middlemen to advertise their goods, who
inevitably make sizable profits. Other marketing issues in remote
locations include inadequate storage and transportation
infrastructure. Farmers typically keep their food in open areas,
earthen containers, bags, etc. in villages. Therefore, these native and
traditional techniques of storage are unable to shield the crop from
pests like weevils and moisture. The agricultural products are not
evaluated or standardised.
Management and  Rural areas do not use information technology very frequently as a
IT Issues whole.Entrepreneurs depend on internal connections that promote
the exchange of commodities, services, ideas, and information. Rural
towns' strong family and interpersonal ties can occasionally be very
beneficial, but they can also be a barrier to developing profitable
commercial relationships.

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 A key issue facing rural business owners is a serious lack of technical

skills. The lack of substantial services and training facilities is a
barrier to the growth of rural entrepreneurship.
 Due to ignorance and illiteracy, rural entrepreneurs find it incredibly
difficult to comply with the various legal formalities and to get
permits. Additionally, obtaining raw materials is a very difficult
process for many rural enterprises. They might also receive inferior
raw materials, which might run into storage and warehousing issues.
 A serious issue with rural entrepreneurs is a significant lack of
technical skills. The lack of substantial services and training
facilities is a barrier to the growth of rural entrepreneurship.
VII. CSR programmes and novel initiatives by the Jharkhand government to facilitate
entrepreneurship and promote skill development
 The Government of Jharkhand seeks to develop entrepreneurial opportunities for every
social stratum and intends to become one of the top locations for startups by 2023 given
the set of sectoral advantages. The state government created a Startup Policy in 2016 to
encourage the state's citizens to be innovative and entrepreneurial and to turn ideas into
possible business possibilities. The state aims to support 1500 companies and foster the
growth and scaling up of at least 1000 direct startups by establishing an enabling startup
environment.
 One of the few states in the nation, Jharkhand has connected each of the various
components of an ecosystem for entrepreneurship through its policy. Infrastructure,
funding, the development of human resources, incentives, and governance are some of
these. The state's business incubators, venture funds, and Entrepreneurship Development
Fund have all helped the entrepreneurship ecosystem grow rapidly.
 One of the State Government's top focuses is the promotion of agro-based industries. By
utilising scientific methods, making investments in post-harvest, and having a robust
transportation infrastructure, the state has ensured a supply of fruits and vegetables. In the
Jharkhand State, the National Horticulture Mission (NHM) was introduced in late 2005 or
early 2006, initially in 10 districts, with a primary focus on the production of planting
materials, vegetable seed production, creation of new gardens, and the development of
water resources, among other things. Plants for floriculture, aromatic and medicinal
purposes, as well as perennial and annual fruits, spices, and gardens are established.
 Towards the growth of entrepreneurship the rural development ministry's Azadi Ka Amrit
Mahotsava is a fortnight-long event being held in every district from July 1–15 with the
goal of fostering rural business.
 Jharkhand State Livelihood Promotion Society, Rural Development Department is holding
district and block level programmes from July 1–15 with the goal of turning women
affiliated with Sakhi Mandal into successful businesses. In order to strengthen the rural
economy, the Livelihood Mission is taking steps to connect rural women with
entrepreneurship while also speeding up the implementation of other non-farm livelihood

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activities. It is necessary to train rural women and connect them with the enterprise in order
to achieve the goal of eradicating poverty. Educating women in the fields of agriculture,
plastic waste management and processing, medicine, etc. is also necessary. Through e-
commerce, there are efforts to link the products of rural entrepreneurship to a wider market.
Women are also given financial aid and training through the Startup Village
Entrepreneurship Program (SVEP) and Rural Self-Employment Training Institute (RSETI)
to help them become successful business owners.
 In keeping with the vision of Aatmanirbhar Bharat that the Hon. Prime Minister Shri
Narendra Modi has for his country, Skill India encourages entrepreneurship in the state of
Jharkhand. A Memorandum of Understanding is signed between the National Institute for
Entrepreneurship and Small Business Development (NIESBUD), an independent
organization under the Ministry of Skill Development and Entrepreneurship, and the
Central University of Jharkhand (CUJ), Ranchi, with the intention of identifying
opportunities for mutual collaboration and fostering entrepreneurship in technical and
professional education in India. This MOU's main goal is to combine the strengths of
NIESBUD and Central University of Jharkhand (CUJ), Ranchi, in order to foster the long-
term growth of entrepreneurial skills and enable training and education.
 In addition to other states, rural Jharkhand has benefited from a number of professional
development initiatives carried out by Tata Capital, the financial services arm of the Tata
Group. The project's goal is to revitalise communities in the states and offer employment
opportunities. The “Green Switch Project” and “The JalAdhaar Project” are two projects
by Tata Capital that fall under its CSR efforts. The “JalAdhaar project” is only focused on
delivering clean and potable water resources to the nearby rural people, while the Green
Switch initiative concentrates on addressing climate change sustainability, health, skill
development, education, and entrepreneurship. The project encourages both community
involvement and technical integration.
VIII. Conclusion
Rural business owners undoubtedly play a significant role in India's economic development. They
are essential to the transformation of underdeveloped countries into developed nations. A country's
economic policy environment must always be favorable in the current global market for an
organization to be effective. Regardless of whether an organization is in the public, private, or
combined sectors, economic policy should empower entrepreneurs to give it a special touch to
achieve innovation, speed, flexibility, and a strong sense of self-determination.
However, rural entrepreneurship is the best solution for ending rural poverty in India. Therefore,
the government needs to promote integrated rural development projects more. In Jharkhand, rural
development has been carried out using a pessimistic mindset. The only things that can actually
help rural areas flourish effectively are economics and management strategies. The instruments of
economics include good governance, an efficient budget, consumption patterns, investment
choices, production systems, exchange and distribution values, and welfare-related factors. The
fundamental tools of management practices include human resources, marketing, finance,
information management, and rural development. Together, they may create professional and
commercial attitudes that will help to reduce inequality, eliminate poverty, eliminate
unemployment, repair food security, and organize a good occupational structure, all of which will

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help to advance rural values and ethics as a whole. Additionally, there should be well-regulated,
effective marketplaces, and governments should support these efforts. Grading and standardization
ought to be encouraged with strong government assistance. In the current environment, studying
entrepreneurship aids business owners in meeting both their personal demands and the financial
needs of new companies. Rural entrepreneurship not only boosts the economy by adding jobs, but
it also works as a vital link between innovation and the market, which promotes economic growth.
In order to bring about change, institutions must concentrate on the interactions between
entrepreneurship, innovation, and education.
References
1. Ahirrao Jitendra. (2013), Entrepreneurship and Rural Women in India, New Century, New
Delhi.
2. Barwa, S. D. (2003), “Impact of Start Your Business (SYB) Training on Women
Entrepreneurs in Vietnam” ILO Vietnam working paper, Series No. 1, pp. 27– 29.
3. Bertaux, N., Crable, E. (2007), “Learning about Women Economic Development,
Entrepreneurship and the Environment in India – A Case Study”, Journal of Developmental
Entrepreneurship, Vol. 12 (4), pp. 1–13.
4. Botha, M., Nieman, G. H., Vuuren, J. J. (2006), “Evaluating the Women Entrepreneurship
Training Program: A South African Study”, International Indigenous Journal of
Entrepreneurship, Advancement, Strategy and Education, Vol. 15, pp. 4–11.
5. Dabson, B. (2001). Supporting rural entrepreneurship. Exploring policy options for a new
rural America, 35-48.
6. Das, D. C. (2014). Prospects and Challenges of Rural Entrepreneurship Development in
NER-A Study. International Journal of Humanities & Social Science Studies (IJHSSS) , I
(III), 178-182.
7. Dash, U. K. (2003), “Education as the Crucial Investment for Human Development”,
Jharkhand Journal of Development and Management Studies (Quarterly), Vol. 1 (2), pp
10–15.
8. Ekka, Beni A. (2003), “Empowerment of Unprivileged through Management and
Technical Education: Jharkhand Perspective”, Jharkhand Journal of Development and
Management Studies (Quarterly), Vol. 1 (2), pp. 16–20.
9. Garba, A. (2010), “Refocusing Education System towards Entrepreneurship Development
in Nigeria: A Tool for Poverty Eradication”, European Journal of Social Sciences, Vol. 15
(1), pp. 140–148.
10. https://avenuemail.in/jharkhand-entrepreneurship-development-fortnight-in-all-districts-
till-july-15/
11. https://indiaeducationdiary.in/skill-india-gives-a-boost-to-entrepreneurship-in-jharkhand/
12. https://thewire.in/environment/jharkhand-farmers-turn-rural-entrepreneurs
13. https://www.startupindia.gov.in/srf/reports/Jharkhand_Report_26072020.pdf
14. Karimi, S. (2015). Rural entrepreneurship: chalanges and opportunities. Journal of
Entrepreneurship in Agriculture , 1 (3), 101-119
15. Korsgaard, S., Müller, S., & Tanvig, H. W. (2015). Rural entrepreneurship or
entrepreneurship in the rural–between place and space. International Journal of
Entrepreneurial Behavior & Research.

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16. Kumar, S. (2012). Promoting Entrepreneurship in a tribal region: A case study of Mandar
block (Ranchi district). Anusandhanika, 4(2), 152.
17. Pathak, A. A., & Varshney, S. (2017). Challenges faced by women entrepreneurs in rural
India: The case of Avika. The International Journal of Entrepreneurship and
Innovation, 18(1), 65-72.
18. Santhi N. and Rajesh Kumar S. (2011), Entrepreneurship Challenges and Opportunities in
India, Bonfring International Journal of Industrial Engineering and Management Science,
Vol. 1, Special Issue, December
19. Singh, S. R. (2015). Centre to support rural entrepreneurs under MUDRA.
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problems.
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entrepreneurship field. Agribusiness, 6(4), 329-344.
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Entrepreneurship Monitor: National Entrepreneurship. Assessment, United States,
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Kauffman Foundation, 2000, 3.http://www.scribd.com/doc/26661470/Rural-
Entrepreneurship-in-India

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COMPENSATION MANAGEMENT AND EMPLOYEES PERFORMANCE IN THE IT

SECTOR OF MADHYA PRADESH
Shalu Pandey
Research Scholar, Barkatullah University, Bhopal, shalu.jssgiw@gmail.com
Dr. Roopali Bajaj
Associate Professor, VNS Group of Institutions, Bhopal, b.roopali007@gmail.com
ABSTRACT
Compensation management focuses on determining employees' pay and benefits, it covers
financial and Non-Financial benefits. This helps in attracting the candidates to join the
organization, manage turnover, increase performance and will boost employee morale. This study
will help us to determine the effect of compensation management on employee’s performance.
This study will determine the effect and relationship between Compensation including working
condition and welfare services and Performance of employees, It was conducted by designing a
structured questionnaire to collect the primary data from employee’s working in IT sector of
Madhya Pradesh. Data was analyzed and interpreted by applying inferential and descriptive
statistics like, percentage analysis, frequency tables, and chi square to test the hypotheses. The
results has shown positive and significant relationship of compensation management, good
working condition and welfare services on employee’s performance. It was concluded that
compensation management, good working condition and welfare services are key drivers that help
in motivating employees, boost their morale, improved productivity and profitability, retain talent
which result in enhancing employee’s performance.
KEYWORDS
Compensation management, Employee’s performance, Welfare services, Good working condition,
IT sector, Madhya Pradesh
INTRODUCTION
Compensation of employees is a term used to refer to the total gross wages paid to the employees
by the employers for the work done in an accounting period. It includes the monetary and non-
monetary benefits such as bonuses, profit sharing, equities/ESOP’s, overtime pay, commission,
rewards and recognition etc. Compensation is a hygiene factor that helps motivate the employees.
Compensation can be either direct such as Salary, health benefits etc to indirect which aims to
encourage employees to work. Allowances, commissions, fringe benefits etc are a great overall
addition to the compensation that indirectly attract the employee.Apart from Compensation
Employee welfare is also very important area which includes perks and benefits provided to the
employees of the organisation apart from regular salary
Candidate market is tough and its gets tougher to attract the best talent and thus the lucrative
compensation per industry standards will not only help attract the best talent but also help in
retaining them.
DEFINITION
“Compensation refers to all forms of financial returns and tangible services and benefits employees
receive as part of an employment relationship”.

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Wage
or
Salary
Stock Incentiv
options es
Componen
ts of
Compensa
tion
Travel/
Dearnes
Meal/H
s
ousing
Allowan
Allowan
ce
ce
Fringe
benefits
Literature Review
Rojikinnore,Abdul JuliAndiGani,Choirul Saleh and Fadillah Amin( 2022) The study shows
that there is direct impact of healthy work environment and competitive compensation on the job
satisfaction and employee performance.
Ashima Bansal, MannuGarg&Yashika Sharma (2020) This study shows contribution of
multiple factors such as good working environment, various allowances, fair pay structure,
competitive pay structure towards employee motivation.
AdariTulasee Naidu & G. Satyanarayana( 2018) The study discusses the components and their
importance in compensation strategy. It focuses on creating the best compensation as per industry
standard to attract and retain the best talent.
Calvin Mabaso (2016) This study talks about importance of employee attrition and retention for
the Human resources professionals across the worlds and specifically in the South African Market.
It emphasizes on creating a competitive and lucrative pay package to attract and retain the best of
the talent.
Sheila Wambui Njoroge &Josephat Kwasira (2015) Studied that the adopted pay strategy of
compensation has greatly motivated employees and has enhanced their performances. The data for
the study was collected through books, libraries, published papers, journals, articles etc.
OBJECTIVES
The objectives of the study are:
 To determine the effect of compensation management on employee’s performance.
 To explore the relationship between working condition and employee performance.
 To measure the relationship between welfare services and employee’s performances
CONCEPTUAL MODEL

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H1
H1
Compensation
management H2
Good working condition Employee’s performance
H3
H H2
Good welfare service
METHODOLOGY
RESEARCH DESIGN
This research is exploratory in nature which was design to explore the concept of compensation
management and employee’s performance in IT sector of Madhya Pradesh.
STUDY POPULATION/ SAMPLE
The study population includes the employees working IT sector of Madhya Pradesh.
SAMPLING AND SAMPLE SIZE
Sample of 150 employees was selected through Judgmental sampling technique in which 126 were
found appropriate for the study.
SOURCES OF DATA
This research was conducted by collecting primary data through questionnaire and secondary
data from various journals, research papers, articles, case studies and internet.
METHODS OF DATA ANALYSIS
The data was analyzed by applying inferential and descriptive statistics tools like, percentage
analysis, frequency tables, and chi square test.
RESEARCH HYPOTHESES
H1 = Compensation management has positive and significant effect on employees performance.
H2= Good working condition has positive and significant effect on employees performance.
H3= Good welfare service has positive and significant effect on employees performance.
TESTING
Table 1: Reliability Statistics
Cronbach's Alpha No. of Items
.831 4
As per table 1, value of Cronbach’s Alpha for all the items is 0.831, which shows that data collected
for the study is reliable and can be considered for further data analysis.
Table 2: Demographic Profile

Demographic
Variables Count Percentage
Characteristic
Gender Female 90 71.43

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Male 36 28.57
20 – 25 years 54 42.86
26 – 30 years 24 19.05
Age 31- 35 years 24 19.05
36 - 40 years 12 9.52
41 and above 12 9.52
Married 60 47.62
Marital Status
Unmarried 66 52.38
0-3 years 90 71.43
3-6 years 12 9.52
Tenure in
6-9 years 12 9.52
Organization
9-12 years 6 4.76
12 years and above 6 4.76
Table 2 depicts the demographic profile of respondents. In this survey 71.43% female and 28.57%
male employees have participated. 42.86% fall in the age bracket of 20-25 years, 52.38% are
married and 71.43% are having 0-3 years of experience.
HYPOTHESIS TESTING
H1 = Compensation management has positive and significant effect on employees
performance.
Table 3: Chi-Square Tests
Asymp. Sig.
Value df (2-sided)
Pearson Chi-Square 3.312E2a 32 .000
Likelihood Ratio 244.360 32 .000
Linear-by-Linear Association 69.353 1 .000
N of Valid Cases 126
a. 38 cells (84.4%) have expected count less than 5. The minimum
expected count is .29.
Table 4: Symmetric Measures

Asymp.
Std. Approx. Approx.
Value Errora Tb Sig.
Interval by Interval Pearson's R .745 .037 12.431 .000c
Ordinal by Ordinal Spearman
.782 .026 13.984 .000c
Correlation

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a. Not assuming the null hypothesis.

b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.
Table 4 shows correlation analysis between compensation management and employee’s

performance. There is high degree of positive correlation between these two variables. Table 3
confirms that Compensation management has significant effect on employee’s performance as p
value is less than 0.01 at 1% level of significance. Hence we reject the null hypothesis and accept
the alternate hypothesis.
H2= Good working condition has positive and significant effect on employees performance.
Asymp. Sig. (2-

Value df sided)
Pearson Chi-Square 3.430E2a 40 .000
Linear-by-Linear
88.208 1 .000
Association
Asymp. Std. Approx. Approx.

.813 .024 15.542 .000c
Correlation
Table 6 shows correlation analysis between good working conditions and employee’s
performance. There is high degree of positive correlation between these two variables. Table 5
confirms that good working conditions has significant effect on employee’s performance as p
value is less than 0.01 at 1% level of significance. Hence we reject the null hypothesis and accept
the alternate hypothesis.
H3= Good welfare service has positive and significant effect on employees performance.

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Asymp. Sig. (2-

Value df sided)
a
Pearson Chi-Square 2.335E2 32 .000
Linear-by-Linear
30.217 1 .000
Association
Asymp. Std. Approx. Approx.
.553 .074 7.388 .000c
Correlation
Table 8 shows correlation analysis between good welfare services and employee’s performance.
There is low degree of positive correlation between these two variables. Table 7 confirms that
good welfare service has significant effect on employee’s performance as p value is less than 0.01
at 1% level of significance. Hence we reject the null hypothesis and accept the alternate hypothesis.
FINDINGS AND DISCUSSION
It was found that majority of female employees have participated as compare to the male
employees. Maximum of them are of 20-25 years and having 0-3 years of experience. The results
have shown high degree of positive correlation between compensation management and
employee’s performance. Also, compensation management has significant effect on employee’s
performance. Compensation includes wages, salaries, bonuses and commission structures. It helps
in increasing employee’s motivation, boost employee loyalty, increases productivity and
profitability which leads to job satisfaction and enhances employee’s performance (Leonard K,
2019). Good working condition has positive and significant effect on employee’s performance.
(Ali S., 2013) has also found that working environment are the source for attracting the best
employee performance in various industries. Organizations need to focus on workplace
environment which will help in retaining employees and eventually improve productivity, Good
welfare service has positive and significant effect on employee’s performance. Employee welfare
includes various services, benefits, and facilities offered to employees by employers. The provision
of welfare measures helps in keeping the morale and motivation of the employees high to retain
the employees for a longer duration (Varadaraj A., 2019).
Suggestions

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 Organizations while designing Policies on Compensation need to focus on Internal

Alignment, External Competitiveness and Employee contributions.
 Organizations need to strategies their Compensation policies as per the market standards
to sustain in the competitive market and make it very effective for the employees to retain
them. Non-Monetary compensation benefits need to be very attractive as post covid 19
there are lot of changes in employee’s expectations and at organizational level too.
 Compensation does not operate alone; it is a part of overall HR perspective
CONCLUSION
The study tried to determine the effect of compensation management on Employees Performance.
Here working condition and welfare services were also studied to understand the impact on
employee performance. This study depicted a clear picture that Compensation management, good
working condition and welfare services are key drivers that help in motivating employees, boost
their morale, improved productivity and profitability which result in enhancing employee’s
performance. Organizations need to strategies their Compensation policies as per the market
standards to sustain in the competitive market and make it very effective for the employees to
retain them. Non-Monetary compensation benefits need to be very attractive as post covid 19 there
are lot of changes in employee’s expectations and at organizational level too.
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ANALYSIS OF THE CHANGE IN OTT SUBSCRIBERS/VIEWERSHIP IN INDIA,

DURING COVID-19
Dr. Neha Ramteke

Assistant Professor, Indira Institute of Management Pune
Email id: neha.ramteke@indiraiimp.edu.in
Dr. Janardan A. Pawar
Vice-Principal, Indira College of Commerce and Science
Email id: janardanp@iccs.ac.in
Abstract
COVID-19 is an unprecedented global pandemic which has changed the way audience consume
media. An undeniable trend surfaced in this period– adoption of OTTs. There are many reports
which point to the growing market and consumer appetite for content of choice available on OTT
platforms. OTTs offer a never before consumer advantage– choice of content, ease of access,
choice of device / mediums (hand phone, laptop, tablet or TV screen). Gone are the days when
family members fought for screen time of choice on family’s singular home device i.e. TV. With
this study, the researchers studied the evolution of OTT space in India and reviewed the dynamic
OTT space – evaluate some firsts like big banner movie releases on platforms like Amazon and
Netflix, return of old content like Mythological programmes from the DD era on Hotstar etc. To
complete the study, it was imperative to evaluate the impact of growing content consumption on
psychographics across generations (children, adults and elderlies) as there is limited censorship in
the OTT space. With this background, the researchers worked on the objectives and tried to
evaluate the role played by the pandemic in evolving OTT media consumption trends; a qualitative
mapping of increase in OTT adoption – Pre and Post COVID 19 in India; study underlying trends
around increasing consumer appetite for the medium and analyse psychographic impact on
children, adults and elderlies – listing pros and cons for freely available content with minimal
censorship. A survey was also conducted to do audience mapping and analysis. In addition to
primary data, content from news articles, industry research reports, international journals for
accumulation of key trends were analysed.
Keywords: Netflix, Analytics, Covid, Perception, Viewership OTT platforms.
Introduction:
With enhanced networks, stronger internet connectivity and multimedia service-capable mobiles,
the presence of Indian subscribers on over-the-top (OTT) platforms is increasing day by day. •
With the rising demand, many media and entertainment channels have launched their own
platforms or are trying to collaborate with other platforms to stream their content. In the next five
years, the OTT industry is expected to escalate in India.
In India, at present the OTT user-base is dominated by Disney+ Hotstar, Amazon Prime
Video and Netflix. However, there are several productions house-backed local OTT players, such
as SonyLIV, Voot, Zee5, ErosNow and ALTBalaji, which are competing with these global players
and trying to make a mark in the market.
The COVID-19 pandemic and the resulting lockdown has caused people to stay at home,
which has led to this rise in subscribers for these OTT platforms. In addition, as the coronavirus-

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led lockdown impeded the theatrical experience, filmmakers are taking new releases to OTT
platforms. The OTT sector in India witnessed a 30% rise in the number of paid subscribers, from
22.2 million to 29.0 million between March and July 2020.
As per a recent study, most Indian viewers prefer watching regional language content,
especially in Hindi, on the OTT platforms. Another study revealed that ~90% consumers prefer
watching video content in regional languages, and that only 7% of the total time spent on OTT
platforms in India is on English content. As the corona virus-led lockdown affected the consumer
theatre experience, moviemakers are adding new releases to the OTT platforms.
Overview of the sector:
The Over the Top (OTT) Market was valued at USD 101.42 Billion in 2020, and it is expected to
reach USD 223.07 Billion by 2026, registering a CAGR of 13.87%, during the period of 2021 -
2026. The onset of the COVID-19 pandemic positively impacted the OTT landscape, with
audiences consuming more content at home via OTT devices. This is likely to accelerate the
growth of this format. The OTT opportunity is further deep when looking at the region’s mobile-
first economy, combined with the rising OTT subscription rate. An increasing number of
consumers have a digital TV in their pocket, which presents an exciting opportunity for media
buyers looking to take advantage of changing consumer trends.
Contribution of the sector towards GDP • The benefits of RIAs to GDP growth and personal life
enhancement are enormous and have been quantified by expert bodies such as ICRIER, the reputed
Indian research agency, and WIK, the expert analyst/consultancy of Germany. • As per an ICRIER
report, apps have the potential to contribute $271 billion or nearly ₹18-lakh crore to India’s GDP
by 2020. WIK found, in its research, a high annual consumer surplus contribution of $98 billion
or ₹7- lakh crore in 2017 based on a consumer study — an average annual per capita consumer
surplus of $249 or nearly ₹16,000. • RIAs benefit telcos the most and the reality is that the benefit
is increasing exponentially. One cannot exist without the other. RIAs are powerfully driving data
usage and revenue growth for telcos. Without RIAs, telcos’ networks would remain mere pipes
without much data traffic and, hence, offer a very limited revenue opportunity. 14 • To term the
heavily-beneficial RIAs as OTTs is tantamount to stating that the entire internet is ‘over the top’
of telecom data networks — a patently absurd proposition. • While RIAs/OTT platforms were
already making a mark for themselves in the Indian market, the Covid-19 crisis accelerated the
whole process. More Indians subscribed to OTT services during the pandemic than ever before. •
Due to stay at home directives, limited social activities, enforced shutdowns and fewer
entertainment options amid the nationwide lockdown due to the pandemic, OTT platforms in the
country have witnessed a substantial surge in terms of content consumption and subscriber count.
• From just two OTT platform providers in 2012, the number has increased to over 60 players now.
According to a report by Media Partners Asia, the number of subscriptions for video on-demand
platforms reached 57 million in 2020. By the end of this year, the number of video OTT
subscriptions will reach 89 million. • The growing internet penetration, availability of affordable
data and humongous uptake of smartphones have empowered consumers to choose from a wide
range of RIAs where they can tap into any content, any time, at any place on a device of their
choice as per their convenience. The OTT ecosystem is growing and witnessing interesting trends
with India being seen as the new streaming hub and more and more production houses going

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digital. • OTT platforms are increasing direct-to-digital releases and enriching content library with
diverse content and new features.
Major Players We live in an era where technological advances have made the unthinkable possible,
especially in the media and broadcasting sector. While previously TV was our only medium of
entertainment, today, OTT platform content is considered 15 to be an even greater medium of
entertainment. The catalytic popularity of OTT platforms in India has resulted in a great number
of players entering the digital ecosystem. Today, OTT platforms are in such high demand that
many filmmakers and entertainment houses are regularly making content exclusively for them.
Some of the top OTT platforms and some upcoming names are listed below: 1. Disney+Hotstar 2.
Amazon Prime 3. Netflix 4. Voot 5. AltBalaji 6. SonyLiv 7. Zee5
Literature Review:
ICFAI (2019) report on “Transition of Consumer towards Video Streaming Industry: A
comparative analysis of Netflix and Amazon Prime.” mentioned that Content is said to be the king
when it comes to on-demand video streaming channels and Netflix has a slight edge over others
in terms of content. Hotstar seems to be a considerable choice because of the content it offers at
affordable prices.
Mann et al., (2015) in the report “Digital Video & the connected consumer” notified that with 50%
of smartphone app users aged between 18-24 years, the OTT media platforms are targeting a
younger demographic. In the study “Understanding Adoption Factors of Over-the-top Video
services among millennial consumers”, researchers highlighted the four major factors that affect
consumer adaptation towards different platforms. They are Convenience, Mobility, Content, and
Cost. (Dasgupta & Grover, 2019) Khanna (2016) in his report “A study on factors Affecting
Subscription rates of Netflix in India: An Empirical Approach” stated that Indian consumers are
more inclined to watch free content online rather than pay a fee for the same. Low subscription of
Netflix is due to the non availability of regional and local TV shows and movies.
In a report titled ‘Digital Media: Rise of on-demand Content’ by Deloitte it is noted that the rise
of internet- enabled digital devices capable of supporting digitized content has led to an increase
in the use of digital content globally. In India, this trend is observed across diverse platforms such
as audio, visual, news, music etc. It mentions that an Indian youth, on an average spends 14% of
their time and nearly 17% of their monthly expenditures on entertainment. An internet content
consumer in India consumes an average of 6.2 hours of content on everyday basis out of which
21% of the time is spent on audio-visual entertainment. A shift in consumer attitude with regard
to a favoritism for OTT content and easy access to vast library at any time and place over content
ownership is notable.
Similar observations can be seen in PwC India’s report that slated a huge opportunity for OTT
platforms in India. The report however states that pricing of content can be hindrance to the growth
and suggests a revised policy to foster the OTT market in India.
A study titled ‘UNDERSTANDING ADOPTION FACTORS OFOVER-THETOP VIDEO
SERVICES AMONGMILLENNIAL CONSUMERS’ by Dr. Sabyasachi Dasgupta and Dr. Priya
Grover also reiterates that Indian audiences have swayed towards OTT content and are willing to
spend for easy and unlimited access to content without a place and time limitation. It again notes

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the inverse impact of pricing strategy of OTT on its popularity. Data consumption is another
attribute that makes it a tough choice for Indian viewers and so is habits and preferences for TV
as a medium.
Another study by Sidneyeve Matrix on Netflix observes that viewers, especially youth, are
becoming active curators of content than couch potatoes taking in ‘whatever producers feed them.’
Supporting this paradigm shift in consumers is the need to share, stay connected and discuss the
content on social media forums. In the process of these social media transactions, the viewers are
setting new standards of expectations from producers thereby becoming an active catalyst in the
production process too.
A paper by Paramveer Singh finds that Netflix, Hotstar and Jio are most popular among Indian
youth. The youth is skewed towards free trials available on these platforms, are nocturnal viewers
and prefer web series format over films. The respondents affirm that over-the-top applications are
changing media consumption patterns in India. The shift can be attributed to convenience of
service, personalized experience and availability of global content etc.The study finds the future
of OTT in india to be promising due to increasing smartphone penetration, economic convergence
of media companies (take-overs/ mergers) at national or international level, and quality of
reception of digital content. Also instrumental is the competitive internet data plans offered by
telecom service providers in India.
Research Methodology:
The purpose of the research study to understand and analyze different kind of marketing medium
used for increasing its subscribers. Based on the research will use mixed methods of quantitative
and qualitative methods , Then collected data will be analyzed by applying appropriate statistical
tools & it will provide more complete understanding of research. Research design It has been
further classified into: - Data Collection, Pre-processing of the data and Data Visualization
Analytical Tools
The data thus collected will tabulate, interpret & analyse with Excel and make the study
meaningful by using visualization tool and the data will be represented in the format of dashboard
using tableau.
Data Analysis and Interpretation:
The chapter focuses on the outcome generated through the analysis of the dataset. Data set provides
insight into how the research objectives were achieved. It explains how the research objective of
identifying the best method that could help in improving the likelihood of customers subscribing
for the product. The use of the data reprocessing methods, the algorithmic method and the feature
selection method was adopted to address the research questions. The results for this section was
presented in the form of tables. This chapter also covers the results of the Dataset produced through
the use of the selected visualizations learning aspect of models which are capable of effectively
making a considerable high level implications in decision making was achieved as well as to help
discover patterns and rules which could help to determine what group of customers are likely to
subscribe. Here we have imported the data set into Tableau for visualization, The data consists of
all the variables that show us the impact of change in OTT viewership in India.
Favorite platform of participants:

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The research shows us that Netflix, Amazon Prime and Disney+Hotstar are popular among the
people. As per data 52.07% of the participants like Netflix than other OTT platforms.
Central Dashboard 1:

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This is an interactive dashboard wherein we have some key parameters to show the data insights
from the research. The filter we have applied is the gender filter. If we use the filter we can get
data insights as to what men and women prefer separately.
Central Dashboard 2:
This dashboard shows us the pie charts for subscription fees distribution and time of the day where
is the OTT services are watched. The other bar charts show the ranking given by the participants
on various parameters regarding OTT content. The parameters are diversity in content, role of
censorship, access to international content, language of choice, cost of OTT. As we can see 55.69%
people prefer paying Rs 100-300 as subscription charge for OTT platforms.
Findings:
Over 86.21% respondents felt their screen time went up post COVID, while 13.79% did not
observe a significant change.
2. Growing content availability on OTTs (48.46%) and flexibility due to WFH (23.43%) were the
primary reasons for increased OTT screentime.
3. Majority of the people (46.59%) have noticed an increase of 1-3 hours screen watchtime whereas
11.59% did not see any significant change.
4. Unfortunately, over 76.04% respondents do not follow any discipline of timelines in terms of
screen time and mostly indulge in binge watching
5. Most of the participants like Netflix’s content over any other OTT platform. With over 42.30%
Netflix is a clear winner in terms of popularity and first preference of people.
6. Over 50% of the respondents prefers OTT content over TV content amid rising popularity of
OTT services.

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Conclusions:
Viewing content on any medium is a matter of behaviour which converts into a habit over a period
of time. Indians for long have yearned for diversity of content. A common family television
enabled with limited channels restricted the imagination of young India. This imagination was
tapped and explored by OTT players optimally during COVID 19 and the flexibility of accessing
a range of content on personal devices including smartphones and tablets gave young India the
freedom to watch what they desired. Yet, OTT players have just been able to touch the tip of the
ice berg, there is immense potential to dive deeper into the regional Indian market in times to
come. With just 40 OTT platforms and limited regional content, this medium has created a new
niche for itself in urban India. COVID 19 has played a very significant role in mass adoption of
the medium in urban regions where people have better paying power than semi-urban or rural
India. OTTs are being perceived as aspirational medium of content consumption and with all the
noise in right circles, they are fast converting the fence sitters across age groups and demographic
regional. COVID 19 brought with itself some factors which became the new normal, like working
from home, which have seemed to offer flexibility of schedules to many. A random walk and tea
time with a colleague have been replaced with a 20-30min quick episode of one's favourite series
available on an OTT platform. All researches point to the growing duration of video content
consumption year on year and COVID 19 has proved to be a turned point in furthering this
behaviour change.
References
1. Dasgupta, S., & Grover, P. (2019). Understanding Adoption Factors Of Over-The-Top Video
Services Among Millennial Consumers. International Journal Of Computer Engineering
& Technology, 10(1).
2. Mann, G., Venturini, F., Murdoch, R., Mishra, B., Moorby, G., & Carlier, B. (2015). Digital
Video and the Connected Consumer. Accenture, Retrieved July 30, 2020.
3. Bhattacharyya, A. (2017, November 27). Video OTT vs DTH players: How Netflix, Amazon
Prime, Hotstar cornered Indian market. Financial Express, Retrieved July 30, 2020.
4. E&Y. (2016). EY Report 2016: Future of Digital content consumption in India. Retrieved July
30, 2020.
5. Deloitte. (2015). Digital Media - Rise of On-demand Content: Deloitte India: TMT: Insights.
Retrieved July 30, 2020.
6. Khanna, Virender (2016), “A study on factors Affecting Subscription rates of Netflix in India:
An Empirical Approach”, 3rd International Conference on Recent Innovations in Science,
Technology, Management and Environment, ISBN: 978-93-86171-13-9
7. Sabharwal, Karan. (2018). Amazon Vs Netflix: Who will win Indian battleground?. Early
Years An International Journal of Research and Development. 5. Kochhar & Co. (2016)
“India: Changing Trends in Media and Entertainment Industry in India”.
8. Saha (2017). “Hotstar success: Marketing- Case study. India, linkedin, retrieved on 31st July
2020.
9. Sujata J., Sohag S., Tanu D., Chintan D., Shubham P., & Sumit G. (2015) “Impact of Over-
the-top (OTT) Services on Telecom”, Indian Journal of Science and Technology,
Vol.8(S4), 145-160, February 2015

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10. Menon, G. (2020). Media and Entertainment Post Covid-19.

11. The Economic Times. 2020. Indian OTT Market Can Hit $5 Billion In 5 Years, Says Boston
Consulting Group. [online] Available at: [Accessed 5 October 2020].
12. Jha, L., 2020. Video Streaming Firms Are Betting Big On Regional Content. [online] mint.
Available at: [Accessed 5 October 2020]. 55
13. Alam, T., 2020. Why OTT Platforms Towards Regional Contents Other Than Hindi. [online]
Entrackr. Available at: [Accessed 5 October 2020].
14. Mitter, S., 2020. [App Fridays] Unacademy Wants To ‘Spark Your Imagination’ With
Interactive Storytelling App Graphy. [online] YourStory.com. Available at: [Accessed 5
October 2020].
15. Babar, K. and Laghate, G., 2020. Netflix India: Netflix Leases Space For India Headquater In
BKC. [online] The Economic Times. Available at: [Accessed 5 October 2020].

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ORGANIC FARMING FOOTPRINTS OF SIKKIM ON THE SEASHORE OF INDIA'S

LIFE.
Prof. Ajit Goraksha Dalvi

Assistant Professor, School of Commerce and Management, D. Y. Patil International University,
Akurdi, Pune.
Dr. Sunil Dhanawade
Director, Dr. D.Y. Patil Center for Management and Research, Chikhali, Pune
Miss Anushka Lembhe
Student, BBA, 3rd Year, D. Y. Patil International University, Akurdi, Pune.
Abstract:
Sikkim was declared as India's first fully organic state in 2016. Every single farm in this state is
chemical free. When the Sikkim government announced its plan to ban pesticides in 2003, farmers
were not convinced. Initially the harvest dropped dramatically. It created a huge impact on young
farmers. Farmers worried that organic farming was not the right way to go. At that the government
of Sikkim gave an assurance to farmers to compensate their losses for 2 or 3 years. Farmers
continued and observed that after 3 years yield was revived as like earlier. Anyone using pesticides
in Sikkim could be fined nearly $1400 or even be sent to jail for up to 3 years. So, why was the
government so keen to go for chemical free? Keep good health of the soil and provide quality food
to the people. Then provide chemical free air and water to the people and also to conserve the rich
biodiversity of the state.
Since it went organic, the number of tourists visiting has gone up by nearly 70%. India's national
government is keen to replicate the “Sikkim Model” in other parts of the country.
All eyes are on Sikkim to see if its Organic Mission can be a long term success. In order for us to
live sustainably, the edifices that meet our rudimentary needs must work towards rejuvenation
rather than consumption and depletion. In this paper, authors strived to focus on Sikkims Organic
Model, its journey, evolution, Institutional structure, challenges, issues, learning outcomes,
success and conclusion.
Keywords: Organic State, Sikkim Model, Organic Mission, Chemical Free.
I. Sikkim’s Organic Farming Movement.
Sikkim is 100 % organic state in India. It is declared as an Organic State. Sikkim became India's
first state to win the FAOs (Food & Agriculture Organizations) award “Oscar for Best Policies”
for world’s best policies promoting agro ecological and sustainable food systems. Sikkim
competed with 25 nations with 51 nominations to win the Future Policy Award 2018. UN’s Deputy
Director Maria Helena Semedo awarded the chief Minister of Sikkim Pawan Kumar Chamling on
15th October in Rome.
Objectives of Sikkim Organic Mission:
1. To promote Sikkim as an organic State.
2. To formulate a policy of organic farming in Sikkim.
3. Conservation of biodiversity and other natural resources.
4. To outline measures to discourage use of chemical fertilizers and pesticides in Sikkim and
gradually substitute them with various organic options.

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5. To establish basic infrastructure and statutory measures for initiation of organic farming
and certification.
6. To attract educated youth in organic farming, processing and marketing.
7. Branding of certified organic commodities and development of market linkages.
In 2003 Sikkim became the first state in India to officially announce the adoption of organic
farming. Sikkim adopted policy to ensure long term sustenance of soil fertility, protection of
environment and ecology, healthy living and increasing the investment of health and healthy
living. It also stopped imports of chemical fertilizers in the state. The cultivable land in Sikkim is
practically organic and farmers of Sikkim are traditional users of organic manure. The future
policy award recognizes states leadership and political will to lead by an example.
Sikkim officially took the decision to go for Organic ok in 2003. In the coming years Sikkim made
a transformational shape from using chemicals and pesticides to impose a complete ban on them
in January 2016 Prime Minister Narendra Modi declared Sikkim as India's first fully organic state
and now the efforts of Northeastern towards achievement of Sustainable goals have been rewarded
by
the
United Nations the state had been awarded with “Oscar for best policies” award.
While conferring the award to Sikkim, the UN body stated that “Sikkim is the first organic state
in the world and all of its farmland is certified organic. Sikkim's methodology reaches beyond
organic production and has demonstrated truly transformational for the state and its citizens.
Sikkim states an excellent example of how other Indian states and countries worldwide can
successfully upscale agroecology”
Image Source: Mapsofindia.com
Sikkim has taken major steps towards its journey of organic. The State decided to opt for organic
farming to ensure soil fertility, protection of environment and ecology, healthy living and
decreasing the risk of disease. The policy implemented phased out chemical fertilizers and
pesticides and so achieved a total ban on sale and use of chemical pesticides in the state. Sikkim

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clogged all imports of chemical fertilizers in its state. Since then the farmers of the state are using
organic manure. In 2010, Sikkim state government launched Sikkim Organic Mission to fast track
its journey towards achieving the 100% organic tag. Mission helped to provide seeds and manure,
and trained farmers in organic methods. This is a big achievement for the state as well as for the
farmers because they are growing all products in a natural way which are safe, good to eat and
reach demand. So definitely it is going to continue to be sustainable for agriculture in the state as
well as it has improved the income of farmers in the state. So this is the significant achievement
of a state which is recognized internationally.
At the level of state government, there is a significant policy shift for
1) Promotion of an Organic Farming
2) Not allowing chemicals and pesticides
3) State government is to provide necessary infrastructure facilities.
4) Government trained the farmers in terms of following the farm practices which are
consistent with the organic.
5) Strengthening the marketing system. Because these organic products have to be identified
in the market that these are organically produced products for the consumers to buy them.
Receiving the award at a ceremony in Rom, Sikkim’s Chief Minister Pawan Kumar Chamling said
it took Sikkim over a decade to transform into a fully organic state. Citing the state's example he
asserted that a 100% organic world is possible. He appealed for ending the use of chemical
fertilizers globally by over 50% immediately.
The transition to an organic state has benefited over 66000 farming families in the state. While
also bringing about rural development and sustainable living. Besides providing for public health
and environment in the region, organic farming is also appealing a large number of tourists to the
state to see its lush green farms, pure and organic agro products and meals made out of fresh
produce. Between 2015 and 2017 the number of tourists in Sikkim went up by 50%.
Organic agriculture uses naturally occurring substances for farming while prohibiting and or
strictly limiting synthetic substances. This enhances agroecosystem health including biodiversity,
biological cycles and soil biological activities. Organic farming uses techniques to achieve good
crop yields without harming the natural environment or the people who live and work with it. It
relies on organic or natural fertilizers like Compost manure, Vermicomposting, Green manure,
Bone meal, Crop rotation, Companion planting, Biological pest control, mixed cropping and
Nurturing insect predators are encouraged in organic farming. While all traditional farming is now
considered to be organic farming and organic movement started in the 1940s as a reaction to
agriculture's growing reliance on synthetic fertilizers and pesticides. Lord Northbourne coined the
term Organic Farming in his book “Look to the Land” which was published in 1940.
Key characteristics of organic agriculture include:
1. Protecting long term fertility of soil
2. Providing crop nutrients
3. Nitrogen self sufficiency
4. Disease and pest control
5. Livestock management
6. Attention to the impact of the farming system.

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Organic produce offers safest product for human consumption as it contains lower levels of
chemicals. Latest data suggest 57.8 million hectares of organic agriculture land available
worldwide for organic farming which is 1.2% of world's agricultural land
Sr No Continent/ Land Mass Organic land in

Million Hectares
1 Oceania 27.3
2 Europe 13.5
3 Latin America 7.1
4 Asia 4.9
5 North America 3.1
6 Africa 1.8
Source: Rajya Sabha TV
Worldwide organic farmland amplified by 7.5 million hectares in 2016. Which is an average
growth of 15%. With 1.4 million hectares of Organic Land India was placed at number 9 in the list
of top 10 countries with the largest area of organic land in 2016. India also added an additional 0.3
million hectares to its existing organic land in this same year. With 178 countries in the world in
organic farming, the global market for organic food reached 89.7 billion US Dollar in 2016 and is
expected to grow exponentially in the coming years.
India's progress in the organic sector has been remarkable. In the 1990s the sector was limited to
the export of tea to the European market. At present India is evolving as a strategic player in the
global pitch exporting over 300 products in 20 different kinds to more than 20 countries. Besides
India is also the largest exporter of organic cotton and houses the largest number of organic
producers in the world. The domestic organic market is growing at a rate higher than the global
average and is expected to keep growing at 25% by the year 2020.
According to the World Organic Agricultural Report 2018, India has the largest number of organic
producers in the world. With 835000 Certified Organic Producers, India is the home to 30% of the
total organic uses worldwide. Experts say the increase in organic production is the result of a large
number of entrepreneurs advocating organic farming and its complementary methods. At present,
multiple organizations and firms are backing organic farming more than ever.
Every farmer can follow organic farming. There is no restriction and it's not like that only large
farmers can follow it. Only restriction is in hilly areas, where all farmers have to practice organic
farming if they are on the same slope of a hill. However when it comes to area under Certified
Organic Cultivation, India contributes for only 2.59 % which means 1.5 million hectares of the
total area of 57.8 million hectares. But amongst regions, with the largest areas of organically
managed agricultural land, India ranks 9th occupying a robust position in producing organic
products.
According to the report of ASSOCHAM, India exported 1.35 million metric tonnes of certified
organic food products worth Rs.1937 crore in 2015-16. For example, India is the prime exporter
of organic cotton globally. In the food market segment, oilseeds comprised half of India's overall
organic food exports, followed by processed food products at 25%. The current Indian organic
market is estimated at Rs 4000 crore and it will slightly increase to 10,000 to 12,000 crores in
coming years with a similar incremental trend in exports. The Indian organic market has been

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progressing steadily with a combined annual growth rate of 25% compared to 16% global growth
rates. But despite the promising performance in terms of exports the local consumption of organic
produce is at a nascent stage with market share of less than 1%. The current position of organic
farming with reference to area cover across the country's 23.02 lakh hectares. Under the schemes,
Paramparagat Krishi Vikas Yojana, Mission Organic Value Chain Development and national
Programme of Organic Production. Under the first two schemes enough assistance is provided to
farmer producer companies, entrepreneurs for development of value chain and marketing of
organic produce. The cost of organic agriculture is largely dependent on farm generation of inputs.
The process of adapting Sikkim into a 100 percent organic state was progressed in 2010 with
the launch of the Sikkim Organic Mission.
Year/ Duration Decisions/ Activities
2003 Sikkim begins discouraging use of chemical fertilizers, reduces fertilizer

subsidy by 10 per cent. The Sikkim Organic Board is constituted.
2003-2009 State adopts 396 villages as bio-villages to test organic inputs.
2006-2009 About 8,000 ha of land is certified as organic. Eight entities of vermi-culture
hatcheries are recognized in five state farms and three KVKs (Krishi Vigyan
Kendras).
2008-09 Ginger processing unit is established at Birdang Farm, West Sikkim. Ginger
is one of the four crops selected by Sikkim for its trade potential.
2010 Sikkim Organic Mission is launched to fast-track conversion of Sikkim into
a 100 percent organic state
2010-11 More than 18,234 ha of land is certified. Mechanized greenhouses are
recognized for production of disease-free pure planting material
2011-12 19,216 ha land is certified.
2012-13 19,188 ha land is certified. `Organic farming' is included in academics.
2015 Entire agricultural area in the state is converted to `certified organic'.
2016 Sikkim is formally declared a `100 percent organic' state.
Source: Sikkim Government.
Sikkim’s experience has been largely positive. In the first place, the state government showed
robust political will and policy consistency, along with precise goals and applicable plans. The
state government's strategy to phase out chemical fertilizers was implemented gradually, but
firmly, backed up by sustainable measures to build real sustainable alternatives. Farmers and
citizens are fulfilled of this policy and keep giving it all support with strong will power.
Image Source: The Economic Times
Image Source: by Swarajya Staff-Oct 18, 2018 08:34 PM +05:30 IST

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II. Institutional Framework designed by Sikkim

Formulating Vision, Mission and designing a Strategy for accomplishment is only the first step in
the path of accomplishing Organic Mission 2015. It is necessary that a team of employees, at the
headquarter and in the field, works together to implement the recognized actions. Generally,
missions like this one, have a separate and dedicated staff so that justice can be done to the work.
These staff can draw from stakeholder departments. In case of Sikkim, following
ORGANOGRAM is suggested for implementing organic mission 2015.
1. Organic Mission Chief
2. Advisory Committees to Mission Chief
3. Mission Divisions – Admin, Finance and Programmes
4. Mission Programme Sections
Source: PIB, Government of India.

III.
IV. SIKKIM’S COURSE CORRECTION AND LEARNINGS TO INDIA:
1. States Organic Policy:
In India, nine states like Karnataka, Mizoram, Kerala, Andhra Pradesh, Himachal Pradesh,
Madhya Pradesh, Tamil Nadu, Maharashtra and Gujarat have designed an organic farming policy
or law. Of these, Kerala has pronounced its intention to become fully organic. These states have a
lot to absorb from the Sikkim Organic Model.
2. Need to Change Mindset:
The Sikkim government has exhibited commendable political will in banning synthetic fertilizers
and pesticides, but it is not enough. The problem deceits in the belief of the bureaucracy as most
people in the agriculture department come from a conventional agriculture background and do not
comprehend organic farming.
3. Lack of Training: The attention on certification appears to have diverted attention from
helping farmers with organic inputs and crucial training. It must ensure superior focus on training
farmers to help them withstand organic farming. The state can achieve this by increasing its budget
distributions to incorporate more training sessions for farmers and ensuring availability of bio-

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inputs. It must upkeep farmers till the time each farmer is able to manage her farm with
contributions produced on the farm itself. Sikkim must also evaluate the recital of the policy so far
to establish which areas need work. It is important for the state to get data on the frequency and
nature of pest attacks and organize research in those areas.
4. High Cost of Certification
It is also ambiguous whether the government will continue to bear the high cost of such third party
certification as the state policy and five-year plan have suggested changing to PGS in areas that do
not source for export. The government, however, has no such amendments.
In India, there are two types of organic certification systems.
1) Third Party Certification for exports, and
2) PGS i.e. Participatory Guarantee System for domestic sales.
Actually Third Party Certification is an expensive part of the process, especially for a single
farmer, PGS certification has no cost. Sikkim has paid an average of Rs 8,400 per ha for three
years for third party certification and is now projected to pay about Rs 1,425 per ha per annum for
next part of certification. Instead of outlay a large chunk of its budget on third party certification,
Sikkim must define areas which are not expected to add to export and switch to PGS certification.
5. Brand “Sikkim Organic”:
The Sikkim’s state’s policy plans to sell all organic produce under the brand name “Sikkim
Organic” in sections of the domestic or international markets. But most of Sikkim’s organic food
is not promoted and traded as organic. Since there is no restriction on food that comes from outside
the state, organic food grown in Sikkim contests with the cheaper conventional food that comes
from West Bengal. Therefore, farmers in Sikkim suffers a lot.
6. Lack of Marketing Initiatives:
The state government admits that marketing activities are inadequate due to the less funds.
Marketing of produce must be reorganized to enable the average consumer in Sikkim to connect
with locally grown organic food.
7. Lack of Processing Initiatives:
Four high value crops 1) Large Cardamom, 2) Ginger, 3) Turmeric and 4) Buck Wheat are
receiving good attention from processing and marketing views in a state. It earns a profit in
domestic sale and export. The Mission for Value Chain Development for North East Region
(MOVCDNER) there will be processing these four crops, packaging them, branding them and
sending them to other parts of the country or export them. Main target was that after 2018, only
processed products will be sent out of Sikkim.
8. Price benefit to Farmers:
The state must ensure that farmers get the price for their produce that organic food deserves, even
for fresh produce. The state must commission an impact study to calculate whether the move to
organic farming has had the anticipated effect on environment.
IV. RESULT & ANALYSIS:
There can be a positive relation between organic farming and development as clearly improvement
of Sikkim’s rural area and standard of living could be seen. Indian markets have shown a rise in
export of organic products bringing home more of foreign exchange which leads to prosperity of
the country including health and hygiene. There is an increase in organic farming and people are
getting aware of it, slowly organic aura is increasing brand image and brand value of Sikkim.

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At the same time, Sikkim’s method extends beyond organic production and has proved actually
transformational for the state and its citizens. Entrenched in its strategy are socioeconomic aspects
such as consumption and market expansion, cultural aspects as well as health, education, rural
development and sustainable tourism. Thanks to Sikkim's organic brand, the number of tourists
increased by over 50 percent in recent years.
Following diagram indicates key benefits to Sikkim from Organic Farming.
Rural
Development
Rise in State Standard of

Exports Living
Socioeconomic Brand Image

Development and Brand Value
V. ORGANIC CENTERS OF EXCELLENCE:

The state government farms in some areas like Nazitam and Mellidara were transformed to
“Organic Centers of Excellence” for steering organic farming demonstrations and trials. Since
third-party certification is binding for exports to key markets like United States and the European
Union, an autonomous organization, Sikkim State Organic Certification Agency (SSOCA), was
established in the year 2015 under the to support farmers get third-party certification at reasonable
costs and as per the standards and norms of diverse export markets.
VI. CRITICS AND THEIR OPINIONS:
While Sikkim has been applauded for its headfirst looking policy on organic practices, its
knowledge earning in evolving organic farming has not been free of criticism. Critics contended
that the lack of connectivity of the state to important markets and an underdeveloped logistics
supply chain has led to the depletion of organic produce, which has a littler shelf life than
conventional food products.
Further, Sikkim receives a lot of conventional food products from neighboring states such as West
Bengal, which are sold along with the organic products and thus, there can be an incidence of
product contamination. Recently, the media widely covered how orange farmers have been badly
affected by pests such as fruit flies, prominent cause to a loss of income and market share. Absence
of pest control techniques and proper netting can lead to pest infestation leading to huge losses of
produce, as was suffered by the orange farmers in Sikkim.

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VII. CONCLUSION:
The Green Revolution helped to increase production but the use of chemical fertilizers and
pesticides has destroyed thousands of hectares of land and brought about a crisis in Indian
agriculture. Sikkim’s involvement in the organic has largely been constructive and is applauded
by environmental and ecological connoisseurs in India and universally. The state government of
Sikkim showed a strong political will and policy uniformity, well-defined objectives and
implementation procedures, which can be adopted by other states. The state government also
initiated policies to make possession of any type of agro-chemicals or pesticides a punishable
offense. This is a good initiative which has been followed by neighboring countries such as Bhutan.
At the national level, the central government may cram from the best practices and take
inventiveness to at least ban chemical inputs which are forbidden by developed countries such as
the United States and the UK. In Sikkim, efforts have been made at different levels to raise
awareness on organic farming. In Sikkim, the study of organic farming has been added as a part
of academics in Schools, Colleges, etc.
With a high commonness of cancer in Punjab and farmers dying due to gasping pesticides in
Maharashtra, at the national level, it is important to nurture awareness about the harmful effects of
chemical inputs and the need to transfer towards sustainable agriculture practices. To unite farmers
and producers to markets, Sikkim State Co-operative Supply and Marketing Federation
(SIMFED), the marketing federation of Sikkim, scheduled to launch more than 400 retail outlets
all over India to propagate the products of the state. Similar advantages can be take on by other
state governments as well in India.
To conclude, organic agriculture can help India to achieve its sustainable development goals, and
enhance farmers’ income, if other states, especially some of the north-eastern and hilly states,
adopt Sikkim’s Model of Organic Farming.
Important Building Blocks to be learned from Sikkim:
Building Bocks
Developing a Vision and a clear roadmap
towards 100% organic
Piloting Organic Farming and launching

Sikkim Organic Mission
Linking the conversion strategy with the

gradual Phase out of synthetic inputs.
Potential as a transferable model.
VIII. RECOMMENDATIONS:

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 Different policies and aid should be initiated and further research should be done and effort
in these areas are required, with much depending on the relevance of current research.
 Policy makers need to invest in program and policy modifications for promotion of organic
farming. As there is an increase in the population, the demand for food grains is also increasing.
 Keeping in mind the increasing demand, downfall of the natural resources, excess use of
manmade chemicals and the health of the people it would be better if the farmers adopt integrated
production processes where both chemicals and non-chemical production process is mixed.
IX: REFERENCES
1. Kishi M, & Ladou J. (2001), International Pesticide Use. Int J Occup Environ Health 7:
259-65.
2. Jeyaratnam J. (1990), Acute pesticide poisoning: a major global health problem. World
Health Stat Q 1990; 43: 139-44.
3. United Nations Treaty Collection. Chapter Xxvii Environment 15, Stockholm
Convention on Persistent Organic Pollutants
4. The European Parliament and of the Council (April 2004), REGULATION (EC) No
850/2004 of on persistent organic pollutants and amending Directive 79/117/EEC.
Books:
1. Ragure K.A. (2010), Sustainable Agricultural Development. Rawat Publication,
New Delhi.
2. Dutt Ruddar, & Sudharam, K.P.M. (2014), Indian Economy S. Chand and Company
Ltd. New Delhi.
3. Panda S.C. (2012), Principles and Practices of Organic Farming. AGROBIOS
(India).
4. Kapila, & Uma, (2013 – 2014), Indian Economy Since Independence. Academic
Independence, New Delhi.
Magazines:
1. Niyogi, Deepanwita. (March 2017), Forest-risk goods, Down to Earth.

2.Pandey, Kundan. (November 2016), Growing up stunted” Down to Earth.

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A STUDY ON DETERMINANTS AND DEFIANCE OF FINTECH IN INDIA
Dr. Mahima Singh

Assistant Professor, Pratibha Institute of Business Management, Pune
Prof. Priya Mathurkar
Abstract
India is among the leading country in the area of Fintech with more than 1.2 billion mobile
subscribers. A massive proportion of population is still out of mainstream banking which is putting
the country in an electrifying scope for financial technologies. Fintech is metamorphose which has
shaken up the conventional financial system and created a decisive transition in the society. It is
one of the area which is growing rapidly and offers tremendous promise of growth in the future.
The present work highlights the determinants and defiance of Fintech in India.
Keywords: Fintech, Determinants, Defiance, Technology, attitude
1. Introduction
The Fintech concept came in to the picture in the recent past due to the universalization and
advancement of the internet connectivity. It can be rightly elucidate as a combination of Finance
and technology, which has become the trend setter and predominantly taken the finance world by
its storm in the present digital age. It is there innovative approach as well as their potentiality to
revamp and make use of technology to upgrade the standard of living and adopt the course of
action best suited for the business.
Fintech have a great role to play in the lives of the people mainly of developing nations like India
where the technology is a lot being used to increase the level of services especially in the financial
areas. It has been able to make a mark in most of the Indian people lives by taking a spot light in
their financial transactions. The transactions are taking place in the form of digital payment, mobile
wallets, internet banking, and secure payment gateways and so on.
Fintech has now reach to the position where they can easily tackle the problems faced by the Indian
society in enlarge. These obstacles can be in the form of unbanked and under banked population,
confidence, operations abrasions, and online frauds etc. This study aims at analyzing the
determinants of fintech in India in totality as well as the defiance faced by it.
2. OBJECTIVE OF STUDY
i. To study of the various determinants which effect the growth and development of Fintech in
India
ii. To recognize the defiance faced by the Fintech industry in India.
3. METHODOLOGY
The present study has taken the data and information from the reports prepared by national and
international agencies. Information is also collected from the various authentic websites. Some
journals and e-contents relating to Determinants and Defiance on Fintech are also referred.
4. LITERATURE REVIEW
Gurung, (2018) was of the view that FinTech is the new dominant player in the field of finance
which is going to disrupt the conventional players in the sector. The Indian banking system has
faced lot of turmoil in the past in the form of huge NPAs, failed banks, dissatisfied consumers,
unpopular products and services etc. All these provides a ground for fintech which were at the

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nascent stage to come to the fore, grow and .prosper. This will provide a supporting structure to
the sick financial system which will help them to survive and grow.
V Dubey, (2019), has discussed the contribution of Artificial Intelligence, Block chain, algorithm
in internet Banking. Artificial intelligence and robotics are the most widely used technology
ranging from hospitals, production, e-commerce to mining. The main reason for their excessive
usage is cost effectiveness, production competence, less wastage, reduced chances of fault.
Varun Mittal, (2019) has highlighted Indian scenario of Fintech in which detailed study have been
done on rules and regulations, financing resources and expertise in concern with Financial and
technology. This particular study provides a readymade action shot of pivotal stalwarts of fintech
ecosphere prevailing in the country.
Kim (2019), in his work has given due weightage to immense number of people in India whose
financial requirement remains unsatisfied. The major force behind the fintech movement in the
country is due to inculcation of electronic payments mode in various forms. In this reform
government has also played a major role by supporting electronic mode of transactions in all the
financial activities which has resulted in the mass movement from physical monetary transactions
to digital payments.
Chakraborti (2019) on the basis of his data collection and analysis came to the conclusion that
users of fintech are increasing at rapid speed and the pushing force behind it was the large
penetration of the mobile users in the country. Even the remote areas are getting the access of
internet which is accelerating the speed with which fintech is covering the whole market.
Medici (2019), in his study acknowledged that India as a nation has achieved this success of fintech
not by chance but through hard work, proper strategy and support from the government machinery.
He gave all the credit of this success to systematic modus operandi which covered linkage of UIN
of each person with all the transactions, easy accessibility of banking services to each and every
person, building of various avenues of payments and last but not the least incorporation of financial
institutions and fintech to create.
Sunil Kapadia (2020), opinion is of the total reflection of the developed economy where electronic
movement has touched all the sectors. He believed that technology is the spark which has the
power to make India touched the pinnacle of knowledge and success. This success will be in the
form of digitalized economy where production of goods and services will be of best standard and
prices. He also touched the topic of microfinance and talked about its importance in the upbringing
of lowest strata of the population by giving them access to the financial resources at the lowest
rate.
Trade, Maerschand, & D’costa, (2020) has given a picture of today’s India which is at intersection
of startups, reputative technical companies, catalysts, public administration all creating a
magnificent support system for the development of fintach in the country. He has shown India as
a mecca of finance and technology combination for the world as it is having a number of guiding
force both from the administration and executive bodies. It can be the ultimate terminal for the
power houses of the world by amalgamating the localized knowledge about the demand and supply
with their expertise and finances by amalgamating with prospective allies.
5. DETERMINANTS OF FINTECH IN INDIA: The inception and financial widening of
Fintech in India can be bestowed upon numerous determinants and each playing their role to the
fullest. Few of the important driving forces are highlighted in the below discussion:

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5.1 Advanced Investment Ecosystem: The arrangement or raising of funds for any business is
the most uphill task. The morphology of lender or investor is dependent on vast number of
components which can extend from diversified and innovational products/services, business
prototype, phase of product development, prospective earning from the business, and knowledge
base of the concerned field. Easy availability of funds have given the required boost to fintech for
growth and innovation. Along with the private financing, venture capitalist, even the incubators
and tech nerve center have offered their cent percent support to the fintech in India. All these
assistance from different machineries have provided the platform which is synergic for expansion
and advancement.
5.2 Technical & Digital Framework: Technical advancement is the key facilitator in the domain
of fintech. Innovative techniques like block chains, Artificial intelligence, Robotics, Automation
etc. has lead the way to the significant revolution in the financial industry. The mainstay of the
framework for the fintech in India has got the reinforcement from the numerous accessible options
in the market such as BBPS, Bharat QR, UPI and India stack. The open API- framework have
been weighted excessively by the fintech to inscribe multiple use-cases and are of the immense
help to fintech for lowering down the expenses of procurement and services.
5.3 Affirmative Demographic: India is considered to be the youngest country as more than 65
percent of its population is below the age group of 35 years. The youth of the nation supplies the
much needed workforce buzzing with power, zeal, spirit, knowledge and expertise. This particular
section of the society is packed with innovative plans and ambitions and the chief cause of
expeditious expansion of India’s GDP. Each and every section of the economy has gained due to
demographic transpose of the citizens of India in the last few years and one section which has seen
the phenomenal growth and marked out from the rest is fintech.
5.3.1 Income: India has seen a notable increase in the income level of its people. The better pay
cheques has not only improved the lifestyle of the population but also supplement their endeavor.
Till few years back, using the financial services such as loans and advances, purchasing goods or
services on EMIs were contemplated as complete no-no but in today’s time the young generation
take it as a means to satisfy their requirements and demands. This in turn has given momentum
to digital and electronic transactions in the form of loans and advances.
The other major transformation which has took place in the recent time is the investment in
crypto currency which nobody has even imagined a type of currency few years back but now
millions of Indians have invested billions of amount in it.
5.3.2 Internet and Smart phones Users: India is a country which is having a vast number of
internet users and day by day there numbers are increasing at phenomenal speed. At the end of last
financial year India was having 825.30 million users which is expected to touch around 1000
million users by the year 2030 and in this the major proportion will be of rural India which will
drive the demand and extension of fintech area in the country.
Along with the large internet users, India is having 1.2 billion mobile subscribers in the year 2021
and of which about 750 million are smartphone users. This voluminous population of smartphone
is most of the time is hooked to the internet and leave huge digital footprints. These digital
footprints gives the data to the fintech to take decision about the credit solvency of the people.
5.3.3 Attitude: There is a paradigm shift in the attitude of the people of India in relation to
entrepreneurship and investment avenues. Indians are considered to be risk –reluctant and always
look for guarded investment channels but there is 360 degree change in this attitude. Now the

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younger generation are risk takers and are experimenting with various type of entrepreneurship.
This switch of attitude combined with better disposable income and technical knowledge resulted
in high number of fintech in the country.
5.3.4 Ability to learn and adapt: Today’s generation have the capability to pick up any latest
technology and mold themselves to the required changes. This all has given a ground for the
development of a new era or age where digital or internet technologies has subsided the traditional
way of doing transactions or services especially in financial world. The rising generation prefers
to buy, sell, borrow, invest, pay and other financial transactions through online only and this
happens solely because of their rapport with technologies and their propensity to accommodate
themselves with ever changing fintech.
5.4 Government Initiatives: The Government of India has setup a regulatory framework in the
country to restore the confidence and motivate the new entrepreneur to take hold of and leave a
mark in fintech. This is very much noticeable from the huge amount of investment and funding
done in the fintech by domestic and international players. The government machinery is providing
lot of incentives in the form of tax rebates and holidays, subsidies to make a gradual transference
from physical to electronic economy. At the same time it is promoting entrepreneurial eco system
through simple, clear governance and procedures for fintech which has resulted in a transpicuous
expansion of online services in insurance, banking, credit cards and many more. Below are the
some of the prominent schemes of the government of India which has enhanced the growth of
fintech:
5.4.1 Jan Dhan Yojna: This scheme was launched with an aim to include even the poorest of the
poor of the country and made him/her the part of fintech by providing low cost financial services
in the form of bank deposits, withdrawal, pensions, loans and advances etc. This particular scheme
is a huge success as on 31 December around 1, 50,939 crore were the account holders under it.
This has provided a base to the fintech to make technical advancement towards development of
products to cover the consumer base in India.
5.4.2 Aadhar: Another initiative by the government is to permit an Aadhar- enabled payment
system and Aadhar payment bridge system. The former helps individuals transact on a micro-
ATM by furnishing their Aadhar numbers and verifying the same by scanning their fingerprint/iris.
The Aadhar payment bridge system allows bulk and recurring government benefits and subsidy
payments. It also facilitates operations from Aadhar-linked bank accounts with the help of
biometric authentication.
5.4.3 India Stack: This is a societal initiative by the government of India for establishing the
public digital infrastructure that will advocate public and private digital inventiveness which
includes speeding up the acceptance new and improved technology in finance.
5.4.5 Digital Authentication Infrastructure: The government machinery has built and launched
authentication solution like digital KYC, video- based customer recognition procedure and digital
signature which provided various safety shields and stress free structure for fintech as well as for
customers to leverage the technology empowered remedies in the area.
5.4.5 License for Payment banks: It was done to promote financial admittance of large sum of
population by giving permission to establish payment banks and increasing the accessibility to
payments and remittance services. In an attempt to encourage digital payment banks in the country
which are the part of fintech, Reserve Bank of India has notified an increased amount up to 2 lakhs
of maximum end of day balance for payment banks.

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5.4.6 Payments Infrastructure Development Fund: The Reserve Bank of India has come out
with a Programme to subsidies the deployment of payment acceptance infrastructure in Tier-3 to
Tier-6 centers.
5.4.7 Fintech Hub: At the International Financial Services Centre (IFSC), GIFT City in
Gandhinagar, Gujarat a world class fintech hub center has been established to nourish the vision
of seeing the India as a global fintech hub. The main objective behind it is to make a sincere
attempt to advocate powerful and sustainable fintech development in the country.
6. DEFIANCE OF FINTECH IN INDIA
Fintech ecosystem has boomed exponentially in India but it has its own set of defiance which can
dent it success story if not taken care of at right time. In spite of having enormous possibilities for
fintech, it has quiet rowdy road to cover. Some of the major anticipated blockade in the road map
of the fintech are discussed below:
6.1 Regulatory and Compliance Laws: The present scenario demands that India’s Regulatory
and compliance laws related to fintech should mature at rapid pace. There are number of laws
which act as a barriers for the fintech to set their foot in the Indian financial market as well as are
very taxing. Everybody knows that there is cost associated with the regulatory compliance and
frequent changes in it means extra expenses and lack of confidence. A number of regulations like
crypto currency, infrastructure security, data protection etc. are even now unfolding. It is a
progressive sector and requires instantaneous turnarounds in a regulatory and compliance laws to
calibrate with its progressiveness. It is essential to make a perfect balance between number of
regulations and laws and load of it on fintech.
6.2 Unbanked and under banked Population: It is a fact that in digital India a large chunk of
population i.e. around 40 percent is unbanked due to which they favor physical money transactions
in place of digital transactions. Fintech has tottered progress on account of deficient infrastructure
in the form poor internet connection, poor financial literacy rate. Even though the government is
trying to address these issues with various schemes like Jan Dhan Yojana but the positive results
will take their own long time to happen.
6.3 Geographical Disparities: India is known as the country of villages as around 70 percent of
its population lives in rural India. In spite of the fact that rural economy is growing at much higher
rate and financial activities are booming there but share of fintech is still very negligible.
6.4 Lack of Trust in online transactions: The people of India still have conventional viewpoint
and give more weightage to the usage of cash in their day to day monetary transactions. From the
long time cash is being used as a medium of exchange and long habits take time to die hard. It is
a big challenge for the fintech to make people realize the importance of it and earn their trust in
them.
6.5 Cyber Risks: Fintech is totally dependent on the data and it is the pillar on which it is standing.
Large volume of cyber scam are happening in which people are losing their hard earned money in
quick session. It is a big task for the fintech to build up a concrete system on immediate basis
which will safeguard the customer’s money and data.
6.6 Inadequate Assistance by the Government: One of the major road block in the growth of
fintech is scanty support by the Government of India. They are looking for aids, incentives and
support from the government and all the administrative machinery should fulfill their genuine
demand as they are major player in the economic growth of the country.

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6.7 Difficulty in Adoption: India is a country which is having is having a dominance of micro,
small, medium enterprises and they prefer to go for the traditional monetary exchange medium
rather than adopting digital transfer medium.
7. CONCLUSION
India is an economy which is transforming into digital world providing plethora of opportunities
to fintech. The traditional economy which was totally based on cash transactions have been slowly
and steadily taken over by online and digital economy. The Fintech are the major contributors
towards the economic growth of the country and they have further scope of increasing their share
due to large unbanked and under banked population in India. The fin tech industry need to be
encouraged further with different initiatives by the government and other regulatory bodies.
References:
Beck, T. – Demirgüç-Kunt, A. – Levine, R. (2000): A new database on the structure and
development of the financial sector. The World Bank Economic Review, 14(3), p. 597-605
Chakraborti, A. (2019): The promise of FinTech for Bangladesh. Dhaka, Bangladesh: The Daily
Star, https://www.thedailystar.net/business/the-promise-fintech-bangladesh-1602703.
Cham Tat Huei, Low Suet Cheng, Lim Chee Seong, Aye AyeKhin, Raymond Ling LehBin (2018):
“Preliminary Study on Consumer Attitude towards FinTech Products and Services in Malaysia”
International Journal of Engineering & Technology, 7 (2.29) (2018) 166-169
Future of Fintech in India - Opportunities and Challenges. (2018): Retrieved from
https://www.indiabriefing.com/news/future-Fintech-india-opportunities-challenges12477.
Pendyala John Adinarayana , B.Kishore Babu (2019): Modern Techniques of Promoting the
Banking Financial Services and Insurance (BSFI) Journal of Innovative Technology and Exploring
Engineering (IJITEE) ISSN: 2278-3075, Volume-8 Issue-10 August, 2019.m p.no. 1715-1719.
Painoli, G. K., Dhinakaran, D. P., & Vijai, C. (2021). Impact of Fintech on the Profitability of
Public and Private Banks in India. Annals of the Romanian Society for Cell Biology, 25(6), 5419-
5431.
Siddhanth Gurung, 2018: “FinTech: A Messiah for the ailing Banking Industry in India”
Sunil Kapadia, 2020: “How Digitization Is Impacting Banking Transactions and Financial Markets
in India?
Trade, F. I., Maerschand, J., & D’costa, S. (2020). Fintech In India. Mumbai: Flanders Investment
and Trade Market, Indian Journal of Economics and Business Vol. 20 No. 3 (December, 2021)
Copyright@ Ashwin Anokha Publ
Varun Mittal, 2019: “India FinTech Landscape” School of Industrial and Information Engineering
Vivek Dubey, 2019, India: “FinTech Innovations in Digital Banking” IJERT, Volume 08, Issue
10

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IOT AND SMART AGRICULTURE – AN OVERVIEW
Miss Umeshwari P. Patil

Research Scholar
School of Computer Application
Satya Sai University of Technology & Medical Science, Sehore (MP)
umeshwari_patil@rediffmail.com
Dr. Jitendra Sheetlani
Dean
School of Computer Application
Satya Sai University of Technology & Medical Science, Sehore (MP)
Abstract:
Agriculture plays a vital role in the Indian economy. Over 70 per cent of rural households
depend on agriculture and hence, is the backbone of Indian economy. According to the UN, half
of the food we throw away we produce - more than 900 million tons of it every year and 2 billion
people in the world are unsure about their next meal. Technology is often seen as the answer to
many modern-day problems, but in truth, it is only part of the solution and complementary to other
actions. So, the answer to this challenge is Smart Agriculture and it answer is how can we leverage
technology to reduce food waste and get perishables to the right place at the right time with right
amount. In recent years, there has been an increasing focus on technologies that boost Indian
agriculture in revolutionary approach. Among various technological development and intervention
in Indian Agriculture, Internet of Things ‘(IoT) is a revolutionary technology that represents future
of communication and computing. New technology is bringing better connectivity to remote areas,
helping farmers improve crop yields. Internet on Things (IoT) smart farming solutions is a system
that is built for monitoring the crop field with the help of sensors and automating the irrigation
system. In India already has over 450 agritech startups, and the number is still increasing. Sensors
and software applications based objects - IoT have brought tremendous benefits to rural
villages and agriculture in India.
Keywords: Internet of Things (IoT), agricultural, smart farming, sensor data, automation,
precision agriculture.
Introduction:
According to the UN, half of the food we throw away we produce - more than 900 million
tons of it every year and 2 billion people in the world are unsure about their next meal. So, the
answer to this challenge is Smart Agriculture and it answer is how can we leverage technology to
reduce food waste and get perishables to the right place at the right time with right amount. The
focuses on a promising remedy to this problem with Smart Agriculture, a suite of advanced
farming technologies. This emergent concept applies Internet Of Things (IoT) in farming, along
with other cutting-edge technologies such as AI, Big Data and robotics, to the food supply. The
applications of these technologies run the gamut from autonomous greenhouses that deliver
irrigation automatically to drones that scout for pests and count fruit – and everything in between.
The aim of Smart Agriculture, also called smart farming and 5G farming, is to solve the challenges
in farming, shipping and storing food – and to unlock new efficiencies.
Innovation moves sustainable production closer to points of consumption:

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The global food supply is surprisingly fragile. According to the Food and Agriculture
Administration of the United Nations (FAO), 75 percent of the world’s food is generated from
only 12 plants and five animal species. It’s hard to understand demand of consumer or customer
but consumer demand has led to global supply chains filling out of season products all year round.
These supply chains are easily disrupted by fuel and labour shortages, trade disputes, and as we
have seen, a global health crisis and of course climate change. Increasingly, consumer groups are
drawing attention to food airmiles associated with produce and encouraging consumers to buy in-
season fruit and vegetables and to shop locally to reduce the logistical costs and environmental
impact of long journeys.
The desire for food security with a resilient supply chain has given rise to farms in urban
environments for example, hydroponic warehouses and vertical farms. Hydroponic
agriculture gives greater control over when and where food is produced as it doesn’t rely on the
local climate or prevailing weather conditions and requires no soil. This level of detailed imaging
and insights helps us be better farmers and ensures the highest level of quality all year round.
Vertical faming takes the idea of high-density human habitation and uses the concept to
cultivate, grow and harvest crops all year round. They are always sited close to the urban centres
where they’ll be consumed. Take Aero Farms is working with Nokia Bell Labs on a proof of
concept for an integrated system that tests technologies such as AI/ML, wireless networking and
drone orchestration to monitor for abnormalities at the individual plant level. This system can
image every plant every day. This level of detailed imaging and insights helps to be better farmers
by monitoring plant biology dynamically and allowing us to course correct as needed to ensure the
highest level of quality all year round.” The advantage of this approach is that as temperature,
light, moisture and feed—in other words, the artificial climate—can be managed and optimized
while the number of harvests per year are increased. The time between harvest, storage and
distribution is also far shorter, meaning that produce arrives fresher and faster on the shelves while
reducing the environmental impact of trucking and shipping produce long distances.
Biodiversity rather than monoculture is an important consideration for future agricultural
strategies and a resilient food supply chain.
Internet of Things (IoT) is the networking of physical objects that contain electronics
embedded within their architecture in order to communicate and sense interactions amongst each
other or with respect to the external environment. In other words, IoT is a system of
interconnected objects, usually called smart devices, through the Internet. The objects interact
with the external environment with the help of embedded technology, which helps them in taking
decisions.
IoT smart farming solutions is a system that is built for monitoring the crop field with the
help of sensors (light, humidity, temperature, soil moisture, crop health, etc.) and automating the
irrigation system. The farmers can monitor the field conditions from anywhere. Precision Farming
and Predictive Analytics: AI applications in agriculture have developed applications and tools
which help farmers inaccurate and controlled farming by providing them proper guidance to
farmers about water management, crop rotation, timely harvesting, type of crop to be grown,
optimum planting, pest. The technologies driving the 'smart farming revolution' include
the Internet of Things (IoT), edge computing, 5G, blockchain, AI, machine learning, robotics and
drones. IoT in agriculture uses robots, drones, remote sensors and computer imaging combined
with continuously progressing machine learning and analytical tools for monitoring crops,

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surveying and mapping the fields and provide data to farmers for rational farm management plans
to save both time and money.
In the scenario of IoT-based smart farming, a system is built to monitor crop field with use
of sensors (soil moisture, temperature, humidity, light, etc.) and to automate irrigation system.
This way, farmers will be able to monitor field conditions from just anywhere regardless of their
current location.
Technology make agriculture smart and increase sustainability:
Technology is often seen as the answer to many modern-day problems, but in truth, it is
only part of the solution and complementary to other actions. P. Balaji, Chief Regulatory &
Corporate Affairs Officer at Vodafone Idea Limited, said: “Smart crop management using Smart
IoT and AI-based solutions is transforming the prevalent agricultural practices into more
‘intelligent’ ones, enabling farmers with smart decision making and helping them improve
production and crop quality through better utilization of resources.”
By deploying IoT sensors across a field and connecting to a private network or local mobile
network - farms can monitor water and test nutrient levels in the soil. This ensures that expensive
fertilizers and chemicals are only dispersed when necessary to boost yield. The IoT network can
be used to monitor the performance of farm machinery and irrigation systems while drones can be
sent out for routine visual checks.
In conjunction with mobile network, Nokia and Vodafone has launched Smart Agriculture-
as-a-Service to improve the livelihood of 50,000 farmers across 10 districts in the states of Madhya
Pradesh and Maharashtra. More than 400 sensors have been deployed over 100,000 hectares of
farmland to collect data for analysis by the solution’s cloud-based and localized smart agriculture
app. Sensors include soil probes, weather stations, insect traps and crop cameras. Insights from the
data will help farmers to improve soy and cotton crop yields, as well as reduce their impact on the
environment.
Small farming is the lifeblood of the planet. The GSMA reports that smallholders represent
500 million households who are responsible for producing food for 70 percent of the world’s
population. Yet while small-scale operations can be innovative and nimble, small farms are also
the most vulnerable to changing climate patterns, which affect their yields and can impact supply
chains. This is especially true in lower income countries, where farmers mainly need access to the
internet to check weather reports, obtain the financial capital necessary to buy seeds and fertilizers,
sell crops, and gain intelligence to improve their yield and business practices. In higher and in
middle income countries, on the other hand, technology can supply far more sophisticated sensors,
detailed imagery from drones, and fully automated machinery.
Today it still seems that there are too many twists in the world and several factors still need to
align to ensure the sustainable agricultural practices and food production necessary to feed our
growing population. These include changing human behaviour and consumption patterns, better
management of food production and food waste, ensuring crop biodiversity, supporting farmers
exposed to climate change and rethinking where farming occurs. Technology and innovation play
a significant role in meeting these challenges, and in providing lower carbon and sustainable
solutions for agriculture and food production.
In the meantime, technology can ensure best practices in existing (as well as future)
agricultural production. Technologies such as digital connectivity - via public satellite and public
or private LTE and 5G networks - digital Internet of Things (IoT) sensors, drones, machine

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learning (ML), artificial intelligence (AI) and analytics can make agriculture more sustainable by
minimizing the use of pesticides, fertilizer and water. These technologies can enable precision
farming, and Bell Labs consulting predicts that if 25 percent of all farms adopted precision farming
by 2030, it would lead to yield increases of up to 300 million tonnes per year, a reduction in
farming costs of up to US$100 billion per year and a reduction of waste water by up to 150 billion
cubic meters per year.
Powering smart agriculture:
The UN has stated that food production will need to jump by 70% to keep pace with a
rising global population that’s projected to cross the nine billion marks by 2050. Hence, the need
to establish sustainable agricultural practises. The concept of mechanized farming is nothing new,
but IoT is pushing the envelope even further. One sector that is set to reap significant benefits from
IoT is agriculture. Reeling from the devastating effects of climate change and an exponential rise
in consumption habits, the farming industry is facing a major crisis. With sensors constantly
monitoring crops, soil acidity, temperature and irrigation, farmers will have at their disposal a
wealth of information to help take the right decisions. Data fed into smartphones would allow the
monitoring of equipment embedded in the soil, track feeding habits and health of livestock and
provide real-time weather updates. Specialized drones will survey fields and seamlessly connect
with intuitive machines to create a 360-degree digital landscape. The benefits are well known but
deploying the technology can be quite an intricate and costly affair.
The IoT Boosts Indian Agricultural:
New technology is bringing better connectivity to remote areas, helping farmers improve
crop yields and allowing fisherfolk to venture more safely out into the sea. Sensors and software
applications embedded in everyday objects - the Internet of things (IoT) - have brought tremendous
benefits to rural villages and agriculture in India. But there are challenges in connectivity and
infrastructure. Satellite-based networks can bridge the connectivity gap in remote areas but can be
expensive because of the equipment required by both consumers and producers.
Narrowband (NB)-IoT technology may help bridge the gap between inaccessible areas and
the benefits of Internet connectivity. As its name implies, NB-IoT uses a single, narrowband
frequency, which limits transmission rates but allows many users to simultaneously connect over
a wide area. The technology is low-cost for users and works on almost any mobile phone.
T V Prabhakar, principal research scientist in the Department of Electronic Systems
Engineering at the Indian Institute of Science, Bangalore, noted that NB-IoT is a fairly new
technology, widely available within only the past several years. Prabhakar has published
extensively on issues surrounding access to IoT devices. Although currently available only for
commercial use, He said the accessibility of NB-IoT will allow it to expand easily to consumers
“because it is a technology that can work with traditional voice-only as well as [with] the evolution
to 3G/4G/5G technologies,” he explained. NB-IoT works with existing satellites and mobile
cellular networks, both of which are widely available in India. “Farmers and fishermen can use
their mobile phones to receive and transmit messages, without any special skills.”
Prasanna Iyengar, director of products at Skylo said that - Farmers can receive alerts
through the mobile application,” after receiving a notification, farmers can then “use these alerts
to take action such as turning on a water pump for irrigation. They can also decide the proportion
of fertilizer based on the soil health care report.
IoT System in Agriculture and Start-ups in India:

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IoT in
agriculture has always been
a hot topic since food is the
basic essential element of
people’s survival. TECH
Design has previously
pointed out the rapid growth
of the smart agriculture
market to USD 15.3 billion
by 2024 from the article of
“Architecting Future Smart
Agriculture with LoRa”.
And in India, a country with
the second largest population, the growing trend of smart agriculture market is also obvious since
over half of the people earn a living with agriculture. In this article, we will introduce the IoT
system in agriculture and how Indian agri techs help India to develop the smart agriculture in the
IoT era.
According to EET India, the IoT system in agriculture can be categorized into several
sections, which includes sensors, signal conditioning, processing and security, power
management, connectivity, and positioning.
With connectivity, the processor is able to control other IoT devices remotely. Different
sensors can be used to detect the external environment and targeting objects. A lot of agriculture
use cases have been realized through the IoT system, such as precision farming, crop
management, farming process automation (like fertilization, irrigation, or pest
management), livestock monitoring, and so on.
Indian Agritech Startups:
Based on a NASSCOM report in 2019, India already has over 450 agritech startups, and
the number is still increasing, with a growth rate of 25% yearly. Each agritech startup uses its own
way to help farmers increase their productivity and revenue, some focus on supply chain process
optimization, some focus on online market trading, while many of them focus on precision
farming. 10 outstanding Indian agritech startups that help farmers to work smarter within IoT
systems will be emphasized on in the following content. As addressed above, many of them
concentrate on precision farming, and the rest try to solve other problems. As a whole, Aarav
Unmanned Systems, Aibono, Aqua-connect, Crop-In, Fasal, Gramophone, and Gram work X are
the ones make farming more efficiently; while Agdhi, Intello Labs, and O4S (Original4Sure)
concentrate on product quality control.
As a leading agricultural country, India has nurtured a lot of agritech startups. By bringing
the concept of IoT into their products, these startups all aim for developing better farming
environments for farmers. After reading this article, we believe you have had a basic understanding
of the businesses of the most well-known 10 agritech startups that TECH Design has chosen.
Challenges Faced By IoT in Agricultural Sector:

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By adopting IoT in the agricultural sector we get numerous benefits, but still, there are
challenges faced by IoT in agricultural sectors. The biggest challenges faced by IoT in the
agricultural sector are lack of information, high adoption costs, and security concerns, etc. Most
of the farmers are not aware of the implementation of IoT in agriculture. Major problem is that
some of them are opposed to new ideas and they do not want to adopt even if it provides
numerous benefits. The best thing that can be done to raise awareness of IoT’s impact is to
demonstrate farmers the use of IoT devices like drones, sensors and other technologies and they
could provide them ease at work and accompanied by real-world examples.
 Lack of Infrastructure: Even if the farmers adopt IoT technology they won’t be able to
take benefit of this technology due to poor communication infrastructure. Farms are located in
remote areas and are far from access to the internet. A farmer needs to have access to crop data
reliably at any time from any location, so connection issues would cause an advanced monitoring
system to be useless.
 High Cost: Equipment needed to implement IoT in agriculture is expensive. However,
sensors are the least expensive component, yet outfitting all of the farmers’ fields to be with
them would cost more than a thousand dollars. Automated machinery cost more than manually
operated machinery as they include cost for farm management software and cloud access to
record data. To earn higher profits, it is significant for farmers to invest in these technologies
however it would be difficult for them to make the initial investment to set up IoT technology at
their farms.
 Lack of Security: Since IoT devices interact with older equipment they have access to
the internet connection, there is no guarantee that they would be able to access drone mapping
data or sensor readouts by taking benefit of public connection. An enormous amount of data is
collected by IoT agricultural systems which is difficult to protect. Someone can have
unauthorized access IoT providers database and could steal and manipulate the data.
 Interoperability: Technological standards in most areas are still fragmented. These
technologies need to be converged. Which would help us in establishing a common framework
and the standard for the IoT devices. As the standardization process is still lacking,
interoperability of IoT with legacy devices should be considered critical. This lack of
interoperability is preventing us to move towards the vision of truly connected everyday
interoperable smart objects.
 Lack of government support: Government and Regulatory bodies like FDA should
come up and bring up regulations by setting up a standard committee for safety and security of
devices and people.
Conclusion:
Agriculture is the backbone of our country. Agriculture sector contributes to country's
economy more than any other sector. The present paper discussed about the technological aspects
in agriculture and how technology helps to improve the agriculture efficiency. Also discussed the
problems and challenges in smart agriculture. For the increase in crop production efficiency and
farmer life, IoT plays a vital role. For the efficient and better decisions for farmers, educating them
with visual alerts is necessary. The data points can be analysed by different devices connected with
each other. The soil properties and the best crop suited for the soil; these things Indian farmers are
still unfamiliar with. To enhance the yield, IoT device can be used which can easily know details
of the soil, fertilizer and water level that are required for the field. It also focuses on how the

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technology makes agriculture smart and increase sustainability. It covers the Indian agritech
startup and present structure of agriculture IoT.
References:
1) A.K.Tripathy, J. adinarayana, D. sudharsan, S.N. Merchant, U.B. Desai, K.Vijayalakshnmi,
D. Raji, “Data mining and wireless sensornetwork for agriculture pest/disease predictions,”
World congress on International and Communication Technologies, IEEE, pp. 1229-1234,
2011.
2) Deepa Padmanaban (2021), “The “Internet of Things” Boosts Agricultural Livelihoods in
India
3) G. Balakrishna and Moparthi Nageshwara Rao, “Study report on using IoT agriculture farm
monitoring,” Innovations in Computer Science and Engineering, Lecture Notes in Networks
and Systems, vol. 74, pp 483-491 2019.
4) Harneet Kaur, “Agriculture: The way to inclusive growth,” IOSR Journal of Business and
Management, vol. 9, no. 6, pp. 42-47, 2013.
5) M. Jagadesh, S. Rajamanickam, S.P.Saran, S.Shiridi Sai, M. Suresh, “Wireless sensor
network based agricultural monitoring system,” International Journal of Creative Research
Thoughts(IJCRT), vol. 6, no 1, pp. 502-209, Mar. 2018.
6) N. Suma, Sandra Rhea Samson, S. Saranya, G. Shanmugapriya, R. Subhashri, “IoT based
smart agriculture monitoring system,” International Journal on Research And Innovation
Trends in computing and Communication, vol. 5, no. 2, pp. 177-181, Feb. 2017.
7) Nageswara Rao Moparthi, Ch Mukesh, P. Viday Sagar, “Water quality monitoring system
using IoT,” An IEEE Conference, pp. 109-113, 2018.
8) R. Nageswara Rao, B. Sridhar, “IOT based smart crop-field monitoring and automation
irrigation system,” International Conference on Inventive Systems and Control, pp. 478-
483, 2018.
9) S. A. Ansari and S. Tabassum, “A New Perspective on the Adoption of Sustainable
Agriculture Practices: A Review,” Current Agriculture Research Journal, vol. 6, no. 2, pp.
157-165, 2018.
10) S. Surai, R.Kundu, R. Ghosh, G. Bid, “An IoT based smart agriculture system with soil
moisture sensor,” Journal of Innovation and Research, vol. 1, no. 1, pp. 39-42, May. 2018.
11) Snowber Mushtaq, “Smart agriculture system + and image processing,” International
Journal of Advanced Research in Computer Science, vol. 9, no. 1, pp. 351-353, Feb. 2018.

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ESG AND CRYPTO ASSET- A BEHAVIORAL ANALYSIS FROM THE RESPONSIBLE

INVESTMENT PERSPECTIVE
Dr. Maumita Ghosh

HOD, Department of Economics, South Calcutta Girls’ College.
D.P.P. Road, Naktala, Kolkata
Ms. Moumita Banerjee
Faculty, Department of Economics, South Calcutta Girls’ College.
LR-242, A.B.L Township, Durgpur-713206
Abstract
There is an increasing popularity of cryptocurrency and rapid acceleration of the institutional
investment in crypto assets worldwide. The currency that was written off by experts a few years
ago took a complete U-turn and is embraced as an alternative asset to equities, gold and money
during the pandemic period. As a result, there is an increasing demand for the consideration of
Environmental, Social and Governance (ESG) performance of the broader crypto currency
industry and its miners. According to the environmental concerns over popular media and research
by the University of Cambridge, the amount of energy expended in mining cryptocurrencies
significantly contribute to the acceleration of global warming. Part A of the paper shows the
detailed overview of ESG ratings of some crypto exposed and mining companies and Part B
analyzed the relationship of stock returns of the companies based on their ESG ratings using
various statistical tools.
Keywords: Crypto assets, Crypto exposed companies, ESG, mining companies, responsible
investors.
1. Introduction
In recent years world’s finance vocabulary has been invaded by various terms like blockchain,
bitcoin, digital currency, Cryptocurrency and the more. General people specially the youngsters
are showing interest in investing and buying various crypto-assets. One of the remarkable
pathways to digital transformation in monetary sector that provide an alternative way to the
traditional electronic payment system is cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH),
Litcoin, Binance Coin (BNB) etc. An increasing number of companies worldwide have created a
new business phenomenon and new types of trading and transactions by investing in
cryptocurrencies.
At the same time the significance of environmental, social and governance (ESG) issues in the
industry has exploded in the economy, as evidenced in various studies and reports. ESG issues are
getting importance when more and more investors are allocating their portfolios where
cryptocurrency is also starting to capture an allocation from a growing number of portfolios. ESG
is the umbrella term for responsible and sustainable financial components which helps investors
in identifying a wide range of risks and opportunities that could affect companies’ share of prices
and sustainability in the long term. It is a growing area of focus for investors who do not want to
buy cryptocurrency that is mined in a way that causes excessive energy wastes and environmental
damage. Morgan Stanley Capital International (MSCI), for instance, provides ESG ratings which
are designed to measure a company’s resilience to financially material environmental, societal and
governance risks (MSCI, n.d.).The ESG ratings focus on financial risks to a company’s bottom

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line and helps institutional investors in assessing such risks and deploying capital in ways that
maximize investment return over their time horizon. MSCI provides a wide variety of analytical
tools to help investors who have its own investment objectives and ways of incorporating ESG
considerations in their portfolios. MSCI provides transparency which helps investors to make
better informed decisions and consider the resilience of companies and pursue their objectives
over the long term. Sustainalytics, a peer performance rating provider delivers ESG risk rating
which measure a company’s exposure to industry specific material ESG risk and identify areas of
ESG improvement to help future management decisions that align with the organization’s
sustainability goals. (Sustainalytics, n.d.)
In this study the authors would search the answers of the following research questions that would
lead to a better understanding of the behavioral pattern for responsible investment.
2. Research questions
I. What do investors consider while assessing the ESG practices of some global
cryptocurrency-exposed and mining companies
II. To understand how the ESG scores are related with the market capitalization of those
companies.
III. To analyze the behavior of socially responsible investors based on the relationship
among the stock prices and ESG risk ratings.
3. Literature Survey
With great market caps come great social responsibilities. As the Cryptocurrency industry gets
mature, the related companies must consider the communities they serve. Very few studies we
could come across that directly spoke about the ESG and crypto assets issues. In a study ‘Aneta
Havlinova and Jiri Kukacka analyzed the relationship between corporate social responsibility and
the stock market performance in the post global financial crisis period (Pintekova, 2021). The
empirical result of the study suggested that if companies aimed to increase their share price through
the corporate social responsibility channel, they should strategically select their socially
responsible initiatives. The study of Giovanni Fiori et al. (2015) titled ‘Corporate Social
Responsibility and Stock Prices: A Study on the Italian Market’ piped in the same line that
considered industries other than crypto exposed ones. According to Van Wijk, there is a significant
influence of Dow Jones index on Bitcoin prices. (Van Wijk, 2013). The effects of COVID-19 on
the stock performance of block-chain based companies in comparison to non-block-chain based
companies. (Kordestani, 2021). He used a sample of S&P global 1200, the real time tradable global
equity index, to examine the impact of COVID-19 announcement on March 11, 2020 on stock
returns and volatilities. The result of the study showed that the performance of both non-block
chain and block chain stocks worsened after the announcement of COVID-19 pandemic. In the
last few months, several authors studied the influence of COVID-19 crisis on Cryptocurrency
market.
4. Part A
4.1 Overview of Crypto assets
It is prudent first to understand what cryptocurrencies are. In its basic form cryptocurrencies are
digitally encrypted tokens that can be transferred between two parties without the need for a
centralized regulation. Instead, users of the system confirm payments using certain protocols.
Bitcoin and any other cryptos are created through a process named ‘mining’. Miners use
considerable computational power to authenticate transactions that have taken place on the bitcoin

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blockchain. Each Bitcoin at its basic form is a computer file which can be stored in a digital wallet
application on a smart phone or computer. People can send Bitcoin or a part of it to others’ digital
wallet and vice versa. Every single transaction is recorded in a list called ‘blockchain’. There are
no intermediaries so they can be directly transferred to the digital wallet of the receiver.
The following table (Table 1) shows the latest value of market capitalization of top
cryptocurrencies.
“Table 1 about here”
Bitcoin is the world’s largest cryptocurrency by market capitalization. Its supply is limited to
21,000,000 and has a current circulation of 18,590,300. Since Bitcoin has a fixed supply, it ensures
the increase in value over time unlike government issued currencies.
4.2 ESG arguments for Bitcoin
The key argument for crypto-assets not being ESG-friendly rooted from the energy requirement to
mine the cryptocurrency and complete transactions in it. Even Tesla CEO Elon Musk, whose
tweets usually move the crypto market, temporarily had suspended the automaker's acceptance of
bitcoin for purchases last year due to concerns about the cryptocurrency's impact on the
environment. A couple of months later, Musk announced that Tesla may again accept bitcoin
payments — as long as at least half of the energy used to mine bitcoin is renewable.
“Digital mining is no different than any other industry that uses electricity,” said Ben Gelfand,
CEO of Bluesky Digital Assets Corp. “However, it depends where you mine. If you mine using
hydroelectric power, then your carbon footprint is small.” He also added, “we use hydroelectric
power and then share our offtake heat with another business, so our electricity is used twice for
one spend.”
4.3 ESG Criteria
ESG ratings assess how well companies manage risk compared with one another with a given
industry based on their exposure to, and management of, financially relevant ESG risks. For
example, if a computer chip making company has a high exposure to the risk of water stress and
manages that risk poorly compared to its industry peers, ESG rating will show up that risk. Again,
risks take place across industries. For example, Carbon emissions, will affect the rating of a
restaurant much less than that of an oil company. The fast-food chain that increases emissions
from year to year might still have a smaller carbon footprint compared with its industry
competitors because, other ESG factors such as sourcing of inputs, packaging waste and product
safety are more financially relevant to the fast -food chain than the carbon emissions of its
operations and thus weigh more heavily in its ESG rating and environmental score.
Every business is deeply intertwined with Environmental, Social and Governance proposition that
can create value. The important elements of ESG are –
i) E in ESG addresses the Environmental criteria which includes the energy a company
takes in, the resources it needs, the waste it discharges and the consequences for living
beings as a result. In particular, E incorporates carbon emissions and climate change.
ii) S in ESG, addresses the social criteria which incorporates the relationships of a
company with people and institutions in the communities where it belongs and also the
reputation it fosters with them. As every business operates within a diverse and broader
society, the social criteria include labor relations, diversity and inclusion.

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iii) G in ESG addresses the internal system of practices, controls and procedures a
company adopts in making effecting decisions and governing itself, complying with
the law and meeting the needs of external stakeholders.
There are five ESG proposition links to the value creation potential of a company. Though it is not
an assurance that each link will apply or apply to the same degree in every instance, but all the
five links should be considered regardless of the company’s business model or location.
4.4 ESG Risks of crypto assets
1.Environmental – Mining companies of different crypto currency coins and crypto exposure
companies have different environmental impacts which include greenhouse gas emissions from
energy usage and electronic waste (e-waste). To assess a coin’s emission profile, it is required to
identify where mining occurs and what energy sources are used.
2.Social – Though the nature and scope of crypto currencies’ social impact is uncertain, investor
protection and education are important risks for companies that involve direct cryptocurrency
involvement. Moreover, transaction disputes become riskier for companies who accept crypto
currencies as payment.
3.Governance – By design, crypto currencies are decentralized which are supported and promoted
by informal and dynamic communities of cryptocurrency miners, software developers and other
actors. Investors interests are better served by analyzing and understanding how managers and
directors of these companies are monitoring developments in these informal government
frameworks.
4.5 Some other potential ESG problems for cryptocurrencies
Some raise another potential issue with cryptocurrencies, which is their accessibility. Proponents
argue that cryptocurrencies are good from an ESG standpoint because they are decentralized and
enable underserved people around the globe to access financial services.
However, using cryptocurrencies requires access to the internet, money and the understanding
required to use them, which weakens that ESG argument in favor of cryptocurrencies. Others point
out that cryptocurrencies are a favorite method of transaction for criminals like the hackers who
received their ransom for disrupting the Colonial Pipeline in bitcoin.
And then there are the potential governance issues associated with cryptocurrencies. By their very
nature, most of them are decentralized, which might lead some to believe that they have no
governance.
However, they are still governed by software engineers who tweak their code every so often. In
that sense, some would argue that cryptocurrencies also have a diversity problem as CoinDesk
cited statistics that suggest only 4% to 10% of the workers in the crypto sector are women and that
it is dominated by white and Asian men (CoinDesk, 2021).
4.6 Construction of ESG Rating
Companies are evaluated on ESG performance by several agencies and Research and Analysis
firms and independent ESG scores are determined for investment decisions and comparison
against peers. For example -
 Sustainalytics provides ESG Risk Ratings to help investors identify financially material
ESG risks for more than 12000 companies.
 ESG Rating Methodology by Sustainalytics-
According to Sustainalytics, the ESG Risk Ratings are categorized across five levels-

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Negligible (0-10), Low (10-20), Medium (20-30), High (30-40) and Severe (40 and above).
 Thomson Reuters designed ESG scores to measure ESG performance across 10 themes
for more than 6000 companies globally.
 Dow Jones Sustainability Index Family represents the top 10% most sustainable
companies among the largest 2500 in the S & P Global BMI.
 RepRisk compiles coverage of ESG risk assessment for more than 160,000 public and
private companies by using artificial intelligence and machine learning.
 Based on a rigorous assessment of nearly 7000 public companies with revenue over
US$1billion, Corporate Knights (Toronto-based media and investment advisory firm) has
been ranking the world’s 100 most sustainable corporations since 2005 through transparent
and verifiable Corporate Knights Global 100 methodology.
 Morgan Stanley Capital International (MSCI) identifies the E (Environmental), S
(Social) and G (Governmental) key issues which are most material to a company and rate
the companies on a AAA to CCC scale relative to the standards and performance of their
industry peers.
5. Part B
In this section statistical analyses have been done considering few worldwide companies those are
crypto-miners and are crypto assets exposed means either they trade with it or have crypto assets
in their portfolios.
5.1 Data and Methodology
 Graphical analyses have been done for some selected Crypto mining and Crypto-exposed
companies based on their ESG Risk Ratings. These Ratings are taken from the secondary
data source Sustainalytics.
 A comparative study to examine the inter relationships between crypto mining companies
and crypto-exposed companies has been conducted for which we have chosen 19 crypto
exposed companies and 8 crypto mining companies all over the world. Crypto -exposed
companies are those companies which are not involved in mining the crypto assets directly
but have other engagements like trading and or simply keeping them as assets for portfolio
diversification. Their ESG Risk rating scores are taken from Sustainalytics website and the
stock prices of 4 companies (Riot Blockchain Inc., Marathon Digital Holdings,
MicroStrategy, Inc. and NVIDIA Corp.) are taken from Yahoo Finance website during the
duration May 2017 to May 2022. We mainly intend to analyze the behavior of the investors
while investing in such companies based on their expectation towards green finance and
profitability. To analyze the price movements of the selected companies, a popular
statistical software ‘Stata’ has been used where various econometric tools like Augmented
Dickey Fuller test and Johansen Cointegration test have been used.
5.2 Result and Discussion
5.2.1 ESG rating of Crypto exposed industry in comparison with Crypto mining industry
From an investor’s perspective, it is always profitable to invest in companies with high market
value. The current market capitalization (as on 3rd May, 2022) is noted for each of the selected
crypto exposed as well as crypto mining companies and they are categorized under different

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intensities (Severe , High , Medium and Low) of ESG Risk Ratings provided by Sustainalytics
which is shown in the below table (Table – 5).
“Figure 1 about here”
In the above figure (Figure 1), we can see that out of 19 chosen crypto-exposed companies,
Overstock.com, Inc. has high ESG Risk rating. 7 companies have a medium risk intensity and 11
companies are less-risky to material ESG.
The above bar chart (Figure 2) shows that Canaan, Inc. has severe ESG risk intensity while others
belong to high and medium intensity zone.
It can be said that crypto mining companies are suffering from higher ESG risk in compared to
Crypto-exposed companies. From Sustainalytics data, there are no such mining companies who
have low ESG risk.
In the above figure (Figure 3), relationship between market cap and ESG Risk Rating is shown
through scatter plot. It is observed that there is as the x-values increase (moving right), y-values
tend to decrease (moving down). It means that companies with less market cap have higher ESG
Risk Rating.
5.2.2 Unit-root testing of stock prices
5.2.2.1. Augmented Dickey Fuller Test
A new type of revolution in both Economics and Econometrics has been started, since the mid-
1980s, known as the ‘Unit root and cointegration revolution’ (Rao, 1994). According to Engle and
Granger, an important requirement of stationarity of time series data is that the means and
variances of the variables should have well-defined constants and remain independent of time
(Engle, 1987). It is a recognized fact that most of the financial series are non-stationary or random
walk data that contains a unit root at raw level. (Granger, 1974) documented that using non-
stationary series for analysis leads to a situation of spurious statistical output. According to Dickey
(1976) and Fuller (1976), the presence of unit root in the series shows a biasness and inaccuracy
in the other statistical tests. To avoid it, several unit root tests like Dickey Fuller’s DF test and
ADF test (Dickey, 1979), Phillips-Perron test (Phillips, 1988), KPSS test (Kwiatkowski, 1992)
and less frequently used ADF-GLS test (Elliot, 1996) and NGP test (N.G, 2001) can be used. The
ADF test gives a reliable result for unit root testing in case of time series data with large number
of observations. While PP test and KPSS test are suitable for very short time series data. Moreover,
the ADF test is the most commonly used unit root test because of its simple construction and
feasibility (Arltova, 2016).
ADF test involves Dickey Fuller regression model augmented by including m lag of the dependent
variable to correct any serial correlation in the disturbance term. If Yt is the time series to be tested
for unit root then the following model can be estimated and the Null Hypothesis HN: δ=0 can be
tested by using a tau-statistic-
ΔYt = α + δYt-1 + ∑𝑚 𝑖=1 βΔ𝑌t-1 + Ut --------------------(1)
(Ut is a white noise error term).
It is important to determine the no. of difference terms in the ADF regression equation for which
we have applied Selection of order criteria test (var soc) that reports the FPE (Final Prediction
Error), AIC (Akaike’s Information Criteria), Schwarz’s Bayesian Information Criterion (SBIC)

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and HQIC (Hannan and Quinn Information Criterion for selecting lag order. The decision rule is
that we will select the order of lag corresponding to the lowest value of AIC, FPE, HQIC and
SBIC.
According to the varsoc table, AIC and HQIC values are lowest at lag 4 for the close prices of both
NVIDIA Corp. and Microstrategy, Inc. Hence ADF tests were conducted for the above variables
at lag 4.
In the above result of unit root test (Table 6), analysis of unit root testing suggested that the time
series data of the close prices of NVIDIA and MicroStrategy are non-stationary at level and
stationary at 1st difference.
5.2.2.3. Johansen Co-integration Test
Johansen (1988) provided a simple test to examine the presence of co-integrating relationship or
long run relationship between the variables. Johansen co-integration test variables should be non-
stationary at level but stationary at first difference. The ADF test result shows that the close prices
of Nvidia Corp. and MicroStrategy, Inc. are non-stationary at level and stationary at first
difference. Hence, we have taken two variables- NVD_close (close price of NVD Corp.) and
MSTR_close (close price of MicroStrategy, Inc.) and conducted the Johansen co-integration test
to examine the long run relationship among the stock price movements of these two companies.
Maximum rank column tells the order or rank of cointegration among the variables.
For rank = 0,
Null Hypothesis (HN): There is no cointegration or 0 cointegration relationship
Alternative Hypothesis (HA): There is co-integration
Here, the decision rule is that if the trace statistic value is higher than the 0.05 critical value then
we can reject HN and conclude that there is cointegration between the variables. The test result I
(Table 7) shows that the trace statistic value is 12.1252 which is less than the 5% critical value
15.42. Hence, we cannot reject Null and say that there is zero co-integration or no long run
relationship between the stock prices of NVIDIA Corp. and MicroStrategy, Inc.
The test result 2 (Table 8) also shows the same movement in the value of max statistic and it is
double confirmed that no long run relationship exists between the close prices of the two
companies.
Similarly, we have taken two crypto mining companies RIOT Blockchain Inc. and Marathon
Digital Holdings where RIOT has a high ESG Risk score (34.3) and Marathon has medium ESG
Risk Rating (25.9) and conducted the ADF test and Johansen Co-integration Test. Out of the 8
chosen crypto mining companies, RIOT and Marathon are only taken for the analysis because both
have the higher market cap than the others and investors are likely to invest in companies with
high market values. The ADF test result shows that the close prices of RIOT Blockchain Inc. and
Marathon Digital Holdings are non-stationary at level and stationary at first difference. Hence, we
have taken two variables- Riot_close (close price of RIOT Blockchain Inc.) and Mara_close (close
price of Marathon Digital Holdings) and conducted the Johansen co-integration test to examine
the long run relationship among the stock price movements of these two companies.

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The test result I (Table 9) shows that the trace statistic value is 16.8454 which is higher than the
5% critical value 15.41. Hence, we will reject Null and say that there is co-integration or long run
relationship between the stock prices of the two companies.
Since we could reject HN, we have to go for the next rank.
For rank = 1,
HN: There is maximum 1 cointegration relationship
HA: There is more than 1 cointegration relationship
Here, the decision rule is same. If the trace statistic value is higher than the 0.05 critical value then
we can reject HN and conclude that there is at most 1 cointegration relationship between the
variables. The result 2 (Table 10) shows that trace statistic value is 3.7599 which is less than 0.05
critical value. Hence, we fail to reject HN and conclude that there is maximum 1 co-integration
relationship.
From both the test results it is found that the stock prices of RIOT and Marathon are driven by
each other. If there is any shock in any one of them then it will immediately be transformed to the
other. From an investor’s perspective, constructing a portfolio entirely based on one mining or one
crypto-exposed company, may be risky. Since closing prices of these two companies have long
run relationship, if an investor wants to invest on RIOT, it is necessary to study the closing prices
of Marathon as well for their future speculation. For example, when there is a price drop in RIOT
stock, it will be reflected in the stock price of Marathon and investors should distance themselves
from investing in both of them. However, if an investor wants to include sustainability in his
portfolio, he may observe the ESG risk rating along with the stock price movements. Here,
Marathon has less risk to material ESG than RIOT and from the test results it is observed that the
market cap of Marathon is higher than that of RIOT. So, from an investor’s perspective, it would
be a better choice if he invests in the companies with less ESG Risk rating and high market value.
6. Limitation
The comparative study of the stock returns and ESG ratings has been done for limited companies
due to lack of data. Since, crypto market is emerging and growing at a faster pace and new
businesses are including crypto assets in their digital portfolio along with the traditional mode of
investments. We are keen to do further research considering ESG Risk Ratings and financial
performances of the crypto involved companies and miners for larger sample size.
7. Conclusion
The strategy of socially responsible investing allows market participants to conduct both positive
and negative screening to invest in companies engaging in sustainable practices and emphasizes
financial returns as a secondary consideration after the investors’ moral values. Investors are
increasingly searching for forward looking metrics as a means of assessing portfolio risk beyond
traditional financial measures while considering ESG investing. In spite of the exponential growth
in the crypto asset industry, it raises many questions for the investors to integrate Environmental,
Social and Governance (ESG) issues into their portfolios. This study sheds light on the behavior
of the socially responsible investors who are interested in investing in industries involved in crypto
currency.
References

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Abigail B. Sussman. Samuel M. Hartzmark. Do Investors Value Sustainability? A Natural

Experiment Examining Ranking and Fund Flows. European Corporate Governance Institute
(ECGI) - Finance Working Paper No. 565/2018
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Market. Corporate Ownership and Control. Vol 12, issue 2.
Fuller, W. (1976). Introduction to Statistical Time-Series. Wiley, New York
Havlinova, A. and Kukacka, J. (2021). Corporate social responsibility and stock prices after the
financial crisis: The role of strategic CSR activities. ResearchGate. SSRN Electronic Journal.
August 2022. SSRN Electronic Journal.DOI:10.2139/ssrn.3380881
Horváthová E. Does environmental performance affect financial performance? A meta analysis.
Ecological Economics. 70(1): 52–59. 2010
Khan, M.H.U.Z.; Halabi, A.K.; Samy, M. Corporate social responsibility (CSR] reporting: A study
of selected banking companies in Bangladesh. Soc. Responsib. J. 2009, 5, 344–357
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University Press, Cambridge.
Phillips, P. (1987). Time Series Regression witha a Unit Root. Econometrica, 55:277–301.
Renneboog, L., Ter Horst, J., Zhang, C., Socially responsible investments: Institutional aspects,
performance, and investor behaviour. Journal of Banking and Finance, forthcoming. 2008.
Revelli, C. and Viviani, J.-L. (2015), ‘Financial performance of socially responsible investing
(SRI): What have we learned? A meta-analysis’, Business Ethics: A European Review 24(2), 158–
185
Spicer, B. H. (1978), ‘Investors, corporate social performance and information disclosure: An
empirical study’, Accounting Review 53(1), 94–111.
Subramanian S., Kabra M., Chopra S., Yeo J., Strzelinska P., Huang L. ESG matters — Global.
ESG from A to Z: A global primer. Bank of America Merrill Lynch. Nov. 25, 2019
Tirole, J. (2001), ‘Corporate governance’, Econometrica 69(1), 1–35
Table 1
Market Capitalization of top cryptocurrencies
Crypto assets Market Cap
Bitcoins (BTC) $708,391,038,222
Ethereum (ETH) $320,155,988,350
Tether (USDT) $77,981,906,225
Binance Coin (BNB) $ 62,515, 174, 943
USD Coin (USDC) $50, 876, 147, 296
Cardano (ADA) $33, 808, 132, 441
Solano (SOL) $32, 384, 227, 836
Ripple (XRP) $29, 109, 760, 342
Terra (LUNA) $20, 286, 927, 088
Dogecoin (DOGE) $18, 359, 366, 936
Note. Data taken from Coingecko.com

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Table 2
The average figures of the selected characteristics of MSCI ACWI index
Implied Temperature Rise Enterprise Carbon Intensity
(degree C) (CO2e/EVIC)
Leaders (AAA-AA) 2.4 415.7
(n=634)
Laggards (B-CCC) 3.0 1110.9
(n=526)
Note. Data taken from MSCI ESG Research LLC. Data for constituents of the MSCI ACWI Index
as of Dec. 14, 2021.
Table 3
The ESG links to potential value creation
Strong ESG proposition Weak ESG proposition
1. Top-line growth Stronger community and Poor community and labor
government relations to relations and unsustainable
achieve better access to practices and thereby lose
resources and thus attract B2B customers and access to
and B2C customers. resources including
operational shutdowns.
2. Cost reductions Reduction in water intake and Generation of unnecessary
consumption of lower energy. wastes and paying higher
waste disposal costs and
packaging costs.
3. Regulatory and legal Deregulation and government Incurring penalties, fines and
interventions support to achieve greater enforcement actions and
strategic freedom. suffering restrictions on
advertisement and point of
sale.
4. Productivity uplift Greater social credibility to Dealing with ‘social stigma’
attract talent and boosting and weak purpose which
their motivation. restricts talent pool.
5. Investment and asset More sustainable allocation of Premature write downs result
optimization capital (plant and equipment) in stranded assets and falling
to enhance investment returns behind competitors that have
and avoiding investments that invested to be less “energy
may not pay off due to long- hungry”.
term environmental issues.
Note. Data taken from McKinsey
Table 4

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MSCI Rating Methodology
Leader Average Laggard

AAA AA A BBB BB B CCC
Companies which are Companies having Companies which are
leading their industries in unexceptional or mixed lagging their industries
managing the most track record of managing based on the failure to the
significant ESG risks and the most significant ESG significant ESG risk
opportunities. risks and opportunities management.
relative to industry peers.
Note. Data taken from MSCI ESG Research LLC.

Table 5
ESG Risk Ratings and Market Cap
Market ESG Risk Rating
Cap
Companies (USD
Billion)
Severe High Medium Low
Overstock.com, Inc. 1.56 - 32.2
Silvergate Capital Corp. 3.844 - 27.4
Cboe Global Markets, Inc. 11.809 - 19.4
Nasdaq, Inc. 25.803 - 11.9
Paypal Holdings Inc 106.294 - 16.4
The Bank of New York Mellon Corp. 34.493 - 21.5
Tesla Inc. 935.455 - 28.5
Microsoft Corp. 2128 - 13.8
Visa Inc. 455.189 - 16.1
Advanced Micro Devices Inc. 146.202 - 20
Microstrategy, Inc. 4.134 - 22.5
Square Inc. 2.967 - 18.8
Interactive Brokers Group, Inc. 24.966 - 23.3
CME Group Inc. 77.916 - 14.6
The Goldman Sachs Group, Inc. 106.12 - 25
Argo Blockchain Plc 0.386 - 11
JPMorgan Chase & Co. 353.744 - 28.9
Mastercard, Inc. 366.96 - 17.2
NVIDIA Corp. 486.762 - 12.8

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Market ESG Risk Rating

Crypto-mining Companies Cap
Severe High Medium Low
Riot Blockchain Inc. 1.287 - 34.3
Marathon Digital Holdings 1.717 - 25.9
Canaan, Inc. 0.668 41.7
Hive Blockchain Technologies 0.625 - 25
Hut 8 Mining Corp 0.636 - 25
Bit Digital Inc. 0.666 - 28
BIT Mining Ltd. 0.120 - 35
Cleanspark, Inc. 0.281 - 23.9
Note. Data taken from Sustainalytics and Yahoo Finance.

Table 6
Examining Non-Stationarity of data (Authors’ Own Calculation)
Variables 5% t- t statistic p- Null Result

critical statistic at 1st value Hypothesis
Level Difference
MicroStrategy -3.410 -2.366 -17.786 0.0000 Rejected at Variable

1st is
difference stationary
at 1st
difference
NVIDIA -3.410 -1.785 -18.157 0.0000 Rejected at Variable

1st is
difference stationary
at 1st
difference
Note. Authors’ own Calculations.
Table 7
Johansen Cointegration Test Result 1

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Maximum Trace 5% critical value

rank statistic
0 12.1252 15.41
1 1.2990 3.76
2 3.76
Note. Authors’ own calculations.

Table 8
Maximum rank Max statistic 5 % critical value
0 10.8261 14.07
1 1.2990 3.76
Table 9
Johansen Cointegration Test result 1
Maximum Trace 5% critical value
rank statistic
0 16.8454 15.41
1 3.7599 3.76
Table 10
Maximum Max 5% critical value
rank statistic
0 15.0855 14.07
1 3.7599 3.76
Figure 1
ESG Rating of Crypto-exposed Companies

Companies Companies
0
5
10
15
20
25
30
35
40
45
Figure 2
10
15
20
25
35
0
5
30
Overstock.com, Inc.
Silvergate Capital Corp.
Cboe Global Markets, Inc.
Nasdaq, Inc.
Paypal Holdings Inc
The Bank of New York Mellon Corp.
Tesla Inc.
Microsoft Corp.
Note. Data taken from Sustainalytics

Note. Data taken from Sustainalytics
Visa Inc
Advanced Micro Devices Inc.
ESG Risk Rating

Microstrategy, Inc.
ESG Risk Rating of Crypto mining companies

Square Inc.
Vol .No .IX, Issue- II (II) July –December 2022

ESG Rating
Interactive Brokers Group, Inc.
CME Group Inc.
The Goldman Sachs Group, Inc.25.0
Argo Blockchain Plc
m
High
JPMorgan Chase & Co.
Mediu
Mastercard, Inc.
NVIDIA Corp.
m
High
Mediu
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Figure 3
Relationship between Market Cap and ESG Risk Rating
2500
2000
1500
Market Cap
1000
500
0
0 5 10 15 20 25 30 35 40 45
ESG Risk Rating
Note. Authors’ Own Calculations

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CHALLENGES AND OPPORTUNITIES FOR CORPORATE GOVERNANCE -

SYSTEMIC CRISIS FROM THE COVID-19 PANDEMIC
Prof. Pallavi Chugh

Assistant Professor, Pratibha Institute of Business Management, Pune.
pallavichugh79@gmail.com
Dr. Rekha Chouhan
Assistant Professor, Suryadatta Institute of Management and Mass Communication.
rekha09@gmail.com
ABSTRACT
Greater research into the effects of alternative corporate governance models on business decision-
making, survivability, and profitability will be feasible as a result of the Covid-19 outbreak. Through
corporate governance research, it may be feasible to assess whether or whether pre-pandemic
processes (such as ownership structure, board composition, and CEO earnings) influenced company
behavior in the post-pandemic period and hence affected firm survival in the short run. The current
situation is unlikely to be rectified anytime soon. Long-term governance frameworks must be
reformed to allow business operations to run more efficiently. At the end of this research, how the
current crisis varies from previous crises to determine how we may prevent or respond to recurrences
of possibly analogous tragedies. This is followed by a series of research questions to aid in the
direction and advancement of the five primary domains of corporate governance (the business goal,
the ownership structure, the board of directors, pay and accountability).
Keywords-Ownership structure, board qualities, CEO salary, corporate governance, Covid-19
I. INTRODUCTION
The tragedy that has transpired as a result of Covid-19 is unlike any other systemic catastrophe that
has occurred previously, such as the Financial crises in the Asian market in 1997, the dot.com boom
in 2000, the Global Financial Crisis in 2007, and the European Sovereign Debt Crisis in 2011.
The latter was caused by endogenous crimes such as accounting fraud and overspending. Lax
regulation and enforcement facilitated risk-taking and top-management avarice. As a result, they
prompted modifications to corporation law and governance norms in a number of countries, with
the purpose of improving corporate controls and boosting penalties for wrongdoing (Conyon et al.,
2011). The tragedy created by Covid-19, on the other hand, was not the result of corporate
negligence or control system flaws. As a result, it looks doubtful that it will inspire regulatory
responses with the same influence on corporate governance systems as earlier crises. The Covid-19
outbreak highlighted a lack of coordinated national and international prevention and treatment
efforts. (a) a quick response to limit the virus's spread; and (b) dealing with the virus's repercussions.
Furthermore, governments devised a slew of relief measures to re-ignite economies and secure long-
term survival, including unprecedented expansionary fiscal policies. The vast range of direct
subsidies and support measures is expected to have an impact on individual and firm-level incentive
structures, as well as monitoring methods. The pandemic crisis and government interventions will
have differing consequences on different firms and countries (or areas), depending on the duration

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and severity of the lockdowns, as well as governments' ability to endure the effects of the crisis and
forced lockdowns. As a result, we feel that the Covid-19 issue, which is only available once a year,
provides an opportunity to investigate how different governance models affect business success. As
a result, scholars should devise methods for disentangling the crisis's multiple implications, both in
terms of the crisis's precipitating factors (such as the pandemic, mobility restrictions, and
lockdowns) and its resolving factors (such as economic recovery) (e.g., at firm or government level).
Taking advantage of the current exogenous shock, on the other hand, will provide vital insight into
whether governance measures can insulate firms from the worst effects of the crisis and/or aid in
their recovery, which will improve both research and practise in the future.
II. Stakeholders, Shareholders, and Corporate Entities
Mainstream corporate governance research has always focused on a company's perspective from the
perspective of its shareholders (e.g., Jensen and Meckling, 1976). Academics, legislators, and
business executives have questioned this paradigm and its underlying assumptions using a
stakeholder-oriented approach (Zattoni, 2020). The current crisis provides a once-in-a-lifetime
opportunity to see if stakeholder-focused companies can weather the storm better than shareholder-
focused companies. It will also enable the determination of which stakeholders would be most
protected during and after the crisis (e.g., Flammer and Ioannou, forthcoming). In the coming years,
we will be able to determine if business purpose, values, and codes of ethics have an impact on
company conduct and, as a result, social and environmental performance - or if they are used to
increase a firm's legitimacy.
In this context, the Corporation Roundtable (an alliance of 181 CEOs of Fortune 500 businesses in
the United States) proposed a new theory on the purpose of a corporation based on stakeholder
viewpoints in August 2019. This method provides researchers with a once-in-a-lifetime opportunity
to determine if CEOs "walk the walk" by measuring the impact of their decisions on both
stakeholders and company results (both short- and long-term). Based on the facts available thus far,
this does not appear to be the case (Bebchuk and Tallarita, 2020). Investigate if 'benefit
corporations,' or for-profit enterprises that profit while also having a positive social and
environmental impact, will outperform their competitors. Overall, the Covid-19 scenario provides a
once-in-a-lifetime opportunity to see if shareholders or other stakeholders question the validity of
firms that are solely concerned with their shareholders (Kano and Oh, 2020). Experts will also be
able to examine how organisations will deal with these difficulties in the post-crisis business climate,
which will be marked by increased stakeholder demands and societal pressures. Given that long-
term economic, social, and environmental repercussions may outweigh short-term shareholder gains
in this new business environment, scholars may find it helpful to supplement or replace agency
theory in their theoretical frameworks (Hitt et al., 2021).
III. Shareholders and Ownership Structures
Following Covid-19, we see a number of intriguing opportunities for research into ownership
structures that we believe are worth investigating. As a starting point, experts may investigate how
enterprises with various ownership structures are responding to the crisis. This crisis offers a once-
in-a-lifetime opportunity to test a long-standing theoretical question: whether organisations with
more patient capital are more adaptable and/or resistant to change than those with less patient capital

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(Sirmon and Hitt, 2003). According to preliminary statistics, organisations with tight control saw
fewer stock price decreases in the weeks following the virus's outbreak, but hedge fund-owned
corporations experienced bigger stock price declines (Ding et al., forthcoming). Even though the
findings are intriguing, further research is needed to completely understand the long-term effects of
different ownership types on business success.
A second line of inquiry might look into how ownership has evolved in the aftermath of the crisis.
Many businesses are on the point of going out of business and will require cash infusions to stay
afloat. This could result in a wave of mergers or perhaps direct government engagement. Different
types of government interventions will also allow for the exploitation of unexpected changes in
ownership structures (due to restructuring, merger waves, or State intervention), allowing for a clear
identification of the mechanisms underlying the relationship between ownership and performance
(as a result of restructuring, merger waves, or State intervention). Despite the importance of finance,
some business owners (for example, entrepreneurial families) may be hesitant to sell shares to
outside investors. In a third line of research, academics examine the possibility of principal-principal
conflicts between enterprises and minority shareholders, or whether major investors make decisions
that benefit them at the expense of minorities (Zattoni, 2020). Because of the economic slump,
yearly general meetings to approve financial statements will be held in unusual locations. Aside
from that, because many countries require a supermajority (e.g., two-thirds of votes) for crucial
economic decisions, the Covid-19 pandemic may affect shareholder information and power
balances. As a result, academics may be able to concentrate their efforts on determining whether the
crisis harmed minority investors or exposed them to expropriation.
IV. Board of Directors Characteristics and Processes
Academics must overcome a number of challenges when examining how boards of directors deal
with corporate crises (Daily et al., 2003). In actuality, directors are bound by legal fiduciary
obligations to the corporation they represent. Personal information that could be used against you
in a legal proceeding should be kept strictly confidential. Access to board procedures and decision-
making may be made more accessible for research purposes as a result of the crisis's specific roots
and systemic structure. An important study question is which board features and techniques will
allow directors to help their companies overcome the current economic depression. The question is
whether boards of directors will emphasise their service function, allowing management to deal with
the crisis's serious consequences more effectively. Is it possible that boards of directors will
endeavour to improve their qualities in order to better execute and supervise their service and
monitoring tasks if systemic problems become more common in the future? Changing working
conditions in boardrooms, on the other hand, allow scholars to explore how boardroom dynamics
influence decision-making. Changing the form of interactions, such as abruptly transitioning from
face-to-face meetings to virtual meetings, may have an impact on interactions, potentially resulting
in process losses as well as decreases in cognitive disagreements and dissent (Zhu, 2013). Many
topics can be thoroughly researched and investigated in depth. Will board meetings become longer
and more often as a result of the requirement to address new challenges effectively? Is it possible
that executive directors will have more authority than non-executive directors in the new board
environment due to their in-depth knowledge of the firm and the industry? How can boards of
directors utilise their pooled expertise and knowledge if not all directors are physically present in

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the boardroom? Will board diversity aid in the execution of strategic changes, such as when boards
adjust their selection criteria in response to a new and more difficult business environment? Will
firms consider a larger pool of candidates to fill their jobs when board design is no longer limited
by physical proximity?
V. Executive Compensation
According to corporate governance theory, it is critical to align executive compensation with the
creation of shareholder value, with compensation committees and boards of directors functioning as
the key agents of this alignment. In this regard, using both short- and long-term incentives is an
effective strategy for aligning the interests of senior executives and investors. Scholars may
investigate how the crisis affects total executive compensation because the crisis will have a
negative influence on business profitability and, as a result, managers' performance-based
compensation. They can also investigate whether the crisis has resulted in a reevaluation of the
systems that link CEO compensation to corporate performance. Will CEOs try to insulate
themselves from uncontrollable hazards, or will they seek a higher risk premium to compensate for
the increased riskiness? According to governance literature, managers' compensation can have a
substantial impact: for example, they may be rewarded for favorable market and industry events,
but they may also be obliged to cope with the implications of unfavorable occurrences beyond their
control, such as natural catastrophes. It will be fascinating to see whether institutional investors
question managerial authority by voting against exorbitant compensation during periods of dividend
cutbacks as a result of the crisis.
Many long-held beliefs and behaviors are being called into question as a result of the pandemic. Do
you believe contractual provisions, for example, will change (for example, a shift from variable to
fixed compensation)? Is it likely that, as a result of the crisis (Paine, 2020), there will be a stronger
link in the future between CEO compensation and environmental and social performance? Do you
believe it will advocate for remuneration systems that place more emphasis on the board's evaluation
of CEO behaviour rather than a direct link to firm performance? Finally, how will executive pay
differ in companies that receive considerable government subsidies or lay off a large number of
employees? How many people do you have on your payroll? Nobody can deny that, both during
and after the crisis, boards of directors and compensation committees will face increased shareholder
pressure and public scrutiny in terms of how they structure remuneration and monitor its
consequences.
VI. Oversight, Accountability, and Information Flows
Internal and external corporate accountability systems are critical, according to the Covid-19 event.
However, more research is required to reach this goal. The degree of information asymmetry
between internal and external stakeholders (such as financial institutions and government agencies)
– as measured by the quality of prior information – will determine stakeholders' ability to forecast
the impact of a crisis on specific businesses as a starting point. Such shifts have immediate and
measurable consequences for businesses' ability (and expenses) to acquire the resources they require
to withstand the storm in issue. According to the study, the qualifications of chief financial officers
and the composition of audit committees may have had an impact on the quality of disclosure (ex-
ante) and the degree to which corporations provided openness (ex-post). External auditors are also

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likely to be scrutinized more thoroughly, as the crisis provides an opportunity to examine if longer-
tenured auditors would constrain (or aid) executive discretion in reducing the impact of the crisis on
financial statements. Academics might then investigate the relationship between financial
regulation, political action, and business transparency to see what they can learn. As a result, in the
future, scholars will be able to explore the ramifications of changing disclosure rules as a public
policy tool. As a result of this discovery, researchers will be able to investigate the ramifications of
recasting disclosure obligations as a public policy tool. Many countries have momentarily
reconsidered accounting regulations that incorporate business reporting, thereby changing check-
and-balance systems. As a result of these interim adjustments, scholars may investigate the impact
of recasting disclosure laws as a tool for public policy. Given that many government subsidies are
related to firm (self-reported) accounting data, a research into whether the effectiveness of
government interventions is influenced by the quality of company control systems is necessary.
Finally, we have identified two long-term issues that need to be investigated further. The question
of how corporations will deal with (greater) openness in terms of systemic risk exposure remains
unanswered. What risk management approaches, both internally and in terms of financial slack and
buffers, will be used, and how will these measures be implemented? Transparency will be critical
in establishing the significance of non-economic aims in assuring survival (Crane and Matten,
2021): will the crisis make it simpler or more difficult to include critical environmental and social
performance standards into business operations (Paine, 2020)
REFERENCES
 Bebchuk, L. and Tallarita, R. (2020). ‘“Stakeholder” capitalism seems mostly for show’. Wall
Street Journal,August 6. https://www.wsj.com/articles/stakeholder-capitalism-seems-mostly-for-
show-11596755220
 Conyon, M., Judge, W. and Useem, M. (2011). ‘Corporate governance and the 2008–09 financial
crisis’.Corporate Governance: An International Review, 19, 399–404.
 Crane, A. and Matten, D. (2021). ‘COVID-19 and the future of CSR research’. Journal of
Management Studies,58, 280–4. https://doi.org/10.1111/joms.12642
 Daily, C. M., Dalton, D. R. and Cannella, A. A. (2003). ‘Corporate governance: Decades of
dialogue anddata’. Academy of Management Review, 28, 371–82.
 Ding, W., Levine, R., Lin, C. and Xie, W. (forthcoming). ‘Corporate immunity to the COVID-19
pandemic’.Journal of Financial Economics.
 Flammer, C. and Ioannou, I. (forthcoming). ‘Strategic management during the financial crisis:
How firmsadjust their strategic investments in response to credit market disruptions’. Strategic
Management Journal,https://doi.org/10.1002/smj.3265
 Hitt, M. A., Arregle, J.-L. and Holmes, R. M. (2021). ‘Strategic management theory in a post-
pandemic andnon-ergodic world’. Journal of Management Studies, 58, 257–62.
 Jensen, M. C. and Meckling, W. H. (1976). ‘Theory of the firm: Managerial behaviour, agency
costs andownership structure’. Journal of Financial Economics, 3, 305–60.
 Kano, L. and Oh, C. H. (2020). ‘Global value chains in the post-COVID world: Governance for
reliability’.Journal of Management Studies, 57, 1773–77.

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 Paine, L. S. (2020). ‘Covid-19 is rewriting the rules of corporate governance’. Harvard Business
Review, 6October. https://hbr.org/2020/10/covid-19-is-rewriting-the-rules-of-corporate-
governance
 Sirmon, D. G. and Hitt, M. A. (2003). ‘Managing resources: Linking unique resources,
management, andwealth creation in family firms’. Entrepreneurship Theory and Practice, 27, 339–
58.
 Zattoni, A. (2020). Corporate Governance – How to Design Good Companies. Milano: Bocconi
University Press.
 Zhu, D. H. (2013). ‘Group polarization on corporate boards: Theory and evidence on board
decisions aboutacquisition premiums’. Strategic Management Journal, 34, 800–22.

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CURIOSITY POTENTIAL OF FEMALE EMPLOYEES IN INDIAN IT

ORGANIZATIONS
Malhar Purandare
Dr. Kirti Dharwadkar
Abstract:
According to the analysis published in global research papers traits like curiosity, creativity and
innovation are not gender based. That means there is similar potential theoretically available with
male and female employees. Yet, when we quickly look around ourselves, we cannot easily
remember the names of outstanding Female innovators. Why is so?
Using the data that was captured for the doctoral research, a secondary analysis was conducted
about the Curiosity potential for male and female employees across 2 generations i.e., Gen-X and
Gen-Y. The observations indicate that Female employees have higher or same level of curiosity
potential as their male counterparts. However, the female employees also believe that the
organizations do not provide enough support to their potential. This is rather unsurprising finding.
Historically, it has been seen that due to family responsibilities, many talented female employees
take a career break or accept administrative roles not aligned to their natural talent. We have seen
changed outlook by IT Organizations in last 5 years to provide opportunities for Female employees
to balance their family life and work. This paper tries to provide some additional recommendations
to nurture and utilize the curiosity potential of Female employees in an enhanced manner.
Keywords: Female, Women, Curiosity, Creativity, Innovation, Diversity, Organizational Culture
Curiosity Potential of Female Employees in Indian IT Organizations
For the doctoral research, the topic selected was about curiosity of IT Organization employees.
When the survey questions were framed, initially the question about gender of the survey
participants was not included. As per the literature review, it was clearly cited in multiple research
papers that curiosity and creativity are not gender based, and hence it was felt that there is no need
to capture this information. However, one of the survey respondents provided candid feedback
about what additional information can be gathered by adding this question in the survey. The
strong argument was that although curiosity is not dependent on gender, the organizational
environment has different impact on curiosity of Male and Female. Hence this question was
included in the survey.
When the survey link was published on LinkedIN®, many respondents from the Indian IT Industry
community across the world responded positively. Some of them also mentioned that they will be
looking forward to the survey observations. Total 131 responses were received with 25% Female
and 75% Male. The initial analysis was more focused on the specific doctoral research questions,
and the gender question was not considered in the preliminary analysis. Much later, when
additional data analysis was being conducted based on types of organizations and years of
experience, this data analytics emerged. While diving deep into the data based on gender, the
observations came out so starkly that the feedback given by the respondent justified itself
vehemently.
I would like to profusely thank the respondent who insisted to add this question and present
herewith the perspective of untapped Curiosity Potential of Female employees in Indian IT
Organizations based on the survey data.
[A] Background:

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Throughout the literature on Curiosity and Creativity, it is mentioned that there is no specific
evidence of higher potential towards any single gender.1 In fact, highly creative personalities show
a combination of masculine (autonomous, self-confident, tough) and feminine (sensitive, intuitive,
responsible) traits.2 Thus, it is widely accepted that there is consistent lack of gender difference in
creative test scores and creative accomplishments. This was the main cause of reluctance for me
to review the survey data according to gender.
Although, there is no gender advantage to men, we can also observe wide differences in the
creative achievements of Male and Female in IT organizations across the world. Hence, the
organizational environment must be one of the factors that influences this disparity over the years.
Today’s IT Organizations have embraced Diversity and Inclusion wholeheartedly.3 This is also
being measured as one of the KPIs for senior leaders and often published openly. Inclusion needs
to be end-to-end and not just from hiring the headcount perspective. The IT Organizations should
provide equitable playing field by giving equal opportunity, making them feel heard and providing
equal support. It is easier said than done. The survey results points to some of these areas which
IT Organizations start looking proactively to provide level playing field, support, and
opportunities.
[B] Data Analysis:
Without further ado, let’s deep dive into the data analysis of specific survey questions and the
responses.
The data analysis for every question is carried out at 2 levels; first is by gender i.e., Female and
Male; and secondly by age. The survey population is classified into two categories of Gen-X4
(born before 1985) and Gen-Y5 (born between 1985 to 1995) as per their age. This will provide us
a perspective of Female who possibly entered IT Organizations at different era and their
interpretation about the Organizational environment over the years.
[B.1] Individual Perspective responses:
In this sub-section, we will look at 5 different questions and the responses which provide us insight
about the individual perspectives of Female and Male under Gen-X and Gen-Y.
Q. 1} Do you think your curiosity depends on your surrounding environment?
100%
90% 32%
33%
80% 46%
55%
70%
60% Yes, sometimes
50% 15% 44% 48% Yes, most of the times
40%
30% 36% No
20% 38%
23% 20%
10% 9%
0%
Female Male Female Male
Gen-X Gen-Y

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Across the population, only 23% employees believe that their curiosity is not dependent on
surrounding environment. Yet, 38% Female in Gen-X population believe that they are not
dependent on surrounding environment. This population is significantly higher than any other
category. On the other hand, only 9% Gen-Y female are independent. For Males across Gen-X and
Gen-Y, the percentages across the responses are very similar.
We can surmise that for Gen-X Female it was always tough to get into engineering jobs. Hence,
many of these would have opted for IT jobs because of their own passion and high level of self-
motivation. Those females would have gone through lot of doubts raised by the society, as they
were treading an unfamiliar career map heavily dominated by Males at that time. That upbringing
might have given them additional boost of independence which is reflected in the responses.
Q. 2} What is the level of Curiosity you observe in your present professional environment?
100% 1% 0%
8%
15%
90% 19%
36%
80% 15% 28%
70%
Very High
60%
50% 63% 27% High
46%
40% 52% Medium
30% Low
20% 36%
23%
10% 16% 12%
0%
Gen-X Gen-Y
80% of Gen-X Males believe that the professional environment exudes only low or medium
curiosity around. However, only 70% Gen-X Females believe the same. Surprisingly, 15% of Gen-
X Females believe they observe very high curiosity around. Across the population only 4% people
believe so. Hence here again, we see that Gen-X Females are swimming against the tide.
There is not much difference between Gen-Y Females and Males; with 36% Gen-Y Females
honestly responded that they see low curiosity in their professional environments.
Q. 3} What was the highest impact of your innovations in your professional environment?

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100% At your team level only
90% 26%
80% 38% 40%
45% At your team level and
70% transcended to other similar
60% teams also
50% 51% At country level in your

organization
40% 48%
54%
30% 55% At global level in your
4%
20% 7% organization
10% 0% 12% 8%
8% 4%
0% 0% 0% 0% At Industry level outside your
Female Male Female Male organization
Gen-X Gen-Y
Across the population, ~83% participants have done innovations at team level or project level.
However, for females the numbers are much higher, viz., 92% for Gen-X and 100% for Gen-Y.
While some % of males (12% of Gen-Y and 23% of Gen-X) created innovations at wider level,
the population of females doing so is far lesser. Under Gen-X category, at least 8% of females
contributed at larger levels by their innovations.
Q4} Are you aware of Intellectual Property (IP) products or solutions your organization has?
I know all of them, or I
100% 11% 9% 12% know who has
90% 23% 9% information about all of
80% 30% them
70% 15% 40%
60% 45% I know some of them
closely, since I have used
50% 29%
38% them
40% 0% 24%
30% 5%
8% 4% I know there are some,
20% 36%
25% 20% but I don't know where
10% 15%
0% to find the information
Gen-X Gen-Y I don't think there are IP
of this organization
Here, there is less difference between Gen-X males and females. But it seems Gen-Y males are
way above others, whereas Gen-Y females are lagging drastically. Gen-X females top the charts
here as well with 23% picking out the top option. This is the highest % across all the categories.
Q5} If the technology you are working on today cease to exist one day suddenly, what is the
first thing you would do?

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100% 8% 9% I can’t tell now

1% 0% 16%
90% 23%
0%
80% 0%
36% I will get admission to an institute
70% 41% 32%
23% for higher studies
60%
50% 4% I would find out which technology is
18% relevant now and start learning that
23% 18%
40% technology
30% I will devote full time to follow my
48%
20% 36% passion outside office job
31% 32%
10%
I already know multiple technologies
0% so I would start working on other
Female Male Female Male technology
Gen-X Gen-Y
Highest number of Gen-Y are aware of multiple technologies; thus, they don’t fret over one
technology getting outdates suddenly. Gen-X males and Gen-Y females have almost same
distribution across the options. Gen-X females stand-out with the highest number in any category
mentioning that they would rather devote time to follow the passion outside the office jobs. Also,
23% of these are not sure what they would do if this impact happened suddenly. This % is
considerably lower in other categories.
[B.2] Organization Environment related Perspective responses:
Now, let’s look at the questions related to perception of the participants with regards to support
provided by organizational environment to their curiosity or innovations.
Q. 6} Is your curiosity encouraged and rewarded in your professional environment?
100% 0% 0%
8% 7% 9%
90% 8% 24%
80% 26%
Yes, encouraged and rewarded
70% monetarily
60% 54% 73% Yes, encouraged and rewarded
50% 37% 56% non-monetarily
40% Yes, encouraged but not
30% rewarded
20% 31% 30% Neither encouraged nor
10% 18% 20% rewarded
0%
Gen-X Gen-Y
Under this question, females under both categories perceive that they don’t get enough
encouragement and rewards in their professional environments. Although good percentage of

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males are also not happy, there is ~25% who believe they get some encouragement and rewards.
This can be a one of the reasons where females could not contribute to innovations.
Q. 7} How frequent is the impact of Organizational barriers on your curiosity?
100% 10% 12%

90% 31% 27%
80% 26% 28%
70% 8% 9%
Rarely
60%
50% 23% 36% 27% Infrequently on monthly basis
32%
40% Frequently on weekly basis
30%
38% Almost every-day
20% 36%
29% 28%
10%
0%
Gen-X Gen-Y
Across the population, more than 60% participants are impacted by the barriers on daily or weekly
basis. However, more than 25% females mention they are rarely impacted by the barriers. On the
other side, around 10% males can ignore the impact of barriers. This depicts that more females are
self-motivated to overcome the barriers and continue their innovations.
Q. 8} What is the highest impacting factor by which your curiosity is restricted in day to day
work?
100% 0% 3% 4%
5% 9%
90% 23% 20%
16% 18%
80%
8% 12%
70% 8% No knowledge of tools
26%
60% 27%
Client environment restrictions
50% 28%
9% No fixed type of work
40%
62% Monotonous work
30% 49%
20% 36% 36% Timeline pressure
10%
0%
Gen-X Gen-Y
With no surprise, ‘Timeline pressure’ is identified as the highest impacting factor by maximum
number of participants across the population. However, more than 60% Gen-X females are
impacted by this factor. This is a concerning area. Another observation is males are more impacted
by ‘Monotonous work’ than females. This is across the generations.

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Q. 9} Do you get enough time to do research and development before you take up any
activity?
100% 4% 12%
23% 18%
90%
29% Yes, all the times
80%
15% 18% 36%
70%
60% Only for specific type of activities,
50% but regularly
46% 55% 45%
40% 32% Infrequently for very few types of
30% activities
20%
10% 15% 12% 18% 20% Never
0%
Gen-X Gen-Y
Across the population, the perception is there is never enough time given or very infrequently
given for research and development. Although, good number of females believe that they get
enough time for research and development all the time. This number is much higher than males.
[C] Observations:
Following is the comparative analysis of 4 categories based on the responses in a tabular format:
High – Highly Positive, Score the highest across 4 categories
Medium – Positive, At median level across 4 categories
Low – Negative, Lower than median level
Very Low – Highly Negative, The lowest across 4 categories
Female Male
Q
No Category Gen-X Gen-Y Gen-X Gen-Y
1 Curiosity Potential High Low Medium Medium
Perception about Curiosity
in Professional
2 environment High Very Low Very Low Medium
3 Innovation Contribution Medium Very Low High Low
4 IP awareness Medium Very Low Medium High
5 Professional Diversity Low Medium Medium High
Recognition by
6 Organization Low Very Low High Medium
Can overcome impact of
7 barriers High High Low Low
9 Time for research High Medium Very Low Low
Based on above, following observations arise.

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 Gen-X Females have highest Curiosity potential and outperform Males in their generation
with the earnest fight to succeed against all odds.
 Despite of having highly positive approach towards organizational environment and being
self-motivated in overcoming barriers, Gen-X Females believe they do not get enough
recognition and rewards for their curiosity potential.
 Gen-X Females have the least Professional diversity across all categories despite being
consistently at par or above average in all other areas.
 Gen-Y Females appear at exactly opposite spectrum of Gen-X Females. They have least
Curiosity potential and have highly negative responses in 5 areas out of 8. Organizational
environment also does not help them as they do not feel recognized and rewarded enough
for their curiosity. In a way, it becomes a vicious circle with no way out.
 Gen-X Males are short of Gen-X Females slightly; however, Gen-Y Males outperform
Gen-Y Females by a long distance.
 Gen-X Males have the highest contribution through Innovations; and they believe in
Organizational recognition the most.
 Gen-Y Males are highly aware of Organizational environment and have utilized it to the
best of their abilities and hence have highest professional diversity.
 Males in both the generations have medium Curiosity potential, easily get distracted by
organizational barriers and believe they don’t get enough time to research and
development.
[D] Recommendations:
As per ISO-56002 standard for Innovation Management System6, the organizations should
maintain a culture of Curiosity to cultivate Innovations systemically. One of the essential factors
for harnessing Curiosity culture is the diversity of the team composition. Like the characteristics
of highly creative people given above, a highly creative team should have gender-based diversity.
A well-rounded diverse team combines masculine and feminine features in healthy way to devise
creative and innovative solutions.7
Indian IT Organizations have been receptive in employing in Female engineers regularly
throughout last 3 decades. Initially, the numbers might be lower as the number of Female engineers
was itself lower than Male engineers in India. As the century turned, many Female engineers
graduated and found their career calling in IT Industry.8
As the above survey observations depict, IT Organizations are not able to tap the Curiosity
Potential of Female employees rigorously so far. This is highly evident for Gen-X Females,
wherein the category showed highest Curiosity potential, yet felt that they were not enough
recognized or rewarded. Without enough recognition or reward, this self-motivated group delivery
positively innovations and believe in the organizations. Although, as Gen-Y Females started
joining the IT Organizations, they observed that their predecessors are not getting enough
recognized and rewarded. This would have set-up wrong precedent in their minds and resulted into
them going into their own shells.
It is evident that the growth of IT Organizations in future is heavily dependent on Innovations. 9
With infinite amount of technology changes happening around, the IT Organizations need best of
their employees to be fully motivated for innovations. For the same, there needs to be specific
exercise conducted to provide encouraging environment to Female and enable them to bring out
their Curiosity potential to the fullest.

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So, below are the top 4 aspects that the Indian IT Organizations can consider improving the
situation.
(1) Recognize the Personal Creativity:
Most of the Female employees are adept at multi-tasking, especially the ones managing career
along with family. They follow hobbies passionately in their outside-office hours. IT
Organizations seem to have a negative bias for this outside-office creativity. There are many
organizations which used to conduct talent show competitions in pre COVID era. Many Female
employees were rewarded during these as well as some of them competed in Inter-Corporate
tournaments as well. Even Google’s internal survey found out that idea of work-life balance is
flawed.10
It seemed that the organizations are treating these as amateur activities to be conducted and give a
break to the associates from their work. This is one of the perspectives that the organizations need
to change. Remember, that creativity in any form can be transcended to other form.11 It’s like Law
of Conservation of Energy12 which states that energy can neither be created nor destroyed; rather,
it can only be transformed or transferred from one form to another. Hence, IT Organizations are
required to understand that the creativity that Female employees have in their personal hobbies
can be easily transcended to their professional work as well. The organizations need to recognize
this personal creativity to utilize the benefits of these. The character of Vidya Balan shown in
Mission Mangal movie smartly depicts transcending her cooking skills to build fuel injection
system for Mangalyaan. That is the best example to ascertain this aspect!!
(2) Hybrid Work Model
One of the advantages of COVID era is that IT Organizations created an environment of trust
wherein employees can work from home peacefully, and in some cases, it resulted in higher
productivity. The biggest productivity gain happened for Female employees. In earlier era, Female
employees had to travel to office and had restrictions working late due to family constraints or
personal constraints.13 Many Female employees had to take less challenging role to sustain work-
life balance. COVID era allowed them to prove that they can work efficiently from home handling
the challenges of office and home equivalently. IT Organizations need to understand the
requirements of Female employees more empathetically, especially for Females with family
responsibilities, and provide hybrid working options accordingly.
Hybrid Work Model will provide the Female employees an option to handle their family and office
commitments as per convenience ensuring the highest attention to right responsibility at right time
with no compromises. Female employees can take care of their family commitments from home
whenever necessary; and be in office for critical milestones of the projects and events, meeting
colleagues and managing the teams. This is certainly a win-win situation for Female employees
and the Organizations. This enables Female Employees continue in their progressive career roles
without compromising their family commitments. The Organizations also get the best out of the
talented female employees and long-term commitment.
(3) Mentoring by Role Models
As observed in the survey responses, there are certain Gen-X Females who have created
innovations at wider levels against all odds. Their passion for their work has motivated them
towards excellence overcoming the barriers effortlessly. These Females can mentor the new age
Females to derive best out of them. Other Females when they see their role models getting
recognized for their great work will be motivated to contribute more openly. They would love to

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work along with such role models and contribute to the success of the organization. The IT
Organizations need to create such lighthouses ,aka prominent leadership roles, which can navigate
the careers of other budding Female employees.
Sheryl Sandberg (COO of Meta Platforms) mentions excellent quotes like “Women need to shift
from thinking ‘I am not ready to do that’ to thinking ‘I want to do that – and I’ll learn by doing
it’”14 and “If you’re offered a seat on rocket ship, don’t ask what seat! Just get on.” She clearly
highlights the need of Female leaders mentoring other female employees in these aspects. The
mindset does not change easily. However, if a role model is present in front of all Female
employees consistently, it becomes easier to consult them and seek guidance from time to time.
Not all Male employees are equipped with enough empathy to provide right career counselling to
Female employees. Hence, the additional burden of this mentoring falls squarely on the shoulders
of existing high performing Gen-X Female leaders.
(4) Organizational Culture Change
As per ISO-56002 standard for Innovation Management system15, organizations should create a
culture which celebrates failures in Innovation. It is observed that a failure sets back Female
employees much more than Male employees. It is due to the sensitive nature and high ownership
mentality that they have. When Organization culture encourage innovation failures, they need to
do so more prominently for Female employees. It is not to give extra leeway for Female employees
for failure. A quota system is not the answer to give protection to Female employees. But, in case
of innovation failure, an additional counselling or mentoring session would be more helpful. The
extra help needs to be provided offline to ensure success next time. Hence this aspect goes along
with the aspect of mentoring by Role models.
Conclusion:
For more than 3 decades, Female employees are integral part of Indian IT Organizations. Yet,
when we speak about innovations, there are not many examples of Female innovators that spring
across our minds easily. As per the survey response observations, it is not a problem of capabilities
or skills of the Female employees. Rather, it is the untapped Curiosity potential that has resulted
into current situation.
The survey responses depict that there is enough Curiosity potential in Female employees. They
are more self-motivated and easily overcome the barriers. They don’t cling on to negativity of non-
recognition and move forward positively along with the organization. What they are looking for
is more equal opportunities and some belief to be shown in their abilities.
Top 4 aspects that need to be considered by the IT Organizations to improve the current situation
are a) Recognize the Personal Creativity, b) Flexible Work option, c) Mentoring by Role models,
and d) Organizational culture change. If IT Organizations change or enhance these aspects to
provide more recognition to the Female employees, their talent can assuredly enable the IT
Organizations to be more creative and innovative in long run.
References:
1. Baer, J., & Kauffman, J. (2008). Gender differences in creativity. The Journal of Creative
Behavior, 42, 75–105
2. Stoltzfus, G., Nibbelink, B.,Vredenburg, D., & Thyrum, E.(2011). Gender, Gender Role,
and Creativity. Social Behavior and Personality, 39, 425–432.

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3. Agarwal, Trisha, 2022. Diversity and Inclusion: How can organisations construct an
equitable playing field. https://www.peoplematters.in/article/diversity/diversity-and-
inclusion-how-can-organisations-construct-an-equitable-playing-field-33415
4. https://en.wikipedia.org/wiki/Generation_X
5. https://en.wikipedia.org/wiki/Millennials
6. ISO_56002_2019(en), 2019, Innovation Management Systems Guide, Switzerland.
7. Cropley, D.H., Cropley, A.J., 2015. The Psychology of Innovation in Organizations.
Cambridge University Press, Cambridge, UK.
8. Mahadevan, Narayan, 2020. The State of Women Engineers in India.
https://www.peoplematters.in/article/training-development/the-state-of-women-
engineers-in-india-25274
9. NASSCOM®, 2019, Industry Performance 2018-19: What lies ahead, India.
10. Sonders, Mike, 2018. https://www.culturesummit.co/articles/employee-engagement-best-
practices/, 7 Employee Engagement Best Practices from the HR Experts at Google
11. Cropley, Arthur, 2020. Definitions of Creativity (A chapter in Encyclopaedia of
Creativity). University of Hamburg, Hamburg, Germany, Elsevier Inc.
12. https://en.wikipedia.org/wiki/Conservation_of_energy#:~:text=In%20physics%20and%2
0chemistry%2C%20the%20law%20of%20conservation,it%20is%20said%20to%20be%2
0conserved%20over%20time
13. Gurchiek, Kathy, 2021. Flexible Work Options, Career Development Can Keep Women in
the Workforce. https://www.shrm.org/resourcesandtools/hr-topics/behavioral-
competencies/global-and-cultural-effectiveness/pages/flexible-work-options-career-
development-can-keep-women-in-the-workforce-.aspx
14. Sandberg, Sheryl and Scovell, Nell, 2013. Lean in: Women, Work and the Will to Lead.
Alfred A. Knopf, Random House, Inc., New York, USA.
15. ISO_56002_2019(en), 2019, Innovation Management Systems Guide, Switzerland.

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A STUDY OF FACTORS THAT AFFECT AN INDIVIDUAL'S CHOICE TO INVEST IN

REAL ESTATE IN PUNE CITY
Dr. Rajesh Gade, Assistant Professor

Lotus Business School, Pune, gaderajesh2@gmail.com
Dr. Anil Poman
Associate Professor, Savitribai Phule Pune University, anilpoman1987@gmail.com
Dr. Roopali Prashant Kudare
Director, Institute of Business Management and Research, Pune, roopalikudare@yahoo.com
Abstract
Real estate is one of the most popular investments, which people make while they still have a lot
of life ahead. It pays them back many times over invested and this has encouraged people to invest
in it. Real estate takes a lot of investments as well as marketing efforts to market it effectively.
This cause is why real estate business needs careful analysis on how to implement the strategies
that can be effective for the business. The current study focuses on the factors that affect the
decision of an individual to invest in real estate in Pune City.This research is divided into three
sections, where the first section is the general introduction, followed by a quantitative analysis of
all the variables in the sample data. In this case, an understanding of all factors affecting an
individual's choice to invest in real estate would be beneficial for people who are planning to take
part in real estate investments as a career. The paper uses simple linear regression analysis to
understand the factors affecting an individual's choice to invest in different aspects of real estate
and hence attempts to provide further insights into the domain. Based on analysis of the various
factors that have an impact on individual's choice of investment, it can be concluded that the most
significant factor affecting their choice for investment is expected return with high significant
value as 0.000. Following are the factors:
Keywords- Investment, Real Estate, Property
1. Introduction
Real estate is one of the most popular investments, which people make while they still have a lot
of life ahead. It pays them back many times over invested and this has encouraged people to invest
in it. Real estate takes a lot of investments as well as marketing efforts to market it effectively.
This cause is why real estate business needs careful analysis on how to implement the strategies
that can be effective for the business. The current study focuses on the factors that affect the
decision of an individual to invest in real estate in Pune City.This research is divided into three
sections, where the first section is the general introduction, followed by a quantitative analysis of
all the variables in the sample data. In this case, an understanding of all factors affecting an
individual's choice to invest in real estate would be beneficial for people who are planning to take
part in real estate investments as a career. The paper uses simple correlation analysis to understand
the factors affecting an individual's choice to invest in different aspects of real estate and hence
attempts to provide further insights into the domain.
There are many factors that can affect an individual's choice to invest in Real Estate. One of the
most important factors is the current market conditions. If the market is hot, then prices are likely
to continue to rise and this can be a good time to buy. However, if the market is cooling off, then
prices may start to fall and this could lead to losses for investors. Another important factor is the

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location of the property. Properties in desirable locations will always be in high demand and will
therefore fetch higher prices. Conversely, properties in less desirable areas will be less sought after
and will generally be cheaper. Another key consideration is the size of the property. Larger
properties will usually cost more money, but they will also offer morespace and potential for rental
income. Finally, it is also important to consider the future plans for the property. If it is going to
be developed or upgraded, then this can add value and make it a more attractive investment.
However, if the property is going to be left as-is, then it may not appreciate in value as much over
time.
The following is an account of the factors that affect investment in real estate:
1.Location: The location of a property is one of the most important factors influencing investment
in real estate. Properties located in desirable areas will always be in high demand, leading to higher
prices. Conversely, properties in less desirable areas will generally be cheaper. For example, a
property located in the city centre will be more expensive than a property located in a suburb.
2.Size: The size of a property is another important factor influencing investment in real estate.
Larger properties will usually cost more money, but they will also offer more space and potential
for rental income. For example, a three-bedroom apartment will be more expensive than a studio
apartment.
3.Condition: The condition of a property is also an important factor influencing investment in real
estate. If a property is in good condition, it will be more desirable to potential buyers and renters
and will therefore fetch a higher price. Conversely, if a property is in poor condition, it will be less
desirable and will generally be cheaper.
4.Future plans: The future plans for a property can also affect investment in real estate. If a property
is going to be developed or upgraded, this can add value and make it a more attractive investment.
However, if the property is going to be left as-is, it may not appreciate in value as much over time.
5.Market conditions: The current market conditions are also a significant factor influencing
investment in real estate. If the market is hot, prices are likely to continue to rise, making it a good
time to buy. However, if the market is cooling off, prices may start to fall, which could lead to
losses for investors.
6. Appreciation: Over time, properties will usually appreciate in value. This appreciation can
provide a significant return on investment for investors.
7. Tax benefits: There are a number of tax benefits that come with investing in real estate. These
benefits can include deductions for mortgage interest, property taxes, and depreciation.
8. Leverage: One of the main advantages of investing in real estate is the ability to use leverage.
Leverage allows investors to purchase properties with less money down, which can lead to higher
returns on investment. 9. Cash flow: Another advantage of investing in real estate is the potential
for positive cash flow. This occurs when the rental income from a property is greater than the
expenses associated with owning and operating it.
10. Security: Real estate investments offer a certain degree of security. Unlike stocks and other
investments that can fluctuate greatly in value, real estate tends to be a more stable investment.
This stability can provide peace of mind for investors.
11.Privacy: Real estate investments are also relatively private. Unlike stocks and other investments
that are publicly traded, real estate is not subject to the same level of public scrutiny. This privacy
can be appealing to some investors.

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12. Tangible asset: Real estate is a tangible asset that you can see and touch. This can provide a
sense of security for investors.
13. Control: When you invest in real estate, you have a certain degree of control over the property.
You can make decisions about how the property is used and maintained. This control can be
appealing to some investors. 14. Generates income: One of the main reasons to invest in real estate
is for the income it can generate. Rent from tenants can provide a steady stream ofincome, which
can be used to cover expenses and provide a return on investment.
15. Builds equity: Another benefit of investing in real estate is that it can help you build equity.
As the property appreciates in value, the equity in the property will increase. This equity can be
used as collateral for loans or other investments.
16. Creates jobs: Real estate investment can also create jobs. Construction workers, real estate
agents, and others are needed to help with the buying, selling, and managing of properties.
17. Helps the economy: Real estate investment can also help stimulate the economy. When people
invest in real estate, they are often required to purchase goods and services from local businesses.
This spending can help boostthe economy.
18. Provides shelter: Real estate can also provide a place for people to live or work. This shelter
can be essential for individuals and businesses.
19. Gives back to the community: When you invest in real estate, you are also investing in the
community. Real estate taxes help fund schools, roads, and other public services.
20.It’s a family business: For many people, real estate is a family business. This can be a great
way to get started in the industry and learn about the business from experienced professionals.
Advantages and limitations of investing in Real Estate
Advantages:
a.Real estate has always been a stable investment and historically, it has outperformed other
investments.
b. Unlike stocks or bonds, real estate is a physical asset that you can see and touch. It also doesn't
fluctuate as much in value as other investments.
c. Real estate is a good hedge against inflation because as prices go up, so does the rental income
from your property.
d. You have more control over your investment with real estate than other investments. You can
choose what to invest in, when to sell, and how to manage your property.
Limitations:
a. Real estate is a long-term investment and it can take years to see any return on your investment.
b. There is a lot of risk involved in investing in real estate, such as the possibility of the property
decreasing in value or the market crashing.
c. It can be expensive to get started in real estate investing and you need to have a large amount
of money saved up before you can purchase a property.
d. You also need to be prepared to deal with tenants and all the maintenance that comes with being
a landlord.
Real estate is one of the most popular investments for most people who have a lot of life ahead of
them. It pays them back many times over invested and this has encouraged people to invest in it.
Real estate takes a lot of investments as well as marketing efforts to market it effectively. This
cause is why real estate business needs careful analysis on how to implement the strategies that

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can be effective for the business. The current study focuses on the factors that affect the decision
of an individual to invest in real estate in Pune City.
Murugan (2004) explains that for property investments to be profitable it requires a lot of planning
and analysis. Therefore, there is a need for economic research that looks into how individuals make
decisions when investing their money in different aspects of property. In this case, Murugan (2004)
states that "If the individual's decision to invest in real estate is based on a set of specific factors
while investing other types of investments rely on different factors such as price, stability etc. this
suggests that there is a need to study real estate investment in Pune by considering individual's
choice of investment."
Mishra (2003) states that "Property is generally a long term investment requiring a high level of
understanding and analysis to be made." This means that it is not just buying a house and selling
it in five years. It will require planning, research and understanding of the sector in order to make
the most out of such investments. Since it has such high margins this needs thorough analysis.
Mishra (2003) states that "There is no reason why people should not understand the dynamics of
property market or what the basic factors are which drive property prices. There is also no reason
why people should not make strategic decisions about how much and when to invest in property.
Real estate can be an extremely lucrative business with the right kind of investment strategies."
Prasad (2008) states that "While making a decision, a person needs to take into consideration all
the factors which affect his or her investment, such as volatility in prices, potential returns and
level of risk involved." This means that it's not just about just buying something on a whim. It's
about making intelligent financial decisions that will provide the most assured results as well as
manage risk effectively while always having enough money left over to live on comfortably. It's
important to understand the real estate business— its nature and its needs so that an analysis can
be made of the factors that affect an individual's choice to invest in different aspects of real estate
and hence attempts to provide further insights into the domain. So that people have a clear idea
about how much of their money will go into it and for how long before making a decision to invest
in it.
Todiwala (2004) explains the importance of studying real estate investment by looking at its
returns on investment, which is more important than comparing with other investments. He states
that "As people are today aware of all these other forms of investments, they are now focusing
more on this aspect instead. So, it is important to study the market and make people understand
the factors which affect their choice of investment. The main objective of this study is to find out
what is the relationship between real estate investment and returns on investment."
Hossain et. al (2010) explain that "The nature of investments in real estate differs from stock
markets as it is more dependent on fundamentals in terms of variables like price, stability, return
and risk associated with such investments. These factors are more likely to be volatile in nature
unlike other stocks where volatility can be less as there are regulations to prevent any sudden
change." This means that real estate needs careful analysis on how to implement the strategies that
can be effective for the business.
Jamshed et.al. (2010) states that "It is important to understand why people prefer to invest in certain
types of properties and not others. For example, an apartment may have a better price than a villa,
but the latter may have better returns. It all depends on the individual's priorities." This study will
help individuals know their priorities when it comes to investing inreal estate and what type of
property would they like to buy according to their budget and preferences.

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Khan et al. (2009) found out in their study that "People prefer to invest in real estate because it is
considered to be a safe investment, where the returns are more or less guaranteed." Also, people
feel that they have more control over their investments in real estate than other kinds of
investments. This study provides valuable insights into what people think about real estate
investing and why they choose to do so.
Wallis(2010) says that "The problem with most people is that they do not understand the dynamics
of property market or what the basic factors are which drive property prices. There is also no
reason why people should not make strategic decisions about how much and when to invest in
property. Real estate can be an extremely lucrative business with the right kind of investment
strategies."
This means that individuals need to be more aware of what they're getting into before making any
decisions. They should also have a clear understanding of the basics of real estate so that they can
make informed choices and enjoy the maximum benefits from their investments.
Shankar et.al.(2011) state that "It is essential to know the difference between short-term and long-
term investments in real estate. For instance, an apartment may be bought with an intention to sell
it off after a few years at a profit. On the other hand, a villa may be bought for personal use and
only sold when there is a need for it." This study helps individuals understand that there are
different types of strategies that can be used when investing in real estate, and each has its own
advantages and disadvantages.
It is important to note that real estate investment is not without risk. However, with careful
planning and analysis, these risks can be minimized. In order to make informed decisions about
investing in real estate, it is essential to
Rehan (2012) argued that "the first step is to educate yourself about the different types of
investment, their risks and rewards. You should also have a clear understanding of your own
financial goals and objectives. Once you have all this information, you can start looking for
properties that fit your criteria."
This study provides a good starting point for individuals who are interested in investing in real
estate. It is important to remember that there is no one-size-fits-all approach to investing, and each
individual's situation is unique. Therefore, it is essential to tailor your investment strategy
according to your own specific needs and goals.
Sawney (1997) recommends that real estate investors should focus on buying undervalued
properties as they offer better returns in the long run. He also advises investors to stay away from
overpriced properties, as they are more likely to depreciate in value."
This means that, in order to get good returns on your investment, it is important to buy property
that is undervalued. This may take a bit more research on your part, but it is worth it in the long
run. Additionally, you should avoid investing in property that is overpriced, as it is more likely to
lose value over time.
Real estate investment requires careful planning and analysis in order to be successful. There are
various factors that need to be considered before makingany decisions, and it is important to
consult with a professional if you are unsure about anything. However, with the right advice and
guidance, real estate investing can be a very profitable venture.
Therefore, the sample data of this research is collected from various sources and then with the help
of SPSS software questionnaire was prepared. The data from the questionnaire is taken from the
respondents who invest in real estate.

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3. Significance of Study
Real estate is said to be one of the most popular investments for most people who have a lot of life
ahead of them. It pays them back many times over invested and this has encouraged people to
invest in it (Mishra, 2003). Real estate takes a lot of investments as well as marketing efforts to
market it effectively for which causes it to be such a popular investment choice for investors in
Pune City (Mishra, 2003). This is why real estate business needs careful analysis on how to
implement the strategies that can be effective for the business. However, economic research has
not been done in this area of investment which makes it impossible to study the factors affecting
individual's choice of investments and hence there is a need for real estate investment research by
considering individual's choice of investment (Murugan, 2004).
This study will help people make financial decisions about the level of how much money they
should invest in property, for how long before making a decision to invest in it and so on. These
decisions will ensure people have enough money left over to live on comfortably as well as manage
their risk effectively while also having their financial needs met.
By understanding the factors that affect real estate investment, the significant scope of further
research can be identified. In this way, the potential of future academic research in the field of real
estate can be met.
4. Research Methodology
For this study, a quantitative approach to analyze factors affecting individuals' choice of
investment in real estate especially in Pune city. For data collection, questionnaire has been
developed based on the objectives. The mailed questionnaire is collected from people who have
interested in property investing. From that sample, a total of 138 valid questionnaires were
received. The data analysis technique used is descriptive and inferential statistics by using the
SPSS software package Version 20 (IBM). Google forms were used to collect data from those who
have interest in real estate investing for assisting questionnaire research and the data analysis that
is done will be done by SPSS software package. Liner regression analysis was used to establish a
model fit.
From this research, it can be found that there is a strong link between investments in real estate
and returns on investment with the risk controlled. This makes sense because investors will then
be able to make sound financial decisions about their investments which will in turn help them
manage their risks effectively. This research has provided an insight into the factors affecting
individuals' choice of investment especially in Pune city where this is a rising place as far as real
estate investment is concerned.
5. Results
Model Summary
Adjusted R Std. Error of
Model R R Square Square the Estimate
a
1 .851 .724 .712 .69306
a. Predictors: (Constant), Expected return with high
significant value, Rental Return, Realized Capital
Appreciation, Potential Capital Appreciation, Need of
Future income

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This table provides the R and R2 values. The R value represents the simple correlation and is 0.851
(the "R" Column), which indicates a high degree of correlation. The R2 value (the "R Square"
column) indicates how much of the total variation in the dependent variable can be explained by
the independent variable. In this case, 72.4% can be explained, which is very large.
The next table is the ANOVA table, which reports how well the regression equation fits the data
(i.e., predicts the dependent variable) and is shown below:
ANOVAa
Sum of
Model Squares df Mean Square F Sig.
1 Regression 149.640 5 29.928 62.307 .000b
Residual 57.160 119 .480
Total 206.800 124
a. Dependent Variable: Investment Intention
b. Predictors: (Constant), Expected return with high significant value, Rental
Return, Realized Capital Appreciation, Potential Capital Appreciation, Need of
Future income
The above table shows that the P value is lesser than 0.01. This table indicates that
the regression model predicts the dependent variable significantly well.
Coefficientsa
Unstandardized Standardized
Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) -.084 .269 -.312 .755
Rental Return .288 .056 .273 5.142 .000
Potential Capital .054 .051 .056 1.058 .292
Appreciation
Realized Capital .148 .052 .152 2.830 .005
Appreciation
Need of Future income -.031 .064 -.029 -.488 .626
Expected return with .609 .058 .649 10.457 .000
high significant value
a. Dependent Variable: Investment Intention
6. Conclusion: Based on analysis of the various factors that have an impact on individual's choice
of investment, it can be concluded that the most significant factor affecting their choice for
investment is expected return with high significant value as 0.000. Following are the factors:
1. Rental return with significant 0.000 value.
2. Realized capital appreciation with 0.000 value.
3. Realized capital appreciation with significant 0.000 value.

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4. Against need of future income has no significance with the value, -0,031 or about -1/8th
significant level for statistical test for all four parameters considered together, implying that it has
no impact on individual's choice of investment in real estate (Mishra, 2003).
Real estate investment is a popular choice among investors because they know they will recover
their money as business grows and will be able to earn profits. Both individuals as well as
commercial enterprises invest in real estate. This investment helps in generating revenue for the
company and creating wealth for its owners.
This study has revealed that there is a strong link between investments in real estate and returns
on investment with the risk controlled. However, there are factors that affect an individual's choice
of investment for money management. The most significant factor affecting individual's choice of
investment is return on investment with high significant value.
References:
Hossain, S. and Riaz, H. (2010). Real estate investment, return and risk: A study on Pune City
residential property market. International Journal of Business and Social Science, 1(8), 615-622.
Mishra, P. (2003). Real estate investment: Understating the factors affecting investor's decision.
Dhaka University Journal of Economics and Commerce, 1(4), 41-50
Murugan, K., (2004). Investment in real estate in Pune City—analyzing the role of individual
income level and other variables on purchasing decision. Msc Economics Paper 463
Prasad, B., (2008). Real Estate Investment and Risk in India. Pune, IJTA
Todiwala, N., (2004). Investment in real estate: An analysis of returns and risk. ICFAI Journal of
International Business, 1(3), 29-43.1.
Wallis , J. (2010). What is the best way to invest in property?. Birmingham Post.
Shankar, A., Kulkarni, S., & Joshi, A. (2011). An overview of real estate investment.
International Journal of Housing Markets and Analysis, 4(2), 101-117.
Rehan, F. (2012). Real estate investing for beginners. Pakistan journal of commerce and social
sciences, 6(1), 1-22.
Sawney, M.(1997). Real estate investment strategies for the long run. The Appraisal Journal, 75(1),
67-76.

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AN ANALYSIS OF INDIAN FINTECH SCENARIO

‘Prof Praveen Suryawanshi’
Pune, India
Pravin.suryawanshi@dypimca.ac.in
‘Dr. Shalaka Parker’
Department of Soft Skills & Dean MBA
Pune, India
dean_mba@dypimca.ac.in.
‘Prof Mrs Viral S Ahire’
Pune, India
viral.ahire@dypimca.ac.in
D Y Patil Institute of MCA and Management

Abstract
2015 was the developmental year for ‘Indian FinTec Sector’, which saw an emergence of many
Fintec startups and incubators. This marked a new change in Indian financial services. FinTech
word is combination of financial technology. Fintec helps ‘Companies’, ‘Business owners’ and
Consumers to manager their financial operations and process with specialized software and
algorithms. ‘Indian FinTech’ is one of top five markets by worth of ‘capital funding’ and
‘investments’.
in the segment with nearly $270 million of funding in 2016. India has become a good market for
this technology and many companies are investing money in this technology. The ‘Indian FinTech
software market’ is predicted to touch USD 2.4 billion by 2020 from a current USD 1.2 billion as
per NASSCOM. The transaction value for the ‘Indian FinTech’ sector is projected to be nearly
USD 33 billion in 2016 and is predicted to reach USD 73 billion in 2020 growing at a five-year
Compound Annual Growth Rate (CAGR) of 22 per cent. This paper will analyses what FinTech
is all about and how it is helping India to progress.
Key Words: Financial Technology, Startups, Incubators, Financial Operations,
Introduction
FinTech, the fastest emergingareas in “banking and financial services”. Itis making the
understanding of banking andfinance more intuitive, custom-made andempowering. The merging
of financialservices and exponential technologies willbe key to form a solid digital economy,and
lead India’s transformation. Equipped withnew data and analytics capabilities, assetlight platform
and almost zero processingcosts, FinTechs are complementingand in some cases challenging
thetraditional banking and financial servicesinstitutions globally.Indian FinTech has become top
five markets by value of venture funding and investments in the sector with nearly $270 million
of Capital in 2016. India has becomethe key markets where the organizational enablers to setup
and nurture “FinTech” have come together strongly and at an appropriate time. Combination of
fixed economic growth with low diffusion of financial services and accessibility of supportiveset-

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upsuch as internet data access, smartphones along with utility infrastructure including Aadhaar
based verification and India Massabilities are likely to provide the required push to ‘India’s
FinTech sector’
Objectives
1) Understating Indian FinTech Segments
2) Identify Factors that will drive Indian FinTech sector
3) FinTech Business Models in India
Literature Review
"Fintech" is a word that define the ‘digitalization’ of the financial sector. Fintech is a tool used for
cutting-edge expertise, mostly ‘internet-based’ in the ‘financial sector’. This word defines modern
technology to facilitate or deliver ‘financial services’, such as internet-based technology in the
fields of e-commerce, mobile payments or early-stage crowd-based financing or it can be called
crowdfunding and crowd investing (Dapp, Slomka, & Hoffmann, 2014). In the other sense, Fintech
is a financial industry that put on technology to increase financial movement (Schueffel, 2016)
‘FinTech’, a combination of "financial technology," is the use of new technical improvements to
products and services in the commercial industry. The term incorporates a fast developing industry
that serves the interests of both consumers and businesses in multiple ways. From mobile banking
and insurance to cryptocurrency and investment apps, ‘FinTech’ has a seemingly endless array of
applications.
‘What Is A Fintech Company’?
‘Fintech’ firms assimilate tools (like AI, block chain and data science) into old-style financial
sectors to make them safer, quicker and more effective. ‘Fintech’ is one of the fastest-growing tech
sectors, with firms modernizing in nearly every area of finance from payments and loans to credit
scoring and stock trading.
Merging of Financial services and Technology
The Advantage of Fintech

Skill provided by Fintech makes the work becomes more effective and efficient and provides many

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benefits to the public. First, Fintech permits them to loan cheaper or provide better products.
Second, Fintech companies can save workforce and workplace space expenses that are
considerably more contented according to consumer evaluations. Third, creditors may be able to
screen probable debtor’s better, leveraging substitute sources of data and the big data approaches
inherent in technology-based lending (Buchak, Matvos, Piskorski, &Seru, 2018).
In addition, Fintech is easy to adapt with the needs of customers who are fast shifting and the
presence of low-cost financial services that make Fintech more striking to the public. So there is
no need for physical attention, easy regulating changes in consumer behavior, easier guideline, and
comparatively lower exposure to risk by the services and products (Romānova&Kudinska, 2016).
The services and products offered by Fintech are the same as banks, the difference is they
utilize technology that makes Fintech becomes more efficient (Navaretti, Calzolari, Fernández,
&Pozzolo, 2017).
Why FinTech is important
Technology has been a key enabler in the development of a digital economy. Over the years, Indian
banks and fiscal services providers have regularly accepted technology to improve reach,
consumer service and working efficiency with growing market and high-tech advances. However,
the pace of technology implementation has not been matchingwith its potential and hence there
have been gaps in the diffusion of financial services. For example, creditdemand supply gap in the
Micro and Small Enterprise (MSE) segment particularly for micro enterprises. We estimate the
credit gap in the MSE segment (with annual revenue up to INR 3 crore) to be INR 833,000 crores.
Exhibit 1: Credit gap in the MSE segment
FinTech Segments

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Factors that will drive Indian FinTech Sector

The “Indian Fintech market”, which is presently esteemed at $31 Bn, will progress to $84 Bn by
2025, at a CAGR of 22%.Disbursements and Substitute Finance sectors instituted more than 90
percent of the sector’s investment flows in 2015; there has been a main shift to an additional
justifiable circulation of investment through segments since. In 2020, financial skills in India such
as ‘FinTech SaaS’ and ‘InsurTechs’ saw total investments of $145 Mn and $215 Mn separately,
representing a 4-5X growth over their 2015 funding flow. Among India’s 50+ ‘FinTechs’ with
more than $100 Mn valuation, there are four Wealth and Broking ‘FinTechs’, five ‘InsurTechs’
and eight ‘SaaS FinTechs’. ‘UPI’ Payments are also growing significantly, Companies like Paytm,
Amazon Pay and Google Pay are promoting UPI payments and investing more to build a good
infrastructure for payment system.
1) Strong Indian Banking Sector
A strong Indian Banking sector is helping the growth of FinTech in India, new private
sectors banks and NBFCS are coming with new ideas, which are leading to the growth of
Fintech companies.
2) Regulatory forbearance toward FinTech
Indian controlling establishmentsincluding ‘RBI’, ‘SEBI’ and ‘IRDA’ have implemented
an accommodative attitudetoward a developing ‘FinTech’ sector, without bringing in
prohibitiverules to overregulate the sector. Even though holding up with the quickly
growing eco system, Indian officials have implementedanadvice-giving approach and have
been proactively anticipating the need for acceptable regulations.
3) Indian Internet Services and Infrastructure

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Indian Internet services are increasing and becoming more and more stable, hence lot
people are benefiting, and hence it is helping all the FinTech Companies. People are doing
lot many online transactions using their phones and hence it will boost Indian Fintech
Market.
4) Strong Security with Block Chain Technology
Security will be a major concern in financial transaction, but with development of Block
Chain its features like transparency, immutability, traceability, and audit ability. With these
features it will help to provide high level of safety when it comes to the trade of money.
Fintech Models in India

Indian Peer to peer lending sector is growing fast as fresh entrants help to create in opportunities to market
makers and industry champions. The majority of the ‘P2P’ platforms at present focus on unsecured loans
(Personal loans and Microfinance) and the Micro, Small & Medium Enterprises segment, by focusing on
borrowers that remain underserved by Banks and Non-Banking FinancialCompany (NBFCs). Mainly two
types of models have emerged in Peer to peer lending segment one is Direct Distribution Model and Partner
Assisted Disbursal Model.
A) “Direct Distribution Model”
In this model requirement of borrower and lenders are directly matched in peer to peer
platform, its major focus on personal loan segment for people living in cities and for
educated and middle class customers. These can understand the marketplace model and
can transact online.
B) “Partner Assisted Disbursal Model”
In this Model field partners (local Non Government Organization or Micro financer) and
are used by peer to peer platforms to acquire customer and to manage these customers and
also for disbursement of loans, and these all are done by partners for a fees. This P2P
platform is mainly in charge for on boarding lenders and offering matching services. This
model focuses on unsecured loans (micro-finance) to low income households ranging from
Rs. 10000- Rs. 50000.

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Conclusion
Indian Fintec Scenario is developing in much faster pace. Many new companies are makingtheir way
in Fintec; due to development of Fintec needy people can get some money on credit very easily.
Fintec startups will reduce cost and will improve financial services. Governments should try to
improve the digital infrastructure which will help in growth ofmore Fintec services. Banks and other
regulators need to bring more strong regulations which will safe guard customer and Indian financial
system. There are lot many new opportunities available worldwide in Fintec. In India there are around
57.7 million small businesses and with Fintec these small business with grow and hence help in
growth of Indian Economy.
Bibliography
1) Fintech India: Fintech Industry Analysis/Trends. Deloitte India. (2020, June 18). Retrieved
February 3, 2022, from https://www2.deloitte.com/in/en/pages/financial-
services/articles/fintech-india-ready-for-breakout.html
2) India's Fintech Market: Growth Outlook and Investment Opportunities. India Briefing
News. (2021, July 27). Retrieved February 3, 2022, from https://www.india-
briefing.com/news/indias-fintech-market-growth-outlook-and-investment-opportunities-
22764.html/
3) Markets, R. A. (2020, May 30). India’s Fintech Market 2020–2025; Expected to Grow at
a CAGR of 22.7%, Despite COVID-19 Disruptions.
Https://Www.Prnewswire.Com/News-Releases/Indias-Fintech-Market-2020-2025-
Expected-to-Grow-at-a-Cagr-of-22-7-despite-Covid-19-Disruptions-301067857.Html.
https://www.prnewswire.com/news-releases/indias-fintech-market-2020-2025-expected-
to-grow-at-a-cagr-of-22-7-despite-covid-19-disruptions-301067857.html
4) India-Fintech-Report-2020-Executive-Summary.pdf. (2020).
https://www.fintechcouncil.in/pdf/India-Fintech-Report-2020-Executive-Summary.pdf

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5) Fintech in India - A Global Growth Story. (2017, December 18). NASSCOM.

https://nasscom.in/knowledge-center/publications/fintech-india-global-growth-story
6) Fintech in India - A global growth story. (2016).
https://assets.kpmg/content/dam/kpmg/pdf/2016/06/FinTech-new.pdf
7) Mohan, D. (2020). The Financial Services Guide to Fintech [E-book]. Kogan Page.
8) Tanda, A., &Schena, C. (2019). FinTech, BigTech and Banks: Digitalisation and Its
Impact on Banking Business Models (Palgrave Macmillan Studies in Banking and
Financial Institutions) (1st ed. 2019 ed.). Palgrave Pivot.
9) Gupta, P., &Tham, T. M. (2018b). Fintech. De Gruyter.
10) Fintech – the Digital (r) evolution in the financial sector ... (n.d.).
https://www.dbresearch.com/PROD/RPS_EN-
PROD/PROD0000000000451941/Fintech_%25E2%2580%2593_The_digital_%2528r%
2529evolution_in_the_financia.pdf
11) Schueffel, P. mname. (2016). Taming the beast: A scientific definition of Fintech. SSRN
Electronic Journal. https://doi.org/10.2139/ssrn.3097312
12) Dspace Home. DSpace Home. (n.d.). https://dspace.uii.ac.id/
13) Audit, consulting, Financial Advisory, risk advisory, tax services. Deloitte India. (n.d.).
https://www2.deloitte.com/in/en.html
14) Investment Promotion and Facilitation Agency: Invest India. Investment Promotion and
Facilitation Agency | Invest India. (n.d.). from https://www.investindia.gov.in/

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THE CURRENT CONSUMER PREFERENCE AND PERCEPTION TOWARDS THE

PRIVATE LABEL BRANDS.
Dr. Sandeep Nandram Dive

Assistant Professor,
Pune Vidyarthi Griha’s College of Engineering & S S D
Institute of Management, Nashik.
Email-id : sandeep.dive@pvgcoenashik.org
Dr. Neelkanth Chandrakant Dhone
Associate Professor,
S.V.P.M's I.O.M. Malegoan.(Bk.) Baramati.
Email-id : neelkanthdhone@gmail.com
Abstract
The blooming organized retail business in India is inducing some radical changes in the retail
sector. The advent of private label brands is one of them. Through the Private Label Brand, the
retailers attempt to further differentiate their efforts from the competitors and create a distinguished
retail offering to the consumers. Private label brands have evidently become a more significant
priority for today’s retailers1. Moreover, the Indian consumers are known for their unpredictable
behavior as compared to their foreign counterparts. This consumer behavior makes the Indian
market more vulnerable to risk when it comes to trying out newer concepts. Marketers will have
to comprehend this behavior to ensure a positive business output2. This research article makes an
attempt to understand the consumer’s awareness and perception about the Private Label Brand.
The realization of this consumer perception wills open doors for further comprehensive research
pertaining to the field of organised retail and PLB development.
Keywords – Shopping intention, Private Label Brand, Consumer Preference, Perception
1. INTRODUCTION:
The presence of the retailer’s own brand often sharing shelf space with major national bands is a
common sight in many retail stores in India and abroad. When the retailer decides to sell products
or merchandise which is owned, controlled, replenished and sold by them retailer in their own
store or chain of stores, they are said to be selling own label/brand or a private label brand (PLB).
Retailers continue to push more and more private label products into different categories of the
marketplace because they represent high margins and the promise of profitability with little to no
marketing effort3. Private label brands are clearly becoming a more instrumental priority for
today’s retailers4.
“Private label brands are brands owned, controlled, and sold exclusively by a retailer” –
Ramkrishnan & Ravindran (2012)
“The concept of private label brands was popularized by large corporate supermarket chains which
expanded their private label business at the expense of some heavily advertised national brands
and items”. - Louis W. Stern.
According to Justin Beneke (2010), half of private label brands are copycat brands. He further
adds that the private label brands are available in a multitude of formats 5. Essentially, there are
three varieties of private label brands. The first is a representative brand, which produced and
solely owned by the retailer. The second is an exclusive private label brand, which though owned

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and produced by the retailer, yet this fact is not openly conveyed to the consumer. The last type is
confined labels, which are not owned by the retailer but are found exclusively in their stores.
Moreover, the current consumers aspire for shopping comfort and want all under one roof,
combined with fast pace in the retail store operations. Thu Ha et. al. (2014)6 indicates that due to
time constraints, families are now looking for shoppertainment – combining shopping with
entertainment. This is one of the causes of increased footfalls at malls with multiplexes. They act
and react on the basis of their perceptions, not on the basis of objective reality. the consumers have
a number of enduring perceptions, or images, that are particularly relevant to the study of consumer
behavior7.
Kotler defines perception as “the process by which people select, organize and interpret
information form a meaningful picture of the world”. Thereby whenever a consumer buys a
product it is depend on the perception they have on that particular product. Karunakaran (2009) 8
indicates that in marketing, perceptions are more important than the reality, as it is perceptions that
will affect consumers’ actual behaviour.
The current research paper intends to study the consumers’ awareness about the private label
brands and then analyse their perception about the same.
Objectives:
1. To study the awareness of consumers towards PLB.
2. To study the consumer intention towards purchasing PLB
3. To analysis the gender wise shopping intention of consumers towards PLB.
And therefore the hypothesis for the present study will be:
There is no significant difference between the male and female customer’s shopping intention
of private label brands.
2. RESEARCH METHODOLOGY
The current study is based on the survey research design. Theoretically, the survey research design
is intended to collect samples from a particular population for the purpose of analyzing the
behaviour and interaction of the variables that are relevant to a specific study9. This method is
employed due to its economical features and its ability to justify the hypothesis satisfactorily.
3. DATA COLLECTION AND PRESENTATION
3.1. Awareness about Private Label Brands:
Table No. 3.1. Awareness about PLB
Sr. No Response Frequency Percentage
1 Yes 523 84
2 No 103 16
Total 626 100
Interpretation:
From the above analysis, it is revealed that out of 626 consumers 523 consumers i.e. 84% percent
of the respondents were aware of PLB, whereas 103 consumers i.e. 16 % of the consumers were
not aware of the PLB.
3.2 Distribution of respondents on the base of gender of respondent
Table No. 3.2. Distribution of respondents on the base of gender

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Sr. No. Response No of Respondents Percentage

1 Male 288 46.01
2 Female 338 53.99
Total 626 100
Interpretation:
The above analysis shows that in total 53.99% of the total respondents were female whereas the
remaining 46.01% respondents were male. There was no respondent belonging to the other
category.
3.3 Respondent’s intention towards buying Private Label Brands:
Table No. 3.3 Respondent’s intention towards buying Private Label Brands
Sr. Mean Std. Deviation
Attributes N
No. (M) (S.D.)
1 Frequent shopper 626 3.0575 1.50622
2 Good way to spend time 626 3.3403 1.40884
3 Try out different brands 626 2.8834 1.41109
4 Value for money 626 3.5000 1.44028
5 Quality 626 3.2396 1.31091
6 Price 626 2.9473 1.48014
7 Information seeking 626 2.5927 1.42162
8 Discounts 626 3.3530 1.43051
9 Shopping with friends 626 2.4840 1.41441
10 Brand image 626 3.3642 1.35467
Valid N (listwise) 626
Interpretation:
The above analysis shows that the highest mean for the buying intentions towards PLB was for
value for money (M=3.50, S.D.=1.44), followed by Brand image (M=3.36, S.D.=1.35), Discounts
(M=3.35, S.D.=1.43), Retailer’s efforts (M=3.34, S.D.=1.40), Quality (M=3.23, S.D.=1.31).
Whereas innovativeness of PLB (Mean 2.4840, SD=1.41) has the lowest criteria in consumers
shopping intention for PLB.
Hn - There is no significant difference between the Male and Female customers over the shopping
intention of PLB.
3.4: Shopping intention of Male and Female Customers:

Table 3.4: T-test of shopping intention of Male and Female Customers

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Sr. No. Shopping Intention Gender Frequency Mean SD Sig t Value

1 I am a frequent shopper Male 288 4.33 0.3 0.00001 32.5
Female 338 1.56 0.41
2 Shopping is a good way Male 288 2.07 1.01 0.0001 31.3
to spend time with Female 338 4.43 0.5
family
3 I like to try out different Male 288 1.61 0.49 0.0001 29.34
brands in the store Female 338 3.97 0.96
4 I go for shopping to find Male 288 2.26 1.18 0.0001 31.7
value for money Female 338 4.55 0.5
5 Higher the price, higher Male 288 1.99 0.73 0.0001 45.9268
is the quality Female 338 4.3 0.53
6 Low price offers attracts Male 288 2 0 0.0001 60.0636
me Female 338 4.3 0.61
7 I often seek out Male 288 1.32 0.48 0.0001 35.8682
information about new Female 338 3.66 1.03
products and brands
8 I buy as much as possible Male 288 2.06 1.02 0.0001 31.3
at discounted prices Female 338 4.42 0.6
9 I like to go shopping with Male 288 1.62 0.48 0.0001 29.34
friends/family Female 338 3.96 0.97
10 I like to share my Male 288 1.32 0.48 0.0001 35.8682
shopping experience Female 338 3.66 1.03
with my friends
In the Table 3.4, the results of independent t-test discuss the gender wise differences of customers
towards their shopping intention. Female respondents had higher mean value in all the variables
except the frequency of shopping. This means female customers have more shopping intention.
The significant values of all the factors are less than 0.05.
Thus, there is significant difference between male and female customers in their shopping
intentions for PLB.
4. Conclusion & Findings:
The following conclusions can be drawn for the present research study:
1. It can be concluded that the influence of the female consumers is maximum when it comes to
shopping.
2. The retailer’s marketing activities seem to be paying off, as majority of the consumers were
aware of the PLBs in the store. Therefore, it was evident that majority of the consumers found it
either very easy or easy to locate the PLBs in the store.
3. The gender-wise shopping intention of the consumers concludes that; there is a significant
difference between male and female customers in their shopping intentions for PLB.

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Knowledge about consumers’ shopping behaviour towards PLB and their perception, enables
retailers to make quantified decision to develop marketing plans and offer customer-oriented
amenities to meet the consumers’ needs and desire, proactively.
References:
1. Paula Bulamah Spinelu et.al (2015), Retail Private Label’s Strategies: A Case Study in a Large
Brazilian Supermarket Chain, RAM- Revista de Administracao McKenzie, Vol. 7, No.4, pp.
121-141.
2. S N Dive (2018), A study of consumer behaviour towards Private Label Brands with special
reference to Nashik city, RTMNU.
3. Anshu Kumar (2011), Private Label: The Next Big Thing in Retail, Indian Retailing Bureau,
retrieved from http://www.indiaretailing.com/2011/12/27/ retail/privatelabel-the-next-big-
thing-in-retail/… accessed 14 Sept 2021.
4. Paula Bulamah Spinelu et.al (2015), Retail Private Label’s Strategies: A Case Study in a Large
Brazilian Supermarket Chain, RAM- Revista de Administracao McKenzie, Vol. 7, No.4, pp.
121-141.
5. Justin Beneke (2010): Consumer Perceptions of Private Label Brands Within the Retail Grocery
Sector of South Africa, African Journal of Business Management Vol. 4(2), ISSN 1993-8233,
pp. 206.
6. Thu Ha et.al (2014), Factors that Influence Consumer Purchasing Decisions of Private Label
Food Products, School of Business, Society and Engineering, Bachelor thesis in Business
Administration, FOA21, pp-2.
7. S N Dive (2018), A study of consumer behaviour towards Private Label Brands with special
reference to Nashik city, RTMNU, pp.117.
8. K Karunakaran (2009), Marketing Management, Himalaya Publishing House, pp 160.
9. Linus, O. (2003), Internet Appreciation in Nigerian Business Organizations. Journal of Internet
Commerce, pp. 29-47.

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STUDY ON CUSTOMER SATISFACTION AND APPROVAL ON LUXURY VEHICLE

MANUFACTURER, MERCEDES-BENZ
Dr. Surya Ramdas

Director HNIMR ,Pune , suryaramdas@rediffmail.com
Prof Ruchita Ramani
Assistant Professor ASM IPS ,Pune , ruchitahiteshramani@gmail.com
Abstract:
These days it is very clear that market is having drastic changes and all the companies are acting
according to it because to survive in the market and this should be achieved by studying about the
customer options and analyzing their future requirements. This study is definitely going to help to
analyze the customer and can take necessary steps for the improvement of the services by the
company. Customers are the real advertisement for any product so the company should be in a
position to meet the customer requirements and also should maintain the Customer Relationship.
Mercedes-Benz is not only concerned with selling of their products they also concerned with
providing service to the customers after selling. So, there is necessity for the company to find out
the satisfaction level of the customers, at different levels in the company. Which help the
organization to find out the ways in improving the services being provided to the customers, to
increase the satisfaction level in them.
Keywords: Satisfaction, Relationship, Necessity, Advertisement
Introduction
Customer satisfaction is a measure of post purchase behavior of the customers. If customer
expectations meet with the perceived value of goods and service then customer is satisfied but if
the perceived value of goods and service is less than the customer expectations than customer is
dissatisfied and if the perceived value exceeded the expected value of the goods and service than
the customer is delighted .Satisfaction is crucial concern for both customers and organizations.
The perception of the best product or service at lowest price with safety affect the industry and
customer segment significantly. In addition to all that, customers generally want the best possible
product or service for a low cost
Objectives, Purpose, significance, Scope
To find the satisfaction level of the customers with regards to the service being provided to them
pre and post sales.
To identify the drawbacks in the service delivery.
Studying the consumer behaviors and a general perception about Mercedes-Benz as a brand.
Study on the need for improvement in existing Marketing System.
Study on the difficulties faced by Executives while marketing in the field.
Study of the various types and Models offered by Mercedes-Benz and its consumers perception in
comparison to their competitors.
To find out the level of satisfaction of the buyers on different attributes.
To identify the strength weakness, opportunity and threats for Mercedes-Benz. (SWOT Analysis)

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To study the features of different Models that give a good idea of various schemes offered by the
company.
Methodology & Approach
There are many ways to classify research designs, but sometimes the distinction is artificial and
other times different designs are combined. Nonetheless, the list below offers a number of useful
distinctions between possible research designs.
Descriptive (e.g., case-study, naturalistic observation, Survey)
Co-relational (e.g., case-control study, observational study)
Semi-experimental (e.g., field experiment, quasi-experiment)
Experimental (Experiment with random assignment)
Review (Literature review, Systematic review)
This project will be based on a Descriptive and Analytical Research with the help of primary data,
non-probability and purposive quota sampling. The given project sample will be considered
specific to predetermined users residing New Delhi, Pune and Bangalore. The sample size is
selected for the study 100 user. The techniques of sampling unit in this study are convenience
sampling.
Tools Used for Data Analysis:
Bar chart (Bar charts will be used for comparing two or more values that will be taken over time
or on different conditions, usually on small data set )
Pie-chart (Circular chart divided in to sectors, illustrating relative magnitudes or frequencies)
About the Brand
Mercedes-Benz is a global automobile marque and a division of the German company Daimler
AG. The brand is known for luxury vehicles, buses, coaches, and lorries. The headquarters is in
Stuttgart, Baden-Württemberg. The name first appeared in 1926 under Daimler-Benz.
Mercedes-Benz traces its origins to Daimler-Motoren-Gesellschaft's 1901 Mercedes and Karl
Benz's 1886 Benz Patent-Motorwagen, which is widely regarded as the first gasoline- powered
automobile. The slogan for the brand is "the best or nothing".
Mercedes-Benz traces its origins to Karl Benz's creation of the first petrol-powered car, the Benz
Patent Motorwagen, financed by Bertha Benz and patented in January 1886, and Gottlieb Daimler
and engineer Wilhelm Maybach's conversion of a stagecoach by the addition of a petrol engine
later that year. The Mercedes automobile was first marketed in 1901 by Daimler-Motoren-
Gesellschaft (Daimler Motors Corporation).
The marketing mix of Mercedes Benz shows what a fantastic company Mercedes is, and how, as
per Business Week Magazine, it is the top most recognized global automobile brands. This high
profile success is not an accident but hard work, patience and excellent application of effective
marketing strategy all rolled into one.
Mercedes Benz is considered as the world’s oldest manufacturer of luxury car maker and the
reputation is unlikely to go away in the near future. This marketing mix looks at the company’s
marketing and advertising strategies it has implemented over the years to establish itself as a leader
in the fiercely competitive automobile industry.
OBJECTIVE OF THE STUDY
To find the satisfaction level of the customer regarding the service provided.
To find out any drawbacks in the service delivery.
Study the consumer behaviors, and perception about the Mercedes-Benz.

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Study about the need of improvement in existing Marketing System.

Study about the difficulties faced by Executives while marketing in the field.
To study the brands of Mercedes-Benz & consumers perception with its competitors.
To find out the level of satisfaction of the buyers on different attributes.
To identify strength weakness, opportunity and threats for Mercedes-Benz.
To study the features of different brands that give a good idea of various schemes offered by the
company.
Data Analysis
How were you made aware about Mercedes-Benz?
Table No.1:
Particulars No. of Respondents Percentage
TV Ads 40 40%
Existing customers 20 20%

Magazines 10 10%
Friends 10 10%
Internet 20 20%
Total 100 100%
GRAPH No.1:
Interpretation: From the above graph shows that 40% of the respondents came to know of
Mercedes-Benz through TV ads, 10% of the respondents through magazines, 20% of the
respondents through the existing customers and 10% of respondents from friends, 10% of
respondents through internet. The above graph explained that majority of respondents are TV Ads
and Existing Customers.
What is your perception about Mercedes-Benz?

Table No. 2:
Particulars No. of Respondents Percentage
Good 40 40%

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Ordinary 30 30%
No comment 10 10%
Poor 20 20%
Total 100 100%
Graph No.2:
Interpretation:
The above graph reveals that good perception comes from 40%, 30% have ordinary perception
about the Mercedes-Benz and rest by 10% has No Comment, 20% have poor perception.
Factors that prompt you to buy Mercedes-Benz?
Table No. 3
Features No. of Respondents Percentage
Performance 36 36%
Look 22 22%
Availability 10 10%
Price 2 2%
Maintenance 8 8%
Brand Image 10 10%
After Sales Service 12 12%
Total 100 100%

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Graph No. 3
Interpretation:
The above graph reveals that factor prompt to buy Mercedes-Benz. Performance (36%), Look
(22%), availability (10%), Price (2%), Maintenance (4%), Brand image (10%) and after sales
Service (12%).
What are the factors that influence your decision to Purchase Mercedes-Benz?
Table No. 4
Influencer No. of Respondents Percentage
Parents 16 16%
Self 54 54%
Friends 18 18%
Relatives 8 8%
Others 4 4%
Total 100 100%
Graph No. 4
Interpretation:

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The above graph reveals that decision influences by to purchase Mercedes-Benz. Parents (16%),
Self (54%), Friends (18%), Relatives (8%), Others (4%). Here Most of the customers purchased
by self-decisions.
Does Mercedes-Benz have a good quality?
Table No. 5
Particulars Number of Respondent Percentage
Strongly agree 50 50%
Agree 20 20%
Neither agree 20 20%
Disagree 10 10%
Graph No. 5 TOTAL 100 100%

Interpretation:
The above graph shows that 50% of respondents strongly agree Mercedes-Benz have Good
Quality, 20% agree, 20% neither agree and 10% of respondents disagree.
Which feature of Mercedes-Benz attracts you more?
Table No.6
Particulars No. of Respondent Percentage

Good looking 30 30%
Price 20 20%
Less power consume 20 20%
Stylish 10 10%
Etc 20 20%

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Total 100 100%
Graph No.6:
Interpretation: 30% people like Mercedes-Benz because of its good looks, 20% due to price, 20%
due to less power consumption and rest due to stylish & trend and rest of others.
Why do you prefer using a Mercedes-Benz?
Table No.7:
Product No. of Respondent Percentage

Good price 10 10%
Better quality 64 64%
Easily available 16 16%
Diversified categories of
10 10%
products
Total 100 100%
Graph No.7:

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Interpretation: In the above graph shows that 10% of respondents say Mercedes-Benz have Good
price, better quality (64%), easily available (16%), diversified categories of products (10%). Here
most of the respondents use Mercedes-Benz due to its better quality.
How many years have you been using Mercedes-Benz?
Table No.8:
Years No. of Respondent Percentage
1-2 Yrs 10 10%
2-3 Yrrs 10 10%
3-4 Yrs 16 16%
More than 4 Yrs 64 64%
Total 100 100%
Interpretation: In the above graph shows that 10% of people using Mercedes-Benz 1-2 years, 10%
respondents using 2-3 years, 16% respondents using for 3-4 years and rest 64% respondents using
More than 4 years.
Do you think Mercedes-Benz has more quality than others?
Table No.9:
Product No. of Respondent Percentage
Yes 80 80%
No 20 20%
Total 100 100%
Graph No.9:

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Interpretation: The above graph showing is 80% of respondents say Mercedes-Benz are more
quality and beneficial than others. Only 20% of respondents Says No.
What is the purpose of keeping the luxury four wheelers?
Table No.10:
Purpose No. of Respondent Percentage

Status Symbol 26 26%
For Pleasure 14 14%
Transportations 44 44%
Adventure 10 10%
Any Other 6 6%
Total 100 100%
Graph No.10:
Interpretation: The above graph shows that most of the responders (44%) went for the use of
Transportation.
On the basis of price and feature comparison, is Mercedes-Benz economical?
Table. No.11

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Option No. of respondents Percentage

Extremely Agreed 20 20%
Highly agreed 30 30%
Agreed 24 24%
No Comments 12 12%
Disagreed 14 14%
Total 100 100%
GRAPH No. 11:
Interpretation: The above graph shows that Mercedes-Benz is economical. 20% of public is
extremely agreed with this statement, 30% is highly agreed, 25% is agreed and rest of peoples
answer is negative.
Market Findings
It reveals that good perception comes from 40%, 30% have ordinary perception about the
Mercedes-Benz and rest by 10% have No Comment, 20% have poor perception.
It reveals that factor prompt to buy Mercedes-Benz. Performance (36%), Look (22%), availability
(10%), Price (2%), Maintenance (4%), Brand image (10%) and after sales service (12%).
It is observed that 50% of respondents strongly agree Mercedes-Benz have Good Quality, 20%
agree, 20% Neither agree and 10% of respondents disagree.
30% people like Mercedes-Benz due to good looking, 20% due to price, 20% due to less power
consumption and rest due to stylish & trend and rest of others.
It is observed that 10% of respondents says Mercedes-Benz have Good price, better quality (64%),
easily available (16%), diversified categories of products (10%). Here most of the respondents use
Mercedes-Benz due to its better quality.

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It reveals that it is 80% of respondents says Mercedes-Benz are more quality and beneficial than
others. Only 20% of respondents Says No.
It reveals that it is showing Mercedes-Benz are economical. 20% of public is extremely agreed
with this statement, 30% is highly agreed, 25% is agreed and rest of peoples answer is negative.
It revelas that 60% of people says excellent about selling scale system of Mercedes- Benz, 10%
Good, 10% Fair, 10% Poor and rest 10% says very poor.
34% of the customer previously not used any vehicle, 26% used some other vehicle, 23% used
maruthi, 9% used mahindra and 8% used Toyota.
29% of the customer opted Tata vehicel basing on the brand name, 23% basing on the model, 21%
basing on the quality, 14% basing on other benefits and 13% basing on the price.
45% of the customers are satisfied about the explanation about the benefits, features, etc., at the
time of purchase, 27% are very satisfied, 12% very satisfied, 12% are somewhat dissatisfied, 4%
are delighted and 12% had not responded to the above question.
CONCLUSION AND LEARNINGS
Mercedes-Benz is not only one of the most profitable car brands in the world, but they also rank
high in many categories amongst other top car manufacturers. Mercedes-Benz is a well-trusted car
manufacturer and the rankings I have research prove that Mercedes-Benz deserves to stay amongst
the highest ranked car brands for quite some time.
People seem to get the wrong impression that a gentleman should “walk but never run”. Well, the
Mercedes SL63 AMG begs to differ. This roadster comes with a dual personality that makes up
its best asset.
The SL63 AMG has a magical effect on long distances, treating you with a superb GT attitude. It
doesn’t even care if you fold its top. This is one of the best foldable roof vehicles we’ve ever
driven. If the weather allows it, you can drive it in open-air mode for many hours. And even when
the sky protests, you‘ll be able to use its clever roof to let the light come in.
This Mercedes also tickles your senses with a never-ending torque story. Sure, it doesn’t have an
ultra-sharp response, but it packs enough heat to cause pleasant disturbance.
And, for all its firepower, the SL63 AMG is a pretty practical machine. This is the one asset that
makes it win the battle with the Mercedes SLS AMG. Of course, it’s hard to believe that the two
will ever share customers. In fact, the SLS will most likely go out of production in 2014.
What’s more, the AMG bits and pieces are well built into the SL. However, engineering can’t buy
character and this exposes the dark side of the Mercedes SL63 AMG.
With a starting price of $216,725 or EUR159,400, this is one purchase you’ll feel. And when
you’re playing at this level, you may want to feel something a bit more special. Call it drama, call
it noblesse, but it’s somehow missing.
Speaking of missing requirements, the Mercedes SL would probably expand its reach by a great
deal if it would add another pair of seats. Even a “+2” arrangement such as that of the Porsche 911
would do.
In the end, the Mercedes SL63 AMG takes the SL’s melange between the German way and the
American spirit further in a brilliant way. Let’s look at that long hood once again.
KEY LEARNINGS AND SUGGESTIONS
Prompt delivery of the vehicle should be made.
Top priority must be given to taxes and long distance vehicles then local vehicles.

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Facilities like A/C, Newspapers, Drinking water and weeklies must be provided and they must be
up to the standards in customer waiting room.
The company must advertise itself about its service station by having boarding mainly at sales
point and at customer waiting room.
A separate phone must be made available to deal with customers to inform them whether the
service station is ready to accept their Vehicles for service
The organization must appoint persons to deal with the customers in phone and to explain the
customers about the job done at the time of delivery.
Shelter must be their while going through job card.
The organization must instruct the workers not only to considers the job card they must also go
through the vehicle and if they find and things extra jobs to be done them they must inform the
owner and they must entire it in job card and then go through the work.
Labor charges should be decreased
Service reminders should be sent regularly
Billing should be made faster.
People should purchase Mercedes-Benz due to the fact that their brand ranking is like no other and
has been for a long time.
Mercedes-Benz is never going to decline in brand value, which is why you should trust such a well-
known car brand when purchasing your next vehicle.
If brand rankings mean anything to a potential customer, Mercedes-Benz is the car to purchase, as
it is a consistent top rank amongst several other big name car manufacturers.
LIMITATIONS OF THE STUDY
Limitations:
A basic research was conducted to enable the company to assess how far the customers are satisfied
with product and services of Mercedes-Benz. During the course of the study the following
limitations were observed:
It is very difficult to check the accuracy of the information provided.
Since all the products and services are not widely used by all the customers it is difficult to draw
realistic conclusions based on the survey.
All the secondary data are required were not available.
The method will be unsuitable if the number of persons to be surveyed is very less as it will be
difficult to draw logical conclusions regarding the satisfaction level of customers..
BIBLIOGRAPHY
BOOKS:
Mercedes-Benz Safety Innovations". Theautochannel.com. 13 September 2017. Retrieved 26
September 2018.
Daimler AG Investor Relations Archived 18 August 2018 at the Wayback Machine.
"Behind the Scenes: Mercedez-Benz AMG". Motortrend.com. 26 February 2007. Archived from
the original on 10 August 2010. Retrieved 26 September 2018.
"Mercedes-AMG: unique, top-quality model line-up is popular worldwide". Media.daimler.com.
10 April 2018. Archived from the original on 14 April 2010. Retrieved 12 March 2017.
"The history of Mercedes-AMG GmbH". Media.daimler.com. 20 December 2000. Archived from
the original on 25 February 2010. Retrieved 26 September 2018.

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"This Is Tesla's Big Chance In China. Will It Be Blown Again?". Forbes. 8 September 2016.
Retrieved 8 September 2018.
Magazines & News Papers:
Hindustan Times
India Today
Business Outlook
WEBSITES:
https://www.mercedes-benz.co.in/
https://en.wikipedia.org/wiki/Mercedes-Benz
http://www.strategy-business.com/article/00269?gko=48bd9
http://www.marketwatch.com/investing/stock/hmc/profile
http://freepestelanalysis.com/pestelpestle-analysis-of-Mercedes-Benz/

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A STUDY ON INFLUENCE OF BEHAVIORAL FINANCE ON SOLO PARENT’S

INVESTMENT DECISIONS WITH SPECIAL REFERENCE TO INDIA
Dr. Mahima Singh,
Prof. Surbhi Rodi
ABSTRACT
The present paper is concerned with finding out the behavioral finance factors which play a great
role in molding the decisiveness in relation to investment by a solo parents in India. The decisions
taken by them has to be dependable as they are usually not in the position to look for another
possibility due to the fact that they are lone earning parent generally having single source of
income. The research takes into consideration the socio demographic features and also the
elements related to risk and return, peer choices of investment etc. The data of 80 respondents is
collected online through a Google form in which majority of them have preference towards gain
but not on the cost of losses so they prefer to invest in safe or risky avenues. The result of the
pearson correlation analysis between behavioural finance and investment decisions on solo
parents’ investment decisions a positive relationship.
Keywords: Behavioural Finance, Investment Decision, Solo Parents, Biasness, Socio-
demography
INTRODUCTION
Financial decisions taken by an individuals are influenced by various factors such as income, age
but the psychology in the form of behavior plays a major role in ultimate final decision. The role
of behavior finance is of paramount importance as greediness and distress both are extreme but
ironically have a significant part in the selection of investment avenues. This behavior finance is
of much more significance to individuals who have to carry out all the monetary responsibilities
of their own as well of their children single handedly. So they have to care a lot about their
psychological sentiments in understanding and developing investment decision making process.
Along with the psychology, economics and sociology are also an integral part of behavior finance
as it is a multidisciplinary filed. It is a field which extend and shape the financial decisions of the
individuals as it perform the function of evaluating the need, wants and the elements which give
rise to inclinations towards doing investment. It also take in to consideration the basic intent which
makes the individual to invest in high risky avenues like stock without making a proper analysis
of it. It became considerably more essential in case of single parent as they have to carry out all
the future expenses and contingencies all alone. The present investment will set a path for the
future and keeping them in a systematic and proper manner will provide them with required
confidence and comfort.
The investment pattern of the solo parents depends on their risk appetite, expected return, safety,
liquidity, knowledge level, number of children etc. The study on the impact of behavioral finance
on investment decisions has been done in the past but specifically its influence on the single parents
with special reference to India is not covered much. So, to fill this gap, the present study focuses
on the single parent’s investment decisions which is largely influenced by behavioral finance.
REVIEW OF LITERATURE: Tavakoli (2011) was of the opinion that there are multiple
elements which effect the decision making process of the individuals. Along with the identification

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of the elements he also pinpointed the elements like expert opinion, financial position of the
company, goodwill of the company, profit position, past dividends are major decision influencers.
Shefrin and Statman, Ahamed Ibrahim and Tuyon, (2017) in their research work emphasized on
main pertinent constituents which influence the behavior of individual investor in a growing
market by using the behavioral portfolio theory.
Lewellen (1977) in his study come to the conclusion that demographic factors like age, gender,
income level, educational qualification plays an important role in making investment decisions by
individuals. Fung and Durand (2014) are also of the same opinion that socio economic attributes
play a major role in investment decisions.
Rana and Vibha (2017) found in their study that marital status is a very governing factor in
investment preferences of the household. The unmarried individual is having a freedom to take the
decisions on their own whereas married couple have to talk with each other over regarding the
decisions to be taken for investment amount, avenues. Shaikh and Kalkundrikar (2011) carried on
a study which focused on marital status and investment preferences with the aim to find the
relationship between the two and it was concluded that there is a significant positive relationship
between them. They also confirmed in their study that both the genders react to the risk differently.
Males are more risk taker as compared to females.
Yang (2007) offered insight through his case study paper in between the gender and age in relation
to excessively confidence level, frequentness in trading. This study was done within the limit of
behavioral finance and came to the conclusion that socio demographic factors should be an integral
part of investor behavior study. He also observed the investment pattern of split up relation and
survived wife and confirmed that their total life gets change and it becomes an uphill task for them
to reanalyze all the investment to meet short as well as long needs.
Devereux (1994) found that the respondent of their study were of the opinion that during the
married time the savings are less as there is another partner to bear the risk and uncertainty so they
are in better comfort zone and if the chances are separation are there than the saving proportion
increases due to the fear factor. Mazzocco (2007) has also confirmed the above notation that
uncertainty in married life will enlarge the saving quota due to increased chances of risk and
uncertainty of the future.
Christiansen and Joensen (2011) in his paper divulge the changing pattern of financial decision
making process due to marriage and separation in married life. It has been revealed in the study
that married female used to invest higher proportionate of their income in risky avenues like stock
which goes on decreasing after separation from their husband as they have to carry out all the
financial responsibilities on their own which reduces their risk taking capacity. On the contrary
male investment ratio in the risky portfolios increases after the separation as their responsibilities
reduces which left them with more money and higher risk appetite. The study also take into
consideration the comparative analysis between two set of financial investors. One being the
married and other single due to unmarried or divorce and studied that investment pattern and how
the behavioral characteristics regulate their investment pattern, avenues.
Singh and Shah (2021) carried on a study on finding the consciousness about the financial literacy
among women with special reference to Maharashtra. In the study it was discovered that working
women have more knowledge and awareness about various saving and investment avenues as
compared to non-working women. The working women are more independently taking the
financial decision and are active participants in family financial discussions also.

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Vasagadekar (2014) has argued that in metropolitan cities women are more conscious towards
their career and even ready to hold the marriages for the same. Even the culture of adoption is also
on rise in this strata of unmarried women which is giving more growth to solo parenting. Due to
which it becomes a necessity for them to have financial independence to carry out the all the
responsibilities of them and the child. It also talked about the behavioral pattern of women while
taking investment decisions.
Sendilvelu and Shah, (2021) was of the view that majority of the sole parents were assured of their
investment patterns and had elementary understanding of it. However the major proportion of them
have preference for less risky investment avenues instead of high risky instruments though they
are fetching comparatively more return. The major reason behind it was that they don’t want to
lose any money as there is no another chance of reinvesting of the same amount in the present state
of affair.
Statman (2017) had emphasized on the behavioral portfolio theory to give a detailed picture of
wants and desire of the individuals and also their psychological and intellectual requirements. They
always look for the portfolios which is having maximum returns with minimum risk as given in
behavioral wheel but there is a barrier in the form of fragile self-discipline which make it taxing
to move in the right path of saving and spending.
Upadhyay (2019) study was confined to the city of Ahmedabad in which he studied the investors
and the reverberation of behavioural decisions. In this particular study he stressed on the need to
find out the thinking pattern of the people while investing in different investment instruments.
OBJECTIVES
1. To high point the demographic profile of solo parents in India.
2. To ascertain the various categories of investment done by solo parents in India
3. To analyze the impact of behavioral factor on investments done by solo parents in India.
4 To analyze the factors influencing the saving and investment decisions of solo parents in India.
SCOPE
The present study focuses on providing extensive and significantly comprehensive understanding
of impact of behavioral finance on solo parent’s investment decisions with special reference to
India. A very limited work has been done in the Indian scenario on above area. So keeping this
thing in mind, an effort has been made to evaluate the level of influence of behavioral finance on
investment pattern of single parents. This main aim of this study is to fill the gap in the Indian
context in relation to the above topic. It will take into consideration a very wide horizon in
connection to the subject of behavioral finance canopying all the important components of it.
HYPOTHESIS
1. H0: There is no relationship between behavioral factors - confidence level, risk appetite,
biasness and psychological accounting with investment proportion.
2. H0: There is no correlation between income level and investment proportion.
3. H0: There is no association between income level and risk appetite of solo parents.
4. H0: There is no association between age and psychological accounting
RESEARCH METHODOLOGY
The present study is based on empirical research so it make use of verifiable evidence in order to
arrive at outcomes. The research was able to give conclusion based on the cues and data which

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were collected through convenience sampling method. The respondents for this particular study
are individuals residing in India. The 75 data was collected from the respondents through Google
form and out of which corrected 60 were used as a sample for the study. The Cronbach Alpha was
used to determine the reliability of the instrument. Confidence level (0.865), risk appetite (0.852),
biasness (0.728) psychological accounting (0.854) and investment proportion (0.732) each and
Cronbach Alpha score of 0.832. To investigate the impact of behavioral finance on solo parent’s
investment decisions descriptive statistics, correlation analysis and Kruskal-Wallis rank sum test
were used.
Table1
Descriptive Statistics
Categories Respondents Percentage (%)
21-30 15 25%
Age 31-40 10 17%
41-50 20 33%
Above 50 15 25%
Unmarried 25 41%
Marital Status Married 10 17%
Divorced 15 25%
Separated but not divorced 10 17%
Graduate 18 30%
Education Post Graduate 31 52%
Professional 10 17%
Others 01 .01%
Less than 5 Lakhs 02 .03%
Income Level 5 Lakhs- 10 Lakhs 21 35%
10 Lakhs- 15 Lakhs 27 45%
More than 15 Lakhs 10 17%
Friends & relatives 18 30%
Sources of Investment Websites & Print Media 09 15%
Information Experts 15 25%
Self 18 30%
01 27 45%
Number of Dependent Children 02 32 54%
03 01 .01%
More than 03 00 00
Table 2: Descriptive Statistics

Mean Standard Deviation
Confidence Level 35.43 8.29
Risk Appetite 24.22 7.17
Biasness 24.92 9.79
Psychological Accounting 21.98 6.72

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Investment Proportion 71.08 16.44

HYPOTHESIS TESTING:
1. H0: There is no relationship between behavioral factors - confidence level, risk appetite,
biasness, psychological accounting and Investment Proportion.
A Pearson correlation analysis was conducted between confidence level, risk appetite, biasness
psychological accounting and Investment Proportion. Cohen's standard was used to evaluate
the strength of the relationship, where coefficients between .10 and .29 represent a small effect
size, coefficients between .30 and .49 represent a moderate effect size, and coefficients above
.50 indicate a large effect size (Cohen, 1988).
Table 3: Result
Combination N rp p- Significance Relationship
Value
Confidence level- Investment 60 0.672 < .001 Significant Positive
Proportion at < 0.01
level
Risk appetite - Investment 60 0.642 < .001 Significant Positive
level
Biasness - Investment 60 0.724 < .001 Significant Positive
level
Psychological accounting - 60 0.688 < .001 Significant Positive
Investment Proportion at < 0.01
level
2. H0: There is no correlation between income level and investment proportion.

A Kruskal-Wallis rank sum test was conducted to assess if there were significant
differences in income level and investment proportion. The Kruskal-Wallis test is a non-
parametric alternative to the one-way ANOVA and does not share the ANOVA's
distributional assumptions (Conover & Iman, 1981).
Table 4: Result
Combination N Mean Rank χ2 df P
Less than 5 02 18.06 8.657 3 0.030
Lakhs
5 Lakhs- 10 21 28.39
Lakhs
10 Lakhs- 27 31.64
15 Lakhs
More than 10 22.00
15 Lakhs
Table 5
Dwass-Steel-Critchlow-Fligner Pairwise comparisons- investment proportion
W p

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Less than 5 5 Lakhs- 10 Lakhs

2.31 0.476
Lakhs
Less than 5 10 Lakhs- 15 Lakhs
2.305 0.269
Lakhs
Less than 5 More than 15 Lakhs
-0.739 0.834
Lakhs
5 Lakhs- 10 10 Lakhs- 15 Lakhs
2.954 0.037
Lakhs
5 Lakhs- 10 More than 15 Lakhs
-1.342 0.504
Lakhs
10 Lakhs- 15 More than 15 Lakhs
0.245 0.895
Lakhs
3 H0: There is no association between education level and risk appetite of solo parents.
Table 6: Result
Mean p
Income Level N χ2 df
Rank
Risk Graduate 18 22.03 7.44 3 0.030
Appetite Post Graduate 31 27.82
Professional 10 16.92
Others 01 12.08
Table: 7
Dwass-Steel-Critchlow-Fligner Pairwise comparisons- Education Level
W p
Graduate Post Graduate 2.42 0.562
Graduate Professional -2.39 0.034
Graduate Others 2.12 0.256
Post Graduate Professional 2.72 0.462
Post Graduate Others -2.89 0.234
Professional Others 2.52 0.226
4 H0: There is no association between age and psychological accounting

Table: 8
Age N Mean Rank χ2 df p
Psychological 21-30 15 20.03 8.42 3 0.040
Accounting 31-40 10 27.82
41-50 20 27.92
Above 50 15 18.08
Table: 9
Dwass-Steel-Critchlow-Fligner Pairwise comparisons- Age
W P
21-30 31-40 2.82 0.562

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21-30 41-50 2.39 0.034

21-30 Above 50 2.12 0.256
31-40 41-50 3.02 0.462
31-40 Above 50 1.89 0.234
41-50 Above 50 2.92 0.226
Pairwise comparisons were examined between different age group. The results of the multiple
comparisons indicated significant differences based on an alpha value of 0.05 between 31-40 and
41-50.
DISCUSSION OF FINDINGS:
 The present work take in to consideration the influence of behavioral finance on solo
parent’s investment decision in India. The data of 60 respondents were taken into
consideration for the present study. The hypothesis were formed and tested using
correlation analysis, Kruskal-Wallis rank sum test and later on the analysis were
discovered. A significant positive relationship exist between behavioral finance and
investment decisions of solo parents.
 A Kruskal-Wallis rank sum test was conducted to assess if there were significant
differences in between income level and investment proportion. The results of the Kruskal-
Wallis test were significant based on an alpha value of 0.05
 A Kruskal-Wallis rank sum test was conducted to assess if there were significant
differences between education level and risk appetite of solo parents. The results of the
Kruskal-Wallis test were significant based on an alpha value of 0.05
 Association between age and psychological accounting: The results of the Kruskal-Wallis
test were significant based on an alpha value of 0.05.
CONCLUSION
In India the decision on investment amount, avenues, duration all is taken into consideration on
the basis of self-understanding, information from relatives or friends, print and web media and
very less services of expertise are taken for it, which all result in poor or not up to the mark for
long term investment planning and execution of the same. This become more important for the
sole parents as they are wholly and solely responsible for each and every decisions. On their own
they have to carry out all the responsibilities so they have to be more cautious about the investment
decision as there should be a proper balance of risk and return. They have to give equal importance
to long term planning also along with short term. Individual investors are taken as logical and
normal, so they will be affected by various prejudices which will have impact on individual
investment decisions. Thus the impact of behavioral finance have to control especially in the case
of single parents.
REFERENCES
 Bansal, R., & Zahera, S. A. (2018). Do investors exhibit behavioral biases in investment
decision making? A systematic review. Qualitative Research in Financial Markets, 210-
251.
 Barber, O. (2011). The Behavior of Individual Investors. In G. Constantinides, & M. H.
Stulz, Handbook of the Economics of Finance (pp. 1533-1570). Elsevier.

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 Budhiraja, K., Raman, T.V. & Bhardwaj, G. N. (2018), “Impact of Behavioral finance in
investment Decision Making” International Journal of Civil Engineering and Technology
(IJCIET), 1151-1157.
 Christiansen, C., Joensen, J. S., & Rangvid, J. (2011). Understanding the Effects of
Marriage and Divorce on Financial Investments: The Role of Background Risk Sharing.
Economic Enquiry, 431-447.
 Dewan, A., Gayatri, R., & Dewan, R. (2019). A Research on Investment Behavior of
Corporate and Individual Investors from Southern India. International Journal of
Innovative Technology and Exploring Engineering (IJITEE), 1493-1501.
 Devereux, M. B., and Smith, G. W. (1994). "International risk sharing and economic
growth." International Economic Review 35.3: 535-550
 Fung L and Durand RB. Personality traits. In: Baker HK and Ricciardi V (eds) Investor
behavior: the psychology of financial planning and investing. Hoboken: John Wiley &
Sons, Inc., 2014, pp. 99–115
 Kansal, P., & Singh, S. (2018). Determinants of overconfidence bias in Indian stock
market. Qualitative Research in Financial Markets, 381-394.
 Madaan, G., & Singh, S. (2016). Behavioural Biases in Financial Decision Making.
International Journal of Financial Research, 1-13.
 Mazzocco, M. (2007). "Household intertemporal behaviour: A collective characterization
and a test of commitment." The Review of Economic Studies 74.3: 857-895.
 Rana, S., & Vibha. (2017). Marital Status and Investment Preferences. Online International
Interdisciplinary Research Journal, 91-98.
 Sendilvelu K and Shah D (2021), A Study on impact of behavioral finance on investment
decision of single parents in South Asian Countries” International Journal of Accounting
& Finance Review, PP 16-34
 Sahi, S. K., & Arora, A. P. (2012). Psychological biases of individual investors and
financial satisfaction. Qualitative Research in Financial Markets, 4(1), 6-25.
 StatmanM(1999),“BehaviouralFinance:PastBattles,FutureEngagements”,Financial
Analysis Journal, Vol. 55, No. 6, pp.18-27.
 Shaikh Arh and Kalkundrikar AB. Impact of demographic factors on retail investors’
investment decisions - an exploratory study. Indian J Finance 2011; 5: 35–44
 Singh M and Shah B (2021), “A study on financial literacy among women with special
reference to Maharashtra”Modern Thamizh Research, special Issue PP 354-360.
 Vasagadekar, P. (2014). A research paper on investment awareness among Indian working
women with reference to Pune region. International Journal of Scientific & Engineering
Research, 5(6), 1333-1350.
 Verma, N. (2016). Impact of Behavioral Biases in Investment Decision and Strategies.
Journal of Management Research and Analysis, 28-30.
 Yang Q. An empirical study of individual investors’ overconfidence in stock market. J
Northwest Univ 2007; 37: 64–68

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A STUDY OF IMPACT OF GST ON INDIAN ECONOMY WITH REFERENCE TO

PUNE REGION
Dr. (Mrs.) Shilpa R Kulkarni

Founder Secretary, Matrix school of Management studies, Pune
Email – shilpak@matrixpune.com
Mr. Sudhindra Apsingekar
Research scholar, SIOM Research Centre Pune
Email: Sudhindra.apsingekar@gmail.com
Abstract
In India, GST was realized on July 1st, 2017. GST, being the topic of national importance, had
received fair share of attention since its introduction from tax experts, business communities,
consumer bodies, politicians & wider public. Despite mixed reviews, GST had brought significant
changes in countries tax administration & tax laws. Good & service tax is uniform leavy applied
on all products and administrations across the nation. Recently executed assessment system has
subsumed practically all circuitous expenses like excise duty, central sales tax & VAT etc. India
is expecting GST to be comprehensive tax reform which would lead to economic growth and
simplicity of working together in India. This investigation is pointed toward understanding effect
of GST implementation on key economic parameters with special reference to selected sectors of
Indian economy.
Keywords: GST, Indirect tax, Indian Economy.
1. Introduction
Indian government proposed amendments to introduce goods & service tax for every transaction
across the country. Newly implemented tax regime would provide a common national market for
goods & services & would also remove cascading effect of taxes on them.
GST in India is administered by GST council, a zenith dynamic body for GST laws. Under the
new duty system Goods and services are charged at different rates like 0%, 5%, 12% ,18% and
28%. Extraordinary GST rate of 3 % is charged on gold and 0.25 % on valuable and semiprecious
stones. GST is seen as duty change established on the idea of "one country, one market, one tax".
Execution of GST has changed India into a brought together market of 1.3 billion clients. End
customer would be profited as far as decrease in general expense burden on products. Likewise,
annihilation of a few assessments would further develop simplicity of working together for
corporates. "Inflation will go down, charge aversion would be limited, India's GDP will be
benefitted, and additional assets will be utilized for government assistance of more vulnerable
segment," Finance Minister said at GST occasion in Parliament. It is normal that new tax system
would have generous impact on each client and industry. GST is required to laydown
establishment for monetary development by tending to escape clauses of current duty framework
and guaranteeing simplicity of working together across India. GST being the uniform duty change,
it is required to acquire uniform disentanglement circuitous assessment system in all states of
country.
Need for study
Goods & Service tax implementation is one of the major exercises in India starting 2017. GST,
being the topic of national importance, had received fair share of attention from tax experts,
business communities, consumer bodies, politicians & wider public. This study aim to ascertain

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effect of GST implementation on various economic parameters like Exports, Gross Domestic
Product, Inflation, Foreign Exchange, etc.
Below details emphasizes the need for systematic study in this area.
 Success of implementation of GST has received mixed reviews from experts & tax
professionals. Critical analysis is required to evaluate short term demerits vs long term
paybacks of GST implementation.
 GST is uniform tax across the country. However, it’s subsuming all state specific taxes &
hence region wise detailed study is required to analyze effectiveness of GST implementation
in specific region.
 GST, after implementation in India, had faced some implementation challenges. It is therefore
essential to evaluate benefits of GST against short term implementation challenges.
Objectives
1 To analyze impact of Goods & service tax on Indian economy.
2 To understand GST impact on goods VS services.
3 To understand difference between earlier indirect tax regime and GST.
4 To feature advantages and difficulties of GST on Indian economy.
Research Scope
This study would explore effect of GST on Indian economy with reference to below selected areas
of economic performance.
 Reshaping of Indirect Tax Structure
 Exports
 Gross Domestic Product
 Inflation
 Foreign Exchange
 Impact of GST on Make–in–India
 Unification of Market
 Credit to Manufactures/ Dealers
Samples selected for this study will be from following economic sectors
 FMCG- Fast moving consumer goods
 Entertainment Industry
 Automobile Industry (Passenger cars)
 Real Estate Industry
 Tourism & Hospitality
Geographical scope of this study is regions in Pune city.
Research Gap
Earlier literature debates GST as a concept and illustrates its benefits theoretically. Through
empirical observation, the impact of GST on economic growth, inflation, export, make in India
initiative can be analyzed. This examination endeavors to address hole by observationally looking
at the financial effect of GST on different key execution pointers of Indian economy. The
investigation likewise gives a complete perspective on GST execution including transient
difficulties as against long haul advantages of this cross-country change.

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GST is making India one brought together normal market as it's a tax for entire country. Products
and Service charge is an aberrant duty applied on assembling, deal and utilization of merchandise
and administrations. In the whole inventory network, GST is a solitary duty applied on supply of
items and administrations.
For a given product GST is charged at a similar rate for same product both at national as well as
state level. GST is always paid at supply of goods & hence it is considered as destination-based
tax.
Various categories of taxes considered under GST are as follow.
Three categories of levies in GST are
1. Central GST- CGST
2. State GST - SGST/ Union territory GST- UTGST
3. IGST- Integrated goods & service tax
What Changes does GST bring In?
The Goods and Services Tax or GST acquired a significant change the tax collection visuals in
India. Prior, various duties were paid independently to the state and the center. In any case, GST
in subsumed all charges into one, and presently there is the commonsense utilization of 'One
country, one assessment.' Some of the progressions that GST acquired are as per the following:
• No various duties to be paid
• Replacement of indirect duties like excise obligation and sales tax into one
• Clear distinction of duties on luxuries and necessities
• Introduction of simplified approaches to fill tax returns and duties, for example through GST
online portal.
• Boost for Real estate and MSME area
• Ease for transportation of goods, as no different duties
• Transparency in the tax collection measure
Nidhi Parashar, Deepa Joshi, and P. K. Chopra in their study “Exploring the influence of transition
to GST on consumer behavior related to FMCG in India” confirms the view that taxes are
inseparable part of purchasing experience. In FMCG area, price is the key decision-making factor
when consumer decides to buy a product. In their research, researchers found that customers are
aware about taxes they paid on purchases in FMCG sector, however focus less attention on the
breakup of tax details.
Dr. R. Vasanthagopal indicated in his study, “GST in India: A Big Leap in the Indirect Taxation
System” that switching to GST from current indirect tax system will help Indian economy to
prosper in long term future.
Chaurasia et al. highlighted in his study in 2016, “Role of Goods and Services Tax in the growth
of Indian economy” that GST implementation will not only help India for development of
economy but also for improving GDP of country by more than two percent.
Ehtisham Ahmed and Satya Poddar (2009) examined, "Products and Service Tax Reforms and
Intergovernmental Consideration in India" and featured that GST will guarantee less complex and
further developed tax assessment framework, notwithstanding, its advantages are firmly connected
with plan of GST law.
Nitin Kumar (2014) considered, "Goods and Service Tax-A Way Forward" and showed that GST
will be the most helpful framework to eliminate financial mutilation and to guarantee uniform and
straightforward duty framework across country.

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Nishita Gupta affirms in her particular investigation “Goods and service tax: its impact on Indian
Economy” that GST will end up being an incredible duty framework for India and it can possibly
further develop nations charge assortments. New assessment system will be a huge advance in
circuitous duty changes in India.
Dr. Ambrishstates in his paper “Goods and Service Tax and Its Impact on start-ups“confirms that
goods & service tax will remove currently imposed multiple taxes & unite the whole nation
economically under one tax system.
Dr. R. Vasanthagopal, affirm in his investigation "GST in India: A Big Leap in the Indirect
Taxation System", that positive result of GST charge system is to a great extent subject to
objectivity of plan and adjusting of revenue of different partners. Further the exploration affirms,
GST would be a major leaf in the roundabout assessment framework and would likewise give
another stimulus to India's monetary change.
It’s now over a long time since Goods and administration charge was carried out in India,
subsuming 17 aberrant duties and numerous cesses. During these three years, assumption from
GST were fluctuated. Organizations expected lower charges, less desk work, straightforward
guidelines and simple accounting rehearses. Purchasers then again expected to address lesser costs
and assessments for merchandise and Services. Citizens were searching for less and more
advantageous methods of consistence. During this period, government basically proposed to get
more organizations in the expense ambit along these lines expanding government income and
lessening pace of tax avoidance and exploitative.
GST has blended reaction and nice achievement in present moment. Nation has seen some
powerful short and medium-term gains. In June 2018, GST income assortment rose to INR 95,610
crore. Consistence rate was around 70 %. This is a solid number to accomplish during initial not
many long stretches of execution thinking about the size and nature of businesses in India. As we
face not many more years, this study will investigate what GST has truly meant for India's
economy by fundamentally dissecting key execution markers of monetary development.
1. Short Term Impact of GST
Like some other key change, GST additionally confronted some underlying difficulties. Early-
stage problems went from reception to execution. Indian economy is generally a pen and paper
economy and thus attempted to embrace advanced stages for tax collection framework.
Additionally, considering the far and wide tax avoidance among Indian organizations, opposition
from business firms was a significant obstacle in GST execution. Such beginning difficulties are
step by step being managed and prone to proceed in months to come.
Notwithstanding confronting starting difficulties, momentary effect of GST has been positive. In
present moment, GST eliminated various roundabout charges and falling impacts of expenses.
Because of the lower weight of assessments, in general creation cost has diminished with expanded
creation. This likewise in a roundabout way decreased weight on the end purchaser. Changes like
E-way bill have brought more control and straightforwardness and thus false practices and tax
avoidance have decreased. Likewise, government income shown climb with broadened charge
base and in this way lead to sound financial viewpoint.
2. Long Term Impact of GST

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In medium to long term, it is normal that GST would be improved, and execution would be
upgraded. Across globe, numerous nations previously carried out GST and profited with a few
rates. India has picked five rate structure of GST for example items are categorized under five
categories for GST rates. Over the long haul as falling impact disappears, swelling will go down,
accordingly prompting a superior customer viewpoint. With ascend in charge income, financial
shortfall would improve
Worldwide business local area previously gave positive input on changing standpoint of Indian
tax assessment and business and noticed that GST would assist with drawing in FDI's in India and
would further develop simplicity of working together and fares.
3. Upcoming initiatives- Plans for brighter economy
Capacity building & digital adoption are among the quick difficulties of GST execution in India.
As a prompt subsequent stage, government need to resolve issue of Capacity building in MSME's
in India. In general consistence cost should be brought down in future and innovation ought to be
utilized proficiently. Moving backhanded tax assessment framework on a computerized stage is a
decent beginning for more brilliant economy however needs significant speculation from both
government and industry to make this drive a triumph. The key help regions likewise incorporate
directing administrations and direction to document GST returns.
3. Research Methodology:
Sampling Technique:
Researcher have used Purposive sampling technique for this research. Purposive sampling will be
used to ensure that samples selected (Customers & Professionals) will be above the age of 20
Years. It has been observed that for customers of smaller age groups (below 20 years) buying is
impulsive & is less concerned about prices & taxes. Purposive sampling is also used to select
expert professionals of selected industries.
Sample Universe:
Universe of study shall be customers & professionals of selected industries in Pune city & PCMC
area.
Sampling units:
Sample units refers to end consumers of selected goods or services along with professionals
associated with selected industries in Pune city & PCMC area.
Sample size:
Sample size is a statistical concept that involves determining the number of observations or
replicates that should be included in a statistical sample.
Cochran’s formula for calculating sample size when the population is infinite:
Cochran (1977) developed a formula to calculate a representative sample for proportions as

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Where-
n0 is necessary sample size
z is the selected critical value of desired confidence level
p is the estimated proportion of an attribute that is present in the population, and q is 1-p.
e is the desired level of precision (i.e. the margin of error)
Assuming the maximum variability, which is equal to 50% (p =0.5) and taking 95% confidence
level with ±3.5% precision, the calculation for sample size will be as follows
p = 0.5 and hence q =1-0.5 = 0.5; e = 0.05; z =0.49
For Confidence Level of 95 % corresponding Z Score is1.96
Necessary Sample Size = ((0.49)2 x 0.5(0.5)) / (0.035)2
= (0.2401 x 0.25) / 0.001225
= 198
Thus Sample size for this research will be 200. Samples selected for research purpose includes
customers, professionals & business organizations in Pune city & PCMC area.
Sampling Unit:
Here unit belonging to the people whose age group is above 20 were treated as sample unit.
Sampling Frame:
Selected areas of Pune City like Dhayari, Sinhgad Road, Sadashiv Peth and Ravivar Peth is
considered as sample frame.
Type of Data Used:
This examination utilized both primary & secondary information for investigation. Essential
information is gathered by meeting the respondents with the assistance of exploration poll. An
organized inquiry set was utilized for information assortment which was a blend of different open
and shut inquiry and numerous decision questions. The words utilized were basic and planned for
keeping away from disarray and misjudging among the respondents.
Data Analysis:
Data Analysis of response obtained from customers & industry persons was done after conducting
a survey with the sample size of 200. The questionnaire containing 25 questions was prepared to
obtain the desired information and the method of personnel interview was also adopted for those
respondents who were not interested in filling the questionnaire.
Demographic classification of data collected is as below.
Data Classification based on Demographic attribute No of respondents in Sample size
- Gender
Male 111
Female 89
Total 200
Data Classification based on Demographic attribute – No of respondents in Sample size

Age Group
Age Group 25-40 76
Age Group 40-55 71
Age Group 55-70 53

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Total 200
Data Classification based on Demographic attribute – No of respondents in Sample size

Occupation
Service 79
Business 41
House Makers 47
Retired 33
Total 200
Data Analysis & interpretation of key questions is as below.

Table1: Do you think Implementation of GST in India results in increased prices for goods &
services
Sr. No Response Response in Numbers

1 Yes 90
2 No 74
3 No Idea 36
Graph 1: Perception for implementation of GST in Pune region.

GST Results in increased prices for goods & services
18
45
37
Yes No No Idea
Table 2: Do you think GST will lead to easier administration & simplified procedures for business
Sr. No Response Response in Numbers
1 Yes 162
2 No 25
3 No Idea 13
Easier administration and procedures under GST: 81% of the sample population believes that by
subsuming multiple taxes under a single category, GST will abolish the tax-on-tax structure, which
will reduce the complexity of taxation procedure and administration.
Graph 2: GST Procedures & Administration

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Easier Administration & Simplified

Procedures Under GST
6
13
81
Yes No No idea
Table 3: Do you think GST will increase technological burden on business

Sr. No Response Response In Numbers
1 Yes 89
2 No 11
Greater technological burden: From the survey it is found that 89% of respondents feel that, there
are a few cons that are hard to overlook. One of them is increased burden on service providers to
employ technology-based tools for taxation procedures. While the guidelines on managing
accounts and filing returns are well-defined, it will require businesses to become technologically
adept, increasing the burden and cost of compliance.
Graph 3 : Technological Burdon on Business
Technological Burdon on Business
11
89
Yes No
Research Findings
Findings of research study connecting to impact on Indian economy can be summarized with
reference to below key performance parameters.
 Redesign of Indirect Tax Structure: GST will redesign indirect tax system by replacing
majority of indirect taxes by a uniform goods & service tax. This tax reform will improve ease
of doing business significantly.
 Exports: GST removing cascading effect of taxes would positively influence export of goods
& services in India. Also, features like input tax credit would make export industry in India
competitive internationally.

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 Gross Domestic Product: GST would result in cost reduction in products & on capital inputs.
This would result in economic growth of approx. 2% in short to medium term. As per the study
conducted by National Council of Applied research, GST would boost Indian GDP by 1.0 to
1.7 % in long run.
 Inflation: Implementation of GST in India revealed some upturn in inflation in short run.
However, in long run GST would ensure negligible Inflation.
 Foreign Exchange: Implementation of GST in India resulted in increase FDI’s and a narrow
current account deficit. This would help Indian currency to outpace other developing business
nations monetary forms.
 Manufacturing & new services in country: GST tax reform plays a vital role in attracting FDI’s
& making India a world class manufacturing hub.
 Unification of Market: GST being uniform tax reform would result in unification of market &
would ensure seamless movement of goods across states.
 Credit to Dealers & Manufactures: Design of GST had ensured credits for input taxes paid
during goods/service chain. This would help businesses to keep product cost low &
competitive.
Conclusion:
Taxation system like GST will minimize the complexity of taxation and will encourage new
entrepreneurs to generate employment opportunities across sectors. GST is uniform tax across
country & hence will minimize tax distortion based on geographical locations in India. Dual
benefit of GST will include decrease in commodity prices in long run & increased consumption
of goods which will also boost economic growth & GDP for the country. GST implementation
will increase investment in FDI’s & will positively affects foreign exchange of the country.
Finally, new tax system like GST will promote startups in India due to its uniform tax structure &
business friendly tax laws.
Bibliography & References
Journals & Magazines:

 Namita Mishra (November 2018),” Impact of GST on Indian Economy” “International journal
of basic and applied research”
 Monika Sehrawat & Upasana Dhanda (December 2015), ”GST in India: A Key Tax Reform”
“International Journal of Research -GRANTHAALAYAH” Volume 3.
 Milandeep Kour, Kajal Chaudhary, Surjan Singh (November 2016), “A Study of Impact of
GST After its Implementation” “International Journal of Innovative Studies in Sociology and
Humanities” Volume 1.
 Shefali Dani (2016), “A Research Paper on an Impact of Goods and Service Tax (GST) on
Indian Economy” “Business and Economics Journal” Volume 1.
 Jisana T.K. (May 2014), ”Consumer Behavior models: An overview” “Sai Om Journal of
Commerce & Management” Volume 1.
 Dr. Yogesh Kailashchandra Agrawal (October. 2017), “Goods and Services Tax and Its Impact
on Indian Economy” “IOSR Journal of Business and Management” Volume 19.

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 A Dash (May 2017)” Positive & Negative Impact of GST on Indian Economy” “International
Journal of Management and Applied Science” Volume 3.
Books:
 Saxena Rajan, “Marketing Management”, Prentice Hall of India Ltd. 2002.
 Schiffman Leion G, Leslie Lazar Kanuk, “Consumer Behavior”, Prentice Hall of India Ltd.
1997.
 Jha Mithileshwar Koshy, Abraham Keller, Kevin Lane, Philip Kotler, “Marketing
Management” 13th Edition, 2008, Pearson Education Delhi.
Websites:
 http://gstinindia.in/Impact-of-GST-on-Real-Estate.aspx
 http://www.cbec.gov.in/htdocs-cbec/gst/index
 https://cleartax.in/s/impact-of-gst-on-indian-economy
 http://www.irjcjournals.org/ijmssr/apr2013/12.pdf
 http://economictimes.indiatimes.com
 http://www.gstindia.com

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A PROFILE STUDY OF INTERMEDIARIES OF DISTRIBUTION CHANNEL IN THE

AGRICULTURAL MARKETING SYSTEM
Dr. Swapnali Amol Kulkarni

Associate Professor, S. B. Patil Institute of Management, Pune.
swapnalik.2003@gmail.com
Dr. Amarish Padma
Assistant Professor, S. B. Patil Institute of Management, Pune.
mailtoamarish@gmail.com
Dr. Anuradha Phadnis
Associate Professor, S. B. Patil Institute of Management, Pune.
anuradhakampli@gmail.com
Dr. Kajal Maheshwari
Assistant Professor, S. B. Patil Institute of Management, Pune.
kajaljuly28@gmail.com
S. B. Patil Institute of Management, Pune.
Abstract –
Agriculture also has its own place in industrial development. Agriculture has assumed greater
significance, it being the main source of livelihood of majority in the country. In the entire process
of Agricultural Marketing, components in terms of members of distribution channel namely
producer, middlemen and consumer have their own role and contribution in increasing
effectiveness of the process.
Present study was confined to 10 talukas situated in Nashik district of Maharashtra state known
for its agricultural progressiveness, dynamic agricultural marketing and consumer with reasonable
awareness and proportionate sensitivity for agricultural marketing in particular. In the present
study the different categories of intermediaries for agricultural marketing interviewed were
wholesaler, Retailer and agents and/or brokers. The present study aimed at an in-depth socio
economic and psycho situational features of 75 intermediaries besides difficulties encountered and
the suggestions offered by them to improve upon the agricultural marketing process in its overall
perspective.
Keywords - Distribution Channel, Intermediaries, Agricultural Marketing System.
Introduction -
The earlier Agricultural Marketing system was developed in the context of a planned
economy, a fresh approach to marketing is necessary in the atmosphere of liberalization and
globalization. The National Agricultural Policy indicates the need for new demand driven
marketing set up. To meet the new challenge through strengthening and developing Agricultural
Marketing system in the country is required.
Intermediaries, also known as distribution intermediaries, marketing intermediaries, or
middlemen, are an extremely crucial element of a company's product distribution channel. Without
intermediaries, it would be close to impossible for the business to function at all. This is because
intermediaries are external groups, individuals, or businesses that make it possible for the company
to deliver their products to the end user. There are four generally recognized broad groups of
intermediaries: agents, wholesalers, distributors and retailers.

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Landes and Burfisher (2009) examined the performance of India’s agricultural marketing
system and analyzed the economy wide implications of improved marketing efficiency system in
India and concluded that greater investment in agricultural markets and efficiency in India’s
agricultural supply chains have the potential to enhance agricultural growth over the longer term.
New policies lead to rapid investment by modern retailers and others in transforming India’s
markets and more efficient agricultural marketing is likely to strengthen consumer demand for
food and other goods.
Devajar (2008) reported that for marketing of grapes in India four different marketing channels
are used by the growers and further they found that marketing cost differs from person to person,
place to place and time to time and further they used the output to input ratio for measuring the
efficiency of marketing channels.
In the present study the different categories of intermediaries for agricultural marketing
interviewed were wholesaler, Retailer and agents and/or brokers. This study aims to study the set
of personal characteristics namely, age, education, professional experience, native background,
type of family, size of family of 75 intermediary respondents along with the difficulties
encountered and the suggestions offered by them to improve upon the agricultural marketing
process.
The market channel can be seen as a set of interdependent organizations involved in the
process of making a product or service available for consumption or use. The process connects
producers and final consumers and influences competition and prices within the market. Johnson
et al. (1996) considers the link between the actors involved in the transformation of a good as a
chain or a sequence where the different steps, through which a product must pass to reach the final
consumer, are analyzed. In an agricultural context this typically means producing, collection,
processing, storing, transporting, wholesaling and retailing of the good in question
Sen (2000) presented his paper in the book entitled “Agriculture and the new Economy” edited by
Krishnarao describes achievements attributed to the prevailing agricultural price policy enlisting
the emerging problems. He further states that the commission adopted the view that its task was
much more than to reconcile the short term conflict of interest between farmers and consumers. It
has always stressed reduction in the cost of production through improvements in productivity for
the benefit of both farmers and consumers.
Research Methodology –
The present study as described earlier focuses on intermediaries for agricultural marketing process.
The data was collected from 10 talukas of Nashik district of Maharashtra state. A schedule was
used to collect the data from the respondents. The data collected is analyzed under the following
heads -
1. Personal Features of Intermediary Respondents -
In social sciences research personnel characteristics of respondents have very significant
role to play in expressing and giving the responses about the problem, keeping this in mind, in this
study a set of personal characteristics namely, age, education, professional experience, native
background, type of family, size of family of 75 intermediary respondents have been examined.
Gandhi and Namboodiri9 (2004) conducted a study on “Marketing of Fruits and Vegetables
in India: A Study” covering the Ahmedabad, Chennai and Kolkata markets. The sample
respondents from the Ahmedabad markets comprise of 76 commission agents, 76 retailers and 59;

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from the Chennai markets 63 commission agents/ wholesalers, 37 retailers and 20 producers, and
18 commission agents/ wholesalers and 12 retailers from the Kolkata wholesale markets.
2. Social and Economic features of Intermediary Respondents –
Socio-economic indicators track economic progress and social change, and generally
portray a people’s state of well-being and quality of life. The different data collected under socio
economic features were social participation of the respondents and their income.
Nadeem and Qumar (1998) in his study stated that in the traditional system wheat was
sold through the village dealers, commission agents, consumers and shopkeeper etc. It was noticed
that 71 per cent of wheat was disposed of to the village dealers. There were many reasons due to
which the producers did not take their produce at the procurement centres or to the market. These
were small marketable surplus, transportation problem and high market charges etc. They further
reported that the village dealer had different alternatives to dispose of his produce where maximum
quantity (65 per cent) of wheat was sold by the village dealers at the procurement centres due to
the reasons like low transportation cost, no commission fee, labour savings etc. While the quantity
disposed of by the commission agents to the other agencies (i.e. consumers, retailers, chakiwalas
etc.) was greater (65.00%) than other agencies because very small quantity of good quality wheat
was transacted through the market and most of the wheat was sold to the consumers. The village
dealer usually purchased wheat from the growers and sometimes he also purchased wheat from
other village beoparis and village shopkeepers. Maximum quantity of wheat (83.00%) was
purchased from the producers. Most of the small and medium while considerable number of large
farmers also sold their produce to the beoparies because the farmers due to many limitations were
unable to sell their produce in the market or at procurement centres. In case of commission agents
about 70% of the produce was sold on behalf of village beoparies because most of the produce was
brought by the beoparies in the markets.
3. Psychological and Situational Features –
It is very crucial and imperative to understand the psychology of the respondents during
study. Psychological feature is a feature of the mental life of a living organism. The psychological
feature arouses an organism to take action towards a desired goal; it is the reason for that action
that which gives purpose and direction to behavior. The situational features are the situation an
individual faces in his life. During the study the psychological features were studied of the
Intermediaries namely economic motivation, risk bearing capacity and attitude towards
agricultural marketing. The situational features studied were marketing infrastructure and co-
ordination between channel members.
Aman and Hopkinson (2010) observed that although currently holding small market share,
the entry and growth of international, consolidated wholesale has opened alternative channel
structures. This poses a threat to some channel members and creates relationships that alter the
distribution of power in the channel. The nature of the Pakistan retail market creates difficulties in
compiling statistics or generalising from observations.
4. Monthly profit accrued, monthly loss incurred, disposal of profit and recovery of loss made
as reported by Intermediaries –
Profit and loss are the two sides of a coin. In any business profit and loss are inevitable. Profit is
the money a business makes after accounting for all the expenses. In an attempt to understand
situation with regard to profit, the majority of the respondents from the categories under study,
made it clear that they were able to get profit less than Rs. 20,000. They also revealed that incurring

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losses in their own profession has great many chances. As a matter of curiosity and concern,
respondents were asked as to how they make disposal of the profit accrued response was for
 Repayment of loan
 Investment into capital
 Improvement in marketing strategy
 Given to producers as advance payment
The loss incurred when a capital asset (investment or real estate) decreases in value. The recovery
of loss can be done through –
 Borrowed from friends and / or relatives
 Loan taken from financial institutes
 Any other source
Sahney and Srivastava (2009) decided to conduct a study aimed at an in-depth market analysis in
terms of rural buyer behavior, farmer and dealer relationships, and comparative study on the
strategies followed by the competitors, with the ultimate objective of improving upon the existing
distribution network in the Bankura district by developing and implementing comprehensive
marketing strategies. The farmers' profile and buyer behavior was examined. The major industry
players were identified, market-share was studied and also the company's strengths at distributor
and retailer level. A company wise analysis of dealers was undertaken, channel member
relationships were studied and contact strategies were examined. Estimates were made with regard
to the market size, growth patterns, new opportunities and threats. Measures were suggested for
setting up a distribution network for Krishna Pvt. Limited based on demand, sales potential and
customer reach.
5. Difficulties spelt out by the Intermediaries in performing their role
Distribution channels are generally organized according to specific business needs. They
can be simple or complex, direct or indirect, effective or ineffective. The nature of a distribution
channel depends on the type of goods and services being delivered, the logistics of the consumer
base, how corporate governance is set up and how it might affect other marketing decisions.
Broadly speaking, the success of the distribution channel depends upon elimination of the
difficulties encountered in the process. In the present study the difficulties reported by the channel
members were –
i Uncertainty in Arrival of Produce in the market
ii Inability to fulfill demands of consumers
iii Fluctuations in cost of produce from producer’s side
iv Anticipate problems of Storage and processing
v Inadequacy of finance for payment to the producer
vi Facing legal and Ethical Issues
vii Channel Conflicts
viii Logistical Constraints
ix Inventory Issue
x Natural Calamities
6. Suggestions given by the Intermediary respondents for enhancing efficacy of agricultural
marketing

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The basic function of the distribution channel moves products and services to consumers
from the point the products become finished goods or from the point of sale. To accomplish this,
the distributor needs to identify transactions in a timely manner, ship efficiently, manage logistics
and record delivery. Successful distribution requires collaborative planning and near-constant
evaluation. Essential elements such as communication, planning, tracking transport and delivery
must be organized in a format that makes sense for the specific business. In case of the agricultural
marketing the suggestions were invited from the respondents which were –
i Producers should consider requirement of consumers and accordingly produce the
product for market to avoid uncertainty
ii Financial assistance should be provided for purchase of agricultural produce in
huge quantity by concerned Government Authorities
iii Standardisation of produce cost by the Government Authorities concerned
iv Storage facilities should be made available conveniently and at reasonable rate
v Legal and ethical issues should be simplified and resolved easily
vi Effective communication and co-ordination should be maintained in order to
resolve the conflicts between the intermediaries
vii Better logistical facilities to be provided.
According to The Weekly of April 8, 2013, in a discussion by esteemed members of “The Panel”,
whose combined decades of experience make an excellent sounding board for questions about the
state of the industry concluded that Costs and Technology are among the Biggest Challenges
Facing Distributors and Suppliers of any Industry. (Website given in the Bibliography)
Findings -
1.Intermediaries representing the categories of wholesaler, retailer and agents in majority are
in between 31 to 40 years of age formally qualified upto HSC level put in about 10 years
of experience in their profession, belonging to rural locale, living in joint family system
with 4 to 6 members therein. Reported reasonable social participation earning in between
Rs 2.1 to Rs 3.5 lakhs per annum. Psychologically with moderate economic motivation,
risk bearing capacity and incidentally favorable attitude towards agricultural marketing.
Majority of the respondents reluctantly reported in adequate marketing infrastructure and
unsatisfactory co-ordination between channel members.
2.Uncertainty in arrival of produce in the market was the prominent difficulty to face by
majority of the intermediaries.
3.Respondents representing various categories of intermediaries in their own interest and in
the interest of effective agricultural marketing system that farmers should consider
necessarily requirement of consumers and accordingly produce the product for market to
avoid uncertainty.
Conclusions –
Agricultural Marketing is a matter of common interest obviously because it directly
influences livelihood of an individual fulfilling his absolute requirement, naturally therefore quite
a large amount of literature in size, shape and form is available. Researchers, administrators, policy
makers and tillers of the soil are greatly concerned with and probably therefore significant
contributions at their credit. In the entire process of Agricultural Marketing, components in terms
of members of distribution channel namely producer, middlemen and consumer have their own
role and contribution in increasing effectiveness of the process.

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The term agricultural marketing is composed of two words -agriculture and marketing.
Agriculture, in the broadest sense means activities aimed at the use of natural resources for human
welfare, and marketing connotes a series of activities involved in moving the goods from the point
of production to the point of consumption. Specification, the subject of agricultural marketing
includes marketing functions, agencies, channels, efficiency and cost, price spread and market
integration, producers surplus etc. The agricultural marketing system is a link between the farm
and the non-farm sectors.
The present study revealed the socio economic and psycho situational features of 75 intermediaries
besides difficulties encountered and the suggestions offered by them to improve upon the
agricultural marketing process in its overall perspective. The study can conclude the difficulties
encountered by the intermediaries and the suggestions offered by them. Considering the
difficulties faced by the intermediaries, certain legal and ethical issues enforced by the
Government authorities are proving bottlenecks in the performance of intermediaries’ role
efficiently. It is therefore very much necessary to simplify the same. All round efforts need to be
made for effective communication and maintenance of order to resolve the conflicts between
intermediaries. And last but not the least to improve socioeconomic health of all the members of
channel in the interest of their profession, process of agricultural marketing and the country as a
whole integration among the markets of the country should be done.
References –
1. Aman, Asad and Gillian Hopkinson (2010): “The changing structure of distribution channels
in Pakistan”, International Journal of Retail & Distribution Management; 2010, Vol. 38 Issue 5,
p341-359
2. Devajar, M; B. Sowmya Shankar and R. Satish Chandra Rangaswamy (2008): Marketing
of Grapes in Karnataka: A Case of Bangalore and Bijapur District, Indian Journal of Marketing,
Vol 38 No 2, pp 36 – 41 and p.48
3. Gandhi Vasant P. and N.V. Namboodiri (2004): Marketing Of Fruits And Vegetables In India
: A Study Covering The Ahmedabad, Chennai And Kolkata Markets W. P. No. 2004-06-09, June
2004
4. Johnson, R.W.M., L.A Petrey and William R Schroder (1996): “Agribusiness-Political
Economy and Market Structure-Toward a Structure for Agribusiness”, Review of Marketing and
Agricultural Economics, vol. 64, No. 2.
5. Landes Maurice R, Mary E. Burfisher (2009): “Growth and Equity Effects of Agricultural
Marketing Efficiency Gains in India”, A Report from the Economic Research Service, United
States Department of Agriculture, Economic Research Service Report Number 89 December 2009.
6. Nadeem, Nasir and Mohy-ud-Din Qumar (1998): Study of wheat marketing in Punjab with
particular reference to Multan Division. Economic Review Feb98, Vol. 29 Issue 2, p29 – 32
7. Sahney, Sangeeta and Archana Shrivastava (2009): Developing A Marketing Strategy For
A Leading Agrochemical Company: A Case Study on the Distribution Network in the Bankura
District of West Bengal, Globsyn Management Journal; Jul2009, Vol. 3 Issue 2, p25-40
8. Sen Abhijeet (2000): “Agricultural Price Policy – Achievements and the emerging problems”.
Paper presented at National Seminar on “New Challenges facing Indian Agriculture in the context
of WTO”, organized jointly by AIKS in collaboration with IAO, New Delhi.
9. The Weekly dated April 8, 2013 http://www.promocan.com/eweekly/wp-
content/uploads/sites/11/2013/06/Panel-Qst3-Biggest-Challenge-062613.pdf.

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RAPID RESHUFFLE IN WORK ENVIRONMENTS POST PANDEMIC: A FUTURE

WITH HUMANS
Dr.Vishal Weldode
Asst. Professor, Imperial college of Engineering & Research (MBA Dept.), Wagholi Pune
Dr. Shalini Swami
Asst. Professor, Imperial college of Engineering & Research (MBA Dept.), Wagholi Pune
Abstract:
The relationship between workers and businesses is shifting dramatically, pushing leaders to
reconsider their personnel management strategies. And there's never been a more important time
to do so: talent is quickly becoming the company's most valuable asset. We've looked into the
advent of a new era of business in previous studies. One in which surviving extinction
necessitates not only scale, but also speeds and close client relationships. Scale insurgents are
those that attain this equilibrium. This age of large-scale insurgency is ended. The era of
shareholder primacy, in which capital became the most important resource for business leaders
to safeguard, steward, and remunerate now, with labour force growth slowing and capital
aplenty, the balance of power is shifting from capital to labour. Much of the current thinking
about the relationship between workers and businesses was formed in a society that was very
different from the one we live in today, where workers were considered as mere cogs in the
machine of business. A new mental model is required in today's organisation, one that
rehumanizes the way we think about labour. Workers are the atomic building blocks of the
modern enterprise, more than just inputs. However, our knowledge of workers—their ambitions
and desires, untapped potential, and emotional state—is frequently superficial.
Introduction:
The epidemic had a different impact on every one of us. As a result, as we move forward, each
organisation and individual will need to develop their own unique road plan. The 'hybrid work
dilemma' effectively encapsulates this range of experiences and opinions. According to
Microsoft's Work Trend Index poll, which provides insights, challenges, and motivations that
will define the future of work, roughly 74% of employees in India desire more flexible, remote
work alternatives, while 73% also want more face-to-face contact with their teams. In summary,
more than half of the workforce wants to be able to work from anyplace while maintaining a
physical connection. The evidence is clear: the post-pandemic workplace will be defined by
extreme flexibility and hybrid work. The story of "the great resignation" is really one facet of a
larger shift. To conceive of this transition as "the great reshuffle," organisations should think of
it as "the great reshuffle," with the early movers and larger thinkers having the opportunity to
shape and manage it to their advantage. Employees will need to be given the freedom to work
when and where they want, as well as the tools they need to contribute equitably. Hybrid work
will necessitate a brand-new operational paradigm that encompasses people, locations, and
procedures. And technology will be important in enabling everyone's flexibility, inclusion, and

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wellbeing in this new environment. Empower people: A profound focus on flexibility,

wellbeing, andsuccessful collaboration between remote and physical workers is one of the
maindevelopments the epidemic has expedited that will shape the future of work. The problem
ofdigital overload is real, and it's getting worse. According to our Work Trend Index, more than
half of Indian employees (57%) are overworked, and 32% are fatigued. We require tools that
not only keep us 'always on,' but also enable us to pause and prioritise our health and welfare
when necessary. Organizations may use data and analytics to better understand their
employees' demands in a hybrid world and improve their
employee experience. In the hybrid workplace, technology is also a significant
enabler of inclusion for everyone, in cluding those with impairments.Turning on captions in
Microsoft Teams, for example, allows everyone to participate more effectively, not just deaf
users.A feature as simple as recording meetings can assist users who are not in the room come
back to it at a time that is convenient for them and even search to see if their name was mentioned
so that they can do any actions t hat are due to them.The world around us is rapidly changing,
and technological advancement s are allowing everyone to engage equally.
Need for Study:

 The COVID-19 pandemic is changing our attitudes to work, according to a LinkedIn
report.
 People looking for a new job are changing their priorities.
 Work-life balance is the biggest priority for candidates - as it was before the
pandemic.
 But, the desire for flexible work arrangements has grown by more than 12%.
 Workplace culture is also a growing priority for those looking for new jobs.
Literature review:
Work–life balance is formed when a person has the same level of priorities in relation to the
requirements of his/her career and the requirements of personal life. The most common reasons
for imbalance between the personal life and work life are increased responsibility for work
commitments; working longer hours; increased responsibility for housework as well as for
employees with children. In turn, a positive work–life balance reduces employee stress, reduces
the risk of burnout and creates greater wellbeing. This positively affects not only an employee
him/herself but also the employer (Sanfilippo, 2020). Already at the beginning of this century,
remote working was evaluated as an important tool for promoting work–life balance. Remote
working enables a variety of family responsibilities and can be particularly useful for employees
with children, as it allows them to breastfeed, take care of a sick child or look after young
children who may be on school holidays. Regular remote working offers additional advantages,
as it reduces work-related expenses (such as travel costs) and saves time spent on the way to
work (Hein, 2005). The separation of work and private life is a challenge that most of the people
active in the labour market face. In many cases, this can lead to burnout—a state of physical
and mental exhaustion when a person’s ability to work is drained. It was found that the negative

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impact of work on work–life balance is usually concentrated in the early stages of parenting,
when employees in the household have pre- school children (Eurofound, 2017).
some studies conducted all over the world show that most people have not improved their work–
life balance during the emergency situation, even though they were able to spend more time with
their families and did have to spend time to get to workplace. For most people, the period of
COVID-19 emergency situation seemed more stressful as they spent more time in webinars and
meetings. They also lacked “chatting” with colleagues. The division between family time and
working time overlapped so much that they found it difficult to cope with. Moreover, the
uncertainty about work and the future compounded the problem. While womenalready did the
majority of the unpaid care work in households before the beginning of COVID-19 pandemic,
recent studies show that this load has increased dramatically due to the crisis. The negative
effects on women and families are likely to last for several more years. What we usually call the
“economy” would not be able to function without the (often unrecognized) work ensured by the
care economy: providing daily living, cooking, upbringing children, etc. (Power, 2020;
Ramakrishnan, 2020a,b). The care economy globally, comprising both paid and unpaid care
work, underpins and sustains the market economy. Unpaid work accounts for 16.4 billion hours
a day, three-quarters performed by women—as the International Labour Organization reports,
this is equivalent to two billion jobs. Paid care work, 11.5% of global employment, encompasses
381 million workers, two-thirds of whom are women (Sadasivam, 2020).
Methodology:
Identify variables that both employees and employers can use to help or impede the balanceof
their personal and professional lives. The study also looked at how firms might help employees,
including remote workers; achieve work–life balance, taking into account that during the
COVID-19 emergency, most employees had to juggle work and family duties at the same time.
This article, in particular, only represents a small portion of the findings of theproject's research.
Conclusion:
Work–life balance requirements are highly dependent on the individual’s personal
circumstances, such as the partner’s working hours and the presence of children or elderly
dependents in the household. And these conditions change over a lifetime. This is particularly
relevant in view of the current postponement of the retirement age and the increase in life
expectancy in the world, which means that it will be significant to ensure a balance between
work and long-term care for family members in the future. It is therefore important to promote
the development of accessible, high-quality care services for children, the sick, people with
disabilities, the elderly and other dependents, especially in the place of their residence, taking
into account priorities and principles of social service policy (deinstitutionalisation and
provision of a service primarily at or close to the person’s place of residence) so that as many
employed people as possible can reconcile work and family life.
References:
Boston Consulting Group (2020). Easing the COVID-19 Burden on Working

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Parents. Available online at: https://www.bcg.com/publications/2020/helping-working-

parents-ease-the-burden-of-covid-19 (accessed December 7, 2020).
Google Scholar
Cartmill, C. (2020). New Survey Shows 87% of Staff Wish to Work from Home in Post
Lockdown World. Available online at: https://www.newsletter.co.uk/business/new-survey-
shows-87-staff-wish-work-home-post-lockdown-world-2864590 (accessed December 7,
2020).
Google Scholar
Central Statistical Bureau of Latvia (2020). In the 2nd Quarter of 2020, 64.1% of the
Population of Latvia Were Employed. Available online
at: https://www.csb.gov.lv/en/statistics/statistics-by-theme/social-
conditions/unemployment/search-in-theme/2729-employment-2nd-quarter-2020 (accessed
September 4, 2020).
Google Scholar
Chauhan, P. (2020). Gendering COVID-19: impact of the pandemic on women’s Burden of
Unpaid Work in India. Gend. Issues 1–25. doi: 10.1007/s12147-020-09269-w

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Vol.

IX, Issue II(II) July-December : 2022

Kavikulaguru Kalidas Sanskrit University

UGC CARE Listed Journal

New Research Frontiers

Journal of Fundamental & Comparative Research

UGC CARE Listed Journal

Patron : Prof. Shrinivasa Varkhedi

Chief Editor : Prof. Madhusudan Penna

Editor : Dr. Rajendra C. Jain

Editorial Board : Peer Review Committee :

Published by : Registrar, KKSU, Ramtek C KKSU, Ramtek

KAVIKULAGURU KALIDAS SANSKRIT UNIVERSITY

1 A STUDY ON JOB SATISFACTION OF FACULTIES WORKING IN 1

Prof. Pallavi Chugh, Dr. Rekha Chouhan

A STUDY ON JOB SATISFACTION OF FACULTIES WORKING IN MANAGEMENT

Dr. Harsha Mishra

Vol .No .IX, Issue- II(II) July – December 2022 Page│1

Managers Concern for People:

Vol .No .IX, Issue- II(II) July – December 2022 Page│2

Table 1 - Job Satisfaction Factors (Herzberg, 1976)

Dissatisfaction and No Satisfaction Positive

Hygiene Factors Motivators

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satisfaction to extreme dissatisfaction. In addition to an employee’s attitudes towards their jobs as

IV. Research Methodology:

Vol .No .IX, Issue- II(II) July – December 2022 Page│4

Gender Female Male

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Vol .No .IX, Issue- II(II) July – December 2022 Page│6

I can freely go to boss Maximum respondents

Table 3 – Computation of T- Test

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Independent Samples Test

Vol .No .IX, Issue- II(II) July – December 2022 Page│8

Vol .No .IX, Issue- II(II) July – December 2022 Page│9

Vol .No .IX, Issue- II(II) July – December 2022

Vol .No .IX, Issue- II(II) July – December 2022

DIGITAL MARKETING: CONSUMERS ATTITUDE ON THE PURCHASE OF HEATH

Vol .No .IX, Issue- II (II) July –December 2022 Page│12

Less than 1 Lakh 96 40.67797

Vol .No .IX, Issue- II (II) July –December 2022 Page│13

5-10 Lakhs 38 16.10169

III. Type of Family

Vol .No .IX, Issue- II (II) July –December 2022 Page│14

Vol .No .IX, Issue- II (II) July –December 2022 Page│15

Above 60 Years 4 1.694915

Vol .No .IX, Issue- II (II) July –December 2022 Page│16

Vol .No .IX, Issue- II (II) July –December 2022 Page│17

VIII. Expectations from the Health Insurance Scheme

Expectations from the Health Insurance

Vol .No .IX, Issue- II (II) July –December 2022 Page│18

IX. Sources of Information

Vol .No .IX, Issue- II (II) July –December 2022 Page│19

Vol .No .IX, Issue- II (II) July –December 2022 Page│20

Willing to purchase Health Insurance

Vol .No .IX, Issue- II (II) July –December 2022 Page│21

25% Public Company

Vol .No .IX, Issue- II (II) July –December 2022 Page│22