Astitva International Journal of Commerce Management and Social Sciences

Astitva International Journal of Commerce Management and Social Sciences Astitva International Journal of Commerce Management and Social
Sciences
ISSN- 2320-0626 (Online) ISSN- 2320-0626 (Online)
A Journal of International Repute By: Astitva Consultancy Services
Volume 2, No. 1, April 2013
MANAGING EDITOR Dr. Vandana Shriharsh
Address: 5/869, Vikas Nagar, Lucknow E- mail: publications@astitvaonline.co.in, Website: www.astitvajournals.astitvaonline.co.in
FROM THE DESK OF MANAGING EDITOR
It is my pleasure to acknowledge you about the international journal of Commerce Management and Social Sciences, which is the platform for research & development practices to all respected professors, lecturers, researchers & eminent scholars. Our journal focuses on core competencies as well as some methodological and industrial practices adopted in the modern era. As I think about research, it is sure that I consider three distinguished formats: 1. 2. Research paper Research article
We will like to have a high impact papers with extensive research methods along with testing as well as statistical analysis which is quite necessary for the sake of development in the industrial practices adopted by the industrialists. Really these types of working will carry out a better conclusion & findings for the upcoming global business scenario. We will also appreciate the case studies which include critical analysis by doing thorough investigation of cases and come to know about proper findings & recommendations. In last, I on behalf of our journal will say welcome to all to our journal which is devoted & dedicated to the research in the field of Commerce Management and Social Sciences.
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Dr. Vandana Shriharsh Managing Editor
TABLE OF CONTENTS
S. No
Contents
Page No.
1 2 3
4
Editorial Board Copyrights and Disclaimer Company Overview

An Empirical Evaluation of Critical Success Factors of Knowledge Management for Organizational Sustainability Dr. Anli Suresh
4 5 6 7
The Study of Reasons of Stress among Human Capital in Delhi
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Mr. Vaibhav Misra

6 An Empirical Study on Attitudes of B. Tech Students towards E-Learning
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Ms. Akansha Misra

7 The Theoretical Study of Lying and Micro Expressions Abhijatya Dhar and Dr. Vandana Shriharsh 8 How to Solve Case Study Jatin Tekriwal 9 Guidelines for the Author
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Patron
Mrs. Geeta Misra
Managing Editor
Dr. Vandana Shriharsh
Editorial Board
Dr. R Venkataraman Professor Department of Management Studies Presidency Business School Bangalore, India Mr. Manish Kumar Srivastava Department of Management, Shri Ramswaroop Memorial Group of Professional Colleges Lucknow, India
Dr. Anli Suresh, Assistant Professor Department of Commerce Madras Christian College, Chennai, India Distinguished Fellow Global Strategic Management Inc. Michigan, USA Dr. Ratna Vadra Assistant Professor- Economics and International Business Institute of Management and Technology Ghaziabad, India
Dr. Suman Pathak Assistant Professor School of Business Management Sharda University Greater Noida, India
Dr. Aaruni Saxena, MD, PhD Institute of Pharmacology University of Duesseldorf Duesseldorf, Germany
Astitva International Journal of Commerce Management and Social Sciences

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ISSN- 2320-0626 (Online)
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VOL 2, NO.1, APRIL 2013
ASTITVA CONSULTANCY SERVICES- AN OVERVIEW Astitva Consultancy Services is a Human Capital Services and Research Oriented organization with a focus on providing Recruitment and Soft Skills Training and Research Consultancy to the client organization. Astitva Consultancy Services is one of the leading organizations based at Lucknow with the aim of providing overall human capital and research solutions to the institutes and organizations. The Astitva Consultancy Services provides recruitment in the domains such as- ITES/ BPO, FMCG, Telecommunication, Hospitality, Education and Software. Astitva Consultancy Services provides suitable candidates for specific permanent positions, according to the requirements communicated by the client. The client shall reserve the complete right and responsibility of establishing the eligibility of employment and subsequent employment of the prospected candidate/s. Astitva Consultancy Services provides suitable research consultancy concerning the different domains such as Marketing, Human Resource, Legal, and Financial consulting to the client organizations. The activities such as conducting the market research, data collection, report preparation and data analysis is conducted for the corporate. ABOUT ASTITVA INTERNATIONAL JOURNAL OF COMMERCE MANAGEMENT AND SOCIAL SCIENCES Astitva International Journal of Commerce Management and Social Sciences (AIJOCMSS), peer-reviewed and published bi-monthly, is committed to publishing scholarly empirical and theoretical research articles that have a high impact on the commerce, management and social sciences fields as a whole. Astitva International Journal of Commerce, Management and Social Sciences encourage new ideas or new perspectives on existing research. Manuscripts that are suitable for publication in Astitva International Journal of Commerce, Management and Social Sciences is not limited to any particular domains instead it covers domains such as commerce, marketing, information technology, financial management, psychology, sociology, business strategy and policy, entrepreneurship, human resource management, organizational behavior, organizational theory, and research methods.
FINANCIAL INNOVATIONS AND ITS IMPACT OF GLOBAL CRISES ON INDIAN CAPITAL MARKETS DR. ANLI SURESH Assistant Professor of Commerce Madras Christian College India anli.sgain@gmail.com Abstract One of the bedrocks of our financial system is financial innovation and financial innovation is the life blood of efficient and responsive capital markets. The last 25 years have witnessed acceleration in the process of financial innovation. This has been spurred largely by increased volatility of exchange rates, interest rates and commodity prices and an increase in the pace of tax and regulatory change. Financial innovation enhances the allocation efficiency of the financial intermediation process and improves the operational efficiency of the financial system by reducing the costs and/or risk of transactions in the primary and secondary markets in which financial instruments are traded. Financial innovation is necessary to achieve a high and stable rate of growth through financial sector development in Emerging Market Economies (EMEs). Indias financial markets equity market, money market, forex market and credit market experienced the knock-on effects of the global financial crisis. The equity markets and forex markets came under pressure because of the reversal of capital flows as part of the global deleveraging process. With the reversal of capital flows and drying up of external sources of funds, corporate shifted to domestic bank credit. This substitution of overseas financing by domestic financing brought both money markets and credit markets under pressure. In this paper, financial innovations and its impact of the crisis on various financial market segments in India and policy responses to contain the damage and restore normalcy have been analyzed. The study is based on the hypothesis that Foreign Investors are confident about the Indian Capital market conditions that they divert funds to other profitable and more secured destinations. The
concluding remark is that Indian Financial Markets affected by the current global crisis from January 2008 largely because of selling pressures by FIIs, besides weakened domestic sentiments because of turmoil in international financial markets. Keywords: Capital Market, Financial Crisis, Financial Innovation, Financial Markets, Foreign Exchange Market, Government Securities Market, Money Market.
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Introduction
Financial innovation refers both to technological advances which facilitate access to information, trading, and means of payment, and to the emergence of new financial instruments and services, new forms of organizations, and more developed and complete financial markets. Financial innovations can be grouped as new products (e.g., exchange-traded index funds); new services (e.g., on-line securities trading, internet banking); new production processes (e.g., electronic record keeping for securities, credit scoring); or new organizational forms (e.g., a new type of electronic exchange for trading securities, internet- only banks).all these reduce the transactions costs and financial risks involved therein. The aim of financial innovation is to make different services (loans, deposits, fund units, debt instruments, shares, derivatives for risk management, currency exchange payments, etc.) offered by financial system cheaper and more available for clients and to increase their quality, which is an assumption for a long-run sustainable growth of emerging market economies. Financial innovations occur because market participants are constantly searching for new ways to make greater profits. Whenever monetary authorities restrict the operations of the market participants(commercial banks, financial companies, co-operatives, thrift institutions, pension funds, and others), new financial instruments come into the market. This is called financial innovation which assists market participants to minimize risk and to maximize return. Such financial innovations and their globally reaching migration from mature to emerging markets are generally construed as beneficial to host financial sectors because their bring about a lower national cost of capital; presumably by allowing the transfer of risk from firms less able to bear risk to those which are better equipped to bear it (division of labor), financial intermediation is improved and national welfare is enhanced. The developments in the global economy during the past three decades indicate that the process of financial development and globalization is, at times, susceptible to crisis. Initially, it appeared that emerging market economies (EMEs) were in a better position to weather the storm created by the global financial meltdown on the back of substantial foreign exchange reserve cushions, improved policy frameworks and generally robust banking sector and corporate balance sheets. However, any hope about EMEs escaping unscathed cannot sustained after the failure of Lehman Brothers in September 2008 and the ensuing rise in global risk aversion and
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the spillover effects of the macroeconomic turbulences created by the global financial meltdown. Depressed consumer and investor spending in the advanced economies led to a slump in demand for EME exports, which reinforced the inflow reversal (BIS Annual Report, 2008-09). However, the effect varied across these economies depending on the level of global integration. Indias financial markets equity markets, money markets, forex markets and credit markets had all come under pressure from a number of directions. First, the substitution of overseas financing by domestic financing brought both the money market and credit market under pressure. Second, the forex market came under pressure because of reversal of capital flows as part of the global deleveraging process and, simultaneously, corporate were converting the funds raised locally into foreign currency to meet their external obligations. Third, the Reserve Banks intervention in the forex market to manage the volatility in the rupee further added to liquidity tightening. Fourth, Indian banks as well as corporate were finding it difficult to raise funds from external sources as a consequence of the global liquidity squeeze and, as a result, pressure escalated sharply on banks for the credit requirements of corporate. In addition, in their frantic search for substitute financing, corporate withdrew their investments from domestic money market mutual funds, putting redemption pressure on the mutual funds and, down the line, on non-banking financial companies (NBFCs) where the mutual funds had invested a significant portion of their funds. Finally, India also witnessed large capital outflows, exchange rate depreciation, protracted contraction in merchandise exports, and a steep fall in equity prices in the second half of 2008-09. All these factors resulted in a sharp deceleration in the growth of the Indian economy in the second half of 2008-09. Against this background, this paper covers the financial innovations and its impact of the global financial crisis on the Indian economy, the impact of the crisis on various financial market segments in India and policy responses to contain the damage and restore normalcy. Statement of the problem Financial crises are admittedly difficult to define and often have no precise beginning or end. It indicates stress on the financial system, on banks and other financial intermediaries, usually resulting in failures of systemically important institutions and sharp contractions in the national economy. Hence, the research interest evolved to analyze the financial innovations and its impact of global crises witnessed by the Indian financial markets and the policy implications.
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Objective of the study
The primary objective of the study of financial innovations and financial crises has been to better comprehend the underlying analytics of a crisis on Indias financial markets equity markets, money markets, forex markets and credit markets so that future occurrence may be predicted and minimized. Methodology &Data Source The methodology adopted is exploratory based on the figures from the secondary data of the various financial reports of Reserve Bank of India ,World Development Indicators - World Bank, Speeches of Financial Advisors and Primary data from Researchers and various Financial Experts ideas and opinions. Review of Literature The global financial crisis and deleveraging led to reversal and/ or modulation of capital flows, particularly foreign institutional investor flows, ECBs and trade credit (Gopinath, 2009). An issue that assumed importance during the present global crisis is the relative strength of various channels of transmission especially against the backdrop of the sharp escalation of Indias financial integration with global markets over the past few years. While the crisis transmitted to India through both the trade and finance channels, the latter was by far more significant in terms of the intensity of the impact (Subbarao, 2009). The global liquidity spiral increased volatility in the financial markets, and restoring orderly conditions in the financial markets became critical to contain the spread of contagion to other sectors of the economy (Chakrabarty, 2009). The argument is that the recurrence of financial crisis has not changed the positive relation between financial development and growth (Lipsky, 2009). The global crisis of 2008 that originated in the mortgage sector of the US spread to the entire financial system and the real economy across countries. Exchange rates in many economies depreciated, equity prices crashed, volatility heightened, and liquidity dried up in financial markets, and the cost of external borrowings moved significantly upward. While in the case of advanced countries the external shocks were largely carried through direct channels with the exposure of banking systems to the sub-prime mortgage assets, the contagion to developing countries was transmitted mainly through trade, finance, and commodity price channels and rapid changes in expectations (Subbarao, 2009). The rising financial linkages resulted in a higher degree of business cycle co10
movement and the greater wealth effect of external shocks, while the trade linkages generated both demand-side and supply side spillovers across countries, resulting in more highly correlated output fluctuations. The relationship between finance and growth in general and the importance of foreign capital for the economic progress of developing economies deliberated at length over the years. In theory, financial globalization can help developing countries to manage output and consumption volatility (Prasad et al., 2003). Analysis & Discussion Foreign Exchange Market and Financial Innovations -Prior to the 1990s, the Indian foreign exchange market was highly regulated with restrictions on transactions, participants and use of instruments. The period since the early 1990s has witnessed a wide range of regulatory and institutional reforms resulting in substantial development of the rupee exchange market as is observed today. Market participants have become sophisticated and acquired reasonable expertise in using various financial innovated instruments and managing risks. The foreign exchange market in India today is equipped with several derivative instruments. These derivative instruments have been cautiously introduced as part of the reforms process in a phased manner, both for product diversity and, more importantly, as a risk management tool. As a result, trading volumes in the Indian foreign exchange market have grown significantly over the past few years. The daily average turnover has seen an almost ten-fold rise during the 10-year period from 199798 to 2007-08, from US$ 5 billion to US$ 48 billion. The pick-up has been particularly sharp from 2003-04 onwards, when there was a massive surge in capital inflows. Reflecting these trends, the share of India in global foreign exchange market turnover trebled from 0.3 per cent in April 2004 to 0.9 per cent in April 2007. Large withdrawals of funds from the equity markets by the foreign institutional investors (FIIs) reflecting the credit squeeze and global deleveraging resulted in large capital outflows during September-October 2008, with concomitant pressures in the foreign exchange market across the globe including India . The impact of these factors has resulted in a significant fall in turnover in the foreign exchange market since October 2008. This decline spread across the merchant and interbank segments of the forex market. The pressure on the foreign exchange market was also visible in the falling share of the spot market in the total turnover (Table1). At the same time, the share of the forward and swap markets in total turnover increased, possibly
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reflecting the rising tendency of hedging the underlying exposure in the foreign exchange market. After Lehmans bankruptcy, the rupee depreciated sharply, breaching the level of Rs.50 per US dollar on October 27, 2008. The Reserve Bank scaled up its intervention operations during the month of October 2008. Despite significant easing of crude oil prices and inflationary pressures in the second half of the year, declining exports and continued capital outflows led by global deleveraging process and the sustained strength of the US dollar against other major currencies continued to exert downward pressure on the rupee. With the spot exchange rates moving in a wide range, the volatility of the exchange rates increased during this period. However, with the return of some stability in international financial markets and the relatively better growth performance of the Indian economy, there has been a revival in foreign investment flows, especially FII investments since the beginning of 2009-10. As compared with depreciation of 21.5 per cent during 2008-09, the rupee appreciated by around 13 per cent in 2009-10. During the current year so far upto June 11, 2010, the rupee depreciated by 3.6 per cent against US dollar over end-March 2010. Though there has been some recovery in the forex turnover during 2009-10, it has not yet picked up to the pre-crisis levels. Table 1: Transactions in Foreign Exchange Market Period Average Average Average Daily RBIs Net Movements Average Daily Daily Share Share of Foreign in Average Exchange Turnover of Spot Forward & Currency Exchange Rate (Rs.Per in Forex Market in Swap Market Sales (- Rate (Rs. US$) range(Low Market (U Total in Total )/Purchases Per -High) S$ Turnover Turnover (per (+)(US$ US$)Deprec billions) (%) cent) million) iation()/Appreciati on (+) 2000-05 7.7 47 53 20,848 -6.9 5.7 2005-06 17.5 51 49 8,143 1.5 3.0 2006-07 25.8 52 48 26,824 2.2 3.8 2007-08 47.9 50 50 78,203 12.5 3.9 2008-09 47.6 45 55 -34,922 -12.4 -12.2 2009-10 40.7 50 40 -3.2 5.6 Source: Reserve Bank of India Publication 2010. Money Market and Financial Innovations - Since the early 1990s, the Indian money market has undergone a significant transformation in terms of various financial innovated instruments, participants and technological infrastructure. Various segments of the money market developed in line with shifts in policy emphasis. The call money market transformed into a pure inter-bank
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Average 3monthFor ward Premia (%)
3.3 1.6 2.14 2.16 3.47 2.91
market, while other money market instruments, such as market repo and collateralized borrowing and lending obligation (CBLO), developed to provide avenues to non-banks for managing their short-term liquidity mismatches. Policy initiatives by the Reserve Bank in terms of widening of market-based instruments and shortening of maturities of various instruments have not only helped in promoting market integration but also enabled better liquidity management and transmission of policy signals by the Reserve Bank. With the increasing uncertainty in global markets, the volatility in the call market also increased significantly during mid-September 2008. Following the reversal of capital flows and increase in the liquidity needs of the economy, the Reserve Bank also started unwinding of the outstanding Market Stabilization Scheme (MSS) balances, resulting in a steady release of liquidity. After September 2008, the issue of Treasury Bills under the MSS was suspended. With effect from November 2008, the Reserve Bank also started buyback of dated securities earlier issued under MSS to augment its efforts to hasten the pace of liquidity creation. The measures initiated by the Reserve Bank augmented liquidity, and the weighted average call money rate declined and mostly remained within the Liquidity Adjustment Facility(LAF) corridor from November 3, 2008 onwards. Moreover, volumes in the money market have also grown from January 2009 (Table 2), which suggests that there has not been any adverse perception of counterparty risk; consequently, the interbank money market functioned normally in India, in contrast to those of certain advanced economies. Table 2: Activity in Money Market Segments Average Volume (One Leg) (Rs. crore) Term Commercial Certificates of Money Paper Deposit Market O/S Call Market CBLO Total Money WADR OutWAD (Rs. Repo Market (Rs. % standing( R % rate (Per crore) crore) Rs. crore) cent)* 2006-07 10,863 8,419 16,195 35,477 6.57 506 21,329 8.08 64,821 8.24 2007-08 10,697 13,684 27,813 52,194 5.48 352 33,813 9.20 1,17,186 8.94 2008-09 11,218 14,330 30,776 56,323 6.43 397 47,183 10.54 1,62,574 9.31 Source: Reserve Bank of India Publication 2010: *Weighted average rate of call, market repo and CBLO. The indirect impact of the crisis also reflected in the financial innovations of Certificate of Month Deposits (CDs) and Commercial Paper (CP) markets. In both the markets, the outstanding amounts declined and the weighted average discount rate (WADR) rose during SeptemberOctober 2008. Subsequently, the liquidity conditions eased and the outstanding amount of CP
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and CDs picked up. The WADR in the CP and CD markets have generally declined until December 2009 in line with the other money market rates. Government Securities Market and Financial Innovations - The government securities market in India has evolved over the years. Recognizing the need for a well-developed government securities market, the Reserve Bank, in coordination with the government, initiated a series of measures from the early 1990s to deregulate the market of administered price and quantity controls. Consequently, the government securities market has witnessed significant transformation in various dimensions, viz., market-based price discovery, widening of the investor base, the introduction of new financial innovated instruments, establishment of primary dealers, and implementation of an electronic trading and settlement infrastructure. The switchover to an auction-based system of issuance of government securities in the early 1990s was a major step. This, in turn, led to consistent increases in the size of the market in tandem with the growth in market borrowings of both the central and state governments. The impact of the global financial crisis led India to implement extraordinary measures, both on the fiscal and monetary fronts, to stimulate domestic demand. The primary market yields of Treasury Bills across all maturities hardened up to August 2008 and softened thereafter, reflecting the interest rate cycle coupled with improvement in liquidity conditions from October 2008. During March 2009, however, the yields hardened from their levels in January and February 2009 due to increased market borrowings by both the central and the state governments and quarterly advance tax outflows (Table 3). Table 3: Transactions in Government Securities Market Period Average Turnover in Average10Average Implicit AverageBidGovt.Securities (Rs. YearYield@(p Yield at Minimum CoverRatio (364 crore) er cent) Cut-off Price(364 days) (per cent) days)(per cent) 2006-07 4,863 7.78 7.01 2.45 2007-08 8,104 7.91 7.42 3.21 2008-09 10,879 7.54 7.15 3.47 2009-10 13,939 7.24 4.38 3.64 Source: Reserve Bank of India Publication 2010. Market borrowings of the Government of India increased sharply during the last quarter of 2008- 09 to finance the additional expenditure by way of two supplementary demands for grants to support various stimulus packages. In sum, the Reserve Bank successfully managed the
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government market-borrowing programme during the crisis year, 2008-09, and 2009-10, without creating any disruptive pressures on the government securities market. Primary Markets and Financial Innovations - The primary segment of the capital market, which remained buoyant in the years before the recent crisis, subdued significantly during 200809 (Table 4). The slump in the primary market during the second half of 2008-09 ,driven by heightened volatility and uncertainty in the financial markets, slowdown in growth and incumbent demand for investment and dampened sentiment due to depressed secondary markets. Table 4: New Capital Issues by Non-Government Public Ltd. Companies Equity Shares ADRs/ GDRs No. of Issues Amount (Rs. crore) No. of Issues Amount (Rs. crore) April-08 2 439 4 2,151 May-08 4 307 3 1,901 June-08 9 1,285 1 3 Jul-08 5 262 1 30 Aug-08 5 368 1 567 Sept-08 7 9,700 0 0 Oct-08 3 129 2 35 Nov-08 2 148 0 0 Dec-08 3 1,370 0 0 Jan-09 0 0 0 0 Feb-09 1 24 0 0 Mar-09 4 640 1 102 Apr-09 0 0 1 167 May-09 1 9 0 0 Jun-09 4 227 1 48 Jul-09 3 3,179 1 48 Aug-09 4 366 4 4,618 Sept-09 12 2,853 1 7,763 Oct-09 4 2,023 1 446 Nov-9 3 878 2 1,774 Dec-09 5 3,586 2 299 Jan-10 8 2,101 4 349 Feb-10 8 5,274 0 0 Mar-10 15 4,803 1 455 Source: Reserve Bank of India Publication 2010. Financial Innovations like initial public offerings (IPOs) in the private sector plummeted Month significantly during the second half of 2008-09. Similarly, resources mobilized through another Financial Innovations like American Deposit Receipts/Global Deposit Receipts (ADRs/GDRs) declined sharply in the second half of 2008-09. The private placements market that had been a
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major alternative source of funding for Indian corporate in the recent past also contracted in 2008-09. The primary market activities, however, revived since June 2009 and picked up sharply during the last quarter of 2009- 10 as indicated by IPOs. Secondary markets and Financial Innovations - The global crisis led by financial innovations had a pronounced effect on financial markets in general and stock markets in particular through a rapid decline in stock prices and the market capitalization of listed companies, leading to adverse consequences of the wealth effect on macroeconomic aggregates. Over the past two decades, stock markets had witnessed rapid growth due to globalization, reform and advancement in information technology. The bulk of this expansion came from EMEs in the Asia- Pacific region and, as a result, market capitalization of stock exchanges as a percentage to GDP in the low- and middle-income countries had almost converged with high-income countries during recent periods (Table 5). This rapid expansion of market capitalization also provided adequate lubricant to the finance channels to transmit shocks across the equity markets, with stock markets emerging as key channels during the financial crisis. Table 5. : Market Capitalization of Stock Exchanges: Region-wise (percent to GDP) Year East High High Euro Latin Low & Lower Middle South Upper World Asia & income income: area America & middle middle income Asia middle Pacific OECD Caribbean income income income 1991 16.4 57.0 56.7 22.5 18.9 18.2 11.2 18.5 16.2 22.5 51.5 1993 55.0 62.6 60.5 26.1 31.1 34.0 28.2 34.4 30.3 38.2 58.3 1997 25.5 89.1 88.6 44.8 29.6 29.9 21.7 30.3 26.7 36.8 78.1 1998 30.9 106.1 106.9 63.0 19.5 23.8 23.0 24.0 20.9 24.8 91.3 1999 42.6 134.2 134.2 83.4 32.8 38.9 33.1 39.6 33.5 45.3 118.3 2000 47.1 116.8 117.1 87.0 31.8 35.5 35.3 36.1 26.1 36.7 102.3 2001 42.2 102.0 101.8 68.3 32.5 32.6 30.2 33.0 19.1 35.7 89.4 2002 35.9 81.6 81.0 50.9 25.4 30.1 27.4 30.4 22.2 33.6 72.5 2003 46.7 98.2 96.9 58.3 29.7 39.6 39.0 40.3 39.5 41.7 87.6 2004 40.2 104.6 102.4 61.0 35.6 42.1 37.7 42.9 48.1 48.1 92.6 2005 40.6 110.5 107.1 62.7 40.5 48.6 42.5 49.5 60.2 56.0 97.5 2006 84.9 122.8 120.9 80.7 49.1 71.7 75.7 72.9 76.9 70.3 111.1 2007 158.9 123.5 119.9 85.3 70.8 112.1 140.4 113.5 133.4 86.5 120.7 2008 58.0 62.9 61.8 38.0 31.9 48.9 53.5 49.5 47.0 45.5 59.2 Source: World Development Indicators, World Bank. The market capitalization of stock exchanges in regions such as East Asia, including China, and South Asia, including India, which experienced high economic growth during 20032007, surpassed the high-income OECD countries. With the global crisis, the market
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capitalization of stock exchanges in East Asia and the Pacific region in 2008 fell by more than 50 per cent, comparable to the position one and a half decades ago (Table 6). Further, the decline was comparable to the OECD countries, which underlines the importance of global integration in transmitting shocks across the markets. The reversal of private capital flows to emerging and developing economies was the major factor that contributed to the decline of stock markets in the EMEs. According to the IMF, private capital flows to emerging and developing economies declined by 81 per cent in 2008 from the peak in 2007. Though direct investment flows showed stability, there was a sharp decline in other private capital flows comprising portfolio flows, external debt and official assistance. Table 6: Market Capitalization of Stock Markets in Emerging Market Economies (Per cent to GDP) Year Brazil China India Indonesia Malaysia Korea Philippines Thailand Mexico Russia 1991 10.5 0.5 17.8 5.3 119.3 31.3 25.1 36.4 31.2 0.0 1996 25.8 13.3 31.6 40.0 304.6 24.9 97.4 54.9 32.0 9.5 1997 29.3 21.7 31.3 13.5 93.5 8.9 38.1 15.6 39.0 31.7 1998 19.1 22.7 25.3 23.2 136.6 35.1 54.2 31.2 21.8 7.6 1999 38.8 30.5 41.0 45.8 183.8 88.8 55.3 47.7 32.0 36.9 2000 35.1 48.5 32.2 16.3 124.7 32.2 34.2 24.0 21.5 15.0 2001 33.6 39.5 23.1 14.3 129.3 43.6 58.3 31.5 20.3 24.9 2002 24.6 31.9 25.8 15.3 122.8 43.3 50.8 36.4 15.9 36.0 2003 42.5 41.5 46.6 23.3 152.8 51.2 29.6 85.0 17.5 53.5 2004 49.8 33.1 55.3 28.5 152.3 59.4 33.3 72.3 22.6 45.3 2005 53.8 34.9 68.3 28.5 131.4 85.0 40.6 74.4 28.2 71.8 2006 65.3 91.3 89.5 38.1 150.5 87.8 58.2 71.0 36.7 106.7 2007 102.8 184.1 154.6 49.0 174.4 107.1 71.7 82.9 38.9 116.5 2008 36.6 64.6 53.0 19.2 96.0 53.2 31.2 39.4 21.4 82.2 Growth rate of Stock Market Capitalization 2008 -56.8 -61.4 -64.4 -53.3 -41.8 -58.1 -49.4 -47.7 -45.7 2009 125.9 89.8 101.9 117.6 51.2 77.3 66.0 71.6 89.2 Source: World Development Indicators, World Bank; World Federation of Exchanges. The mounting losses of large financial institutions on account of spiraling default in mortgage loans and deteriorating valuations of mortgage-backed and other securities since August 2007 triggered deleveraging by these institutions based in the US and other advanced economies. With increasing deleveraging along with weakening of earnings prospects on the back of the intensifying economic slowdown, the stock markets began decelerating from January 2008 in advanced and emerging market economies. The failure of Lehman Brothers in September 2008, however, led to a sharp jump in counterparty risk that reflected in a steep rise in
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spread on credit default swaps (CDS) and, eventually, amplified the pace of decline in stock markets across countries. During the recent crisis, stock market crashes were widespread despite varying macroeconomic fundamentals across countries. Test of hypothesis The study made the following hypothesis: Foreign Investors are confident about the Indian Capital market conditions that they divert funds to other profitable and more secured destinations. Yet another landmark reform in financial innovation was the opening up of the Indian stock market for foreign portfolio investment in 1992. Foreign Institution Investors (FIIs) were allowed to invest in the Indian stock market. Since 1992, FII policy has evolved from restrictive and marginal in the initial stages to a very liberal policy now. FI played a significant role in boosting Indias foreign reserves at a time when the countrys reserves position was precarious, after the BoP crisis of 1991. FI boosted the sagging morale of the market that was dented by the crash of 1992. FI also had a positive effect from the macro economic perspective. Increase in capital flows through FI reduced the interest rate (via increase in money supply) and reduction in the cost of capital (interest rate) had a favourable impact on investment and growth. Foreign Investment Inflows in the Indian Capital Market was US $ 103 million in 1990-91 which had increased to US $ 21313 million in 2008-09. Till 1992, Indian corporate sector could raise resources only from within the domestic market. Gross domestic corporate capital formation was thus constrained by the availability of domestic savings. This situation changed in 1992 when Indian companies were allowed to raise capital abroad through financial innovations like the issue of Global Depositary Receipts (GDRs) and American Depository (ADRs). This enabled the Indian corporate sector to mobilize foreign savings for capital formation in India. Capital from Abroad: GDRS and ADRS was US $ 240 Million in 1992-93 which had increased to US $ 3328 million in 2009-10.Hence Foreign Investors are confident about the Indian Capital market conditions that they divert funds to other profitable and more secured destinations. Concluding Observations The financial markets in India were the first to affect, mainly because of the reversal of capital flows as part of the global deleveraging process. The rupee-US dollar depreciated considerably in the second half of 2008-09 and turnover in the forex markets also declined
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sharply on the back of steep declines in merchandise exports and substantially modulated capital flows. Besides actual large-scale intervention sales in the foreign exchange market, the Reserve Bank also opened the forex swap facility for the banks. The policy measures that aimed at improving the supply of forex liquidity included permitting banks to borrow from their overseas branches within prudential limits, further relaxing the external commercial borrowing policy, including allowing NBFCs and housing finance companies to borrow in foreign currency, and raising the interest rates on NRI deposits. The money market, which remained largely orderly during the first half of 2008-09, came under liquidity pressure following the failure of Lehman Brothers and a few other global financial institutions, and volatility in the call market increased significantly. With increased volatility in the financial markets during the third quarter of 2008, the Reserve Bank had to ensure an adequate supply of rupee as well as foreign currency liquidity to restore the call money rate within the LAF corridor to contain volatility in the exchange rate. The monetary operations of the Reserve Bank were significantly different from the experiences of many central banks of the advanced economies, even though the ultimate objective was almost the same, which was to ensure adequate liquidity in the banking system. Thus, the transmission of the Reserve Banks policies to the money, forex and government securities markets has been effective, thereby ensuring speedy restoration of orderly conditions over a short time span. The credit market functioned normally in India as against almost refreezing of this market in many advanced countries. Given the overriding importance of containing the moderation in flow of credit to the private sector for sustaining the growth momentum, counter-cyclical prudential regulations used to encourage banks to lend. The credit growth of the commercial banks, however, decelerated sharply during 2008-09, especially in the second half, because of subdued economic activities and banks being extra cautious about viability. Like forex and money markets, the volatility of the 10-year benchmark G-sec movement increased from September 2008, reflecting general pressures in the financial markets and a sharp increase in the market borrowings of the Government of India during the last quarter of 2008-09. The global financial crisis also affected India through the asset price channel.
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Global financial and real shocks to domestic asset prices, particularly stock prices, led to erosion of household wealth and corporate balance sheets in terms of value of their collaterals. Both factors affected household consumption demand and corporate investment. The stock markets in India, responding to all major international events, started sliding from the peak in January 2008 and touched a new low in March 2009. The global and regional markets together accounted for the bulk of the variation in the Indian stock market. In sum, Indian Financial Markets affected by the current global crisis from January 2008 largely because of selling pressures by Foreign Institutional Investors (FIIs), besides weakened domestic sentiments because of turmoil in international financial markets. Indian stock markets responded to the major global events during the crisis period, reflecting the increased financial integration of the Indian economy. The deleveraging by FIIs, along with other factors such as the economic downturn, declining exports and weakened sentiments, has driven the significant downturn in stock markets during the current crisis. Declining asset prices also affected real activities such as consumption and investments. Financial innovation is truly welfare enhancing if it brings about a reduction in the cost of capital and improvement in the financial intermediation process without a commensurate increase in financial risk. The benefits of emerging capital markets can be measured in terms of factors such as lower pricing , reduced cost of capital, mitigated risk exposures, broader access to capital and increased liquidity. Financial innovation ought to make the movement of capital more efficient, risk management more targeted, hedging better matched, and trading less costly. Financial innovation also ought to contribute to better management and transfer of credit risk, the unbundling and trenching of risk, improved liquidity, more optimal portfolio diversification, and broadened credit risk dispersion. Various empirical results also suggest that FIIs have been driving the Indian stock markets largely. Scope for Future Research With increasing deleveraging along with weakening of earnings prospects on the back of the intensifying economic slowdown, the stock markets began decelerating from January 2008 in advanced and emerging market economies. The failure of Lehman Brothers in September 2008, however, led to a sharp jump in counterparty risk that reflected in a steep rise in spread on
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financial innovations of credit default swaps (CDS) and, eventually, amplified the pace of decline in stock markets across countries. During the recent crisis, stock market crashes were widespread despite varying macroeconomic fundamentals across countries. Further in-depth study is possible on the crisis implications on Indian Stock Market and Financial Innovations. References: 1. Chakrabarty, K.C 2009. Global Crisis: Genesis, Challenges and Opportunities unleashed. RBI Bulletin, October. 2. Gopinath, Shyamala. 2009. Some Reflections on the Recent Global Financial Turmoil An Indian Perspective. RBI Bulletin, February. 3. International Monetary Fund. 2009. World Economic Outlook, various issues. 4. Lipsky, John. 2009. Finance and Economic Growth. Remarks at the Bank of Mexico Conference, Challenges and Strategies for Promoting Economic Growth, Mexico City, Mexico. October. 5. Prasad, Eswar S., Kenneth Rogoff, Shang-Jin Wei and M. Ayan Kose. 2003. Effects of Financial Globalization on Developing Countries: Some Empirical Evidence. IMF Occasional Paper No. 220, September. 6. Reserve Bank of India, Monetary Policy Statements (various statements 2007, 2008 and 2009). Mumbai. 7. Reserve Bank of India, Annual Report, 2009-10. 8. Subbarao, D. 2009. Emerging Market Concerns: An Indian perspective. RBI Bulletin, November. 2009. Global Financial Crisis Questioning the Questions. RBI Bulletin, August. 2009. Impact of the Global Financial Crisis on India Collateral Damage and Response. RBI Bulletin, March. 2009. India - Managing the Impact of the Global Financial Crisis. RBI Bulletin, April. 2009. Risk Management in the Midst of the Global Financial Crisis. RBI Bulletin, June. 2009. The Global Financial Turmoil and Challenges for the Indian Economy. RBI Bulletin, January.
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IMPORTANCE OF FOREIGN DIRECT INVESTMENT IN INDIAN AGRI-ZONES Dr. R Venkataraman, Professor, Presidency College, Uma C Swadimath, Assistant Professor, New Horizon College Prasanna B Joshi, Assistant Professor & Head, Dept. of Economics, Rani Parvathi Devi College of Arts & Commerce, Belgaum
Abstract The present study is related to the importance of foreign investment that highlights the flow of foreign capital into the agricultural sector. As agriculture is predominant in Indian economy & it contributes a larger share to the growth of national income. Agricultural growth is the backbone of Indian economy. India is the second highest fruits and vegetable producer in the world. India is also one of the largest food producers in the world. The study emphasizes the importance of setting up of agri export zones. When countries are striving towards globalization, foreign investment plays a vital role in promoting economic growth and economic development. The flow of foreign investment gained prominence after the announcement of industrial policy of 1991, India opened the gates for the flow of foreign capital into the economy.
Key words: Foreign capital, Investment, Agri export zones.
Introduction US Govt. statistics define foreign direct investment as ownership or control of 10% or more of an enterprises voting securities or the equivalent interest in an unincorporated US business. Foreign investments are governed by long term considerations as these investments cannot be easily liquidated. It helps to enhance the rate of economic growth & development in any country. The flow of foreign investment is channelized into different economic areas but the present study makes an attempt to understand the flow of foreign investment into agricultural sector.
Objectives of the study: a) To understand the importance of foreign investment in an economy b) To study the flow of foreign direct investment into agricultural sector c) To understand the importance of agri zones in India
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Data Collection: The study focuses on secondary data which is collected through magazines, newspapers etc.
Importance of foreign investment in an economy Foreign direct investment helps to accelerate the pace of economic growth by facilitating development programmes. It helps to increase countrys exports and reduce imports. It facilitates the transfer of technology knowledge & improve balance of payments, introduction of new products & efficient resource allocation. The flow of foreign capital is viewed as an instrument of growth & development, the channel through which it flows is foreign direct investment.International Monetary Fund (IMF) and Organization for Economic Cooperation and Development (OECD) define FDI as a category of cross border investment made by a resident in one economy (the direct investor) with the objective of establishing a lasting interest in an enterprise (the direct investment enterprise). In the present day scenario when many countries are moving towards globalization, foreign investment forms to be an integral part of economic growth & economic development. There are lots of advantages to invest in the agricultural sector not because India is one of the largest emerging economies but a rapid progress in the agricultural production. In 1991 the Govt. of India began to liberalise foreign direct investment policies giving automatic approval for upto 51% foreign ownership in 34 industries including food processing but with continued restrictions on imports & earnings repatriation. Many agricultural units have been open to foreign direct investment. Of the $38.9 billion in total foreign direct investment inflows during 1991-2006 about $1.7 billion has been in agriculture. Food processing accounted for $1.2 billion, agricultural machinery $166 million, timber products $107 million and fertilizers $78 million. One of the most important parameters that are driving foreign direct investment in India is the rapid growth of Indias GDP and huge potential returns for foreign investors. During April 2000 & October 2009 agriculture services, food processing industries, fermentation industries, agricultural machinery, vegetable oils, vanaspathi & fertilizers attracted over 3.5% of foreign
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investment into the country. This has helped in the improvement of life of farmer as improved agricultural productivity increases the farm output and enabling him to earn a higher income. Sources of foreign direct investment: During 1991-2006, the largest has been the island nation of Mauritius accounting for 37% and USA being the second largest country to invest in India. Other important sources of foreign direct investment in India are from Japan, Netherlands, UK, Germany, Singapore, France, South Korea and Switzerland. TABLE 1 Table shows the flow of foreign investment from the countries
Country
April-July 2012 Inflows (%)Share of total inflows 33.3 15.2 6.9 7.2 3 10.3 4.1 4.7 11 14
th
April 2000-July 2012 Inflows 66.1 18 16.9 12.7 10.7 7.7 6.6 4.9 3 2.3 176.9 (%)Share of total inflows 37 10 10 7 6 4 4 3 2 1
Mauritius Singapore UK Japan US
2 0.9 0.4 0.4 0.3
Netherlands 0.6 Cyprus Germany France UAE Total 0.2 0.3 0.1 0.1 5.9
Source: Business Line Newspaper dated October 28 ,2012
The table shows that foreign investment into India from Mauritius, Singapore and Cyprus accounted for 52.6% of the total inflows from April till July 2012 and Mauritius accounted for 37% of total inflows from April 2000 till July 2012.
Flow of foreign direct investment into agricultural sector
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Agriculture being an important sector of the economy accounts for 19% of Indias GDP and is the backbone of rural economy. India has the largest area of fertile land which makes it one of the worlds largest food producers, over 200 million tons of food grains produced annually. India is the worlds largest producer of milk producing 315 million tones and tea producing 930 million tons annually. India is also the second largest producer of rice, fruits and vegetables. FDI in Indian agricultural sector and the latest developments are as follows: 1) 100% foreign direct investment is allowed through the automatic route that includes horticulture, floriculture, development of seeds, animal husbandry, aqua culture, cultivation of vegetables, mushroom and services related to agro and allied sectors. 2) Farm credit target of Rs.2,25,000 crores for 2007-08 has been set with an addition of 50 lakhs new farmers to the banking system 3) 35 irrigational projects have been completed in 2006-07 and 9,00,000 hectares to be created. 4) Corpus of Rural Infrastructure Development Fund to be raised 5) The sanctioning of loan facilities has been through Agricultural Insurance and NABARD FDI would facilitate introduction of frontier technologies, large-scale investment in floriculture, bio-diesel and mechanisation, and remedy the situation of investment shortage in Indian agriculture. It will help transform a negative subsidy regime' into a capital-intensive positive AMS (Agricultural Marketing Service) regime' on the lines of OECD countries. It would provide a welcome check on the Government's tendency to restrict Indian produce's access to global markets, to suit the convenience of Indian industry. As per economic data of financial year 2008-09 Agriculture had acquired 17% of Indias GDP. Agricultural exports accounted for 13% of Indias exports The growth rate for the sector was 5.6% for the year 2007-08 with almost twothird of its work force engaged in this sector. Importance of agri zones in India
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Agri zones are set up to enhance exports of agricultural commodities so as to improve the income of the farming community. Agri export zones like Special economic zones that could be set up under the Special Economic Zones Act, 2005 that are set up are encouraged by the respective state Govts, the motive being to increase agricultural production with the help of latest mechanization. This is supported by provisions like pre-post harvest operations, plant protection, processing, packaging, storage and also research and development. Agricultural & Processed food products development authority (APEDA) has been appointed as the nodal agency by the central Govt. to promote the setting up of AEZs. With this in view, the Govt. has sanctioned 10 agri zones in various states with an estimate of Rupees 200 crores. The exim policy also known as foreign trade announced by the union commerce ministry emphasized a lot on setting up of agri export zones. Agricultural & processed food products development Till December 2005, 60 agri export zones have been set up in different parts of the country. Agricultural Exports: India's total exports of agricultural and allied products at $10.5 billion in 2005-06 constitute 10.2% of its export share. Developed country markets account for nearly 35% of India's agri-exports. In agricultural exports there are varied performances across commodities. Table 2 Table shows the contribution of various agricultural commodities in world exports.
Product
Percentage share in world export
Vegetable products, lac, gums Vegetable planting materials Coffee, tea, spices Marine products
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10 4.9 3.7 2.3

Animal fodder Cereals Fruits & nuts 2.1 1.3 1.1
Source: NCTI based on UN-ITC Trade Map Data. Findings of the study As per economic data of financial year 2008-09, agriculture contributed 17% of Indias GDP. It accounted for 13% of Indias exports. Steps are being taken to achieve a second green revolution by focusing on soil quality, improve water management, rain water harvesting and watershed development and provide an easy access to credit at affordable rates. The central Govt. has set up a special cell for the export of certified organic products under APEDA of the Ministry of Commerce & Industries. In March 2000, the national programme of organic production was launched. Suggestions and Conclusion:
For fast growing economies like India, getting international know-how and global marketing capabilities are as important as access to capital. Increased trade between nations increases foreign direct investment. The Government should also focus on providing subsidies to small farmers as subsidies in India are too low when compared to countries to Canada, Japan and USA. Six experts from Uganda, Scotland, Singapore, Australia, New Zealand, and Zambia presented their thoughts and focused on the importance of partnerships for India with these countries for an increased and sustainable growth, mutually benefiting all and providing better livelihood to all.
References: 1) Business Line Newspaper, October 28th,2012 2) Dept. of Commerce-Press Releases, Agri Export zones get going. (7th January,2002NewDelhi) 3) Environment for agriculture & agribusiness investment in India/EIB-37, Economic Research Service/USDA
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4) FDI-Driving the future of India-,Singh, Kulwindar(2005) FDI in India-A critical analysis of FDI from 1991-2005 Centre for civil society, New Delhi. 5) Food processing in India- Amitabha Sen 6) Indian Economy- its development experience (page 635) -Mishra & Puri, Himalaya Publishing House 2007 edition. 7) India & foreign trade ministry of food processing industries.(www.mofpi.nic.in) 8) Industry & services (India in business ITP division, ministry of external affairs, Govt. of India (www.indiainbusiness.nic.in) 9) Modernising Indian Agriculture: Priority tasks & critical policies- V M Rao & P D Jeromi-Dept. of Economic Analysis & policy, RBI, Mumbai. Development Research Group-Study no. 21 (rbidocs.rbi.org.in/rdocs/publications/pds/15484.pdf) 10) National Study: India, Dr. Prabha Mahale, Director, Yardi & Soree India-Haryana (www.unescap.org.rural/doc/oa/India.pdf)
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THE ANALYSIS OF JUST-IN-TIME SYSTEM IN PURCHASING MATERIALS OF N.I.D.C.
Shahab Tahmasebi Ph.D Student of Andhra University Shahab.phd.cms@gmail.com
ABSTRACT:
In the present research article has been survived the just in time system include: phenomenon of JIT and causes need to it, goals and usage particular techniques in this purchasing system, optimum strategy for reduction and how to use this system. Based on this model which is designed, the necessary factors for implementation of the system (JIT) are divided into two groups. They are human resources and operational resources. Human resources include the organization of management and employees; whereas the operational resources include the condition of suppliers, transportation facilities and other operational resources. Hypothesis of the research are designed as per mentioned implication factors and then they are measured. This research is fulfilled in N.I.D.C.1 and this is titled thesis to achievement of master degree. The results showed that all the factors mentioned in the hypothesis except the organization of management were suitable for the implementation of the just-in-time system. The total result also showed that just-in-time system is applicable to N.I.D.C. At last the problems and the barriers of implementation of the JIT system are mentioned, the suggestions and the solutions relative to the research are also presented.
Keywords:
JIT;
Purchasing;
Human
resource;
Operational
factors;
Suppliers;
Transportation
- National Iran Oil Drilling Company.
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INTRODUCTION
Nowadays, more than 90% of circulating capital of most of the producing industries is related to the material of the industry.(Khosropanah, 2001) Since it is understood that increases in interest expenses will threaten the profits of the capital of stocks, development continuance and development of industry, Consideration on the management of warehouse especially in the producing industries is continued so that nowadays, it is one of the most important elements of the excellent management of the pioneer producing industries. In the majority of institutions, there is not much attention on the management of the products and the issue is remained at the simple level. This intricate issue is seen on either factories warehousing or houses warehousing. The warehousing is considered as one of the most expensive activities in industry. Reducing the expenses is impossible without applying trained, informed and specialized managers in the affairs especially those who are familiar with and proficient in up-to-date methods of reducing expenses. (Noorbakhsh, 2000) Nowadays, many of pioneer industries are able to reduce some of the stock levels at the circulating production to the needed level to one week and recently even to two hours at the producing workshops by getting information and regarding the principles of new management of goods/the management of in-time preparation (just-in-time management). Because of that, it is remained, grown and developed in the trade market. (Khosropanah, 2001) The importance of products at the economic activities is evident to everyone. It is sufficient to investigate the balance sheet of every institute to see that chief part of possessions is goods stock and this issue is agreed by all the managers of industries. (Alborzi, 1990) If an institute doesnt have an appropriate purchase system, sooner or later, the system of that organization will lead to an intricate condition. By regarding the cost of consuming material which averagely shows more than 50 percentage of the total cost price, the role and importance of the issue determines more in reducing cost expenses so that the consuming raw material is one
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of the determining factors of economic stabilization on the development of countries. (Rasoolian, 2001) National Iran Oil Company (N.I.O.C) is biggest company in Iran that its share is 80% of economics of Iran. (Sahafi, 1998) The basic of this company is National Iran Drilling Company (N.I.D.C) that extracts oil to sale. As significant as this company, its warehousing, raw materials and goods are important. By this research I am going to survey warehousing system of N.I.D.C and how to implementing of JIT in this company. LITERATURE REVIEW:
What is the JIT Philosophy? One of the most recent phenomenons of the management, which attracts too much attention of the global industrial community during the two past decades and at the present time is a new thought and attitude toward this field, is "JIT system; Although, it took several years from its establishment. During this period, many industrial organizations at the global level especially producing companies of cars and like them accept this system and they succeed in applying divided techniques from it on the whole activities of organization concerning all purchases sales, productions, etc. in spite of this, there are many other industrial organization in the countries and various industries which are not aware of this phenomenon and it is an attractive and new statement for the owners, managers, experts and personal of those places.(Gupta, 1999) JIT system originates from Japan. Japanese industries have proposed and applied this system for the first time. Perhaps, the reason for this case is related to the natural geographical environment of Japan and also dominating culture on the behavior of Japanese people. In authors opinion, Japanese are strongly opposed on doing every futile and useless work which leads to waste of their financial and human resources because of their restricted natural resources and overpopulation problem. They believe that producing wastes and imposed reworking because of weak and undesirable quality is waste of time and they try to produce products with perfect quality. They also believe that keeping stocks causes to occupy space and being stagnant the capital in most of materials and precious goods and also as the consequence, the profits of organization will decrease.
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Every activity, performance and decision, which doesnt help to increase the added value of the product and services, is considered as the wasting, futility and uselessness and it should be omitted. (Kazazi, 1993) Since some of the American companies succeed in executing this system, it is safe to say that one of the reasons for executing JIT system is the complete execution of management duties. (Waters, 1995) Despite the connection of the mentioned way with the Japanese companies, the basis for JIT system is general and many of the ways of implementing and executing of that is dependent upon the culture of production of ford engine. However, in the United States, the methods of simplifying of the procedure and interfering programs of personnel (like japans methods) is applied at the many American companies since 19th century. (Noorbakhsh, 2000) In defining JIT system, it is necessary to say that JIT system is one of the prominent features of a system which is related to that with a high quality and power of production in Japan. The performance of JIT represents its title. The goods are purchased when they exactly are needed. (Ansari & Modarress, 1990)
What are the goals of JIT Purchasing?
The primary goal of JIT way is reducing expenses through removing wastes. Wastes refer to everything in addition to the minimum facilities, materials, workers and the time which are required for production. Chiefly, from 15% to 40% of quality cost of every American product is related to the wastes. JIT states that the stock should be minimizing. Overstocking will increase the cost of the stock and will block that stock which would be able to invest in the other places. At the Ford Engine Company, for every one dollar of the recorded elements in the stock cost, 26 cent is devoted to the profit and insurance cost. This issue costs 8.5 billion dollars for producing 11 million cars in comparison with 800 million dollars in the Japanese car industries for producing the same amount of car. (Ansari & Modarress, 1990)
JIT is not only related to the control of stock and producing systems, but also it is related to the
other aspects of production i.e. purchasing procedures. In JIT, materials are purchase in few amounts and they will deliver alternately when they are needed. Needed parts for one workday at the producing procedure or production line will be provided by close resources or immediate resources. JIT amount or a collection of techniques is not for
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executing production but it is a comprehensive manner which applies many old and modern techniques with a new approach. (Pulkonic, 1999) For example, HP Company is chosen goods which are better purchased by JIT way. In recent past years, HP is applied the prioritized system of A-B-C for managing stocks. However, the installation of JIT system forces the company to develop the improved idea which is called A/C. (Alborzi, 1989) Under this idea, delivery of daily materials for A and B parts and the management of stock and space and for the parts of C group, delivery averagely 2 to 4 in a year and service are recommended. Table 1 shows the connection between goods (parts) and alternate delivery and applied strategy. (Ansari & Modarress, 1990)
Table 1: Strategy of purchase, a framework for choosing JIT goods: Goods (parts) Volume Cost Alternate Delivery A group 3% 88% Daily B group 3% 4% Daily C group 94% 8% Two or three times a year Strategy Stock Management Space Management Level of Services
JIT insures that goods in the appropriate amount (sufficient amount) on the appropriate time
(needed time) and with good quality without any purchasing or building wastes. The goal of JIT is omitting those activities which dont create any added value to the product. In some documents, JIT is mentioned as the system which removes stocks and maximizing circulating stocks and goods. Of course, removing stocks is considered as one of the most important characteristics because stocks cause to cover and stealth many problems of a producing branch. (Rouzban, 2002)
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Mukhopadhyay (1995) poses that: JIT is not merely program for reducing stock but also it has a wide range of meaning so that it involves more efficiency with minimum resources and facilities. (p.60)
How is JIT Purchasing Implemented?
When the concept of Japanese JIT purchasing was introduced to the United States in the early 1980s, many companies were skeptical as to whether this new manufacturing philosophy could be successfully implemented here. Top management had a tendency to believe that although JIT purchasing made good sense for Japanese companies, it might not be appropriate here because of sharp contrasts in management style, manufacturing philosophy, social and cultural features, and in some cases, size. It did not take very long; however, for American companies to realize that successful implementation of JIT purchasing was possible. Many U.S firms have already developed and implemented their own version of JIT under different names, such as ZIPS (Zero Inventory Production System), MAN (Material-as-Needed), and Nick of-time. By any name, JIT treats purchasing the same way. (Kelle, 1998) Implementation of the JIT purchasing concept is a three phase project: Phase I is a learning process; which involves experimenting with JIT purchasing and trying to achieve incremental improvements by reducing inventories, eliminating waste, exposing problems, and responding immediately to them. According to the automotive industry action group, a proponent of the JIT effort in America, most U.S. companies using JIT in 1984 were in this phase. Phase consists of pilot programs. Typically, the pilot program begins with: (1) A few local suppliers; (2) A few part numbers, representing a high dollar investment and low volume; (3) A few carrier companies; and (4) Frequent delivers (once or twice a week) directly to assembly line. Starting the pilot program with a few local suppliers and a few parts increases the likelihood of success because problems such as poor supplier quality can be measured and late or early deliveries can be monitored and adjusted.
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Success of the pilot program depends upon a group effort among managers in several departments who share the same goals. If members of the group have conflicting goals, their disagreement will influence the action of certain departments. In choosing the class of parts that are appropriate for the JIT program, for example, the finance department may favor the parts that have the highest impact on corporate profitability. The purchasing department may prefer other parts for different reasons. To make this program work the group must share the same objectives and work closely to influence their departments to pursue those goals. The final phase is implementation. JIT purchasing must be designed to meet the needs of the individual company. However, some common factors that are critical to successful
implementation were identified by the companies that have been studied; which fall into two basic categories: human and operational, as outlined in table 2 which considered as theoretical framework of this research. (Ansari & Modarress, 1990)
Table2: Factors affecting the implementation of JIT purchasing: A- Organization of Human Resources: 1. Management: Obtain continuous top management commitment to and leadership of the program, in terms of both ideas and actions and applying complete managements duties. 2. Personnel: Prepare employees in every department and their flexibility and satisfaction. B. Organization of operational Factors: 1. Suppliers: Close resources, reliable, their involvement and their cooperation. 2. Transportation system: The existence of independence transportation system with correct and in-time programs and using facilities and equipments such as standard containers. 3. Other operational factors: The absence of bureaucracy system at the organization and the existence of flexible culture, connections and more cooperation, appropriate arrangement of materials and good equipments, equipped machinery, highly computerized and educational system in the organization.
What problems are encountered in implementing JIT Purchasing?
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The most serious problems are not operational in nature. They are people problems.
JIT has produced substantial benefits, for firms that previously used traditional purchasing
practices. Inventory turnover increased by an average of 97 percent; delivery promises met increased from 67 percent to 83 percent; and depreciation expense declined 40 percent. Most important, our survey revealed that the greatest degree of improvement was in product quality and productivity. While JIT purchasing has provided impressive benefits, major problems can also arise. Their significance will depend on a number of variables: type of materials purchased, type of product manufactured, type of manufacturing processes and facilities utilized, product demand patterns, and the corporations culture and organizational structure. The most serious problems, however, are not operational in nature. They are people problems stemming from attitudes and
orientation, past experience and practices, and the passive factors of interpersonal relations. The seven significant problems have been found in the firms have been studied are presented in table 3. These problems are explored with recommendations to overcome them are proposed. Recommendations are by no means exhaustive, but they encompass the most important points revealed by the firms studied. Each organization will make appropriate modifications for its own style of manufacturing and its own unique culture and environment. (Ansari & Modarress, 1990)
Table 3: Major problems encountered in the implementation of just-in-time purchasing: Major problems Recommendations
Lack of support from suppliers:
Education and training of suppliers in JIT purchasing. Development of long-term mutual relationship with Suppliers.
Lack of top management support:
Motivation of top management through learning and actual analysis of results

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Low product quality:
Establishment of a quality management program aimed at early identification of critical quality characteristics during design, manufacturing and engineering stages of the supply process.
Lack of employee readiness and Support:
Emphasis on continuous long-term training of employees in JIT purchasing. Education of employees about companys main objective and the philosophy behind implementation
Lack of support from carrier companies: Drastic reduction in the number of carrier companies. Requirement of transportation services on a contract basis. Lack of engineering support: Constant coordination and cooperation among engineering, departments. purchasing and production
Lack of communication:
Early involvement and high level of integration among purchasing, production, engineering and transportation.
HYPOTHESIS:
Organization of human resources for the implementation of JIT purchasing system.
Human resources play a major role in the success of JIT purchasing programs. We divided this hypothesis to two minor following hypotheses:
H1: Organization of management is suitable for the implementation of JIT purchasing system.
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According to theoretical frame work, the organization of management includes: obtain top management commitment to and leadership of the program, in terms of both ideas and actions and applying complete managements duties that they are planning, organizing, directing, mobilization of resources and control.
H2: Organization of personnel is suitable for the implementation of JIT purchasing system. This hypothesis includes prepare employees for every different jobs in every department, their flexibility in job assignment, accept changes within their work procedures, unlearn years of conventional wisdom and accept more responsibility within their jobs.
Organization of operational factors for implementing JIT purchasing system.
This factor includes a new purchasing philosophy which includes lot size, number of suppliers; long term relationships, early supplier involvement and support; a controlled transportation system to meet JIT delivery requirement, efficient materials handling equipment and receiving procedures; accurate and firm supplier scheduling and the use of standard containers. We divided this main hypothesis to three following sub hypothesis
H3: Conditions of suppliers are suitable for the implementing of JIT purchasing system. Conditions of suppliers involves close and fewer suppliers, their involvement, their cooperation and communication, long term and mutually relationships between the buyer and suppliers; frequent deliveries in the small lot size and deliver in the right quantities at the right time.
H4: Transportation system is suitable for the implementing at JIT purchasing system. An important requirement for JIT purchasing is on-time deliver, so JIT purchasing cannot be successful if the transportation system cannot meet JIT materials delivery requirements. Transportation system includes : working transportation system under the JIT program, reduction in the number of carrier companies, to put 100 percent of transportation services on a
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contract basis, computer interface with all carriers, independent transportation department incase of owning it; abilities of transportation system and standard containers.
H5: Other operational factors are suitable for the implementing of JIT purchasing system. Because of less importance of these factors in comparison with above mention operational factors we brought them in a hypothesis as anothers operational factors which include the following factors: Absence of bureaucracy system in the organization; the existence of flexible culture; much connections and ordinations; the appropriate arrangement of goods and facilities; equipped machinery, computerized and educational system in the organization.
RESEARCH METHODOLOGY:
Whereas purpose of present research is feasibility of implementing of just-in-time purchasing system in the national Iran Oil Drilling Company, the best way is the asking experts and personnel who are working in the intended companies, because they are closely grappling with the actual problems in the work. Thus, we considered the survey study for this research that includes: We used this way because of describing of existent situation for implementing of JIT purchasing system. According to survey study we collected the view of experts and personnel of Manufacturing Support and Procurement of Oil Goods Company of Tehran and the materials division of N.I.D.C. - National oil drilling company of Ahvaz. They are two companies belongs to N.I.D.C. that prepare the requirement goods for N.I.D.C. Then we analyzed the view.
Sampling:
The survey population of this research is all managers and personnel of two mentioned companies. They are 2000 people. First we computed the sample standard deviation with a pilot study. We distributed 25 questionnaires between 25 peoples of managers and personnel who they randomly were selected, then we collected the questionnaires, analyzed them and computed the sample standard deviation.
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Then we calculated number of sample group from survey population by the follow formula: Thought the above calculation we gain 139 as the sample size but because of easy calculation, it considered 140. After determining of sample size, we selected 20 managers that they
approximately are all managers. We selected 120 people from two intended companies by the systematic sampling that the most of them were the experts, who they had more information about questions of questionnaire.
Validation of Measurement:
Accordingly already it had mentioned, we distributed 25 primitive questionnaires with 49 questions between survey populations. Then they were collected and we computed the sample standard deviation by them. After that we calculated validation of each question by following formula. Then we removed 9 questions because of low validation (less than 70 percent). Finally, 49 questions remained and their validation according to following formula was 91 percent. N= number of questions Si2 = variance of each question St2 = variance of all questions = validation of questionnaire
Data Collection Instrument:
It was used to collect of data through questionnaire and interview in this research. The questionnaire had 49 questions at the first. After testing of validity, 9 questions removed and 40 questions remained. So we had a closed-ended questionnaire in the likert scale with five options. The questions of questionnaire were designed based on research hypothesis. We also used the interview to collect the data in this research thereby that we close 12 people between sample group (140 people) through simple random sampling.
Materials and methods:
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In this research we used non parametric method of chi-square, because there isnt necessary supposition of survey population and the questionnaire has been designed according to classification scale. First, we analyzed each hypothesis by chi-square (x2) test of single variable to calculation the reality and correlation between observated and expected answers. Then we used chi-square test of double variable to obtain the reality and correlation between managers and personnel answers in each hypothesis. Further, we used statistical description methods like: frequency tables, graphs, etc, in order to more description of hypothesis. At last we computed the weighted average of each hypothesis and each questions to measure of significance and effect of them on implementing of JIT purchasing in the national Iran oil drilling company. Theoretical framework (evaluating feasibility model of just in time purchasing way): According to discussions of research literature it can be resulted that essential factors can be divided to two general categories to execute just in time purchasing way (just-in-time) in an organization. A) Human resources B) Working agents Human resources include two groups: 1. Management 2. Personnel Working agents can be put in three groups: 1: providers 2: transportation system and 3: includes the following factors: Absence of bureaucracy system in the organization and the existence of flexible culture, many connections and coordination, the appropriate arrangement of goods and facilities, equipped machinery, computerized and educational system in the organization. Because the mentioned factors in the third group as compared with working agents stated in the other groups are more specified as it is also evident from the literature review and have less importance. So they collected in a group and they are under the title of other factors.
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By organizing two general mentioned factors and the National petroleum excavation company it can be expected that, there is a possibility of executing the JIT purchasing way in that company. All of the above mentioned factors under the title of evaluating of feasibility model and as a research sample are stated in the Table 2 in part of literature review. First, from this model a questionnaire of 49 questions is made and the authority is granted to the experts in order to evaluate the validity of questionnaire. In this way, they can determine the vague and
meaningless and incredible ones and they are omitted (a sample of 49 questions questionnaire has brought on table 4). Finally, a questionnaire of 40 questions is designed to test the
evaluating feasibility JIT way of purchasing.
Table 4: Questionnaire Sample Question Essential factors in performing JIT purchasing way (JIT) at the National
Numbers Petroleum Excavation Company of Iran (evaluating feasibility model) A organizing human resources: 1-5 Management: high-ranked managers company and applying complete management duties Personnel: Preparing personnel for every section and their flexibility and satisfaction B organizing working agents: Providers: The existence of close resources and 10 20 reliable and their involvement and their cooperation Transportation system: The existences of independence transportation 21-25 system with correct and in time programs and using facilities and equipments such as standard containers.
6-9
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Other working agents : 26-40
The absence of bureaucracy system at the
organization and the existence of flexible culture, connections and more cooperation, appropriate arrangement of materials and good equipments, equipped machinery, highly computerized and educational system in the organization.
DATA ANALYSIS AND RESULTS: After employing above mentioned statistical methods, we achieved follow results: In case of first hypothesis, frequency of answers was 261(37.3%) for choices of good and very good and it was 276(39.4%) for choices of weak and very weak. We also tested this hypothesis by x2 test: x2= 16.23 with (Degree of Freedom (DF) =16, was less than x2 of table (index); so, first hypothesis was rejected. The frequency of answers in the second hypothesis was 305(54.5%) for choices of very good and good. In other hand x2=32.52 with (DF=12, p-value=0.003 and =0.05) that it was bigger than index; so, this hypothesis was supported. In totally, the frequency of answers for choices of very good and good was 566(45%) for two first minor hypotheses and it was 385(30.5%) in cases of weak and very weak. The result of x2 test for the first main hypothesis shows: x2=135.65 with (DF=32, pvalue=0 and =0.05) that it was bigger than x2 of index, therefore this hypothesis was supported. By plotting frequency diagram and chart for third hypothesis we observed frequency of answers was 585(38%) for choices of very good and good, in other hand it was 450 (29%) for choices of weak and very weak. We checked the single variable of x2 test for mentioned hypothesis because of more validity. These results gained: X2 = 213.252 with (DF =40, p-value=0 and =0.05); it was bigger than x2 of index. Therefore, this hypothesis was accepted. p-value=0.78, =0.05) that it
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By testing of fourth hypothesis we found out 404 of responses (57.7%) belonged to choices of very good and good and 138 (19.7%) of them belonged to choices of weak and very weak. In result, this hypothesis supported, as like as we found it in single variable x2 test: X2 =160.162 with (DF=16, p-value=0 and =0.05) that it was bigger than x2 of index. Then, H4 was supported. In case of fifth hypothesis the below results obtained: Frequency of answers for choices of very good and good was 1066(50.7%) in comparison with 456(21.7%) for choices of weak and very weak. there for, this hypothesis accepted. We used the single variable x2 test for this hypothesis that: X2 =577.914 with (DF=56, p-value=0 and =0.05) and it was bigger than x2 of index. It means H5 was supported. In general, frequency answers of second main hypothesis, which it is equal to three second minor hypotheses, was 2055(47.3%) for choices of very good and good; and it was 1044(24%) for choices of weak and very weak. Single variable x2 test of this main hypothesis is as follow: X2=1077.42 with (DF=120, p-value=0.00 and =0.05) X2 of this hypothesis was bigger than x2 of index. That means this hypothesis was supported. At last, we achieved results of total hypothesis as follow: The frequency answers of very good and good choices was 2621(46.8% of total responses); and it was 1429(25.5% of total responses) for choices of weak and very weak; and it was 1550(27.7% of total responses) for choice of average. The results of single variable x2 test for total hypothesis shows: X2=1247.13 with (DF=156, p-value=0.00 and =0.05) X2 of this hypothesis was bigger than x2 of index. In result, total hypothesis was supported. We separately compare managers and personnel ideas on each hypothesis by double variable chisquare test (x2) that results have showed in index part. DISCUSSION: We review the results of hypotheses separately as follow:
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HA (first main hypothesis): organization of human resources is suitable for implementing of JIT system. This hypothesis consisted of two sub hypotheses; they were about organization of management (H1) and organization of personnel (H2). H1 consisted of: obtain top management commitment to and leader ship of the program and applying complete managements duties. The respondent s didnt suit the part one of this hypothesis but they suited the applying complete managements duties for implementing of JIT purchasing in N.I.D.C. In totally H1 rejected; it means organization of management isnt suitable for implementing of JIT purchasing system in N.I.D.C. Its rejection cause may be type of management such as: governmental and centralized management, short-term management and follow that absence of long-range planning, disinclination to pursue old plans and less concern of managers. H2 included: prepare employees for every different jobs in every department, their flexibility and satisfaction. Results show the all above supported by respondents and this hypothesis accepted; so, organization of personnel is suitable for the implementation of the JIT purchasing system. In attention to two first sub hypotheses, the first main hypothesis was supported; that means organization of human resources is suitable for implementing JIT purchasing system in N.I.D.C. HB (second main hypothesis: organization of operational factors is suitable for implementing of
JIT system.
This hypothesis included three sub hypotheses. They were about conditions of suppliers (H3), transportation system (H4) and other operational factors (H5). H3 involved: close and fewer suppliers, their involvement, their cooperation and communication, long-term and mutually relationships between buyer and suppliers; frequent deliveries in small lot size and deliver in the right quantities at the right time. By respondents ideas, all of above were suitable for implementing of JIT system except close suppliers and existence of a multiple and reliable supplier system. In result, conditions of suppliers were suitable for implementing of JIT purchasing system. H4 included: working transportation system under the JIT program, reduction in the number of carrier companies, to put 100 percent of transportation services on a contract basis, computer
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interface with all carriers, independent transportation department in case of owning it; abilities of transportation system and standard containers. Respondents believed equipment and machinery of transportation are suitable, transportation department is independent and transportation program is suitable; but they believed the standard containers arent enough. In totally, the fourth sub hypothesis supported. It means, transportation system is suitable for the implementing of JIT purchasing system. H5 consisted of: absence of bureaucracy system, flexible culture, much connections and ordinations; appropriate arrangement of goods and facilities, equipped machinery, computerized and educational system in the N.I.D.C. By the respondents answers, we released network connections with suppliers, long-term contract, much long-term and friendly connections and training to suppliers are not suitable; but other factors are suitable; such as: educational personnel system, flexible culture, appropriate arrangement of goods and facilities, equipped machinery, computerized system in company and etc. Therefore, H5 supported; that means other operational factors are suitable for the implementing of JIT system. By the results of the H3, H4 and H5 we found out second main hypothesis(HB) also supported; it means, organization of operational factors are suitable for implementing of JIT system. Total result of two main above hypotheses (HA and HB) is: Just In Time purchasing system is applicable in N.I.D.C The effect and ranking test of hypotheses shows: organization of personnel stood in first place; transportation system located in second place and follow them H5, H3 and H1. We brought total ranking table of main hypotheses as bellow:
Table 5: Comparison of Weighted-Average of Main Hypotheses by Samples Group Answers. Hypothesis B A weighted-average 3.329 3.211
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Ranking 1 2
Above ranking shows organization of operational factors is better than human resources in N.I.D.C.
SUGGESTIONS AND RESOLUTIONS: Conducted study determines that for executing JIT purchasing way at the National petroleum Excavation company, all the essential materials i.e., organizing personnel, conditions of providers, condition of producers, facilities of transportation and other working agents, which are mentioned before, are appropriate except the action of organizing management. From interviewing with experts and from the evaluating feasibility questionnaire of JIT purchasing way, the chief problems of management can be considered as: 1 Applying few specialized, qualified and experienced managers in the petroleum industry. 2 Shortening the years of management which cause managers do not follow long - lasting programs. Because managers are going to show their abilities by executing short term programs in the short duration of their management; if there are some managers, who have long lasting programs. Majority of the managers are opposed to long lasting programs and they have different attitudes. As they believe in this approach, they state that if previous managers were qualified for their job and their programs could be accepted they would not change anymore. 3 Some managers have less concern and compassion in regard with solving industry as it is a state organization. As it can be resulted from the above mentioned managerial problems, two general following resolutions can be presented to overcome managerial problems and barriers. A Giving more opportunities to the competent and specialized managers. B Privatizing the petroleum industry: Other factors, which are mentioned in order to apply JIT purchasing way at the National Petroleum Excavation Company, have some advantages and disadvantages in which the following resolutions are presented to improve them: 1 Having cooperation in the manufacturing or local providers particularly close and local providers.
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2 Equipped transportation machineries to small standard containers and having applied kanban system. 3 Making computer connection between petroleum industry and providers (particularly wholesale providers) 4 Making a reliable providing networks (several providers) and also they can be managed. 5 Physical closeness of providers to themselves via the National Petroleum Excavation Company 6 Making long - lasting friendly relationships between providers and having trained them by petroleum industry 7 Omitting or reducing red-taping at the time of ordering, inspecting, delivering goods and omitting or reducing the formal delivery time and inspection after delivery by means of inspecting products during producing. For applying JIT purchasing method at the National Petroleum Excavation, it is better to follow the following steps: 1 Forming a specialized and particular group to execute JIT purchasing way. 2 A survey by specialized group from those companies applying JIT purchasing way. 3 Training specialized group by taking classes and technical courses of the mentioned method. 4 Comprehensive recognition and introduction of JIT purchasing way To managers and personnel by specialized group in accompany with educational sector by using some techniques such as holding seminars in this filed, using experienced teachers and other available techniques and facilities. 5 To establish the JIT purchasing way, perishable, dangerous and valuable material should be first chosen. For example, from materials of group 86-91 (chemical, colorful, greasy, medicinal materials) by means of analysis method (A B C) the desired materials should be chosen.
Suggestions for Further Researches:
Researches that are going to test evaluating feasibility in the future, it is better to bear in mind that: 1. They consider just one of the essential factors to apply JIT purchasing way in order to concentrate on it more and reach to more exact and desirable results.
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2. This study can be conducted on other sectors of petroleum industry such as refining, distributing of pipelines and communications and also petrochemical and gas in order to make general and specified decisions of gained results of petroleum industry about executing JIT purchasing way. 3. Researchers can evaluate the feasibility of this method on other industries of our country in order to have privileged from applying the mentioned method and its advantages less resources, one idea for every element or a family of elements in relation to multiresources. INDEX: We extracted following results by double variable x2 test: Table 6: Testing double variable x2 on H1, by separation of each group (Managers and Personnel): VG O M E O P E Total M: Managers Expected VG: Very Good G: Good A: Average DF=4 W: Weak =0.01 VW: Very Weak 25 14.4 76 86.6 101 G 31 22.9 129 137.1 160 A 23 23.3 140 139.7 163 O: Observed E: W 13 18.4 116 110.6 129 VW 8 21 139 126 147 Total 100 100 600 600 700
P: Personnel
CHI=23.67
As we see x2=23.67>x2(index) =13.28
Therefore, we found managers ideas were different from personnel ideas about conditions of management in order to implementation of JIT system in N.I.D.C.
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Table 7: Testing double variable x2 on H2, by separation of each group (Managers and Personnel): VG O M E O P E Total 15 15.1 91 90.9 106 G 32 28.4 167 170.6 199 A 17 20.8 129 125.2 146 W 9 11 68 66 77 VW 7 4.7 25 27.3 32 Total 80 80 480 480 560
CHI=3.06 As we see x2=3.06<x2(index) =13.28 DF=4 =0.01
In this hypothesis managers and personnel have same ideas about organization of personnel for implementation of JIT system in N.I.D.C. Table 8: Testing double variable x2 on H3, by separation of each group (Managers and Personnel): VG O M E O P E Total 26 26.3 158 157.5 184 G 63 57.3 338 343.7 401 A 77 72 428 433 505 W 35 41.4 255 248.6 290 VW 19 23 141 137 160 Total 220 220 1320 1320 1540
CHI=3.05
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Findings shows x2=3.05<x2(index) =13.28 DF=4 =0.01
In this hypothesis managers and personnel have same ideas about conditions of suppliers for implementation of JIT system in N.I.D.C. Table 9: Testing double variable x2 on H4, by separation of each group (Managers and Personnel): VG O M E O P E Total 16 18 110 108 126 G 41 39.7 237 238.3 278 A 21 22.6 137 135.4 158 W 14 11.7 68 70.3 82 VW 8 8 48 48 56 Total 100 100 600 600 700 CHI=.95 Findings shows x2=0.95<x2(index) =13.28 DF=4 =0.01
Then, in this hypothesis managers and personnel have same ideas about transportation facilities for implementation of JIT system in N.I.D.C.
Table 10: Testing double variable x2 on H5, by separation of each group (Managers and Personnel): VG O M E 41 50.7 G 113 101.6 A 83 82.6 W 51 48.7 VW 12 16.4 Total 300 300
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O P E Total 314 304.3 355 598 609.4 711 495 495.4 578 290 292.3 341 103 98.6 115
ISSN- 2320-0626 (Online) 1800 1800 2100
CHI=5.16 By the above data we find out x2=5.16<x2(index) =13.28 DF=4 =0.01
So, managers and personnel have same ideas on other mentioned operational factors for implementation of JIT system in N.I.D.C.
REFERENCES: Alborzi, M. (1990). Goods management. Tehran, Iran: Papyrus Publications. Alborzi, M. (1989).The analysis of A B C., Ahwaz, Iran: Research center and goods development of oil-bearing areas. Ansari, A. & Modarress, B. (1990). Just-in-time purchasing. London, U.K: Collier Macmillan Publishers.
Gupta, P. (1990). Feasibility study of JIT purchasing implementation in a manufacturing facility.
IJOPM, 10(1), pp.31-32. doi: 10. 1108/01443579010139247 Kazazi, A. (1993). Effectiveness of just-in-time manufacturing system. Bradford, U.K: Dept of Industrial Technology, 94(7), pp.14-16. doi: 10. 1108/02635579410068275 Kelle, P. (1998). Tranition to just-in-time purchasing. IJOPM, 18(1), 53, doi: 10. 1108/01443579810192907 Khosropanah, R. (2001). Managing warehouse and related activities, Tehran, Iran: Publications of Industrial Management Organization. Mukhopadhyay, K.(1995). Optimal scheduling of Just-In-Time purchase deliveries. IJOPM, 15(9), 60, doi: 10. 1108/01443579510099652 Noorbakhsh, H. (2000). Consequent Transformation of Just-in-time system. Foload, 55, pp4-5 Pulkonic, K. (1999). Rush Implements JIT -Automatic Inventory Management System. Willowdale, Canadian Electronics, 23, 11
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Rasoolian, M. (2001). Feasibility of JIP in Iran and Comparison it with Traditional Methods. Master's thesis, Azad University, Tehran, Iran. Rouzban. Al. ( 2002). Just-in-Time production. Master's thesis, Azad University, Tehran, Iran. Sahafi, S M.(1998). Petroleum industry and economic ordering plan. Mashaal, 139, 1 Waters, N. (1995). Just-In-Time Purchasing and Supply. IJOPM, 15( 9), pp220-222, doi: 10. 1108/01443579510099751
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INNOVATION IN INDIAN BANKING: EXTENT OF PRECAUTIONS TAKEN BY THE CUSTOMERS WHILE E-BANKING Mrs Shakira Irfana Research Scholar Department Of PG Studies And Research In Commerce Mangalore University E-Mail ID: shakira.irfana@gmail.com
Prof. A.Raghurama Chairman, Department Of Commerce, Dean, Faculty Of Commerce, Mangalore University
ABSTRACT Financial liberalization and technology revolution have allowed the developments of new and more efficient delivery and processing channels as well as more innovative products and services in banking industry. Banking institutions are facing competition not only from each other but also from non-bank financial intermediaries as well as from alternative sources of financing. As financial institutions increasingly offer online banking services to their customers, they must face issues of consumer confidence in the Internet. Consumers are concerned about identity theft and wonder if the Internet is safe for online banking. The answer is yesif financial institutions, in cooperation with their customers, make it safe. Therefore, building the best controls to prevent fraud and protect customers is of critical importance.
This paper investigates the extent of safety measures followed by customers while e-banking, analyses the awareness of the customers regarding the various online banking scams and suggests safety measures to be followed while e-banking. Primary data was collected from 118
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respondents through a structured questionnaire. Secondary data was used to know about the various electronic e-banking products and services and various online scams. The findings are of great help to bankers to enable them to frame proper guidelines for their customers who use ebanking facility. It helps e-banking customers to bank safely using the safety measures.
Key words: E-banking, online scams, safety measures, innovation.
INTRODUCTION Indian banking is the lifeline of the nation and its people. Banking has helped in developing the vital sectors of the economy and usher in a new dawn of progress on the Indian horizon. The sector has translated the hopes and aspirations of millions of people into reality. But to do so it has to control miles and miles of difficult terrain, suffer the indignities of foreign rule and the pangs of partition. Today, Indian banks can confidently compete with modern banks of the world. As the banking institutions expand and become increasingly complex under the impact of deregulation, innovation and technological up gradation, it is crucial to maintain balance between efficiency and stability. During the last 30 years since nationalization tremendous changes have taken in the financial markets as well as in the banking industry due to financial sector reforms. The banks have shed their traditional functions and have been innovating, improving and coming out with new types of services to cater to the emerging needs of their customers. Banks have been given greater freedom to frame their own policies. Rapid advancement of technology has contributed to significant reduction in transaction costs, facilitated greater diversification of portfolio and improvements in credit delivery of banks. During the past one decade, one of the sectors which underwent visible sea-change through innovative strategies is undoubtedly the banking sector. The sector has been growing at a fast pace in India and is challenged with several aspects like new regulations from time to time, changing customer needs and perceptions, changing technology and changing operations. Technology has been playing a crucial role in the tremendous improvement of banking services and operations. Banks appear to be on the path of achieving sustainability and a long term survival because of innovation. Technological changes relating to telecommunications and data
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processing have spurred financial innovations that have altered bank products and services and production processes. STATEMENT OF THE PROBLEM While the e-banking offers enormous advantages and opportunities, it also presents various security risks. With this in mind, banks take extensive steps to protect the information transmitted and processing when banking online. This includes for example, ensuring that confidential data sent over the internet cannot be accessed or modified by unauthorized third parties. But the banks normally have no influence over the systems used by their customers. The choice is entirely up to them. Moreover, the system selected a PC connected to the internet, for example will usually be used for a number of other applications as well. The systems used by online banking customers are therefore exposed to risks beyond the banks control. For this reason, the banks cannot assume liability for them. To ensure that the banks security measures cannot be undermined by manipulation, it is essential that customers, too, follow safety measures. Hence, as it is necessary to analyse the extent of safety measures followed by customers while e-banking, this paper focuses on measuring the precautions taken by e-banking customers, their awareness about various e-banking scams and suggests measures for a secured e-banking. OBJECTIVES OF THE STUDY 1. To study the various innovative types of banking, innovative products and services of banking and the types of electronic system in modern banking. 2. To study the various services available through online banking 3. To study the various types of online banking scams 4. To study the extent of precautions followed by customers while e-banking 5. To suggest safety measures while e-banking
RESEARCH QUESTIONS 1. What are the various types of banking products and services in e-banking? 2. What are the various online scams in e-banking? 3. What is the extent of precautions followed by customers while e-banking?
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SIGNIFICANCE OF THE STUDY A high level of perceived risk is considered to be a barrier to propagation of new innovations in e-banking. Influenced by the imagination capturing stories of hackers, customers fear that an unauthorized party will gain access to their online account and serious financial implications will follow. Security is the biggest single concern for customers when faced with the decision to use internet banking. Security has always been an issue, but its scope has changed from mere doubts about the privacy of personal information to worries of financial loss. Hence, this study measures the extent of safety measures followed by e-banking customers, educates the e-banking customers regarding the various online scams and suggests the safety measures to be followed while e-banking. The study will help bankers to know the safety measures followed by their customers which will enable them to take steps to educate their customers on safety measures while e-banking. The suggestions provided will help the customers to bank safely.
SCOPE OF THE STUDY This study is premised on the current safety measures followed by customers in e-banking residing in Mangalore city of Karnataka. Therefore, responses of selected respondents are sought in providing answers to the research questions. The focus of the research in terms of study groups includes businessmen, doctors, academicians, bank officials, housewives and engineers who used e-banking facility in Mangalore city of Karnataka. Responses from the study groups were analysed to measure the extent of safety measures followed by them and suggest them with the required safety measures while e-banking.
RESEARCH DESIGN
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Survey research design and secondary data was used in this study. This research strategy was considered necessary because of its ability to view comprehensively and in detail the major questions raised in the study.
STUDY POPULATION A population is the entire set of relevant units of analysis. Thus, businessmen, doctors, academicians, bank officials, housewives and engineers who used e-banking facility in Mangalore city of Karnataka represent the population of the study.
SAMPLING FRAME AND SAMPLING TECHNIQUE Sampling is the procedure for drawing units from a population. It results in the reduction of the amount of data to be collected, by considering only data from a sub-group rather than all possible elements. When data serving as the basis for generalization is comprised of a subset or sub-group of the population, that subset or subgroup is called sample. Because of the absence of an up-todate list of customers using e-banking facility in Mangalore city of Karnataka, 118 respondents consisting of 14 businessmen, 11 doctors, 18 academicians, 38 bank officials, 14 housewives and 23 engineers who used e-banking facility were drawn randomly where the respondents were approached for participation in the study.
DATA TYPE AND DATA COLLECTION INSTRUMENT Primary data and secondary data was collected for the study. The primary data was obtained from the targeted respondents through a carefully constructed questionnaire. The questionnaire was designed to capture the demographic data of the respondents and the extent of safety measures followed by the respondents while e-banking. The questionnaire was constructed using a three- point likert scale. Secondary data was collected to study the various e-banking products and services, facilities offered in e-banking and various e-banking online scams.
METHOD OF DATA ANALYSIS The data collected were analyzed using percentages.
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Types of Innovative Banking 1. E-Banking: E-Banking enables people to carry out most of their banking transaction using a safe website which is operated by their respective bank. Advantages a. Faster and more convenient transaction b. No longer required to wait in long queues c. Opening of account simple and easy d. Can apply for bank loan e. Cost effective for bankers f. Fund transfer becomes faster and convenient g. Stock trading, exchanging bonds and other investment
2. Core Banking a.Depositing and lending of money b. Core banking solution c. Knowing customers needs
3. Corporate Banking Financial services to large corporate and MNCs. Services a. Overdraft facility b. Domestic and international payments c. Funding d. Channel financing e. Letters of guarantee f. Working capital facility for domestic and international trade
4. Investment banking a. Creating funds and wealth of clients

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b. Fund creating in two ways: corporate finance and mergers & acquisitions c. Professional sales person providing advice on stock trading
5. Rural banking It provides and regulates credit services for the promotion and development of rural sector mainly agriculture, SSI, cottage and village industries, handicraft and many more
6. NRI banking This facility is designed for diverse banking requirements of the vast NRI population spread across the globe. Deals with NRE (Non Resident External Account), NRO (Non Resident Ordinary Account), FCNR (Foreign Currency Non Resident Account)
7. Retail banking It refers to banking in which banks execute transaction directly with individual rather than corporate banks. It is also known as one stop shop. Services a. Saving and checking accounts b. Mortgage c. Housing Finance d. Auto finance e. Consumer durable loans f. Personal loans g. Educational loans h. Credit cards
Types of Products and Services 1. Total Branch Automation which speeds up bank transactions and reduces error, more customer friendly and flexible and paperless transactions.
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2. Any Branch Banking: It is a facility for customers to operate their account from any of the same banks network branch. Facilities available are cash withdrawal and cash deposits, account statement, facility to issue multi-city cheques, fund transfer, balance enquiry, purchase of demand drafts, pay order and repayment of loan account. 3. Demat services: It offers secure and convenient way to track your securities and investment over a period of time without the hassle of handling physical documents. It provides facility of online trading. 4. Microfinance: Microfinance refers to a movement that envisions a world in which low income households have permanent access to a range of high quality financial services to finance their income producing activities, build assets, stabilize consumption and protect against risks. 5. Plastic money: Plastic money are an alternative to the cash or standard money which is convenient to carry and is a generic term for all types of bank cards, debit cards, credit cards, smart cards. 6. Mobile Banking: In mobile banking, the account can travel with you. One can bank from anywhere, at any time and in any condition or any how using mobile phones. Facilities are balance enquiry, fund transfer, cheque book request etc.
Types of Electronic Systems 1. ATM: ATM stands for Automated Teller Machine. In simple words, it is simple to use self service solution. It offers value added services like recharging the mobile, paying the utility bills, mutual fund transactions etc. 2. RTGS: RTGS stands for Real Time Gross Settlement System. It is a fund transfer mechanism where transfer of money takes place from one bank to another on a real time or gross basis. This is the fastest possible money transfer system through the banking system. It is primarily for large volume transaction. The time taken for effecting funds transfer from one account to another is normally 2 hours. 3. Finacle: This system provides the holistic and integrated transformation approach, complete with solutions and services. Finacle solution addresses the requirements of
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retail, corporate and universal banking worldwide like core banking solution, E-banking solution, mobile banking solution, wealth management, CRM requirements etc.
Various types of online banking scams With the range of payments becoming ever greater over the world, everyone needs to be aware of the coherent steps that should be taken to minimize the chances of being an online fraud victim. Being an victim of fraud can cause stress and worry, so taking measures to protect yourself is essential. Some common online banking scams are: 1. Phishing: This is the name given to e-mails that claim to be from your bank or other organizations but are actually sent to you by fraudsters. These e-mails typically urge you to click on a link that takes you to a fake website identical to the one you would expect to see. You are then asked to verify or update your personal information but, by doing so, you are actually giving your information to the fraudster who has created the fake website. The fraudster then uses the details to access your online bank account and take your money. One easy way to spot phishing e- mails is that they are usually addressed to Dear valued customer instead of your name. This is because phishing e-mails are usually sent out at random as the fraudsters only have limited information such as e-mail address. In a similar scheme, called Vishing, a person calls you and pretends to be a bank representative seeking to verify account information. 2. Pharming: Pharming is the installation of malicious code on your computer without any acknowledgement on your part. In one type of pharming attack, you open an e-mail, or an e-mail attachment that installs malicious code on your computer. Later, you go to a fake web site that closely resembles your bank or financial institution. Any information you provide during a visit to the fake site is made available to malicious users. Both phishing and pharming share the one characteristic, they are created using technology, but in order to be successful, they require your information. In phishing attacks you have to provide the information or visit links whereas with pharming, you have to open an e-mail, or email attachment, to become a victim. You then visit a fake website and, without your knowledge, provide information that comprises your financial identity.
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3. Malware: Malware (malicious softwatre) is a computer virus that can be installed on your computer without your knowledge. It is capable of monitoring your PC activity, enabling fraudsters to capture your passwords and other personal information. To be a malware victim, you must be tricked into performing actions you would not normally do. You have to install the malware on your computer either by running a program or by visiting a website through e-mail or instant message link. Then, you are requested to send your bank login information. Your financial information will then be at risk only after you perform all these steps. To make sure you do not become a victim of malware, make sure you have up-to-date anti-virus and anti-spyware software installed. 4. Money Mules: Money mules are people who accept fraudulently obtained money into their account, and then withdraw the money and transfer it overseas to a fraudster. Money mules are often innocent people who have been deceived into helping criminals transfer funds abroad. Criminals offer prospective mules the chance to earn some easy money concealing the fact that the work is illegal by advertising the job as a shipping manager or sales manager for an overseas company. However, money mules are liable for presentation and anyone who thinks they may have been deceived by such a scam should contact the police immediately. 5. Identity Fraud: This fraud involves criminals obtaining key pieces of personal information that they use to pretend to be you. Criminals use these personal details to obtain financial services products in your name such as credit cards, loans, state benefits and documents such as driving licenses and passports. Alternatively criminals can use your personal information to gain access to your existing accounts.
RESULTS
OF
THE
EXTENT
OF
SAFETY
MEASURES
FOLLOWED
BY
RESPONDENTS WHILE E-BANKING Although internet banking is a very common way of accessing your bank account, it is vital to be aware of the ways in which criminals can try to gain access to your account and to learn how to protect yourself and your money. Financial institutions that employ any form of internet banking should have effective and reliable methods of authenticating customers. An
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effective authentication system is necessary in order to comply with requirements to preserve customer information to prevent money laundering, reduce fraud, restrain identity theft and promote the legal enforceability of their electronic agreements and transactions. The risks of doing business with unauthorized or incorrectly identified persons in an internet banking environment can result in financial loss and reputation damage through fraud, disclosure of customer information, corruption of data, or unforceable agreements.
Table 1- Age of the respondents AGE Number of respondents Less than 20 years 20-30 years 30-40 years 40-50 years Above 50 years Total 6 14 48 38 12 118 5% 12% 41% 32% 10% 100% Percentage
Table 2 Gender of the respondents Gender Number of respondents Male Female Total 74 44 118 63% 37% 100% Percentage
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Table 3 Educational Qualification of the respondents Qualification Number of respondents PUC Graduate Post-Graduate Doctorate Degree Professional Degree Total 12 52 14 4 36 118 10% 44% 12% 3% 31% 100% Percentage
Table 4 Job Profiles of the respondents Job Profile Number of respondents Businessmen Doctors Academicians Bank Officials Home makers Engineers Total
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Percentage
14 11 18 38 14 23 118
12% 9% 15% 32% 12% 20% 100%
Table 5- Facilities used by respondents in E-banking Facilities in E-banking No. of respondents a.)Financial transaction such as account to account transfer, bill payment etc b.)Electronic bill display and payments c.) Funds transfer between customers d.) Financial transactions for sales and purchases e.) Loan repayment f.)Update of savings account g.)Online bank statement status 4 118 118 3% 100% 100% 114 0 0 97% 0% 0% 102 86% 16 14% 18 15% 100 85% 34 29% 84 71% 64 54% YES Percentage No. of respondents 54 46% NO Percentage
Table 6 Extent of safety measures followed while E-banking Safety measures in E-banking Sometimes No. a.)Disabling file and printer sharing in your computer while E-banking
67
Always No. 12 % 105
Never No. 84 % 71%
% 19%
22

b.)Avoiding installation or running software application from unknown sources c.)Avoid disclosing or entering of personal data like Date of Boirth, CVV number of the credit card, card number to unfamiliar websites, e-mails d.)Avoid accessing online banking or performing financial transactions from public terminals or computers or devices which cannot be trusted e.)Avoid keeping the computer on without logging out while E-banking f.)Ensuring that the website you are transacting on starts with https:// and not http:// where s means secure g.)Looking out for an icon of a padlock at the bottom of the browser h.)Changing your PIN frequently in 2 months i.)Not to send credit card or account details via e-mail and phone to anybody j.) Regularly check the monthly credit card billing statements k.)Checking the websites private policy and install the latest anti-virus software and
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ISSN- 2320-0626 (Online) 86 73%
18
15%
14
12%
22
19%
82
69%
14
12%
32
27%
7%
78
66%
36
31%
60
51%
22
19%
5%
7%
104
88%
3%
4%
109
93%
11
9%
4%
102
87%
7%
2%
107
91%
5%
112
95%
0%
63
53%
29
25%
26
22%

firewalls l.)Signing on the backside of a new credit card and keeping an eye on it during the transaction m.)Destroying the carbons of the credit card receipts n.)Taking immediate action in case of loss and theft o.)Ensuring that the credit card is swiped in your presence and the billed amount has been double checked before signing the payment slip p.)Accessing the internet banking site directly by entering the official bank URL and not through any site or links in e-mail q.)Checking the last log-in-date in your net banking account r.)Using the virtual keyboard provided on banks website for logging in s.)Checking your credit rating syatem from time to time to make sure that nobody has tried to take out a loan in your name t.)Using a secured broadband connection to prevent others from accessing your broadband connection
69
3%
114
97%
0%
58
49%
18
15%
42
36%
0%
118
100%
0%
14
12%
102
86%
2%
13
11%
32
27%
73
62%
18
15%
7%
92
78%
17
14%
15
13%
86
73%
2%
3%
112
95%
26
22%
74
63%
18
15%

u.)To activate a po-up window blocker v.)Ensuring that the ATM card, credit card & PIN are not kept together 4 4 3% 3% 8 112 7% 95%
ISSN- 2320-0626 (Online) 106 2 90% 2%
Table 7 Frauds aware of by the customers in E-banking Various frauds in E-banking No. of Respondents a.)Phishing b.)Pharming c.)Money mules d.)Malware e.)Identity Fraud f.)Brand Spoofing g.)Cyber-Mugging h.)Trojan horses i.)Keystroke sniffer j.)Salami Slicing k.)Skimming 48 36 26 38 32 28 18 16 8 6 12 41% 31% 22% 32% 27% 24% 15% 14% 7% 5% 10% YES Percentage No. of Respondents 70 82 92 80 86 90 100 102 110 112 106 59% 69% 78% 68% 73% 76% 85% 86% 93% 95% 90% NO Percentage
FINDINGS OF THE STUDY 1.) Majority of the respondents who used e-banking facility was in the age group of 30-40 years
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2.) Majority of the respondents used e-banking facility for account transfer, bill payment, sales and purchases, update of savings account and online bank statement status. 3.) Respondents followed basic safety measures while e-banking 4.)Online safety measures are not followed by majority of the respondents as they are not aware of them. 5.)Offline safety measures are followed by the respondents to some extent 6.)Overall safety measures followed by the respondents while e-banking is very low 7.)Majority of the respondents are not aware of the frauds in e-banking and the security available to control internet threats and challenges. SUGGESTIONS FOR RESPONDENTS WHILE E-BANKING To improve the security online, one must follow the following precautions: General Safety Precautions I.Before banking online Make sure your computer has up-to-date anti-virus software and a firewall installed Install anti-spyware software on your machine Download download the latest security updates, known as patches for your browser and your operating system. Set your computer to automatically download these updates if possible Ensure your browser is set at its highest level of security notification and monitoring. The safety options are no always activated by default Keep your passwords and PINs secret- do not write them down or tell anyone what they are. II.Whilst banking online Be aware of unsolicited e-mails or phone calls asking you to disclose any personal details or passwords. Your bank or the police would never contact you o ask you to disclose your PIN or your online banking password Always access your internet banking site by typing the banks address into web browser Never go to a website from a link in an e-mail and then enter personal details The login pages of bank websites are secured through an encryption process, so ensure that there is a locked padlock or unbroken key symbol in your browser window when
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accessing your bank site. The beginning of the banks internet address will change from http to https when a secure connection is established. Never leave your computer unattended when logged in to your online account When making a payment, always double check that you have entered the correct account number and sort code if you enter incorrect details the payment will go to a different recipient and it may prove difficult to get the money back. III.When you have finished banking online Ensure you log off from your online bank account before you shut down, especially if you are accessing your online bank account from a public computer or at an internet caf Check your bank statements regularly and thoroughly. If you notice anything irregular on your account, contact your bank as soon as possible. IV. Shopping online securely To minimize the chances of becoming a victim of fraud while shopping online, one should: Be aware that your card details are as valuable as cash in the wrong hands so store your cards securely at all times and try not to let them out of your site Sign up to Verified by visa or MasterCard SecureCode whenever you are given the option whilst shopping online. This involves you registering a password with your card company. By signing up, your card will have an additional level of security that will help prevent you from being a victim of online fraud. Only shop on secure sites. Before submitting card details, ensure that the locked padlock or unbroken key symbol is showing in your browser. (The locked padlock symbol is usually found at the top of the screen if you use Internet Explorer 7 or Firefox 2). The beginning of the online retailers internet address will change from http or https when a connection is secure. In some new browsers such as Internet Explorer 7 and Firefox 2, the address bar may also turn green to indicate that a site has an additional level of security. Never disclose your PIN to anyone and never send it over the Internet. Print out your order and keep copies of the retailers terms and conditions, returns policy, delivery conditions, postal address (not a post office box) and phone number (not a mobile number). There may be additional charges such as local taxes and postage,
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particularly if you are purchasing from abroad. When buying from overseas remember that it may be difficult to roll back if problems arise, but having all the aforementioned information will help your card company take up your case if you subsequently have any difficulties. Ensure you are fully aware of any payment commitments you are entering into, including whether you are authorizing a single payment or a series of payments. Consider using a separate credit card specifically for online transactions.
CONCLUSION E-banking has become a must for peoples daily life due to its ease of access and transaction processing in a timely manner. However, many individuals or organizations are not vigilant enough and do not take appropriate safety precautions whilst online. Consequently, this leads to fraudsters capturing their personal information and performing all sorts of fraudulent transactions on the internet. For this reason, users of e-banking should ensure that they follow secure principles when giving away or accessing sensitive information. REFERENCES Akinci, S., Aksoy, S. and Atlgan, E. (2004), Adoption of internet banking among sophisticated consumer segments in an advanced developing country, International Journal of Bank Marketing, Vol.22 (3), pp. 212-32. Aladwani, M. Adel (2001), Online banking: a field study of drivers, development challenges, and expectations, International Journal of Information Management, pp. 213- 225. Amato-McCoy, D. (2005), Creating virtual value, Bank Systems and Technology, 1(22). Asher, J. (1999), Small business: Suddenly everyone wants a piece of it, American Bankers Association. ABA Journal, 91, (4). Barnes, J.G., Howlett, D. M. (1998), Predictors of equity in relationships between financial services providers and retail customers, International Journal of Bank Marketing, Vol.16, pp.1523. Bauer, H.H., Hammerschmidt, M. and Falk, T. (2005), Measuring the quality of e-banking portals, International Journal of Bank Marketing, Vol. 23, No. 2, pp. 153-75.
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Black, N.J., Lockett, A., Winklhofer, H. and Ennew, C. (2001), The adoption of internet financial services: a qualitative study, International Journal of Retail & Distribution Management, Vol.29 (8), pp. 390-398. Calisir F. and Gumussoy, C. A., (2008), Internet banking versus other banking channels: Young consumers view, International Journal of Information Management, Vol.28, pp. 215-221. Centeno, C. (2004), Adoption of Internet services in the Acceding and Candidate Countries, lessons from the Internet banking case, Telematics and Informatics, Vol.21, pp. 293-315 . Chou, D., & Chou, A.Y. (2000), A Guide to the Internet Revolution in Banking, Information Systems Management, Vol.17 (2), pp. 51-57. Chung, W. and Paynter, J. (2002), An Evaluation of Internet Banking in New Zealand, In Proceedings of 35th Hawaii Conference in System Sciences (HICSS 2002), IEEE Society Press. Daniel, E. (1999), Provision of electronic banking in the UK and Republic of Ireland, International Journal of Bank Marketing, Vol.17(2), pp. 72-82. Durkin, M., Jennings, D., Mulholland G. and Worthington, S. (2008), Key influencers and inhibitors on adoption of the Internet for banking, Journal of Retailing and Consumer Services, Vol.15, pp. 348-357. Eriksson, K., Kerem, K., & Nilsson, D. (2008), The adoption of commercial innovations in the former Central and Eastern European markets. The case of internet banking in Estonia,International Journal of Bank Marketing, Vol.26 (3), pp. 154-69. Gerrard, P. and Cunningham, J.B. (2003), The Diffusion of internet banking among Singapore consumers, The Journal of Bank Marketing, Vol.21 (1), pp. 16-28. Gerrard, P., Cunningham, J.B. and Devlin, J.F. (2006), Why consumers are not using internet banking: a qualitative study, Journal of Services Marketing, Vol.20 (3), pp. 160- 168. Grabner-Kruter, S., & Faullant, R. (2008), Consumer acceptance of internet banking: theinfluence of internet trust, International Journal of bank marketing, Vol.26 (7), pp. 483-504. Guerrero, M. M., Egea, J. M. O. and Gonzalez, M. V. R. (2007), Application of the latent class regression methodology to the analysis of Internet use for banking transactions in the European Union, Journal of Business Research, Vol.60, pp. 137-145. Hamlet, C. (2000), Community banks go online, American Bankers Association. ABA Journal, Vol.92 (3).
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Howcroft, B., Hamilton, R. and Heder, P. (2002), Consumer attitude and the usage and adoption of home-based banking in the United Kingdom, International Journal of Bank Marketing, Vol.20 (3), pp. 111-121. Hughes, T. (2001), Market orientation and the response of UK financial services companies to changes in Market conditions as a result e-commerce, International Journal of Bank Marketing, Vol.19 No.6, pp. 222-231. Ibrahim, E.E., Joseph, M and Ibeh, K.I.N (2006), Customers perception of electronic service delivery in the UK retail banking sector, International Journal of Bank Marketing, Vol. 24, No. 7, pp. 475-493. Ilett, D., (2005), Online Bankers to Double by 2010, Retrieved on April 8,
2008,http://www.silicon.com/financialservices/0,3800010322,39153014,00.htm. IMRB and IMAI (2006), Internet in India- 2006 (Summary Report of I-Cube, 2006), New Delhi: IMRB International (e-technology Group@IMRB). Kothari,D.(2007), Banks are now just a Click or SMS away, The Week, Vol.25, No.48, pp.63-76
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IS IMPORT LIBERALISATION PROMOTING INCOME AND EMPLOYMENT GROWTH IN INDIA ? Dr. Tushar Das Research Scholar, Netaji Subhas Open University, Kolkata and Headmaster, Sadananda Mission High School, Howrah E-mail-tushar_das8@yahoo.co Abstract Economic liberalization in India in 1991 had its major component reflected in the liberalized import policies of government of India. The obvious objective was to promote freer trade by allowing the substitution of imported inputs for domestic ones when it is needed for achieving more competitive exports via more efficient production and thereby gaining greater share of Indian export products in the world market. However, we notice stimulating debates in the empirical literature questioning the possibility of success of the above in the Indian context . Nambiar and others(1994,1999) have tried to establish the view that instead of promoting income and employment through accelerated export growth via more efficient production through eased used of imported inputs, trade has shrunk income and employment growth. This paper using slightly improved methodological framework and data base (substituting domestic input-output matrix for total matrix (domestic + import) matrix) for projection of income and employment, we arrive at the conclusion that liberalized trade has promoted income and employment rather than squeezed it.
INTRODUCTION Economic theory suggests that free trade promotes economic activity leading to increased production, income and employment. Policy makers in India went into massive economic reform in the year 1991-92 to tide over critical balance of payment crisis and to overcome certain structural constraints. The major component of this reform package has been liberalized import. Import duty has been reduced sizably on a large number of commodities. Non tariff restrictions on import also have been withdrawn noticeably. So it is now possibly high time to ask the question: though liberalization of import is intended primarily to solve the balance of payment
76
problem what is its macroeconomic repercussion namely the effect on domestic employment and income or in other words the question is: how far it succeeded in promoting income and employment growth in India. Nambiar, Tadas (1994) and Nambiar, Mungekar and Tadas(1999) have looked into the issue quite competently and in depth and have observed that trade has shrunk Indias manufacturing base both in terms of income and employment. Nambiar and others (1999) have further observed that freer trade in India have shrunk intermediate and capital goods industries relatively more. However we feel that the study by Nambiar and others do suffer from certain limitations apart from the issue of not taking care of updating of data base. The calculation of domestic output and hence the import requirement for any vector of final demand in Nambiar (1994,1999) has been done through projection by the Leontief inverse of the technical coefficient matrix( in the absence of any availability of domestic input coefficient matrix). Obviously, the above is erroneous to the extent that domestic input coefficients may differ from the corresponding technical coefficients. So, the purpose of the paper is two fold. First, to utilize the domestic input output matrices for India for the years 1993-94 , 1998-99 , 2003-04 and 2006-07 made available by CSO for getting a more correct projection of domestic output requirement and hence the import requirement resulting in some income and employment consequent to a certain export vector and also the loss of employment and income caused by the competitive import as a component of final demand. So by the above we may expect some improvement in the quality of projection in the present exercise of the consequences of liberalization of import compared to projection obtained in the exercises done by others. Second, as the data base of our study incorporates information related to more recent periods it has been possible to capture the impact of liberalization in the truer sense as it is expected that as more and more time passes consequences of relaxation of controls will be manifested in greater and greater degrees. In this respect, results of our study possibly appear to be more robust. Now, the paper is organized as followsIn Section-I after highlighting the purpose of the paper, section -II discusses the methodological framework used for our projection of the impact on generation of income and employment of liberalized trade. Section-III presents the data base of our study. Section-IV highlights the results
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of our projection (and decomposition) and the major observations on our results. Section-V concludes with a comment on how these results compare with those obtained by Nambiar and others.
THE METHODOLOGICAL FRAME WORK Leontief open input-output model obviously seems a useful analytical tool and is widely used for analyzing of economy wise impact consequent to any sort of final demand. Total output from each industry equals total inter-industrial demand plus the final demand. So, we have the balance relations as follows: m Xi = Xij + Fi .(1) where Xi = Output in the ith sector(in value terms), j=i Fi = Final Demand in the ith sector (in value terms) and Xij = input flow from ith sector to jth sector Assuming a production function with fixed coefficients , Xij = aij.Xj ..(2) where aij = Xij/Xj By substituting (2) in (1) , gross output or sales of sector i can be expressed as : m Xi = aij.Xj + Fi ..(3) j=i Therefore, X = AX + F where X= (Xi), A = (aij) and F = (Fi) Or, F = X AX = IX AX = (I A)X Or, X = (I-A)-1.F..(4) In the equation (4) if F is prescribed from outside, the required gross output levels Xs get determined. For our present purpose it is not the entire Final Demand but the export part of the final demand which is relevant . Let Xij(m) = Imported input of ith sector to jth sector, if Xij(t) = total supply of input of ith sector to jth sector and Xij(d) = domestically produced input of ith sector to jth sector then we may write Xij(d) = Xij(t) - Xij(m)
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Now, we consider Q= f(Fd + E M) ..(5) where Q = Production of goods, Fd = Domestic Final Demand , E = Exports and M = Imports. It follows from (5) that any change in production can be decomposed into i) a change due to domestic use and ii) a change due to foreign trade. To estimate the impact of a change in domestic demand, exports or imports or trade on production , the induced effect of that change must be taken into account also . A complete accounting of the impact of trade and domestic demand has to take into consideration both the direct and induced effects. We first obtain the sector wise labour coefficients(the labour requirement per rupee worth of output). Then the direct and indirect labour requirements for domestic final demand, exports, imports and for trade are separately derived in the following way : FdL = L*(I-Ad)-1*Fd : Total Labour requirement due to final domestic demand (Direct plus Induced) E = L*(I-Ad) * E : Total Labour requirement due to export (Direct plus Induced) ML = L*(I-Ad)-1*M : Total Labour requirement for import replacement(Direct plus Induced) Where L is a row vector of labour coefficients, (I-Ad)-1 is the Leontief inverse of the domestic input matrix, E is the column vector of exports , M is the column vector of imports, Fd is the column vector of domestic final demand. FdL is the direct and indirect labour requirement for domestic use. EL is the direct and indirect employment associated with exports. ML is the direct and indirect employment displaced by the competitive imports . In a similar way , value added requirements are calculated for domestic final demand, exports , imports and trade.
L -1
DATA BASE OF THE EMPIRICAL STUDY For our empirical study relating to the impact of liberalization on income and employment, I-O tables (Total inter-industry Transaction matrix) prepared and circulated by CSO for the year 1993-94 , 1998-99, 2003-04 and 2006-07 are the major source of data that meet our
requirement. The import matrices for the said years are also prepared by CSO but these are not circulated by them . We have collected the import matrices (not published or circulated) from C.S.O s desk informally. The matrices (Transaction and import) as obtained from CSO for the year 1993-94 and 1998-99 are of order 115*115 where those for the year 2003-04 and 2006-07
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are of order 130*130. All these matrices are aggregated into 50*50 matrices by clubbing together the similar sectors. It needs to mention here that the input-output matrix for the year 2006-07 is not survey based, it is projected and upgraded from the input output matrix of the year 2003-04. The employment data for the non manufacturing sectors have been taken from the Economic Survey-2006-07 published by Government of India. Annual Survey of Industries (ASI) Reports published by C.S.O , Govt. of India , gives information in respect of number of employees for the manufacturing sector. The grouping of the Manufacturing sectors covered in our study are based on the two digit commodity classification of NIC ( National Industrial Classification) of the year1987 and 1988.
RESULTS AND INTERPRETATIONS Table-1 shows estimates of employment and value added for Indian economy as a whole for 1993-94 , 1998-99 , 2003-04 and 2006-07. In 1993-94, employment generated directly and indirectly from exports was 7.04% (24.2 million) of the overall employment in Indian economy while the production of imported goods at home would have raised employment by 6.82 % (23.5 million). On the whole the net effect of trade on employment was a net gain in employment of 0.22 % (.7 million). By 1998-99 , the net employment generation due to trade seems to deteriorate. Employment generated through exports was 9.16%(29.1 million) of the overall employment of Indian economy , while the employment loss due to import was (-) 9.74% (-31.0 million). Thus in 1998-99, trade contributed to loss in net employment roughly by (-)0.58 % (1.9 million). Again, the situation seems to improve a lot in 2003-04 and 2006-07. Export accounted for direct and indirect employment gain of 10.38%(35.8 million) in 2003-04 and 11.35% (39.7 million) in 2006-07 while employment loss due to import was (-)8.79%(-30.3 million) in 2003-04 and (-) 10.92 % (-38.2 million) in 2006-07 implying the fact that trade in 2003-04 and 2006-07 results in net employment gain of 1.59%(5.5 million) and .42 % ( 1.5 million) respectively. Value Added has suffered in the era of liberalized trade particularly in 1993-94, 1998-99 and 2006-07 as revealed in Table-1. The value added due to exports in 1993-94 was 10.20 % (Rs. 742845.1 million ) of the overall value added of the economy whereas loss of income due to imports was (-)10.39 %(-Rs.756340.7 million). The net effect of trade was to squeeze value
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added by (-) 0.19% (-Rs.13495.6 million). The same trend was noticed in 1998-99 and 200607 also. In the year 1998-99, value added associated with exports was 11.70%(Rs.1663135 million ) whereas loss of income due to imports was (-)13.36%(-Rs.1898557.8 million ) resulting in a net loss of income of (-)1.66% (-Rs. 235422.8 million ). In 2006-07, income generated from exports (directly and indirectly) was 15.89% (Rs. 3875829.1 million) of the overall value added in Indian economy while the production of imported goods at home would have resulted in loss of income by (-)16.21 % (-Rs. 3953291 million). On the whole the net effect of trade on value added was a net loss in income of (-)0.30 % (-Rs.77462.3 million). In 2003-04, value added related to exports was 14.88 % (Rs. 3221509 million ) whereas loss of income due to imports was (-)14.80 %(-Rs. 3204978.8 million) resulting in a net gain of income of 0.08 % (Rs. 16530.2 million). Table-1 Employment (Number in Million) and Value Added (Rs. in Million) in Indian Economy due to Domestic Use and Foreign Trade
Items 2006-07
1993-94
1998-99
2003-04
Value added(Rs. In Million) Domestic Use 24457914.2 Exports 3875829.1 Imports )3953291.4 Trade )77462.3 Total 14380452.5 Employment (Number in Million)
81
7293389.8
14444383.0
21635970.5
742845.1
1663135.0
3221509.0
(-) 756340.7
(-)1898557.8
(-)3204978.8 (-
-13495.6
-235422.8
16530.2
(-
7279894.2
14208960.2
21652500.7

Domestic Use 348.0 Exports 39.7 Imports )38.2 Trade 1.5 Total 349.5 Addenda : % due to Domestic Use Value Added 100.31 Employment 99.57 99.78 100.58 100.19 101.66 344.5 318.3 .7 -1.9 (-) 23.5 (-)31.0 24.2 29.1 343.8 320.2
ISSN- 2320-0626 (Online) 340.0
35.8
(-)30.3
(-
5.5
345.5
99.92
98.41
% due to Exports Value Added 15.89 Employment 11.35 7.04 9.16 10.38 10.20 11.70 14.88
% due to Imports Value Added )16.21 Employment )10.92 (-) 6.82 (-)9.74 (-) 8.79 ((-) 10.39 (-)13.36 (-) 14.80 (-
% due to Foreign Trade

82

Value Added ).30 Employment .42 Source: Authors Own Calculation 0.22 -0.58 -0.19 -1.66
ISSN- 2320-0626 (Online) 0.08 (-
1.59
Table-2 presents the relative contribution of domestic use and trade to the net change in employment and value added over the period 1993-94 2006-07. As shown in table-2, net gain in employment was 1.45 % (5 million). Decomposing this change into 1) that attributable to domestic use and 2) that due to trade , we find that (+) 1.21% (4.2 million) was due to domestic use and (+).24% (.8 million ) was due to trade. Net increase in value added was 234.90% (Rs.17100557 million) . After decomposition , it is found that the change attributable to
domestic use is 235.77 %(Rs.17164525 million) and to trade is (-).87 % (-Rs.63967 million). Table-2 % Change in Employment and Value added in Indian Economy resulting from Domestic Use and Trade over the period 1993-94 2006-07
Change in Employment Total Due to Domestic Use Foreign Trade Due to Foreign Trade Total
Change in Value Added Due to Due to Domestic Use
1.45
(+)1.21
(+).24
(+)234.90
(+)235.77
(-).87
Source: Authors Own Calculation
The picture which is depicted for the economy as a whole may not be the same for the sectoral level. Table -3 shows the percentage change in value added and employment at the sectoral level resulting from trade and domestic use over the period 1993-94-2003-04. Table-3
83
Percentage change in Value Added and Employment resulting from Trade and Domestic Use Over the period 1993-94-2003-04
Sectors Employment Total Use Due to Trade
Change in Value Added
Change in
Due to Domestic Use Due to Trade
Total
Due to Domestic
1.Agriculture 1 2.Crude Petro -277 3.Iron Ore 4 4.Other Minerals -40 5.Food Products -13
119
115
-2
-3
-1282
442
-1725
-420
-143
441
135
306
-14
-18
121
-127
247
-41
-1
-46
-41
-5
-15
-3
6.Misc.Food prods 3 7.Beverages 0 8.Tobacco Prods -1 9.Cotton Textile 24 10 Wool, Silk Tex 76 11.Jute Textiles 50
232
211
21
12
1090
1084
117
117
110
109
-14
-13
37
18
19
78
55
22
13
436
360
240
241
-1
791
741
84

12.Textiles Prods 252 13.Wood, Furniture 119 -7 14.Paper, Printing 4 15. Leather Prods -11 16.Rubber Prods 16 17 Plastic Prods -10 18.Petro Prods 82 19 Heavy Chem 88 20.Fertiliser 19 21.Pesticides 8 22.Paints, Vernishes -7 23.Drugs,medicines 11 24.Other Chem -5 25.Cement -3 26.Nonmetallic Min. 391 -55
85
ISSN- 2320-0626 (Online) 350
470
277
193
602
141
-22
-33
-26
47
61
-14
-6
-10
130
91
38
19
126
96
30
47
31
176
195
-19
13
23
322
323
-1
-59
-141
-912
-1092
179
244
156
97
93
24
261
211
49
11
278
280
-2
64
72
371
302
69
13
178
209
-31
219
213
-91
-88
450
-59
-88
-33

27.Iron steel ferr alloys173 26 28.Iron steel casting 34 29.Iron steel found 6 30.Non fers B.metal -1481 -222 31.Handtools 3 32.Misc metal prods -2 33.Agri Machinery 5 34.Indus Machinery 46 35.Other Indus Mach -880 -382 36.Machine tools 46 37. Comp Mach 8 38.Electrical 15 39.Other non electri 158 40. Electronics -1 41.Ship, Boat 14
86
ISSN- 2320-0626 (Online) 11
161
12
36
754
730
24
103
69
77
71
30
24
1415
-2896
-230
-7
520
516
48
45
114
115
-1
331
333
140
129
11
-52
-57
149
187
-38
-55
-101
-990
110
-220
162
2158
2388
-230
-22
-68
8150
8226
-76
-97
-105
1540
1689
-149
-72
-86
358
381
-23
-91
67 -38 40 -78 -95 -94
-579
52
-631
-111
-124

42.Rail equip. -3 43.Other trans.Equip 60 44.Misc manufac -132 45.Construction 0 46.Power, gas 4 47.Trade hotels res. 9 48Transport Serv 1 49 Finance Insurance -2 50.Comm. Serv. 1 Source : Authors Own Calculation 469 466 3 -9 663 682 -19 28 77 70 7 33 649 577 72 22 -82 -85 3 -93 308 309 -1 41 -341 143 -484 -169 182 135 48 -41 49 53 -4 -97
ISSN- 2320-0626 (Online) -94
-102
-37
41
-97
13
32
30
-10
Note : As 2006-07 Input Output Table is not survey based, it is not considered here.
We notice from the table-3 that for some category of industries like Food Products, Textiles, Leather Products, Rubber Products, Chemicals, Iron and Steel Industries, trade and domestic use have contributed to both employment and value added gain in reform era. These categories may have certain types of product - mix by which it has been made possible. Possibly, these sectors are composed of products whose performance in domestic front as well as export front towards employment and income generation are significantly positive.
87

CONCLUSION
We have analyzed the impact of liberalization on employment and income over the period 199394-2006-07. Now, some broad implications that we got from our study are as follows1. Over the period 1993-94-1998-99 liberalized trade contributed to loss of employment, but it is interesting to note that over the period 1998-99 -2006-07 trade contributed to growth in net employment. 2. The liberalized trade contributed to the loss of value added over the period 1993-94 - 199899, but it is to be noted here that over the period 1998-99 2006-07, trade contributed to the gain in net income. 3. It is observed that as far as the employment generation is concerned, , the induced effect of domestic use and trade are in same direction implying that both are contributing to positive employment growth of the economy. As far as value added is concerned, while domestic demand contributed to positive income growth, trade stimulated negative net income growth of the economy. 4. At the sectoral level, industries like Food Products, Textiles, Leather Products, Rubber Products, Chemicals, Iron and Steel Industries, trade and domestic use have contributed to both employment and value added gain in reform era. For Indian economy, it is interesting to observe that as more and more time passes, liberalization gets deepen and the relaxation of import controls is being manifested significantly on domestic income and employment.
REFERENCES: Basu, K (1993) Structural Reform in India, 1991-93, Experience and Agenda, Economic and Political Weekly, November, 2 Bharadwaj , R (1962) , Structural Basis of Indias Foreign Trade, ,University of Bombay. Economic Survey , 2002-03, 2006-07, Govt. of India. Ghosh, A (1960) , Experiments with Input-Output Models, Cambridge University Press. Input-Output Tables , 1993-94,1998-99 , 2003-04 and 2006-07, Central Statistical Organization, Govt. of India.
88
Nambiar, R.G and G Tadas (1994) , Is Trade De industrializing India?, Economic and Political Weekly Oct-15, Pp-2741-46 Nambiar R G, B L Mungekar and G A Tadas(1999), Is import Liberalisation Hurting Domestic Industry and Employment, Economic and Political Weekly, Feb-13,Pp- 417-24
89

GUIDELINES FOR THE AUTHOR
PAPER SUBMISSION
Prepare the manuscript in Microsoft Word format in Times New Roman font using a font size of 12. Title shall be in a font size 14, bold face capitals. All section titles in the manuscript shall be in font size 12, bold face capitals. Subtitles in each section shall be in font size 12, bold face lower case. Standard International Units could be used throughout the text. Pages should be numbered, manuscript should be starting with the title page and the text should be arranged in the following order: Title page, Abstract, Introduction, Literature Review, Methodology/ Material & Methods, Results and conclusion, References, Figure and Table. Complete file should be submitted Via -mail to: publications@astitvaonline.co.in or editorial.astitva@gmail.com
TITLE The title must be as brief as possible, comprehensive and descriptive. Each author must provide their full name including their forenames and surname followed by their address in normal face lower case. The Corresponding Author of the manuscript must be marked with an asterisk, and should be listed first. In addition the corresponding author must include telephone, fax and Email address at the bottom left corner of the title page. If any of the co-authors are from different organizations, their addresses too should be mentioned and indicated using numbers after their names. ABSTRACT Should start after the title page and should present the reason of the study, the main findings, and principal conclusions, not more than 300 words.
INTRODUCTION Should start on a new page and should clearly introduce the topic and subtopics thereof in subsequent. Give the brief paragraph about the objective of present investigation/work.
90
METHODOLOGY/ MATERIAL & METHODS Should be clearly mentioned about the different methodology adopted for the investigation with proper citations.
RESULT & CONCLUSION The results and conclusion should be precise with discussion and be clear in presenting the data. It may be supported and presented by the graphs, figures and tables.
REFERENCES Journals :

Meredith, P. A., Elliott, H. L., Clin. Pharmacokinet. 1992, 22, 22 31 Yamamoto, K., Hagino, M., Kotaki, H., Iga, T., J. Chromatogr. B 1998, 720, 251 255
Books:
Myers, R. H., Montgomery, D., Response Surface Methodology, Wiley, New York 1995
Chapter in a book:
Crowther, J. B., in: Ahuja, S., Scypinski, S. (Eds.), Handbook of Modern Pharmaceutical Analysis, Academic Press, New York 2001, pp. 415 443
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Astitva International Journal of Commerce Management and Social Sciences Astitva International Journal of Commerce Management and Social

ISSN- 2320-0626 (Online) ISSN- 2320-0626 (Online)

A Journal of International Repute By: Astitva Consultancy Services

Volume 2, No. 1, April 2013

MANAGING EDITOR Dr. Vandana Shriharsh

Address: 5/869, Vikas Nagar, Lucknow E- mail: publications@astitvaonline.co.in, Website: www.astitvajournals.astitvaonline.co.in

FROM THE DESK OF MANAGING EDITOR

Dr. Vandana Shriharsh Managing Editor

Editorial Board Copyrights and Disclaimer Company Overview

The Study of Reasons of Stress among Human Capital in Delhi

Mr. Vaibhav Misra

Ms. Akansha Misra

ISSN- 2320-0626 (Online)

VOL 2, NO.1, APRIL 2013