This paper argues that India's Goods and Services Tax Network has already produced, through tax incentive rather than cryptographic consensus, the supply chain properties — traceability, transparency, fraud reduction, and audit trail — that the blockchain literature proposes to deliver through distributed ledger technology. The argument is not that blockchain does not work. It is that the mechanism that produces tamper-resistance is the incentive, not the technology, and India already has that mechanism at national scale. The paper's original theoretical contribution is a two-player simultaneous-move game formalizing the bilateral incentive structure that the VAT self-enforcement literature has assumed in prose but never derived from primitives. The unique Nash equilibrium (F,D) — formal supplier, demanding buyer — is obtained by iterated elimination of weakly dominated strategies and sustained by a single precise condition: τv > c_B, the input tax credit exceeds the buyer's cost of sourcing from a registered alternative. No audit is required at the transaction level. The ITC does the work that enforcement cannot. The upstream formalization cascade — empirically documented by Patnaik (2026) as a doubling of effects over five years — follows directly as this equilibrium applied iteratively upstream, tier by tier, without government intervention at each stage. To the author's knowledge, this micro-foundation does not appear elsewhere in the VAT literature. Pomeranz (2015), Kleven et al. (2011), and de Paula and Scheinkman (2010) treat the self-enforcement intuition as motivation or derive aggregate implications; none writes down the strategic form game or states the equilibrium condition in falsifiable form. The empirical case rests on scale. FY2024-25 gross collections of Rs. 22.08 lakh crore (approx. USD 263 billion). April 2025 single-month record of Rs. 2.37 lakh crore (approx. USD 28 billion). 1.51 crore active registered taxpayers. Six phases of e-invoicing threshold reduction from Rs. 500 crore to Rs. 5 crore, directionally toward universal pre-validated coverage. GST 2.0 implemented September 22, 2025. The Production Linked Incentive scheme disbursing billions to Apple's contract manufacturers on the basis of GSTN-verified production data — the sovereign proof that the infrastructure is trusted for the highest-stakes commercial verification the government performs. The implication for Indian FMCG, pharmaceutical, and logistics firms is direct: private blockchain consortia built to solve domestic supply chain transparency problems are solving a solved problem at non-zero cost.
Abstract How does existing research explain India’s public service delivery challenges? This chapter provides an overview of how political economists and state capacity scholars have made sense of India’s governance problems, including a politicized bureaucracy, an overburdened administration, corruption, underwhelming monitoring and accountability structures, and poor decentralization. We argue that both the political economy and state capacity literature do not recognize the role of public financial management in fuelling many common problems. At the same time, literature on public finance is limiting because it fails to link fund flows to effective public service delivery. We bridge these varying streams of literature by explaining how the government’s expenditure capacity is critical for policy implementation.
Abstract In the decade since the adoption of the United Nations’ 2030 Agenda, India has transitioned from a passive participant to a global architect of sustainable development. This paper explores the intricate mapping of Sustainable Development Goals (SDGs) onto India’s macroeconomic policies. It examines how the "Saptarishi" priorities of the Union Budget and the decentralization of targets through NITI Aayog have created a unique "Indian Model" of development. While progress in clean energy (SDG 7) and digital inclusion (SDG 8) has been exemplary, the paper highlights the persistent challenges of climate-induced agricultural volatility and the financing gap.
Trust underpins democracy and monetary systems, yet centralized intermediaries—election commissions and central banks—increasingly betray this trust. India's recent electoral crises (in 2025), including Bihar's removal of 6.5 million voters and documented irregularities across states, expose democracy's vulnerability to manipulation by single authorities. Simultaneously, inflation at 6.7% erodes savings as central banks devalue currency through unchecked money printing. This essay argues that blockchain technology offers a revolutionary solution by replacing corruptible human gatekeepers with mathematically verifiable, distributed ledger systems. Drawing parallels between electoral fraud and monetary devaluation, I demonstrate how decentralized technologies can restore trust through transparency and eliminate single points of failure. However, the critical choice remains: will societies adopt truly decentralized systems, or embrace government-controlled digital currencies that deepen surveillance and control? The future of democratic and economic freedom hangs in the balance.
Pakistan's economic trajectory is defined by a structural trap: stabilization followed by consumption-led expansion that inevitably triggers a balance of payments crisis, renewed borrowing, and deepened fiscal vulnerability. This paper proposes a comprehensive 20-year transition strategy to break this cycle by replacing debt-financed consumption with an investment-led, export-oriented model grounded in the principles of riba-free finance. The framework synthesizes the disciplined interventionist state model of 1960s South Korea with the decentralized, borderless opportunities of the 21st-century digital economy through a Dual-Track Growth Engine covering both physical industrialization and virtual services expansion. The strategy further proposes a Digital Public Infrastructure architecture centered on the Raast payment system and blockchain-enabled supply chain transparency to formalize Pakistan's shadow economy, estimated at over $450 billion. On the financing side, the paper develops an equity-based paradigm for mobilizing diaspora capital through Mudarabah-based instruments, replacing domestic sovereign debt with Sukuk and Ijarah certificates, and executing structured debt-for-equity swaps with bilateral creditors including China. A phased 20-year roadmap is provided, with mathematical risk assessment through the Contingent Claims Approach, and a candid treatment of academic critiques including IMF framework conflicts and principal-agent problems in equity-based financing. The objective is economic self-sufficiency by Pakistan's centenary in 2047.
This study investigates the dynamic impact of Bitcoin prices and key macroeconomic variables, consumer price index (CPI), exchange rate, and crude oil prices, on industrial output in India, proxied by the index of industrial production (IIP). The Toda-Yamamoto causality analysis reveals that CPI and oil prices Granger-cause IIP, whereas Bitcoin and exchange rate do not exhibit causal influence. Utilising the auto-regressive distributed lag (ARDL) bounds testing framework for robustness, the study captures both short- and long-run relationships. Impulse response functions (IRFs) and the error correction model (ECM) confirm these findings, showing significant responsiveness of IIP to CPI and oil shocks. Stability tests (CUSUM and CUSUMSQ) validate model reliability, while robust standard errors address heteroscedasticity concerns. Diagnostic tests indicate no autocorrelation or autoregressive conditional heteroscedasticity (ARCH) effects, though non-normality and mild heteroscedasticity are observed. The findings highlight that conventional macroeconomic variables continue to dominate industrial performance, with Bitcoin exerting a negligible real-sector impact.
This paper examines the challenges hindering rooftop solar (RTS) deployment in India and explores how a U.S.-India partnership can unlock its full potential. RTS, a decentralized and scalable renewable energy solution, is critical to India’s renewable energy goals, including its target of 40 GW of RTS capacity under the National Solar Mission by 2022 which remains unmet with only 10.9 GW installed as of 2023. Key barriers include high upfront costs, limited financing options, policy fragmentation, and resistance from distribution companies (DISCOMs). The paper identifies actionable solutions, leveraging U.S. expertise in innovative financing models, net metering policies, and grid modernization. Collaborative initiatives, such as USAID-backed loan guarantees and green bonds, could alleviate financing gaps, while technical assistance from the U.S. can support DISCOMs in integrating distributed solar. The paper also emphasizes the need for performance-based incentives, consumer awareness programs, and community solar models to accelerate adoption. A successful U.S.-India collaboration can address systemic challenges, enhance RTS scalability, and contribute to global climate goals. By leveraging shared expertise and resources, this partnership offers a pathway to strengthen India’s renewable energy transition while fostering bilateral cooperation in clean energy development.
This chapter traces the journey of how a growing global logistics provider for heavy haulage, bulk liquid, and dry commodities—Legend Logistics—noticed an emerging opportunity in decentralized finance. Founded in 2012, Legend Logistics expanded rapidly beyond the shores of its headquarters, Singapore, to establish 15 regional offices spanning 12 countries and employed over 450 employees to manage its operations, such as marine assets, dry containers, reefer containers, and ISO tanks. This case illustrates how various key drivers in the logistics industry would impact a firm’s trajectory in digitalizing and modernizing its supply chain. Amid global uncertainties, the widening adoption of technology in the supply chain sector provided a silver lining in the cloud. Alex Lin, the Chief Technology Officer of Legend Logistics, was presented with the opportunity to digitalize the company’s business through asset tokenization, which could create an entirely new revenue driver for the firm. It could tokenize the firm’s cargo into hundreds of thousands of smaller pieces that could be traded on a platform, providing liquidity and an attractive proposition, as trade finance historically paid above the risk commensurate with the yield level.
Dr. Aashka Thakkar, Satyajitsinh Gohil, Nitesh Mishra, Mistry Neelam
The present research examines the most prominent five cryptocurrencies—Bitcoin, Ethereum, Biance Coin, Tether, and Solana—that are accessible in India according on the value of their market caps. It additionally highlights the benefits and drawbacks of each type of cryptocurrency as well as the advantages of some over alternatives. The article additionally outlines important aspects of the prominent digital currencies that are accessible in India. The study also concentrates on price assessment of the top five cryptocurrencies during the last year (1 years) as well as this study also indicate the contrasting of prices volatility of cryptocurrencies.
Rohit Ashok Mohite, Ravi Harendra Chourasiya, Sandeep Sharma
This research investigates the dynamic interplay between innovation, sustainability, and growth in Micro, Small, and Medium Enterprises (MSMEs) within India's textile manufacturing sector an industry that accounts for approximately 45% of national textile exports and employs over 7 million individuals in decentralized units. The primary objective is to evaluate how the strategic integration of digital technologies and sustainable practices influences operational efficiency, global competitiveness, and long-term economic viability of textile MSMEs. Employing a mixed-methods framework, the study synthesizes data from structured surveys across 125 MSMEs and expert interviews with 20 stakeholders, including policymakers and industry consultants. The analysis leverages multi-variable regression models to assess the correlation between innovation inputs (e.g., R&D intensity, automation levels, ERP adoption) and key performance indicators (e.g., productivity growth, export volume, and energy efficiency index). Additionally, sustainability maturity was measured through indices such as compliance with ISO 14001/50001, effluent treatment capabilities, and participation in ZED and TUFS schemes. Findings reveal a statistically significant impact (p < 0.01) of combined innovationsustainability strategies on annual productivity and export growth. However, the results also highlight systemic constraints such as financial inaccessibility, technological inertia, and limited workforce upskilling, which impede scalable transformation. The study proposes a triadic policy model focusing on green financing, digital upskilling, and innovation cluster incubation to accelerate industrial modernization. This research advances scholarly understanding of MSME transformation pathways in emerging economies and provides actionable insights for policy architects aiming to align industrial development with national sustainability targets and global trade integration in the textile domain.
The Indian music industry, like its global counterparts, faces significant challenges in protecting intellectual property IP and ensuring fair compensation for musicians. With the rise of digital platforms and increasing instances of piracy, musicians are finding it difficult to maintain control over their works. However, emerging technologies such as blockchain, artificial intelligence AI, and smart contracts offer innovative solutions to these challenges. This research paper explores the role of these technologies in enhancing IP protection and streamlining royalty distribution in India’s music industry. By focusing on the potential of blockchain for copyright management, AI for automated content monitoring, and smart contracts for transparent and efficient royalty distribution, this study highlights the opportunities and challenges associated with implementing these technologies in the Indian context.
Decentralized Finance - DeFi - challenges the role of traditional financial intermediaries in providing financial services of loans, brokerage and banking. An evolutionary movement accessible to anyone with mobile and internet has grown from $4Bn to $104Bn in the last five years.DeFi is the intersection of FinTech (<i>Financial Technology</i>) and RegTech (<i>Regulatory Technology</i>). DeFi has the potential to reduce transaction costs and bring financial inclusivity to a larger level and create new opportunities in modernizing finance. As the regulations for cryptocurrencies are a bit murky in India, this paper aims to put forth a case of Decentralized finance through a standardized systematic literature review based on different tiers of micro, meso and macro levels. Through different sections of the paper, we introduce Decentralized Finance, compare it to the prevalent Centralized Financing and look forward to the challenges and opportunities in bringing DeFi to mainstream services in India.
The article closely reads a discussion paper by the National Institution for Transforming India (NITI) Aayog and a strategy paper by the Ministry of Electronics and Information Technology (MeitY) advocating non-financial use cases of blockchain in India. By noting the discursive shift from transparency to trust to adjustably transparent enacted in these two documents, and consequently the Indian state's redescription of blockchain, the paper foregrounds how blockchain systems are being designated as "decentral" but have recentralizing effects where the state reinvents and re-establishes itself as an intermediary. The paper illustrates how discursive shifts concerning trust, transparency, (de)centralization and (dis)intermediation are crucial sites for investigating redescriptions of emerging sociotechnical systems.
There is a debate among investors about the benefits cryptocurrencies can take to a portfolio and how their prices move in the market.It's not hard to see that cryptocurrencies are highly volatile, but that doesn't stop investors from pouring large sums of money into cryptocurrency investments.Generate huge returns or catastrophic losses.One of the main challenges facing cryptocurrencies is determining how they perform with assets such as stocks and the rest of the market.The purpose of this article is to investigate whether cryptocurrencies provide diversification benefits and whether individual cryptocurrencies move similarly against each other.Of particular interest is whether there is a connection between the cryptocurrency market and the stock market.The cryptocurrencies chosen for the project were primarily benchmarked against stocks in the information technology-focused Nasdaq 100 Index, as well as a number of other assets.
This chapter provides a backdrop to the rest of the book, showing how education became the vehicle that linked neoliberalism with Hindu nationalism and allowed to it permeate Indian society. It opens by explaining the origins of India’s national identity and how the Nehruvian doctrine (Lall, 2001) defined Indian citizens after independence in 1947. It engages with the inclusive nature of this approach, showing how India’s key policies and its Constitution embraced this vision and translated it into the education system. The chapter also engages with the Nehruvian vision for an educated India and the development of a higher education system, and briefly engages with the main education policies and reforms that took place between 1947 and the 1990s. The chapter then turns to the economic reforms of 1991 under the leadership of PM Narasimha Rao and Finance Minister Dr Manmohan Singh, which emerged in an increasingly neoliberal global economic climate. The chapter further examines how the increasingly neoliberal reality led to economic disaggregation and deregulation as well as decentralization, the rise of regional parties, and larger inequalities between India’s north and south.
Non Fungible Token (NFT) Industry has been witnessing multi-million dollar trade in recent times. With rapid innovation of the NFT market environment by technology, innovation, and decentralization, it is becoming hard to distinguish between genuine NFT from fads and scams. This article discuss the NFT market microstructure, with a focus on price formation, market structure, transparency, and applications to other financial areas. Market manipulation in NFT market with the context of wash-sale patterns has also been surveyed. The article concludes by providing pointers on due-diligence activity that can be adopted by investors to mitigate NFT trading risk.
Today's banking system has seen revolutionary change within a decode or more. The foremost reason being the adaptation of information technology in the banking system. Although , this has strengthened the economy of our country, it has also led to many frauds and scams in the recent times. In this research paper, we have tried to collect information on the above events and tried to preview the actual positioning of India's banking system. There has also been some discussion on the understanding, growth, usability and adaptability of crypto currencies such as Bitcoins, Ethereum, Litecoin, Dash etc. The overall discussion helps us to understand how the inner complexities of Indian banking system is leading to consumer's thoughts and interest shifting towards crypto currency. Some suggestions have also been provided as different steps which can be taken in the present situation.
Books on Turkish constitutional law tend to be heavily doctrinal, descriptive, and politic ally unengaged, which makes Kemal Gözler’s recent work on the constitutional amendment package of April 2017 somewhat unusual: Elveda Anayasa, which roughly translates as “Farewell Constitution,” was published a month before the referendum took place. Apart from the book’s annex, drawn from Gözler’s earlier work on the differences between parliamentary and presidential systems of government, the book deals with the recent amendments to the Turkish Constitution, and more generally with the legal and political atmosphere preceding the referendum, to expose what Gözler argues was the real motivation behind the proposal: a subtle destruction of the constitutional system’s separation of powers arrangements. The book is divided into five chapters. In Chapter 1, Gözler asserts that the amendments, contrary to what is commonly assumed, do not establish a presidential system of governance. Noting that a presidential system is typically marked by a strict separation of powers, that is, by a clear distinction between the legislative and executive organs of the state, he argues that the amendments, would do the exact opposite: the amended Article 116 now allows the president to dissolve the parliament, and the parliament to dissolve the presidency, both without cause. In both cases, the result is that new elections must be held for both the presidency and the parliament (at 15–16). The idea of each branch being able to dissolve the other, if anything, is reminiscent of a parliamentary system. However, Gözler astutely observes that discussions of systemic/institutional features obfuscate what is really going on: the unification of all three branches of government under an executive presidency. To begin with, while the president has the unconditional right to dissolve the parliament, the parliament can exercise the same power only with a three-fifths majority. Further, under the new system, parliamentary and presidential elections must be held on the same day, a requirement that is likely to result in the coordination of electoral campaigns to prevent a potential scenario in which the president has a different party affiliation than the parliamentary majority. This, for Gözler, is proof of the amendment package’s real motivation: subordinating the parliament to the presidency (at 17–19). As for the judicial branch, the new composition of the Council of Judges and Prosecutors, the state organ responsible for judicial promotions and demotions, reveals the government’s ambition to subordinate the judiciary to the presidency: of the total thirteen members of the council, four are directly appointed by the president. In addition, the minister of justice, a presidential appointee, heads the council and his undersecretary, a bureaucrat also appointed by the president, is also a member of the council. The remaining seven members are appointed by the parliament, already under the control of the executive (at 19–22), placing the judiciary under the effective control of the president. Gözler concludes this chapter, inspired by the writings of Montesquieu, with a discussion of how the absence of true separation of powers will result in a loss of individual liberties (at 25). While empirical data indeed seems to be on the side of Gözler,1 the author does not explain how and why, as a general matter, a decline in separation of powers arrangements causes a similar decline in individual liberties, especially considering the voluminous scholarship on how authoritarian regimes consciously choose to preserve (at least some) individual liberties, usually in order to deflect national and international criticism.2 Chapter 2, titled “On the Silence of Consti t utional Law Scholars over the Constitutional Amendments” and without going into any “naming and shaming,” categorizes the Turkish constitutional law community into three camps: (i) the rather small number of scholars speaking out against the amendments; (ii) those not disclosing their personal view on the matter; and (iii) those openly advocating the amendments (at 39). Gözler quite confidently and rightly asserts that while the overwhelming majority of Turkish constitutional law scholars were against the amendment package (at 38), the ones who garnered most of the media attention were those speaking in favor of it. The author points to the general decline in free speech, and the cases of recently dismissed academics, including some reputable constitutional law scholars, as reasons for the general silence of the intellectual community over the amendments (at 35–36). Gözler also bemoans how in addition to the silence of scholars, the media paid considerable attention to laypersons unqualified to speak on the amendments (at 41). While one cannot help but agree with the author on how the silence of the legal community indeed decreased the quality of discussions surrounding the amendment package, listening to the opinions of laypersons, too, is valuable, even if only to assess the public legitimacy of the proposals. Nevertheless, it is undeniably true that most of the media gave disproportionate coverage to those supporting the amendment package, while those against it received considerably less airtime. Both sides of the referendum campaign resorted to erroneous claims, and Gözler describes these in detail in Chapter 3. The campaign against the amendments propagated the idea that the amendments would result in the abrogation of both the Republic and the unitary state, the latter of which would be achieved by the creation, through presidential decrees, of a federal state. This latter claim, as Gözler convincingly shows, has no basis because none of the amendments purports—even when read quite expansively—to establish federal units within the country (at 47–48). The author is equally dismissive of the first claim that the amendments would deal a severe blow to the Republic, explaining that democracy, not the Republic, is the victim of the amendments (at 44–46). From the author’s standpoint, this is understandable: Gözler defines “republic” as a concept utterly divorced from democracy, merely denoting the opposite of monarchy and hereditary rule. Here, Gözler fails to take note of the particular meaning associated with the term “republic” in Turkish legal and political discourse, often intertwined with general and substantive notions of democracy and the rule of law, and not merely an antithesis of hereditary rule.3 Read in this second and more expansive sense, contrary to Gözler’s claim, it is not unreasonable to argue that the amendments do deal a blow to the idea of Turkey being a republic. In the second half of the same chapter, the author criticizes what he perceives to be erroneous claims made by the campaign in support of the amendments: he focuses on the misuse of comparative law, specifically the American presidential system, as an aspirational model (at 56–70).4 Gözler shows that the claims of some presidential aides that the amendments would create an executive akin to the US president are untenable for a number of reasons. Some of these include the fact that the Turkish president can appoint justices to the Constitutional Court, judges to the Council of Judges and Prosecutors, and other high-level bureaucrats without the consent of the legislature, whereas in the American system, “the advice and consent of the Senate” serves as a significant check on the president’s power to make similar appointments. Moreover, in the USA, the federal budget must be approved by Congress, whereas under the new constitutional amendments, if the Turkish Parliament fails to approve a budget plan, the preceding year’s budget, adjusted for the new year’s inflation rate, automatically goes into effect, thereby stripping the legislature of a significant control mechanism. The author goes into further detail to show how, contrary to the assertions of the government, the new amendments bear no resemblance to the US system of government, which leaves the reader with deeper insights on the (ab)use of comparative law by politicians in the form of invocations of other polities’ constitutionalist systems in either shallow or inaccurate ways. Chapter 4 of the book deals with the question of whether the constitutional amendments can be described in David Landau’s terms as an instantiation of “abusive constitutionalism.”5 The author is ready to answer this query in the affirmative, chiefly because the amendments go against the two themes central to the idea of constitutionalism: entrenching separation of powers and ensuring fundamental rights and freedoms. Despite all this, Gözler espouses a cautious approach, arguing that only time will conclusively tell whether or not the amendments are truly abusive in nature (at 84, 99). This caution and the author’s belief in the need for a retroactive assessment of the amendments as only way to identify with certainty the abusive nature of the amendments serve to expand on Landau’s thesis, as it emphasizes the difficulty of exposing an abusive constitutionalist endeavor while still in the making, as opposed to identifying abusive constitutionalism ex post facto. Further, the author contributes to Landau’s analysis by broaching the subject of unintended consequences of abusive constitutionalism (at 99–104): according to Gözler, if and when authoritarians fall out of favor, the constitutional space conducive to repressive rule becomes inhabited by others, possibly by opposition forces, which, in turn, could make use of the generous tools of state power to perpetuate the repression, all made possible by the initial abusive constitutionalist undertaking by their predecessors. The final chapter discusses some procedural issues related to the referendum, ultimately concluding that there are valid reasons to call this a constitutional plebiscite rather than a referendum. According to Gözler, a constitutional plebiscite diverges from a referendum in two major ways: (i) plebiscites typically take place under antidemocratic conditions, and (ii) plebiscites usually turn into a vote of confidence for a single, charismatic person in power, as opposed to voting on a legal text (at 108). Given that the referendum took place under emergency rule, and there were numerous reported incidents of violence against campaigners opposed to the amendments, as well as statements by incumbent politicians equating the opposition forces to terrorists, the author concludes that the context in which the referendum was held was not entirely free and fair (at 115–122). Further, the author draws our attention to a particular violation of the Turkish Constitution that occurred during the parliamentary deliberations on the proposed amendments: in direct contravention to art icle 175 of the Constitution, which stipulates that all votes on constitutional amendments (including those votes on whether to put the amendments to a referendum) shall be secret, some Members of Parliament (MPs) from the governing party voted openly—a violation that is well-documented through many photographs, some of which are printed in the book (at 127–129). Gözler rightly asks if it is reasonable to demand from society at large to follow the law and the Constitution in a political setting where MPs, who take an oath to uphold the Constitution prior to assuming office, violate the rules themselves. Overall, the book serves as a courageous intervention, as it provides a concise and accessible summary of the procedural and substantive irregularities of the recent constitutional amendments that were put to referendum in a setting where most scholars are—understandably—hesitant to be expressly critical of politically high-stake matters such as this amendment package. The book provides at once a testament, one hopes, to a shift in the tone of Turkish constitutional law scholarship from one that is prosaic and distanced to a more lively and politically engaged way of writing, as well as an opportunity to develop our thinking on key issues such as abusive constitutionalism and constitutional referenda—topics with which comparative constitutional law scholars continue to struggle. As the author quotes, in 1748, the famous French lawyer Montesquieu, commenting on the need for separation among the three branches of government, wrote: “Among the Turks, where the three powers are united in the person of the sultan, an atrocious despotism reigns” (at 22). While Gözler quite pessimistic ally writes “[i]t is feared that what Montesquieu wrote of the ‘Turkish land’ in 1748 is about to become true in 2016’s Turkey” (at 23), one hopes—now with the passing of the amendments with less optimism—that the near future will somehow prove the author wrong.
Handloom industry in India is an ancient cottage Industry. It was a duck of golden eggs to handloom weavers. After agricultural sector handloom sector like holy cow to village people especially for women those who are weaving cloths with looms. This Industry became a part of Indian culture and tradition. The artisans of India are famous for hand spinning, hand printing and dying. They are accustomed to the art of weaving as a hereditary occupation. In 1980’s India occupied first position (84.78%), which was 3.90 mn, out of the world's total capacity of 4.60 mn. This industry provided employment almost 14 million people directly and indirectly in Indian decentralized sector (According to second handloom senses 2000–2001). The greatness and golden corona of handloom sector year by year slowly deprive its brightness. This down fall proved by Third National Handloom census (2009–10), there are 43.31 lakh (4.331 million) weavers in India which was indicating 40% down fall of weavers compare with 2000–2001 senses. Since two dictates handloom weavers facing competition from power loom sector and they are scaring with shivering hand by various difficulties like financial inefficiency Globalization, Material scarcity, etc. these problems stealing their bright feature and colored dreams. Weavers are looking for furtherance with their frigid eyes. Financial support is more essential to bring moonlight in their shrouded darkness life.
After experiencing stagnation for much of the post-independence period, India has shown considerable dynamism in processes and outcomes since the mid-eighties. The post-reform Indian Economy has defied established economic patterns and in the process created a few paradoxes. This book aims to identify policies, institutions and incentives that have worked, and constraints that have emerged in India's growth prospects. More than underdevelopment, the book analyses the bottlenecks that emerge as change occurs, to minimize the chances of being trapped into the dated habits of thought. It takes opportunity from rapidly transforming Indian economy to analyse out-of-equilibrium behaviour and understand the dynamics of non-conventional growth path. Contributors to this volume - Aradhna Aggarwal is Senior Fellow, National Council of Applied Economic Research, New Delhi; Rukmini Banerjee is at ASER Centre and Pratham, New Delhi, India; Sanjay Banerji is Professor at University of Nottingham, United Kingdom; Laveesh Bhandari is Head of Indicus Analytics; Rekha Bhangaonkar is Research Associate at School of Management, IIT-Bombay; Rajesh Chakrabarti is Professor, Indian School of Business, Mohali Campus, India; Romar Correa is Reserve Bank of India Professor of Monetary Economics at the University of Mumbai; Ashwini Deshpande is Professor, Delhi School of Economics, Delhi; Mahendra Dev is Director (Vice Chancellor) at Indira Gandhi Institute of Development Research; Meghna Dutta is a doctoral research scholar in economics at the Centre for Studies in Social Sciences, Calcutta; Krishna Gangopadhyay is a freelance economist based in Delhi; Ashima Goyal is Professor at IGIDR, has published widely on institutional and open economy macroeconomics, international finance and governance and has participated in research projects with ADB, DEA-GOI, GDN, RBI, UN ESCAP and WB; Raghabendra Jha (PhD Columbia, FWIF) is Rajiv Gandhi Chair Professor of Economics and Executive Director at Australia South Asia Research Centre, Australian National University; Shikha Jha is Principal Economist at Asian Development Bank, Philippines; Pram Jit is lecturer at Delhi School of Economics, Delhi, India; K.J. Joseph is at Centre for Development Studies, Thiruvananthapuram, India; Kale Sumita is Chief Economist at Indicus Analytics, New Delhi; K. Kanagasabapathy is Director, EPW Research Foundation, Mumbai; Saibal Kar is Faculty of Economics at the Centre for Studies in Social; Renu Kohli is Lead Economist, DEA-ICRIER Research Programme on G20, New Delhi; Kiran Kumar is ICSSR Doctoral Fellow, Centre for Development Studies, Thiruvananthapuram, Kerala, India; Nagesh Kumar is Chief Economist of the Economic and Social Commission for Asia; Sushanta Mallick is Professor at Queen Mary University of London, London; Sriit Mishra is Associate Professor at IGIDR; Arup Mitra is Professor of Economics at the Institute of Economic Growth, Delhi; Deepak Mohanty is Executive Director, Reserve Bank of India, Mumbai, India; Rahul Mukherji is Associate Professor in the South Asian Studies Programme at the National University of Singapore; Rupayan Pal is Associate Professor, IGIDR, Mumbai, India; Shruti Pandey is Research Officer with EPW Research Foundation, Mumbai; Vijaylaxmi Pandey is Associate Professor at Indira Gandhi Institute of Development Research; Abhay Pethe is Chair Professor at the Vibhooti Shukla Centre of Urban Economics and Regional Development, Department of Economics, University of Mumbai, Mumbai; Rohit Prasad is Associate Professor of Economics at MDI Gurgaon; T.R. Raghunandan currently advises state governments, international organizations, NGOs, and research institutions on decentralized public governance and anti-corruption; A.V. Raja is Professor at University of Hyderabad, India; T.T. Rammohan is Professor of Finance and Economics at IIM Ahmedabad; Bandi Ram Prasad is President, Financial Technologies Knowledge Management Company Limited, Mumbai, India; Francis X. Rathinam is Senior Fellow at Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India; Bibhas Saha is Senior Lecturer at the University of East Anglia, England; Jayati Sarkar is Professor at the Indira Gandhi Institute of Development Research, Mumbai, India. She is the editor of the Journal of Interdisciplinary Economics; Subrata Sarkar is Professor at the Indira Gandhi Institute of Development Research (IGIDR), Mumbai, India; Gita Sen is Professor of Public Policy at the Indian Institute of Management Bangalore; Anurag Sharma is Senior Research Fellow in Faculty of Business and Economics, Monash University, Australia; Parthasarathi Shome is Adviser to the Finance Minister of India; Soumyen Sikdar is currently Professor of Economics at IIM Calcutta; Ram Singh is Professor, Delhi School of Economics, Delhi, India; Siddharth Sinha is Professor, Indian Institute of Management Ahmedabad, India; P.V. Srinivasan is Evaluation Specialist at the Asian Development Bank; S. Sriraman is Walchand Hirachand Professor of Transport Economics, Department of Economics, University of Mumbai; Vaidehi Tandel is a PhD scholar at the Department of Economics, University of Mumbai; Wilima Wadhwa is at ASER Centre, New Delhi, India and University of California, Irvine.
INTRODUCTION The expectation is that in the next two decades, China and India will turn into super-powers and industrialized nations. The analysis in this paper will help in understanding how each country's corporate setup works and will help in evaluating the investment potential in the buying of stocks of firms of each country in their various industry sectors. This study contains a literature review followed by the results of the study. The study utilizes a three step top to bottom analysis; macroeconomic analysis followed by industry analysis and lastly with company analysis. The various tables and figures are attached to the end of the article. LITERATURE REVIEW Hu and Honghua (2002) compare key measures of strengths between China and India. These measures include GDP, ratio of long-term economic growth expectation in the world's total, average years of education, and the ratio of exported goods and services in the world's total. The authors conclude that China is far ahead of India. Husain and Harris (2009) compare and contrast broader aspects of the political, economic, and sociocultural climates within the two countries. Kalish (2007) and Zhao (2007) draw similar conclusions based on detailed comparisons and the risks and opportunities of doing business in each country. Wu (2007) compares the service sector growth in China and India and analyzes the determinants of growth in services with an econometric model. He finds that role of services in both China and India has been rising, with China starting from a lower base. Srinivasan's (2004) exhaustive study on comparison of economic performance between China and India identifies key differences and similarities, the underlying causes of success and failures and concludes that China and India have a lot to gain, both from trading with each other and cooperating in the WTO. Maddison (2002) reveals that although India forged ahead of China until the outbreak of the First World War, since 1980, China has forged much farther ahead. Rwaski (2001), Srinivasan and Bardhan (1974), Deato and Kozel (2003), Park and Wang (2001) discuss the sources of estimates of economic performance in China and India, and their frailties. Bahl and Martinez-Vazquez (2003) argue that China's governance is much decentralized than indicated by the government and therefore, it is hard to predict the effect of greater decentralization on China's future fiscal health. Battacharya and Patel (2002) note that the Indian economy suffers from a large and increasing role of the government. Bosworth and Collins (2007) point out the weak and strong performances of India and China in various sectors and conclude that both economies should be able to sustain their growth. While a wealth of literature exists on evaluation of these two countries from a macroeconomic perspective, there exists a gap in the finance literature, specifically, a perspective for potential investors in trying to determine where to place their investment funds. In this article, we examine the valuation issues that an investor needs to consider when investing in china and India. By and large the finance literature advocates a three-step (also known as top-down) valuation process. The first step includes evaluation of general macro-economic factors which influence a country's economy. These factors include fiscal and monetary policy of countries, political conditions. The second step involves identification and assessments of an industry environment in a country's economy. It includes labor skills and relations, capital-labor and business cycle-industry inter-relationships, demographics, scope of the industry and its competitive environment to gauge business risk. The final steps comprise of individual firm analysis in an industry. We use this three-step framework to evaluate and compare the valuation environment in China and India. THE ECONOMIES We deploy Goldman Sachs version of the three-step process, which includes examination of GDP as the key component of a country's economy. …