Methodology CHAPTER 4
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Chapter 4 Methodology CHAPTER 4 METHODOLOGY MATERIAL AND METHODS This chapter explains study design, research area, sampling design, justification of sampling design, sample size and classes of respondents, sources and method of data collection and techniques of analysis of data. It begins with justification of study design, why cross-sectional design adopted over case study, experimental study and longitudinal study. Subsequently, the information about study area i.e. its historical view, topography, different phases of commercial and financial trends including pre- independence, post- independence and post liberalization era. Eventually, it discusses sampling design in detail namely Universe, sampling frame, sample size, sampling techniques and their suitable justifications. The universe in the study was Mumbai region, a brief note on geographical location; Mumbai and its associated municipal corporations; its administrative division- Mumbai city, suburban areas and extended suburban areas, and area under 24 wards; a demographic details – total population- male and female, density of population, literacy rate, sex ratio, religion and caste wise population. Further, particulars of sampling frame constituting 10 wards and their demographic details. Following this, the sample size was determined taking into account various factors like proportion of country’s young population, definition of youth and description and selection of 25 to 40 years of age group in the study, total population of study area i.e. 10 wards, youth’s population in these wards, unemployment rate of youth, %age of young earners below Rs. 100,000, deciding criteria of savings at least 20 % from income and further 25 % investment from savings. Considering all the above attributes, a sample size of 600 young investors was drawn. Later, the classes of respondents are precisely describe according to their division into 04 income based strata from lowest to highest, profile of respondents which includes their education, occupation, religion, caste, marital status, alike. 94 WARD WISE MAP OF MUMBAI CITY Source:http://gismaps.in/prod/citymap/wardmap/MUMBAI_WARD_MAP.html. Map 4.1. Ward Wise Map of Mumbai City 95 Similarly, sampling technique which is formulated for the study were explained in detailed. The three stages namely- convenient, stratified, quota sampling were briefed with their appropriate justification. Lastly, data collection method is explained where contents of questionnaire under three relevant sections are described. 4.1. Study design Cross-sectional study For the purpose of data collection and analysis, proper study design is essential in any research. In this research cross-sectional study design was applied. To know the young investors’ attitude regarding their investment selection, case study is not suitable, as case study infers the analysis of one single case. More precisely experimental research is often use to examine the relationship between variables and to explore and elucidate a particular issue. In experimental design two groups should be formed, one experimental and controlled group so as to compare the differences between these groups. Hence, experimental design is not relevant. As longitudinal study is undertaken to analyzed the changes and provide causal inferences over the span of time, while this research needs to study sizeable sample at single point of time, neither comparative analysis nor follow-up of study participants is required. Therefore, cross-sectional design was chosen within this topic. In a cross-sectional design, data from substantial respondents at a specified duration is collected and analyzed. This feature was pertinent to the study because it favours the nature of study to explain young investors perception a rather than single individual case. Also, information from the respondents had not been collected at intervals but altogether in a single time period. Study period The data was collected from January 2015 to December 2016. During these 02 years of time period all 10 wards were covered. In each ward 60 respondents were randomly selected. The respondents included of age group between 25 to 40 years, both male and female, representing various religious and caste; of different 96 educational status and of different occupations. Before collecting information from employed, salaried or professionals belonging to government, semi-government, private organization like a consent from their respective head was obtained. 4.2. Research Area Mumbai, the rapidly flourishing mega polis of India, a city of multi-languages, religious, caste, lifestyles, status, cuisine, rituals and festivals. It is a city of extremes as well as contrasting in terms of socio-economic and demographic attributes. The city attracts migrants across the country with the hope of progression in their socio- economic conditions. Consequently, city is densely populated giving rise to housing market and mostly denies access to formal housing for a lower middle class and the poor. On the other hand, skyscrapers accommodation for economically well-off elites. The exclusive feature of the city is that it accommodate the ever increasing masses by offering employment opportunities but compromising in welfare amenities. Historical view The historical journey of Mumbai has been distinct, an archipelago of seven island off the west-coast of India, peninsula of Bombay comprises about sixty five square kilometers high and low tracts of land- the deccan plateau above the konkan strip below. These seven islands in their anglicized names were: Colaba and Little Colaba which was located in the present day Colaba and Nariman Point, Bombay Island which was the backbone of the City of Mumbai, Mozagaon and Parel which were located on the eastern strip, Worli on its western strip and Mahim on the northwestern strip. In 150 AD, Ptolemy, a Greek geographer called this area Heptanesia, meaning, cluster of seven islands (Da Cunha 1993). In the passage of time, these hilly islands were later joined together by reclamation projects and further extended beyond their respective island boundaries.66 Before colonial era The ancestors of Kolis, fishermen early inhabitants of islands, indulge in trade with Egypt and Persia. Later in the third century BC kolis merges into the Maurya Empire 66 City Profile of Greater Mumbai, Mumbai DRMMP, page1& 2, 2011 97 under the Buddhist Emperor Ashoka of Magadha. Subsequently, Shatavahana dynasty ruled Mumbai and during this period trade grew between Southeast Asians and the Roman Empire. The period between 1391 to 1534 led by the Gujarat Sultanate in the year 1498 portuguese arrived in India and appropriated much of the country’s west coast and it acquired the Portuguese toponym ‘Bombahia’ or ‘Bombaim’.Later in 17th century, seven islands ruled by the king Charles II of England who leased these Islands to British East India Company. Further, the British started land filling and draining the marsh lands converted into a presidency town in 1684 with the intention to make Mumbai their main trade centre, being a naturally safe harbor and conducive for transportation of the goods. This development of Bombay attracted migrant workers from across India and emerged as important centre of International commerce and trade. Topography The city depicts distinct topographies having coastal mud-flats, swamps and mangroves at the west and the east coasts. Further, west coast with view of hills, bays and beaches and eastern segment has the harbor and the salt pans. The south Mumbai has wide open roads, spaces, monuments, architectural features usual constructed by British. The north Mumbai turned cosmopolitan and with minimal progress. Mumbai- commercial and financial capital of India Before Independence Era In the year, 1832, a multi-millionaire and a leading businessman of Bombay, began import-export trade. During this period Bombay looked like a vast bazaar where Paris, Muslims, Jews and Hindus traded in harmony. Bought wharls and godowns along the sea front, proved his greatest asset as international trade increaded and the demand for dock space escalated. Later on, he traded cotton, opium, textile ans silk with China, Hong-kong, Shanghai, Japan, London, Baghdad, Bushire. Bombay has been the home of the India textile industry. The first textile mill was set- up at Tardeo in Bombay in 1851 by a rich parsi trader-Cowassi Davasa. Subsequently, the Oriental Spinning And Weaving Co. set-up in 1854 by ManekjiNusservanji Petit, a parsi Chairman of the Mill Owners Associations between 98 1879 and 1892. During this decade districs of Ratnagiri, Satara, Kolaba, Kolhapur began the exodus from the villages to the Bombay city for employment. In the subsequent year around 28 mills with 752,600 spindles and 7,780 looms with a paid up capital of rupees 33,858,000 and employed 13,550 workers. The First World War brought wealth to Bombay as the value of the export of textiles rose significantly from rupees 80 lakhs in 1915 to 3 crores in 1917. As this supported British to launch their military operations and successfully raised war loans around 11 crores of rupees. The textile industry dominated Bombay’s economy and so far known as the textile capital of India and began to turn into an industrial city. During 1920’s partnership companies were converted into limited companies which includes metal industries, printing presses, chemical and food industries. By the 1920, Bombay certainly established itself as the commercial and financial capital of India. It continued