1.Emphasizing the Morality Quotient – A Management Education Imperative for India
Pramod Pathak, Saumya Singh, Namrata Pathak, Indian School of Mines, Dhanbad

The new century has heralded the development of some new concepts the recent being the’ joy of giving’ week during September 26 – October 3. A welcome idea that certainly signifies that mankind is now perhaps moving towards the right direction. After centuries of progress of science and technology the problems of mankind have remained as also the quest for that elusive happiness which seems to be the proverbial chimera. Management education also has now started looking inwards as it realizes that ‘good managers’ are getting lost in the management theory jungle. The largely American model of Management Education prevalent in India appears fail prone. Continuing bouts of recession, corruption, greed and selfishness time and again reiterate futility of courses like business ethics. In such a scenario ideas like’ joy of giving’ gives a glimmer of hope. There is more to management education than only serving the needs of the multinational organizations. A critical appraisal will reveal that Indian management schools have largely attempted the US based organizational, pedagogical, curricula, industry interface and academy research models. These neither serve the requirements of Indian conditions nor do they provide foolproof organizational models. The indices of prosperity are hardly meeting the ‘satisficing’ objective of growth for large majority even as we keep on harping about inclusive growth. The data dished out quoting statistics of growth can better be called as providing ‘statisfaction’ (statistical jugglery to create the feel good) without giving satisfaction to the large majority. It is time the Indian management education paradigm gave a thought for solving human problems at least in India. The answer lies not in Masters of Business Administration (MBA) but in Masters of Values Administration (MVA). The paper discusses how the management education can train MBAs on morality quotient. Download Full Paper

Sanjay Tiwari, Komal Gupta, GJ University of Science & Technology, Hisar

India, a commodity based economy where two-third of the one billion population depends on agricultural commodities, surprisingly has an under developed commodity market. Unlike the physical market, futures markets trades in commodity are largely used as risk management (hedging) mechanism on either physical commodity itself or open positions in commodity stock. Commodity markets like stock and foreign exchange markets are of great help not only for those who participates but also for economy as a whole. Commodity markets in India are still in their initial stage of development. Commodity market in India has a huge potential due to the fact that Indian economy is agriculture based economy. In this paper an attempt has been made to track the volatility analysis of some commodity derivatives on the basis of empirical finding of 3 years future prices of select commodities: – GOLD, SILVER, COPPER . A volatility analysis of these three precious metal commodity have been carried out in this paper.Download Full Paper

3.Spa Resorts in Uttarakhand – A Case study of Anand Spa Resort
Manish Srivastava, SMS, Varanasi, Pratima Sharma, Asia Pacific Institue of Management, New Delhi

India being a vast and diverse country has always something to offer to everyone. Its glorious traditions and rich culture are linked with the development of tourism. The increasing economic importance of tourism has captured the attention of most countries. India the land of beauty believes in the amalgamation of health and beauty. Owing to this, spa and resorts of India have become success stories in the recent past. Most of the spa and resorts of India make a perfect getaway with an extensive menu of beauty treatments, integrating the traditional Indian systems of Ayurveda with the more contemporary Western spa approach. The spa experience strives to achieve the ultimate harmony between the physical and the mental realms of the individual. At the Spa and Resorts of India tourist can experience the magic of the healing mineral waters and rejuvenating spa treatments.
The state of Uttarakhand (Dev Bhoomi) has fast emerged as a major tourist destination endorsed to its richly endowed natural grandeur. This quaint state provides tourists a breathtaking panoramic view of the Himalayas with a source like Gangotri and Yamunotri regarded as the physical and spiritual life basis of India. With unique focuses on the traditional Indian sciences of Yoga and Ayurveda, Uttarakhand can be fashioned as the skillful synthesis between age-old therapies and modern spa technology. The personalized therapy and activities programs can be intended to meet individual needs and health goals – de-stress, detoxification and cleansing, deep relaxation, anti-aging, weight & inch loss, while also offering guidance in the areas of nutrition and exercise. Through this paper an attempt has been made to understand the potentiality of such resorts in Uttarakhand, thus helping the state in earning more foreign exchange.The paper is based on secondary data and the information has been sourced from books, newspapers, journals and white papers, industry portals, government agencies, monitoring industry news and developments.Download Full Paper

A Study with reference to Thirunelli Panchayat in Wayanad in Kerala
Hari Sundar G. Ram, D.J.Academy for Managerial Excellence, Coimbatore, D. Sudharani Ravindran, M. Satish, PSG IM, Coimbatore

Rural India is the buzzword and Eldorado for marketers. Organizations are shifting their focus towards this huge and largely untapped market. Rural India, (Ernst and Young) reports 600,000 plus villages spread over a geographical area of over 3.2 million square kilometers, with a 60% of the country’s overall consumption amounting to Rs.9.135 lakh crore ($228 billion). Mckinsey recently surveyed rural India for Bharat Nirman project and concluded that rural India’s market size in 2020 would be US $ 500 billion. Even by 2025, 63% of India’s population will still live in rural areas of India (Mckinsey). The problem for marketers lies in reaching out to this huge magnitude of the rural masses with varied social, cultural backgrounds speaking a few hundred dialects. In rural market, the influence of Celebrity endorsement in decision making and purchasing the product is remarkable. Celebrity is a person who can attract people by mere presence and words (Kotler 2002). In India influence of films stars and sports personalities especially cricketer are phenomenon. Kerala, the literate state of India may not be falling behind in the influence of celebrity endorsement in purchasing products. The study envisages to find out the influence of celebrity endorsement in purchase of consumer durable goods in rural Kerala. The village chosen is Thirunelli Grama Panchayath, Wayanad District, Kerala from where the samples were taken. The profile of the respondents were small and medium coffee planters residing in Thirunelli Gramapanchayath at Wayanad district selected at random. The data was collected through pretested questionnaire. The collected data were analyzed by using Statistical software such as SPSS. The tool Chi-square test was employed for studying the hypothesis.Download Full Paper

Arindam Banerjee, UIM, Allahabad

In this era of globalization of Indian Businesses and open market policies Indian Corporate are realizing the need for initiation of good corporate governance practices in the organization so as to create a total enterprise value which is not possible in a short period of time. In fact in India corporate governance norms and guidelines are fairly robust and India has consistently a high ranker on the corporate governance regulation charts in Asia. This paper deals with the exploratory concept of corporate governance at large. The paper begins with the concept of corporate governance and moves on to discuss the various issues related to corporate governance and the variation in the national corporate governance system and the degree to which the group of stake holders influences the strategic decisions that impact substantially so as to build the image of the company. It also reflects on the corporate social responsibility as a new mantra for corporate for good corporate governance system.Download Full Paper

6.Growth of Indian Stock Market: A case of NSE
Raj Kumar, Faculty of Management Studies, BHU, Varanasi, Hariom Gupta, Jhunjhunwala Business School, Faizabad

The present paper provides historical background of stock market in India and also analyses the growth pattern of NSE. The study covers the period of twelve years spread over from 1995-96 to 2006-07. It has been found that all the segments of NSE have registered splendid growth in terms of turnover. The derivatives segment of NSE has made it one of the largest stock exchanges in the world. So far as the trading in securities is concerned, it is not broad based. The trading is concentrated to few securities and a large portion of the securities are experiencing low liquidity.Download Full Paper

7.Impact of Global Recession on Indian Economy with Special Reference to India’s Export
Jeet Singh, MIT, Moradabad & Preeti Yadav, IRMA, Jaipur

The ripples of crumbling USA market can be witnessed all over the world. Whatever happens in America, its impact can be felt way beyond the United States. Indian economy is no exception to this rule. World over, companies are biting dust including lions of financial world like, Lehman Brothers, Bear Sterns, AIG, Merill Lynch etc. It has been an unprecedented collapse of financial giants of American economy. India, on the other hand, is far more fortunate. Many factors are responsible for relatively less negative impact on Indian economy. In the age of globalization, no country can remains isolated from the fluctuations of world economy. Heavy losses suffered by major International Banks is going to affect all countries of the world as these financial institutes have their investment interest in almost all countries.The present study takes into account the impact of global recession on India with special reference to India’s exports. The study tries to present certain measures or steps to tackle recession in India. The study highlights the impact of recession on India’s exports from different industrial sectors. The paper highlights the measures taken by the Centre to curb recessionary pressures.Download Full Paper

S.P.Srivastava, Sanjay Kr. Patel, Faculty of Commerce, BHU, Varanasi

Consistent, comparable and understandable financial information is the lifeblood of commerce and making investment. The idea of global harmonization of accounting standards stems from lack of comparability of financial statements across the country. The main fascination with adoption or convergence of IFRS is sound business sense. Increasing cross border investing and proliferation of financial products have posed a challenge to companies as they faced multiple standards. Harmonisation and convergence with IFRS can greatly contribute to the efforts to build global financial reporting infrastructure. This resulted in international initiative of convergence of Accounting Standards to a common standard viz. the International Accounting Standards/ International Financial Reporting Standards (IFRS). In India the Institute of Chartered Accountants of India (ICAI) has decided to adapt IFRS for accounting periods commencing on or after April 1, 2011. This decision is an important milestone in achieving full convergence with IFRS, as India will join 109 countries which presently require or permit use of IFRS. By 2011, this number is expected to reach 150. This analytical article deals with concept, objective and benefits of convergence with IFRS and explores the way how we converge the Indian GAAP with IFRS. Problems and challenges faced in the process of convergence in Indian perspective have been thoroughly discussed. This article also focuses on IFRS prospects in Indian scenario. This article puts forward a view point that convergence will bring forth galore benefits to investors, industry, professionals and the economy as a whole. India’s blue-chip companies have begun to align their accounting standards to the International Financial Reporting Standards (IFRS), two years ahead of the mandatory time for the switchover. The list of companies includes IT firms like Wipro, Infosys Technologies and NIIT, automakers like Mahindra & Mahindra and Tata Motors, textile companies like Bombay Dyeing and pharma firm Dr Reddy’s Laboratories. This is a significant move towards the emergence of IFRS as a global accounting language. Download Full Paper

9.Micro, Small and Medium Enterprises (MSMEs) in India: Challenges and Issues in the Current Scenario
Ashish Kumar, LN Hindu College, Rohtak,Vikas Batra & S.K.Sharma, MD University, Rohtak

There is growing worldwide appreciation of the fact that Micro, Small and Medium Enterprises (MSMEs) play a catalytic role in the development process of most economies. MSMEs form the backbone of the Indian economy and have become engine of economic growth in India. It is estimated that MSMEs account for almost 90% of industrial units in India and 40% of value addition in the manufacturing sector. Today, small and medium industry occupies a position of strategic importance in the Indian economic structure due to its significant contribution in terms of output, exports and employment. The small scale industry accounts for 40% of gross industrial value addition and 50% of total manufacturing exports. More than 13.2 million units are spread all over the country producing about 6000 items, from very basic to highly sophisticated products. The MSMEs are the biggest employment -provider after agriculture, providing employment to nearly 32 million people. This paper closely analyses the growth and development of the Indian small scale sector since opening of the economy in 1991. It also looks into the present scenario of MSMEs and the challenges they face like lending, marketing, license raj issues in detail. Download Full Paper

10.Currency Futures in India
Deepika Upadhyay,  Faculty of Commerce, BHU, Varanasi

An important milestone of Indian financial markets was reached on August 29, 2008, when the National Stock Exchange (NSE) launched currency futures for the first time in the country. The step was taken forward by the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) jointly allowing USDINR currency futures in stock exchanges, albeit with some restrictions. Currency futures are derivatives that allow investors to buy or sell a currency on a future date at a previously fixed price. According to market analysts, introduction of currency futures in the Indian market will give companies as well as individuals greater flexibility in hedging their underlying currency exposure and will impart greater transparency and liquidity to the market. According to the guidelines issued by the Central Bank, currently only USDINR future contracts with a size of $1,000 each are available for trading and each contract will have contracts up to 12 month maturity period. The contracts will be quoted and settled in the local currency. FIIs and NRIs will not be allowed to trade directly, but this is expected to change once the local market has reached a maturity level. Based on the performance of the USDINR future contract, the RBI may also decide to permit currency futures contracts on other currencies like Pound, Yen and Euro. The objective of this paper is to discuss the regulations that apply to the currency futures market in India. It outlines the applications of currency futures and studies the performance of the USDINR future contract at the NSE since its inception. In addition to this, some suggestions to attract more participants into this market have been discussed.Download Full Paper

11.Changing Face of Human Resource Management: A Strategic Partner in Business
P.C. Bahuguna, University of Petroleum & Energy Studies, Dehradun ,P. Kumari, Gurukul Kangri University, Dehradun ,S.K. Srivastava, Gurukul Kangri University, Hardwar

Various approaches and models of strategic human resource management have been developed within the framework of strategic HRM. Like many theories of organization, none are complete. Rather being right or wrong each approach points to different aspect of the process needed to develop effective strategic human resource functions. The issue of fitting HR practices to business strategy has become increasingly relevant over few years. Therefore, in the present study we have made efforts to highlight various issues that are relevant to the strategic HRM in the changing scenario of business environment. The present paper has been divided into six parts. In the first and second part, the changes occurring in the business environment and its implications for human resource functionaries have been discussed respectively. In the third part we have highlighted the changing role of human resource management. In the fourth part the historical background of strategic human resource management, its role in addressing the challenges of changing business scenario and determinants of strategic fit have been presented. In the fifth part the relationship of strategic human resource management and business performance has been reviewed and at last conclusions have been drawn that what needs to be done on the part of the HR functionaries and the organization itself to enhance the strategic fit between the various HR practices and the overall organizational strategic plan. Download Full Paper

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